Venus Pharma targeting Rs 1,000 crore revenue by FY17
The drug firm is aiming to launch products in the US and Europe to double its revenue.
New Delhi, September 4, 2013: The Indian drug firm Venus Remedies is aiming to launch its major products, including antibiotic drug Elores, in global markets like the US and Europe with an eye on more than doubling revenues to Rs 1,000 crore by FY17.
The company, which focuses mainly on anti-microbial resistance drugs and oncology, posted revenue of Rs 460 crore in FY 13.
The company is already in advanced discussion with 5-6 MNC drug firms for outlicensing deals for its three major research projects (Elores, Vancoplus and Protanix). The company expects Elores to contribute close to 15-20 per cent by 2017.
The company has already filed for regulatory approvals for launching Elores in European market and it is expecting to launch it in the next 1.5 years. It may be noted here that the company signed a deal with South Korea-based Goodwills Co Ltd for exclusive marketing of Elores earlier this year. The company already has an exclusive marketing agreement in place for Potentox with Adcock, the South Africa-based pharma company.