Beximco adds to US portfolio with purchase of Novartis assets

(Sharecast News) - Generic drugs manufacturer Beximco Pharmaceuticals announced the signing of a definitive agreement with Sandoz - a division of Novartis - to acquire a portfolio of eight 'Abbreviated New Drug Applications' (ANDAs) in the US on Wednesday, for an undisclosed amount in cash.The AIM-traded firm said its current US portfolio comprised six US Food and Drug Administration (FDA) approved products.Four of those products were currently being exported to the US, and two products were awaiting regulatory approval.Following the transaction, Beximco Pharma's US portfolio would consist of 14 approved ANDAs."The acquisition of these ANDAs from Sandoz, a global leader in the generics market, significantly strengthens our position in the US, expanding our portfolio to 14 approved products," said Beximco Pharmaceuticals chief executive officer Nazmul Hassan."The acquisition is expected to provide a major boost to our export sales in the future and we look forward to continuing to build our presence in this important strategic market for Beximco Pharma."