Last checked at 23 Jul 2018 07:00
23 July 2018
BEXIMCO PHARMACEUTICALS LTD.
Beximco Pharma commences export of fourth product to the US
Beximco Pharmaceuticals Limited ("BPL", "Beximco Pharma" or "Company"; AIM Symbol: BXP), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, today announces it has commenced the export of Metformin Hydrochloride, an anti-diabetic, extended release drug (500mg and 750mg) to the US market. Following the successful launches of Carvedilol, Sotalol and Methocarbamol, this is the fourth product Beximco Pharma has exported to the US market.
Beximco Pharma received US Food and Drug Administration (FDA) approval for Metformin Hydrochloride, a generic equivalent to Bristol-Myers Squibb's Glucophage, in December 2016. According to IQVIA market data, the US market for Metformin Hydrochloride is currently valued at USD 456.08 million.
Mr. Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
"The export of our fourth product to the US is another validation of our growing presence and strength in offering specialised generic products in the world's largest pharmaceutical market. Since receiving US FDA accreditation for our oral solid dosage manufacturing facility in June 2015, we have continued to leverage our competitive generic capabilities and cost advantages to focus on expanding our portfolio in the US, which is an increasingly important market for the Company. We look forward to exporting additional, high quality, differentiated products to the US and other key global markets in the future."
In August 2016, Beximco Pharma became the first Bangladeshi pharmaceutical company to export medicine to the US market following the approval of its manufacturing site by the FDA in June 2015.
Beximco Pharma is a leading exporter of pharmaceuticals in Bangladesh. The Company currently has a global footprint in more than 50 countries and has been accredited by the leading global regulatory authorities namely US FDA, AGES (EU), TGA (Australia), Health Canada, GCC (Gulf) and TFDA (Taiwan).
For further information please visit www.beximcopharma.com or enquire to:
Beximco Pharma
Nazmul Hassan MP, Managing Director
Tel: +880 2 58611001, ext.20080
SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady / Andrew Emmott
Tel: +44 (0)20 3368 3551 / 3555
Northland Capital Partners Limited (Broker)
Tom Price
Tel: +44 (0)20 3861 6625
FTI ConsultingSimon Conway / Victoria Foster Mitchell
Tel: +44 (0)20 3727 1000
Notes to Editors:
About Beximco Pharmaceuticals Limited
Founded in 1976 and based in Dhaka, Bangladesh, Beximco Pharma manuactures and sells generic pharmaceutical formulation products and active pharmaceutical ingredients. The Company also undertakes contract manufacturing for multinational and leading global generic pharmaceutical companies. The Company operates from a 23-acre site in Dhaka and has manufacturing facilities for producing various drugs in different delivery systems such as tablets, capsules, liquids, semi-solids, intravenous fluids, metered dose inhalers, dry powder inhalers, sterile ophthalmic drops, prefilled syringes, injectables, nebuliser solutions, oral soluble films etc. Ensuring access to quality medicines is the powerful aspiration that motivates 3,800 employees of the Company.
Beximco Pharma′s state-of-the-art manufacturing facilities are certified by global regulatory authorities of USA, Europe, Australia, Canada, GCC and Latin America, among others. The Company's products are sold to retail outlets, medical institutions and other pharmaceutical manufacturers in Bangladesh, in regional markets such as Sri Lanka, Nepal, Bhutan, Vietnam, Cambodia and Myanmar and in other markets overseas, principally in South East Asia, including Singapore, Thailand, Taiwan, Malaysia, Indonesia, Philippines and Hong Kong; Africa, including South Africa, Mauritius, Kenya, Ghana, Ethiopia, Uganda and Nigeria; Central Asia, including Azerbaijan; Middle East, including Kuwait and Jordan; Pacific Island countries; Latin and Central American countries; Europe, including Austria, Germany and Romania; Australia and North America, including the USA and Canada.