The Mumbai based Rs 500 crore Elder Pharmaceuticals Ltd has entered into an exclusive in-licensing agreement with Enzymotec of Israel for launching a cholesterol reducing dietary supplement, CardiaBeat, in the Indian market.
Enzymotec is one of Israel's leading biotech company, a developer and manufacturer of bio-functional ingredients for dietary supplements, functional foods and infant formula markets. CardiaBeat would be launched under the brand name Lipicheck by September 2007 and it is expected to generate revenues close to Rs 20 crore by the end of the third year.
"Our strategy is to bring into India through in-licensing, high-value niche drugs, which are well-accepted globally and which have a ready market in India," Elder Director (International) Alok Saxena said. According to the terms of the agreement, Enzymotec would manufacture and supply the active ingredient to Elder, which, in turn would manufacture and market the finished product in India.
We are confident that our expertise in handling innovative products, as well as our extensive distribution network converting the entire country, will be the key success factors for CardiaBeat" Saxena further added.
"India is strategic market for us. The increase in the occurrence of obesity, hearty diseases, hypertension and diabetes as well as consumers seeking for innovative products are all important indicators favouring launch of innovative products in India. We expect that the agreement between Elder and Enzymotec will further establish both companies leading position in the Indian nutraceutical market," said, CEO Enzymotec, Dr Ariel Katz.
During the 2006-07, Elder has initiated a number of international alliances the full impact of which will be seen in the year 2007-08. the year under review saw Elder enter into as many as seven international alliances. The company has launched Advanced Bio medical enviro-security products in the Indian market through the tie up with Medichem International of UK and Sterisol AB of Sweden. It's wound care product of Farmaka of Italy, BONVIVA a post menopausal osteoporosis, drug belonging to F Hoffman La Roche, Switzerland is being marked in India through a marketing tie up and HIBOR. Anti-thrombotic low molecular weight heparin has been launched through a tie up with Laboratories Farmaceuticos ROVI of Spain. Elder has also entered into major product licensing collaboration with US based Cymbiotics Inc,.
Elder Pharmaceuticals has a presence in niche therapeutic segments like female healthcare, osteoporosis, dermatology, pain management, cardiology, diabetology, nutraceuticals and vitamin supplements.