Financial Daily from THE HINDU group of publications
Wednesday, Oct 06, 2004
Financial Daily from THE HINDU group of publications Wednesday, Oct 06, 2004 |
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Corporate
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Announcements Pearl Organics bags global contracts worth Rs 14 cr Our Bureau
Mumbai , Oct. 5 PEARL Organics has bagged two export orders from the US and Europe marketsworth Rs 14 crore. In the US, the order has been placed by Tor Pharma, a player in the US finished dosage drugs market that competes directly with Ranbaxy and Bristol Myers Squibb, a company communiqué said. The European order comes in the form of a contract with Europe's second largest drug manufacturing company, the Hexal Group - wherein the existing annual contract for supply of Metformin has been doubled from the current quantity of 75 tonnes to 150 tonnes in 2005. Pearl's total produce of Metformin now goes up to 2,400 tonnes, the note said. According to Mr K.R.N. Moorthy, Executive Director, Pearl Organics,Metformin is used as a first line therapy in the management of diabetes and the market for these products is growing at the rate of 20 per cent in the US.
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