Nectar Lifesciences, a leading integrated pharmaceutical organization in India, has received approval from South Africa, Medicines Control Council (MCC) for ceftriaxone. The company expects business potential for he approved molecule to be about US$ 10 million.

Dinesh Dua, CEO & director of Nectar, said “Receiving MCC approval for ceftriaxone is yet another milestone & achievement for Nectar. MCC is one of the most stringent regulatory bodies globally and the fact that we have been approved by South African MCC is a key milestone which will complement the recent approvals by the Japanese, Korean & European authorities. This approval enables us to further augment our position in the cephalosporin market in major sterile molecules ceftrlaxons sodium & cefotaxime sodium along with key oral molecules – cefaroxime axetil, cefixime trihydrate & cefpodoxime proxetil. We remain excited about the current scenario of the pharma markets around the globe and are making stable progress towards securing approvals in other key markets.”

Currently, the market size of pharma segment in South Africa is US$ 3.5 billion and is expected to increase to US$ 5 billion in next couple o years on account of the growth rates in the region.

Meanwhile, the has made payment towards redemption of outstanding FCCBs of nominal value of US$ 33 million, which were due for redemption on April 26, 2011 (maturity date), at the redemption price of 150.71 per cent of its principal amount, as per the terms and conditions of the FCCBs issue.

The company has paid an aggregate amount of US$ 49.7343 million consisting of payment of the principle amount US$ 33 million and accumulated premium on redemption of the FCCBs of US$ 16.7343 million.