BXP30 Nov 2010 07:38
Beximco Pharma announces US Manufacturing, Supply and Product Development Agreement
Beximco Pharmaceuticals Limited ("BPL" or "the Company"; AIM Symbol: BXP), the fast-growing manufacturer of generic pharmaceutical formulation products, active pharmaceutical ingredients and intravenous fluids, today announces the signing of a strategic manufacturing, supply, and product development agreement with Adamis Pharmaceuticals Corporation (OTCBB: ADMP). Although not expected to have a material impact on short-term revenue or profits, under the agreement, Adamis and Beximco plan to introduce four generic respiratory drug formulations in the US market over the next three years. The two companies will co-develop certain generic formulations, some of which Beximco currently produces for the European market. Adamis will be responsible for Food and Drug Administration (FDA) regulatory approval and marketing in the US.
Mr. Nazmul Hassan, Managing Director of Beximco Pharma, commented: "This is another achievement for the Company and highlights our significant generic drug capabilities as we move closer towards becoming a global generic drug player, particularly in the most advanced markets in the US and Europe. We look forward to working closely with Adamis to capitalize on the generic drug opportunities in the US market, and achieving sustainable growth through creating long-term shareholder value."
Dr. Dennis Carlo, President and CEO of Adamis stated: "This agreement moves us closer to our goal of building a company that creates excellent shareholder value, is profitable and has a pipeline that permits substantial long term growth. The two companies can capitalize on the notable synergies that exist between both organizations. I believe this strategic partnership will bring a great deal of depth to our Specialty Pharmaceutical business."
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