Venus Remedies, a research-based global pharmaceutical company, has signed a memorandum of understanding (MoU) with South African pharmaceutical firm Austell Laboratories to exclusively out license its flagship product, Elores, in South Africa.
A novel antibiotic adjuvant entity that effectively counters serious hospital-acquired infections caused by multidrug-resistant extended-spectrum beta-lactamase (ESBL) and metallo-beta-lactamase (MBL)-producing gram negative bacteria, Elores is likely to be launched in South Africa by mid-2015, said Venus Remedies, chairman and managing director, Mr Pawan Chaudhary.
Globally, the systemic antibacterial market, which is growing at a CAGR of 7.2%, is set to reach $44 billion by 2016. The infections caused by multidrug-resistant ESBL/MBL-producing gram negative bacteria which Elores is capable of fighting comprise 25% of this market, thus creating a tremendous opportunity for Venus Remedies.
The MoU between Venus Remedies and Austell Laboratories was signed recently at the Patna Technology Expo, where the top 20 innovators under the "DST-Lockheed Martin India Innovation Growth Program 2013", including Venus Remedies, were awarded cash prizes.
The overall systemic antibacterial market of South Africa is worth US $275 million and growing at a compound annual growth rate (CAGR) of 10.5%. Elores will cater to the needs of about 40% segment of this market. "Venus Remedies is projected to generate a cumulative revenue of US $20 million within five years of the launch of Elores in South Africa," said Mr Chaudhary.