Pharmaceutical firm Venus Remedies tied up with Israel-based generic drug maker Teva on 1 September 2014 for selling an anti- cancer drug in the Canadian market.
Details of the collaborative agreement
• Initially, Venus Remedies would be manufacturing the anti- cancer drug at its research unit Venus Medicine Research Centre for assisting Teva in registrations.
• Thereafter, Venus will assist Teva in enhancing the business from this drug in the Canadian market through its manufacturing capabilities.
• Teva will use the infrastructure and regulatory competence of Venus for the commercialization of this anti-cancer product in the Canadian market
• This association will help Venus capture a sizeable market share for this product in the first year of the agreement.
The anti-cancer drug
The high-potential drug is under patent protection till 2016. The drug is mainly used for the treatment of malignant pleural mesothelioma and non-squamous non-small cell lung cancer.
The market size of this anti-cancer drug in Canada is 75-100 million US dollars.
What: tied up
When: 1 September 2014