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.
