Cadila up 2% on partnership with Medicure to launch cholesterol drug in US
Share price of Cadila Healthcare added nearly 2 percent intraday Thursday as it has entered into partnership with Medicure to launch cholesterol drug in the US market.
Zydus Cadila has entered into a definitive agreement with Medicure International Inc., a subsidiary of Medicure Inc. to commercialize its 505(b)(2) new drug application (NDA) product, pitavastatin magnesium (ZYPITAMAG) in the United States.
The launch of ZYPITAMAG, which is used to manage cholesterol levels, marks the first branded product launch for Zydus in the US.Medicure is a US pharmaceutical company and has a proven track-record of successful commercialization of products in the therapeutic segments of
cardiovascular and metabolic diseases.
As a part of this agreement, Zydus will hold the NDA and Medicure will be responsible for the sales and marketing of ZYPITAMAG.
Sharvil Patel, Managing Director, Zydus Cadila said, “The launch of this proprietary drug is in continuation of our commitment to exploring new pathways in pharmaceutical technology with a thrust on enhancing patient care and well-being."
"In this endeavour, we are happy to partner with Medicure in reaching out to the patient community and helping them access this NDA for desired health outcomes.”
At 10:00 hrs Cadila Healthcare was quoting at Rs 381.80, up Rs 1.25, or 0.33 percent on the BSE.
Cadila share was down 25 percent in the last 6 months.Posted by Rakesh Patil