Biopharmaceutical company AstraZeneca Plc (AZN, AZN.L) on Thursday announced a license and supply deal with Torrent Pharmaceuticals Ltd. for undisclosed financial terms. According to the agreement, India-based Torrent will supply to AstraZeneca a portfolio of generic medicines for which Torrent already has licenses in a range of countries.
AstraZeneca, in partnership with Torrent, plans to brand and market these products in many of its emerging markets where it already has a strong commercial footprint.
As per the deal, AstraZeneca will initially purchase from Torrent the licenses and market authorizations for 18 products in nine countries. AstraZeneca noted that the agreement allows the flexibility to add further products and new countries where it sees opportunities for growth. Further, Torrent will manufacture medicines working to AstraZeneca's standards.
Emerging markets are anticipated to contribute nearly 70% of pharmaceutical industry growth in the next five years, and branded generics represent around 50% by value in the emerging markets. AstraZeneca believes it can capitalise on this opportunity and expects to broaden its portfolio beyond these initial 18 products over time.
In Wednesday's regular trading session, AZN.L closed trading on the London Stock Exchange at 2,950.00 pence per share, down 1.00 pence or 0.03%, on a volume of 4.92 million shares. In the past 52-week period, the stock has been trading in a range of 2,219.00 pence to 3,136.00 pence.
AZN closed Wednesday's regular trading session on the New York Stock Exchange at $44.38 per share, down $0.03 or 0.07%, on a volume of 1.33 million shares. In the past 52-week period, the stock has been trading in a range of $30.46 to $50.70.
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