Beximco Pharma Entering US Market
Saturday, 04 December 2010

Beximco Pharmaceuticals has joined forces with an American company to launch four drugs in the US market in the next three years.

Beximco Pharma recently signed a strategic manufacturing, supply, and product development agreement with Adamis Pharmaceuticals and the companies plan to introduce four generic respiratory drug formulations.
The two companies will co-develop certain generic formulations, some of which Beximco currently produces for the European market.

Adamis will be responsible for Food and Drug Administration regulatory approval and marketing in the US.

Beximco Pharma managing director Nazmul Hassan said they want to work closely with Adamis to capitalise on the generic drug opportunities in the US market. The Bangladesh pharmaceuticals giant is eyeing to achieve sustainable growth through creating long-term shareholder value.

Adamis Pharma president and CEO Dennis Carlo said the two companies can benefit from the synergies that exist between both organisations.

Beximco is a leading manufacturer of pharmaceutical formulations and Active Pharmaceutical Ingredients (API's) in Bangladesh. They employ over 3,000 employees and have state-of-the-art manufacturing facilities and more than 400 products.

Beximco is in negotiations with GlaxoSmithKline, Novartis and Watson Pharmaceuticals for manufacturing medicines under licence for sale in developing markets and possibly in the West.

Beximco also reported a 21 percent year-on-year increase in revenue of Tk 4.87 billion ($69.6 million) in 2009, which was driven largely by exports and the introduction of new products.

The share price of Beximco Pharma at the Dhaka stocks closed at Tk 144.60 on Thursday.


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