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Hyderabad March 5 Pharmaceuticals formulation intermediaries company, Granules India Ltd, has announced it has entered into an outsourcing agreement with Matchland Pty Ltd, (trading as New Products Development), Australia.

Under the agreement, New Products Development will outsource its finished dosage manufacturing requirement to Granules India for the Australian market.

According to a statement from Granules, five products have been identified for the initial manufacturing and this list is expected to grow as the relationship progresses. This would be New Products Development's first outsourcing agreement with an Indian company and effectively complements Granules strategy of expansion into lesser-explored markets like Australia and New Zealand.

The Managing Director of Granules, Mr C. Krishna Prasad, said, "We are planning to use our Therapeutic Goods Administration (TGA) approved pilot manufacturing capabilities to begin the manufacturing as soon as possible."

New Products Development, established in 1998, is engaged in the pharmaceutical contract manufacturing and is licensed by the Therapeutic Goods Administration (TGA) to manufacture non-sterile therapeutic goods for human use. It is an independent contract manufacturer with the capability to manufacture and pack unscheduled medicinal products in tablet, capsule and powder dosage form.

Granules recently approved the allotment of 14.9 per cent stake to US-based Ridgeback Capital Investment LLC. The company will issue 22.11 lakh equity shares of Rs 10 each fully paid-up at Rs 105.50 per share (including premium) to Ridgeback Capital or their affiliates on a preferential basis.

More Stories on : Alliances & Joint Ventures | Outsourcing | Pharmaceuticals

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