The Mumbai based Olive Healthcare has signed a supply agreement with the Lannett Company Inc. of USA to supply two pharmaceutical products, sales of which exceeded $ 130 million in 2005, for Lannett's distribution and sale in the US market.
Under the terms of the agreement, Lannett will provide assistance with assembling and submitting the Abbreviated New Drug Applications (ANDAs) and gaining FDA approval for Olive Healthcare's manufacturing plant. Company sources said currently Olive's WHO GMP soft gelatin manufacturing plant at Daman meets Australian TGA and UK MCA requirements. Olive is also setting up a US FDA standard manufacturing facility at Dehradun, Himachal Pradesh, which will be functional, next year.
When contacted, Olive Healthcare sources declined to reveal further details of the agreement, citing various reasons. "We are not in a position to reveal more details now. However, I can confirm there is such a development" said Jose Mathew, export in charge of the Rs.75 crore odd Olive Healthcare.
The company manufactures a wide range of nutraceutical products and has strength in manufacturing of soft gelatin capsules. It also exports to more than 20 countries and had an export turnover of Rs.25 crore during last year.
"We are pleased to collaborate with Olive Healthcare on this project," said Arthur Bedrosian, Lannett's president and chief executive officer. "We continue to examine opportunities with foreign and domestic manufacturers in order to expand our product line and anticipate that this opportunity, as well as those announced earlier this year, will begin adding to our sales in Fiscal 2007."
Lannett already has a supply agreement with another Mumbai based manufacturer Unichem Laboratories to market some of its generic drugs in the US market. Lancett also markets a generic version of ciprofloxacin in the US market, sourced through Spectrum Pharmaceuticals Inc, for which the drug is contract manufactured by another Mumbai manufacturer J B Chemicals & Pharmaceuticals Ltd.
The 64 year old Lannett Company, Inc, which had net sales of $ 44.9 million for fiscal year 2005, manufactures and distributes pharmaceutical products sold under generic names. The company's general business offices, laboratory, manufacturing, distribution and research and development facilities are located in a 31,000 square foot facility situated on 4.5 acres in northeast Philadelphia, Pennsylvania.