The Mumbai-based Pearl Organics Limited (POL), India's largest exporter of anti-diabetes bulk active, metformin hydrochloride and anti-inflammatory and analgesic salsalate, has signed contracts with two MCA-approved formulators in the US.

The contracts are for the supply of isosorbide mononitrate (for ulcer) and promethazine (cough). The supplies will start in six months from now.

The company has thus acquired a business of Rs 3 crores each from the formulators, Executive Director K R N Moorthy said on his return from the US. The names of the US companies were not revealed.

Moorthy said the company is poised to sign four more contracts by this month-end with American formulators.

The company had received US FDA approval for its Patalganga bulk drug manufacturing facility in January this year.

The company had received the certificate of Suitability for Metformin Hcl for three years from the European Department of Quality Medicine. Pearl has scheduled to commence formulation business in Europe next year.