Heritage and Granules Enter Into Strategic Alliance for the Development, Supply and Marketing of Generic Products for the U.S. Market
Posted on: Friday, 6 July 2007, 06:21 CDT
EDISON, N.J., July 6 /PRNewswire/ -- Heritage Pharmaceuticals Inc. ("Heritage") and Granules India Ltd. ("Granules") announced today that they have entered in to a strategic alliance for the development, supply and marketing of generic pharmaceutical products for the U.S. prescription drug market. Under the Agreement, Granules shall develop and register selected products for U.S. ANDA submission and Heritage retains exclusive sales and marketing rights to such products. Granules shall receive up front and milestone payments and the parties shall share net profits from the product sales.
Commenting on the deal, Mr. C. Krishna Prasad, Managing Director said, "This is in line with our overall strategy for partnering with prescription product marketers on a development and manufacturing agreement. We are confident that Heritage will deliver the required market share to make it a mutually profitable business model."
Heritage President & CEO, Jeffrey Glazer, added, "Our partnership with Granules represents another important milestone in Heritage's business model of utilizing strategic outsourcing for the development and manufacturing of quality generic products. Granules PFI technology represents a significant cost advantage for high load, high volume generic products and will provide us with unprecedented economies of scale for the products under our Agreement."
About Heritage Pharmaceuticals Inc.
Heritage Pharmaceuticals Inc. is an emerging generic pharmaceutical company engaged in the acquisition, licensing, development, marketing, sale and distribution of generic pharmaceutical products for the global prescription drug markets. Heritage currently owns 15 U.S. ANDAs which will be introduced to the retail class of trade over the coming year as we continue our tradition of premier quality, value and service in generics. Contact us at: 1.866.901.1230 or info@heritagepharma.com and http://www.heritagepharma.com/.
About Granules India Ltd.,
Granules India Ltd. is a fully integrated pharmaceutical formulations manufacturer with the world's largest 'granulation' capacity. The company manufactures several strategic Active Pharmaceutical Ingredients (APIs) and multiple Pharmaceutical Formulation Intermediates (PFIs), which are distributed in 35 countries. It is foraying into manufacturing of tablets with a capacity of 6 billion tablets per annum. This facility will strengthen its presence in the pharma outsourcing space as it will have capabilities of offering a wide range of products beginning from APIs to finished dosages (coated/uncoated). Please visit us on http://granulesindia.com/.
Heritage Pharmaceuticals Inc.
CONTACT: Heritage Pharmaceuticals Inc., +1-866-901-1230,info@heritagepharma.com
Web site: http://www.heritagepharma.com/http://granulesindia.com/
Source: PRNewswire
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