Financial Daily from THE HINDU group of publications
Friday, Dec 03, 2004
Financial Daily from THE HINDU group of publications Friday, Dec 03, 2004 |
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Corporate
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Announcements Strides arm to develop drug for US co Able Our Bureau
Bangalore , Dec. 2 STRIDES Arcolab's US subsidiary Strides Inc and Able Laboratories Inc have announced the signing of a development agreement for a specialty prescription generic drug product. The New Jersey-based Able Laboratories is a developer and manufacturer of generic pharmaceuticals. Once the drug is approved by the US regulator, Strides said it would develop the product at its USFDA-approved plant in New Jersey exclusively for Able. The plant is one of Strides's 12 manufacturing plants across the globe. Mr Arun Kumar, Managing Director and Group CEO of the Bangalore-based Strides, said his company planned to become a niche player in the US generics market. Mr Jay Wadekar, Able Chairman and CEO, said Able would review additional opportunities to improve what he described as an initial relationship. Strides has supply and cooperation agreements with Aspen of South Africa; SORM of Japan and Akorn of the US.
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