Torrent Pharmaceuticals signs license agreement with AstraZeneca

Submitted by Shiela Rao on Fri, 03/12/2010 - 20:29

AstraZeneca-LogoTorrent Pharmaceuticals has singed a supply and licensing agreement with the UK based drug maker AstraZeneca.

AstraZeneca, a $32.8-billion enterprise, is the second biggest drug maker in the UK and seventh-largest pharmaceutical company in the world. The company joined two other major pharmaceutical companies to enter into such as agreement with the Indian firm.

Under the deal, AstraZeneca would purchase licenses and market authorizations for 18 products in nine countries from the Indian company. The two companies may decide to increase the number of products and countries.

AstraZeneca wants to market these products in emerging markets where it has a strong presence. The financial details of the deal were not disclosed. Torrent Pharmaceuticals is a unit of the Rs 6,100-crore Torrent Group.

In a similar deal last year, Claris Lifesciences entered into a product licensing arrangement with Pfizer. The world's top pharmaceutical company has also entered into product licensing with Aurobindo Pharma.

The shares of Torrent opened at Rs 500 and rose 4% to record Rs 509. The shares are now trading at Rs 507. Around 13,000 shares of the company exchanged hands on the BSE.


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