Granules India enters into strategic alliance with Heritage Pharmaceuticals Inc

Granules India Ltd has announced that Heritage Pharmaceuticals Inc. ("Heritage") and the Company, on July 05, 2007 has announced that they have entered in to a strategic alliance for the development, supply and marketing of generic pharmaceutical products for the U.S. prescription drug market. Under the Agreement, the Company shall develop and register selected products for U.S. ANDA submission and Heritage retains exclusive sales and marketing rights to such products. The Company shall receive up front and milestone payments and the parties shall share net profits from the product sales.

Commenting on the deal, Mr. C Krishna Prasad, Managing Director said, "This is in line with our overall strategy for partnering with prescription product marketers on a development and manufacturing agreement. We are confident that Heritage will deliver the required market share to make it a mutually profitable business model."

The stock closed the day at Rs.130.15, up by Rs.0.75 or 0.58%. The stock hit an intraday high of Rs.135 and low of Rs.127.50. The total traded quantity was 119247 compared to 2 week average of 51546.

Source : Equity Bulls

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