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Unichem, PLIVA in agreement

As per the agreement, PLIVA shall fund certain development activity and would market certain generics under joint label in the US markets.

india Updated: May 19, 2006 12:02 IST

Pharmaceutical company Unichem Laboratories Ltd said on Friday that it has entered into a product development, manufacturing and supply agreement with US-based PLIVA Inc.

As per the agreement, PLIVA shall fund certain development activity and would market certain generics under joint label in the US markets, Unichem informed the Bombay Stock Exchange.

"We now have two partners to market our Abbreviated New Drug Application (ANDAs) in the US and we hope to build many more such mutually beneficial relationships for marketing our generics in the US markets till we have a reasonable product basket to consider developing our own marketing team or an acquisition in the US," Unichem Laboratories Chairman and Managing Director Mody said.

The agreement covers five products initially, which are in an advanced stage of development, but allows for the inclusion of additional products upon mutual agreement, it added.

PLIVA Inc is a wholly owned subsidiary of PLIVA Pharmaceuticals, Zagreb, Croatia.

The shares of the company were trading at Rs 275.85, down 1.24 per cent at the BSE.

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