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Syntropharma Signs US Marketing and Distribution Agreement with Ranbaxy Pharmaceuticals Inc. for Generic Transdermal Product
2/1/2010 11:44:09 AM
1st February 2010, Newtown St. Boswells, Scottish Borders: Syntropharma, an emerging pharmaceutical company focussed on niche therapeutics and transdermal products, has signed an agreement with Ranbaxy Pharmaceuticals Inc. (“RPI”), a wholly owned subsidiary of Ranbaxy Laboratories Limited (“RLL”), for the marketing and distribution of one of its development projects in the United States. In addition to marketing and distribution, RPI, a recognized and established leader in the US generic pharmaceutical industry, will assume responsibility for regulatory affairs in the collaboration and will pursue approval of the product dossier with the FDA.
It is estimated that the deal could generate revenues in excess of $37.5m for Syntropharma.
The Board of Syntropharma are confident that this will be the first of many deals from their exciting product pipeline that will come to fruition over the next three years thus greatly increasing shareholder value. The Board also believes that to take a drug concept through to this agreement and FDA submission within 30 months confirms the robustness of their business model.
Joseph Todisco, Vice President of Business Development of Ranbaxy, said: “We are pleased to partner with Syntropharma on this difficult to formulate generic product that continues to have clinical value and utility. This product will add depth and breadth to Ranbaxy’s product portfolio of affordable and accessible generic products marketed in the United States, and it also fits well with Ranbaxy’s overall strategy to increase its presence in the US market for high barrier to entry dosage forms.
Andrew Gardiner, CEO of Syntropharma said: “We are very pleased to have signed this deal with Ranbaxy and look forward to working with them on this exciting project.” Mr Gardiner also stated that Syntropharma’s main commercial focus in 2010 will be to conclude a licensing arrangement with a suitable partner in the EU.
About Syntropharma
Syntropharma Ltd is an emerging pharmaceutical company founded in 2005, focussed on taking medicines used to treat Central Nervous System (CNS) and other disorders and improving their clinical profile by reformulating them as patch applications which are applied to the skin. Its vision is to develop a stream of first and second to market transdermal products with strong IP that will be out-licensed to pharmaceutical company partners. The Company raised its first private equity investment October 2006 in order to develop transdermal versions of two CNS drugs.
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