Date:06/08/2004 URL: http://www.thehindubusinessline.com/2004/08/06/stories/2004080602290200.htm

Back Nicholas Piramal in pact with US co

Our Bureau

MUMBAI: Nicholas Piramal India Ltd (NPIL) on Thursday said that it had completed its in-licensing agreement with Genzyme Corporation of the US for synvisc viscose supplementation for the Indian market.

The deal would augment NPIL's presence in the orthopaedics segment.

The in-licensing agreement is a five-year exclusive strategic alliance for Synvisc Viscose Supplementation in the domestic market. Synvisc is a pill-free treatment that is injected directly into the knee and it is used for the local treatment of pain associated with osteoarthritis of the knee.

Touted to be the fourth largest biotech company, Genzyme Corporation has a revenue base of $1.6 billion and has a strong presence in segments including orthopaedics and renal diseases.

The product has global sales of $ 250 million and the Indian market size for this drug is estimated at Rs 20 crore. NPIL will market and distribute the product in India on exclusive basis, the note said.

At present, NPIL's ortho-therapy includes two divisions — MS and Speciality (a division of the erstwhile Sarabhai Piramal Pharmaceuticals Pvt Ltd). The company is reportedly the third largest player in the `pain' market, with a 5.5 percent share of the therapy, the note said.