Israel's Teva inks pact with Venus Remedies for cancer drug

The Chandigarh based Venus Remedies Limited has entered in to a collaborative agreement with Israeli generic major Teva for a block buster anti-cancer drug, which is under patent protection till 2016. “The drug is widely used for the treatment of malignant pleural mesothelioma and nonsquamous non-small cell lung cancer having a market of more than $4 billion and estimated to increase to $5.4 billion by 2020 in the regulated markets of the US, France, Germany, Italy, Spain, the UK and Japan,” said the company in a press release.
 
As per the agreement, Venus Remedies will initially develop the drug in its research unit, Venus Medicine Research Center, for assisting Teva in registrations. Thereafter, Venus will also use its manufacturing capability to support its valuable partner in enhancing the business in Canada market. The GMP granted to Venus for EU is also valid for Canada, based on which, Venus infrastructure and regulatory competence will be used for commercialisation of this blockbuster drug in Canadian market.
 
The current global anti-cancer market size is $ 130 billion with the share of $ 2.8 billion of the drug, for which Teva and Venus have tied up. “Its market size in Canada alone is approximately $ 75-100 million and this association will be able to capture respectable market share of the product in first year of launch,” said Venus Remedies press release.
 
“We are already in association with Teva for two cephalosporins product business from EU market. Conclusion of the deal for Canada market has further strengthened our relationships as well as widened the scope of our products,” said Dr Manu Chaudhary, Joint Managing Director, Venus Remedies Limited, and Director, Venus Medicine Research Center.
 
He added, “With this association, Venus will be penetrating Canadian market for the first time which will add another territory to Venus Remedies’ quest for quality services. Teva will use Venus infrastructure and regulatory competence for commercialisation of this anticancer product in Canadian market.”