IndSwift has joined hands with Indore based Socrus Pharma for conducting studies of Cipro-IM, a new drug delivery system (NDDS) of Socrus Pharma and subsequent commercialisation. Mumbai based investment banking and private equity advisory services company, Firstcall India Equity Advisors Pvt.Ltd, has acted as the advisors for the deal.
After years of painstaking research, investment and wide ranging consultations with industry experts, Socrus Pharmaceuticals Ltd succeeded in bringing out a new drug delivery system for cipro, wherein it can be administered to a patient by way of an intramuscular injection. The product is reported to have the largest sale worldwide for a single product category.
The NDDS of Socrus apart from penetrating as an IM product has the potential to replace even IV market. The Cipro IV market in India is estimated to be between Rs. 80 crore to Rs. 100 crore. The market potential in countries like China, Russia, CIS countries and South African countries is reported to be good.
The alliance is an indication of increasing significance of R&D in the pharma sector and the aggressive R&D team of IndSwift and Cipro-IM inventor Socrus Pharma will get benefited out of this, says Dr.Sastry of Firstcall India Equity Advisors.
Socrus Pharma has filed for both Indian patent, as well as US patent for Cipro-IM. The company under the pact with IndSwift intends to commercialise the product thru IndSwift after successful completion of required trials.
To begin with both the companies have agreed to conduct toxicity studies. The studies will start shortly, confirmed Dr.V.V.L.N.Sastry, Country Head of Firstcall India Equity Advisors Pvt. Ltd.
Cipro is a fluoroquinolone antibacterial agent with a wide spectrum of activity including hetrobacteriaceae, Pseudomonas aeruginosa, Nemophilus and Neisseria for nearly two decades. Cipro is available for oral administration as the hydrochloride or intravenous infusion as the lactate.
Ranbaxy had earlier licensed (once-daily formulation of ciprofloxacin), the exclusive development and worldwide rights for Ciprofloxacin to German giant Bayer AG. The mega deal entailed milestones of $50 million (an upfront payment of $10 million has already been received) in 24-30 months besides royalty inflows.