(MENAFN - ProactiveInvestors - Australia) Mayne Pharma Group (ASX: MYX) has signed a licensing and distribution agreement with India's Intas Pharmaceuticals for a large range of injectable products for the Australian market.
Mayne will initially gain rights to 11 hospital products with a market value of around 73 million per annum.
The company expects to file these products with the Therapeutic Goods Administration (TGA) during the 2013 calendar year.
Mayne has also secured a right of first refusal for the exclusive distribution of another 30 pipeline injectable products across a range of therapeutic areas with current market sales of 140 million per annum.
To date, there are no generic equivalents to 15 of these pipeline products and the company expects several of these will be the first generic versions approved.
All products will be developed and supplied by Intas from their TGA and US Food and Drug Administration approved facilities.
Intas is one of the leading vertically-integrated pharmaceutical development, manufacturing and marketing companies headquartered in India.
It is among the top pharmaceutical companies in India and has a presence in over 50 countries worldwide.
Following the completion of the acquisition of Metrics in mid-November, Mayne plans to seek TGA approval for a number of Metrics' products in Australia.
The launch of these new products is expected to lead to significant revenue and margin uplift of the Mayne Pharma Australia business over the coming years.
Metrics has 11 pipeline products of which two have been filed with the FDA and a further four are to be filed during 2012.
All pipeline products are targeting FDA approval by the end of 2014 with two approvals expected in 2013.
Last month, Mayne entered into a binding agreement to acquire privately owned, U.S.-based Metrics, which provides the company with direct access to the world's largest pharmaceutical market, the U.S.
The combined business will have 17 products in development targeting markets with annual sales of US4.5 billion.
Metrics is a leading provider of contract pharmaceutical development services in the U.S. with a substantial existing product portfolio and pipeline.
The company has a strong financial track record having delivered sales and EBITDA for the 2012 financial year of US51.6 million and US16.1 million respectively. Its growing generics portfolio will drive significant future EBITDA growth.