Drug firm Venus Remedies today said it has inked an exclusive outlicensing pact with the South African pharma company Austell Laboratories for its antibiotic product 'Elores'.
The company, which has inked a memorandum of understanding (MoU) with Austell Laboratories, expects to launch the drug in South Africa by mid-2015.
"Elores is likely to be launched in South Africa by mid-2015, Venus Remedies is projected to generate a cumulative revenue of USD 20 million within five years of the launch of Elores in South Africa," Venus Remedies Chairman and Managing Director Pawan Chaudhary said in a statement.
The overall organised antibacterial market of South Africa is worth US USD 275 million and growing at a compound annual growth rate (CAGR) of 10.5 percent, he added.
"Elores will cater to the needs of about 40 percent segment of this market," Chaudhary said.
Elores is an antibiotic product that counters hospital acquired multidrug resistant infections.
Venus has already filed the common technical document for Elores in Europe and is planning to take this product to other international markets.
Shares of Venus Remedies today closed at Rs 230 a piece on the BSE, down 1.03 per cent from previous close.
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