Ranbaxy Laboratories Limited and US-based Penwest Pharmaceuticals Co today entered into an agreement, granting Ranbaxy exclusive marketing rights to cardiovascular drug Nifedipine XL in select markets.
Nifedipine XL, developed using Penwest's TIMERx drug delivery technology, is indicated for hypertension.
Under the agreement, Ranbaxy will have exclusive rights to market Nifedipine XL in China, Malaysia, Singapore, Thailand, Philippines, South Africa, and Sri Lanka and non-exclusive rights in Mexico. The market for Nifedipine XL is estimated to be around $50 million in these countries. The companies have also agreed to explore the joint development of other products that Ranbaxy will market in its region.
Ranbaxy will manufacture the product in its state-of-the-art facility in Dewas, Madhya Pradesh, and plans to launch by 2002 end. Penwest will receive royalties on net sales after the commercialization of the product.
Ranbaxy does not foresee any major generic competition in these markets since the delivery profile for Nifedipine XL is difficult to mimic.
Penwest is engaged in the research, development and commercialization of novel drug delivery technologies. Its TIMERx controlled release delivery technology can be applied to a broad range of drugs.
In a press release issued here, Dr Brian Tempest, President -Pharmaceuticals, Ranbaxy Laboratories Limited, said, "Our agreement with Penwest emphasizes our strong commitment in the area of drug delivery and will help us further strengthen our cardiovascular portfolio in these key markets."
Says Tod R Hamachek, Chairman and Chief Executive Officer of Penwest, "We are excited to expand our products and technology into new regions of the globe. Nifedipine XL has already received regulatory approval in Europe, the United States and South America. We believe that there are important new drug development opportunities to explore with Ranbaxy as we continue to emphasize the internationalization of our product portfolio."