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Venus Pharma GmbH, a subsidiary of Venus Remedies Ltd, has bagged market authorisation approval from France for meropenem, a generic injectable broad spectrum antibiotic.
It has signed a non-exclusive marketing rights deal with generic giant Mylan to sell meropenem in France, the world’s fifth largest pharma market with a share of 3.8 per cent.
During FY’13, the company generated €5 million from meropenem exports and expects to double this figure by the end of this year. Sales of the formulation around the globe, currently at $906 million, are poised to cross $1,000 million by the end of 2013.
In association with partners, Venus offers meropenem to 35 countries. It aims to penetrate the market in 15 more countries in the first quarter of 2014, the company said in a filing to the BSE.
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