Ipca Laboratories, Ranbaxy Alliance receives U.S. FDA Marketing Approval for Metformin HCL Tablets

Ipca Laboratories Ltd has announced that the Company had earlier announced strategic alliance with Ranbaxy Pharmaceuticals Inc. (Ranbaxy) based in Jacksonville, Florida (USA), a wholly owned subsidiary of Ranbaxy Laboratories Ltd. (RLL), India's largest pharmaceutical Company.

Under the strategic alliance, Ohm Laboratories, Inc. (Ohm), wholly owned subsidiary of RLL has now received approval from U.S. Food and Drugs Administration to manufacture and market Metformin Hydrochloride USP Tablets 500mg, 850mg and 1000mg in the US market. Total annual market sales for Metformin HCL tablets in U.S. were US$ 379 millions (IMS-MAT:March 2007). This is the fifth such product approval received under the alliance from U.S. FDA.

The Company will manufacture this formulation utilizing its facilities in India. The Company is setting up a new formulations manufacturing facility meeting U.S. regulatory requirements at SEZ Indore. The Company is already holding US DMF of Metformin HCL.

Ranbaxy will commercialise this product in the U.S. market utilizing its established marketing expertise and distribution network.

The Company, is a Mumbai based fast growing fully integrated pharmaceutical Company engaged in the manufacturing and marketing of a range of pharmaceuticals world over with a strong thrust on exports. The Company's exports to over 110 countries across the globe contributed about 53% of the Company's total income of Rs 921 crores in the financial year 2006-07.

Source : Equity Bulls

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