India's Indoco, US' Watson Pharma in drug deal

Indian drug maker Indoco Remedies Ltd said on Monday it signed a deal with U.S.-based Watson Pharmaceuticals Inc to develop generic products for the U.S. market.

Indian drug maker Indoco Remedies Ltd said on Monday it signed a deal with U.S.-based Watson Pharmaceuticals Inc to develop generic products for the U.S. market.

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Under the deal, Indoco will develop and manufacture eight sterile products while Watson will file for regulatory approvals and have the right to sell these drugs in the United States, said Aditi Kare Panandikar, Indoco's executive director-business development.

"One of the products will probably, if everything goes well, get filed this quarter. And the rest will be filed across Q1, Q2 and Q3 of the next fiscal," she said.

The U.S. is a $679-million market for the drugs covered by this deal, she added

The companies will share the development costs and profits from sale of these products, she added.

Indoco shares were trading 3.9 percent higher at 337 rupees in a flat Mumbai market.