Indian CRAMS group Indoco Remedies announces expansion of manufacturing deal with Aspen Pharmacare.
According to a Business Line report, Mumbai-headquarted Indoco has formalised a pre-existing arrangement with the South African drugmaker and is now set to ramp up its production of tablets, liquids and creams.
Earlier in the year Aspen licensed rights to intellectual property relating to ophthalmology products developed by Indoco, the sale of which, is expected to generate royalty revenues in 2011.
Fiscal Q2 growth
The new deal with Aspen, which is one of the largest players in South Africa’s $3bn a year market, comes just weeks after the Indian contract research and manufacturing services (CRAMS) firm unveiled a strong set of financials.
Total revenue for the second quarter of fiscal 2011, the three months ended September 30, increased 38.7 per cent to INR1.32bn (€21m), driven by growth of its respiratory and anti-infective product lines.
Indoco’s operating income for the reported period grew some 70 per cent to INR174.8m.