Venus Remedies Limited has signed a memorandum of understanding with South African pharmaceutical firm Austell Laboratories to exclusively out license its flagship product Elores in South Africa.
The antibiotic adjuvant entity effectively counters serious hospital-acquired infections caused by multidrug-resistant extended-spectrum beta-lactamase (ESBL) and metallo-beta-lactamise (MBl)-producing gram negative bacteria, the company said in a filing to the BSE.
Elores is likely to be launched in South Africa by mid 2015. There the overall systemic antibacterial market is worth $ 275 million and growing at a CAGR of 10.5%. The drug will cater to the needs of around 40% segment of this market.
Venus Remedies is projected to generate cumulative revenue of $ 20 million within five years of the launch of Elores in SouthAfrica. Globally, the systemic antibacterial market, which is growing at a CAGR of 7.2%, is set to reach $ 44 billion by 2016.
The infections caused by multidrug-resistant bacteria which Elores is capable of fighting comprise 25% of this market, thus creating a tremendous opportunity for Venus Remedies, the company has said.