(Sharecast News) - Life science company OptiBiotix Health announced the signing of a partnership agreement with Dr Morepen on Wednesday, for the distribution of SlimBiome products in India under the Dr Morepen brand.
The AIM-traded firm said Dr Morepen is a wholly-owned subsidiary of Morepen Laboratories, which it described as a prominent Indian pharmaceutical company listed on the Indian Stock Exchange.
With a workforce of over 2,300 employees, Morepen Laboratories has a product portfolio of more than 800 items distributed in over 82 countries.
Established in 2001, Dr Morepen had emerged as a trusted brand in India with a mission to empower consumers to take charge of their health and wellbeing.
Leveraging its network, Dr Morepen has direct access to over 200,000 pharmacies throughout India and indirect access to another 300,000.
The SlimBiome products would be available for purchase both online and in-store, and through direct channels to physicians across the country.
OptiBiotix said the collaboration with Dr Morepen was a significant advancement in making innovative health solutions more accessible to the Indian market.
"We are pleased to announce this agreement with Morepen, a well-known and trusted supplier to pharmacies, physicians, and retail customers across India," said chief executive officer Stephen O'Hara.
"Morepen brings an extensive sales team with experience of highly differentiated scientific products and countrywide access to a network of around 500,000 pharmacies across India.
"Based on current forecasts, the directors anticipate this agreement could contribute in the region of £6m to £7m revenue per annum in the next four to five years."
At 1404 GMT, shares in OptiBiotix Health were up 7% at 25.68p.
Reporting by Josh White for Sharecast.com.
OptiBiotix Health (OPTI)