Deal with Novartis' division to boost Beximco's export sales to the US
Beximco Pharma said it has signed a definitive agreement with Sandoz Inc., a division of Novartis, to acquire a portfolio of eight Abbreviated New Drug Applications (ANDAs) in the US. The transaction amount has not been disclosed but Beximco said it will be paid in cash.
Headquartered in Dhaka, Bangladesh, Beximco is a fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients (API).
The company's current US portfolio comprises six FDA-approved products. Four of these products are currently being exported to the US and two products are awaiting regulatory approval.
Following the transaction with Sandoz, Beximco's US portfolio will consist of 14 approved ANDAs.
Beximco Managing Director, Nazmul Hassan MP, commented: "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.
"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."
In August 2016, Beximco Pharma became the first Bangladeshi pharmaceutical company to export medicine to the US market following its manufacturing site approval by the US FDA in June 2015.
Beximco Pharma currently has a global footprint in more than 50 countries and has been accredited by global regulatory authorities including the US FDA, AGES (EU), TGA (Australia), Health Canada, GCC (Gulf) and TFDA (Taiwan).