The Medical House inks pact with Dr Reddy's Labs
The Medical House Plc said it has signed a non-exclusive development, licensing and supply agreement with Indian pharmaceutical firm Dr Reddy's Laboratories.
By PTI |
LONDON: The Medical House Plc, a drug delivery specialist, on Friday said it has signed a non-exclusive development, licensing and supply agreement with Indian pharmaceutical firm Dr Reddy's Laboratories.
"We are delighted to have reached this agreement with such a well respected Company as Dr Reddy's. We see this as another endorsement of our technology and it adds another project and product to our growing list, which will provide us with a diverse income stream over a number of years," The Medical House PLC Chairman Ian Townsend said.
The agreement covers an initial five-year term of supply, within US, European Union and Canada, with an option for Dr Reddy's to extend the agreement to the rest of the world, on mutually agreed terms, the company said in a filing to the London Stock Exchange.
The duration of the agreement can also be extended by mutual agreement and the development costs associated with customisation would be paid to The Medical House (TMH) in addition to reimbursement of all agreed external costs, it added.
Under the terms of the agreement, the London-listed firm would customise its proprietary, patented disposable auto injector device technology, according to an agreed specification. The customised auto injector device would be combined by Dr Reddy's with an undisclosed drug, to create a new self-injectable product, it added.
"We are delighted to have reached this agreement with such a well respected Company as Dr Reddy's. We see this as another endorsement of our technology and it adds another project and product to our growing list, which will provide us with a diverse income stream over a number of years," The Medical House PLC Chairman Ian Townsend said.
The agreement covers an initial five-year term of supply, within US, European Union and Canada, with an option for Dr Reddy's to extend the agreement to the rest of the world, on mutually agreed terms, the company said in a filing to the London Stock Exchange.
The duration of the agreement can also be extended by mutual agreement and the development costs associated with customisation would be paid to The Medical House (TMH) in addition to reimbursement of all agreed external costs, it added.
Under the terms of the agreement, the London-listed firm would customise its proprietary, patented disposable auto injector device technology, according to an agreed specification. The customised auto injector device would be combined by Dr Reddy's with an undisclosed drug, to create a new self-injectable product, it added.
ADVERTISEMENT
First commercial supply of the customised device is expected to be in 2009-10 and TMH would receive a technology access fee during the term of agreement. Its projected revenue over the first five years is estimated at 5 million pounds. Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
