Venus Remedies shares up as unit enters into pact with Mylan

Shares of Venus Remedies surged over 8 per cent as Venus Pharma GmbH, a subsidiary of the pharma major entered into a distribution-cum-outlicensing agreement with drug maker Mylan for marketing its antibiotic, Meropenem, in three European countries.
Stock of Venus Remedies soared 7.89 per cent to settle at Rs 297.45 on the BSE. During the day, it jumped 11.62 per cent to Rs 307.75.
At the NSE, the stock climbed 8.40 per cent to close at Rs 298.
In terms of volume, 3.14 lakh shares of the company changed hands at the BSE, while over 11 lakh shares were traded at the NSE during the day.

Venus Pharma GmbH, a Germany based wholly-owned subsidiary of pharma major Venus Remedies today announced entering into a distribution-cum-outlicensing agreement with world's third largest generic drug maker-Mylan for marketing its antibiotic, Meropenem, in three European countries.
The deal with Mylan - headquartered at Cecil Township in Pennsylvania - will enable Venus Remedies to market meropenem in Denmark, Sweden and Finland for a period of five years.
The market size for this product in Denmark, Sweden and Finland is estimated at Euro 12.54 million.