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Thursday, Oct 16, 2003

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Strides signs supply pact with Japanese co

Our Bureau

Bangalore , Oct. 15

STRIDES Arcolab has signed a development and manufacturing agreement with SORM Co of Japan for long-term supply of generic drugs, OTC and nutraceutical products.

The two will set up a joint venture company for generic drugs in Japan and Strides will be its exclusive supplier.

The Bangalore-based pharma company will initially supply 16 OTC and Rx products and SORM will distribute the same through leading Japanese store chains. It will also take up developmental work on 34 additional products.

The company had received contracts and shipment schedules worth Rs 25 crore for four products and would begin the shipments during the current quarter, a company release said. Strides will be SORM's `priority global manufacturer' for OTC and nutraceutical products.

Japan, the second largest pharma market, has an estimated pharma sales of $65 billion a year.

Mr Arun Kumar, Group CEO, Strides Arcolab, said the company was aiming to be priority global manufacturer to leading pharmaceutical companies in the regulated markets of the EU, the UK, the US, South Africa, Australia-New Zealand and Japan.

Strides, listed on the NSE, has factories in India, Brazil, Mexico and the US and sells its products in over 50 countries in Latin America, South East Asia, Africa, Australia and Russia.

SORM is one of the fastest growing Japanese OTC and pharma players. It supplies to nearly 2,000 Japanese outlets via leading national store chains.

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