Mumbai, Feb. 11: Morepen Laboratories, the Delhi-based pharma major, today said that its tie-up with Geneva Pharmaceuticals Inc will boost the company’s topline by Rs 100 crore ($ 20 million).
As per the pact, Morepen will supply bulk Loratadine to Geneva, which has obtained a 180-day exclusivity for marketing the generic version of the drug. In an announcement made to the stock exchanges today, Morepen said that it is all set to gain from the 180-day marketing exclusivity recently granted to Geneva Pharmaceuticals for Loratadine in the US.
It added that Geneva (the generic name arm of Novartis AG) has already launched its generic version of Claritin, an anti-allergic drug in the US market on January 23 and the exclusivity will be for six months from the date of the launch.
The innovator of the $ 3.20 million drug, Schering Plough owns the brand Claritin. “Morepen expects to generate additional revenue of around $ 20 million during the period of exclusivity and net profit during this period is expected to get an additional boost of around $ 10-12 million,” the company added.
It further pointed out that the company has received orders worth $ 10 million after the grant of exclusivity to Geneva Pharma, which will be shipped over the next two to three months.