Venus Remedies signs MoU with South African firm for antibacterial drug

Venus Remedies Limited 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.
 
The overall systemic antibacterial market of South Africa is worth $ 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. Venus Remedies is projected to generate a cumulative revenue of $ 20 million within five years of the launch of Elores in South Africa.
 
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 ESBL/MBL producing gram negative bacteria which Elores is capable of fighting comprise 25% of this market, thus creating a tremendous opportunity for Venus Remedies.