Venus Remedies has surged 7% to Rs 244 on BSE after the pharmaceuticals company said it has signed a memorandum of understanding (MoU) with South African pharmaceutical firm Austell Laboratories to exclusively outlicense its flagship product, Elores, in South Africa.
A novel antibiotic adjuvant entity that effectively counters serious hospital-acquired infections caused by multidrug-resistant extended-spectrum beta-lactamase (ESBL) and metallo-beta-lactamise (MBl)-producing gram negative bacteria, Elores is likely to be launched in South Africa by mid-2015, Venus Remedies said in a regulatory filing.
The overall systemic antibacterial market of South Africa is worth US $275 million and growing at a compound annual growth rate (CAGR) of 10.5%. Elores will cater to the needs of about 40% segment of this market. The company is projected to generate cumulative revenue of US $20 million within five years of the launch of Elores in South Africa, it added
The stock opened at Rs 240 and has seen a combined 129,384 shares have changed hands on the counter till 0945 hours on the BSE and NSE.
A novel antibiotic adjuvant entity that effectively counters serious hospital-acquired infections caused by multidrug-resistant extended-spectrum beta-lactamase (ESBL) and metallo-beta-lactamise (MBl)-producing gram negative bacteria, Elores is likely to be launched in South Africa by mid-2015, Venus Remedies said in a regulatory filing.
The overall systemic antibacterial market of South Africa is worth US $275 million and growing at a compound annual growth rate (CAGR) of 10.5%. Elores will cater to the needs of about 40% segment of this market. The company is projected to generate cumulative revenue of US $20 million within five years of the launch of Elores in South Africa, it added
The stock opened at Rs 240 and has seen a combined 129,384 shares have changed hands on the counter till 0945 hours on the BSE and NSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%