India's Orchid in Drug Alliance
with Mayne to Develop Generic Drugs
4 October, 2005
India's Orchid Chemicals & Pharmaceuticals Ltd. had reached
an alliance with Australia's Mayne Pharma to market injectable antibiotic
products.
Orchid will develop and manufacture a range of generic
drugs whose current sales in key markets are $1 billion, for
distribution and marketing by Mayne. Orchid has already received
an upfront payment for executing the agreement, which will be reflected
in its third quarter results and will be eligible for further milestone
payments from Mayne, a spokesman said. The two partners will also
share the profits from marketing the generic drugs developed by
them.
Mayne Pharma is the injectable drugs division of Australia's Mayne
Group. The group plans to split into two separately listed companies
by the year-end, one in global injectable drugs and the other in
Australian radiology, pathology and pharmacy distribution and consumer
products.
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