Alvogen today announced that it has entered into an agreement with Orchid Chemicals & Pharmaceuticals. Alvogen will market eight high potential oral products from Orchid in the US market, with
- In-licensing of complex generic products with annual branded sales of $8-9 billion
- Further strengthens Alvogen’s global product pipeline of 220 products
New Jersey, May 5, 2010 - Alvogen Inc. (“Alvogen”), the US-based generic pharmaceuticals company, today announced that it has entered into an agreement with Orchid Chemicals & Pharmaceuticals in India (“Orchid”). Alvogen will market eight high potential oral products from Orchid in the US market, with total current annual branded sales of approximately $8-9 billion.
The partnership further strengthens Alvogen's product pipeline of over 70 products in the US, all of which are developed in conjunction with its network of industry-leading partners and from its own internal laboratories in New Jersey. The Orchid’s products, which are complex generics with multiple development, manufacturing and IP challenges, will be sold by Alvogen’s experienced US sales team. Orchid will supply the products from its state-of-the-art, FDA-approved, facilities in India. Regulatory applications have already been submitted for three of the eight products under the agreement, two of which have already received tentative approvals from the FDA. A further five products are under development. The products are expected to be launched in the US market, beginning in 2011.
A fast growing global portfolio - Alvogen already has over 220 molecules in its global product pipeline and by the end of 2010 the company aims to have filed 50 ANDA’s in the US and submitted over 200 marketing authorizations for its European markets. Through a highly-refined selection process, Alvogen targets complex generic products that have the potential for reduced market competition. Outside the US, Alvogen has identified 20 emerging markets in Europe, Asia and Latin America as its priorities for entry and expects to be operational in 15 countries by year-end 2010.
Commenting on today’s announcement, Doug Drysdale, Chief Executive Officer, said: “Alvogen continues to grow at a strong pace, driven by our global product portfolio, experienced management team and our ability to build effective partnerships with some of the industry’s leading companies. Our strategic partnership with Orchid further expands Alvogen‘s portfolio of complex generic products for the US market. Some of these products have the potential to be among our top sellers in the US in 2011-12. We are fortunate to be working with a partner, such as Orchid, that has a strong track record of product filings and approvals with the FDA. We value the close working relationship that we have with our network of industry partners and are pleased to add Orchid to this group.”