Orchid to foray into canadian generic formulations mkt

19004 Investors following Orchid Chemical. Share this News with them.

0

Like this story, share it with millions of investors on M3

Orchid to foray into canadian generic formulations mkt

Orchid to foray into the Canadian generic formulations market

Post your opinion here

 

0

Tweet

Share on Tumblr

RELATED NEWS Orchid Chemicals can go upto Rs 330-340 Reduce Orchid Chemicals: Edelweiss Research Orchid raises USD 200mn by way of zero coupon FCCBs Orchid in licensing & distribution alliance with Actavis ALSO READ See latest News about Orchid Chemical See previous management interviews See what other Experts & Brokerages are saying about Orchid Chemical Orchid Chemical BSE | NSE 25/05/12 Are Mutual Funds betting on Orchid Chemical?

The Chennai-based pharma major, Orchid Chemicals & Pharmaceuticals Ltd . (Orchid), today announced that it has received formal approval from the Canadian TPD (Therapeutic Product Directorate) for 2 of its ANDS (Abbreviated New Drug Submission) applications. These approvals correspond to two generic formulations, Cefoxitin and Ceftriaxone. These products are covered under the exclusive marketing arrangement that the company has with the leading Canadian generics major, Apotex .

Commenting on this development Mr K Raghavendra Rao, Managing Director, Orchid Chemicals & Pharmaceuticals Ltd. said, "We are happy to foray into the Canadian generic segment with these approvals. With limited competition and a niche injectable product offering, we are confident of a sustainable revenue base from Canada. Given the track record of Apotex in garnering a major market share in the generic antibiotic injectable market in the US, we are optimistic that they would be able to replicate the same in the Canadian market too."

Going forward, Orchid would be enhancing its market presence further in Canada by launching other generic formulations in the cephalosporin and other product segments based on specific product filings and approvals.

Sourced From: Orchid Chemicals & Pharmaceuticals Ltd