Pharma major Lupin Limited (Lupin) announced today that its U.S. based wholly-owned subsidiary Lupin Inc. has entered into an agreement with ForDoz Pharma Corp (ForDoz) for granting Lupin the exclusive rights to market and distribute 2 complex injectable assets in advanced stages of development in the U.S. and its territories.
The two assets are in the Oncology and Anti-infective therapeutic areas which when approved, will provide affordable alternatives to patients and healthcare professionals.
The assets will be manufactured in ForDoz's U.S. based manufacturing site and ForDoz will be responsible for the development, and obtaining the necessary regulatory approvals. Lupin shall leverage its existing commercial infrastructure for marketing and distribution of the two assets.
Commenting on the development Alok Sonig, CEO, US Generics and Global Head, Generics R&D and Biosimilars for Lupin said, "The partnered assets are a key, strategic addition to our complex injectables pipeline and will bolster our Institutional business offering. These assets will complement Lupin's ongoing organic R&D efforts in complex assets including inhalation and long-acting injectables as well as Biosimilars."
According to James He, Founder and CEO for ForDoz Pharma Corp, "ForDoz Pharma is excited to partner our complex injectable flagship products with Lupin. Lupin's leadership presence in U.S. will complement ForDoz's scientific and complex injectable manufacturing capability to bring affordable medicines to patients in an efficient manner".
Shares of LUPIN LTD. was last trading in BSE at Rs.936.7 as compared to the previous close of Rs. 928. The total number of shares traded during the day was 95632 in over 3879 trades.
The stock hit an intraday high of Rs. 945.45 and intraday low of 925.2. The net turnover during the day was Rs. 89655239.