JB Chemicals, Taro Pharmaceutical in product development agreement

JB Chemicals & Pharmaceuticals Ltd (JBCPL) has entered into a product development agreement with Taro Pharmaceutical Industries Ltd. (Nasdaq; TARO) and its affiliates and subsidiaries for the development of several products jointly for the US market. Details of the agreement have not been disclosed. Taro is headquartered in Hawthorne, New York.

"JBCPL has invested in building excellent R&D skills and infrastructure in the formulation business," said J B Mody, chairman and managing director, JBCPL, while announcing the tie-up with Taro. "This relationship brings together the strengths of the two Companies and accelerates JBCPL''s ability to become a serious generic player in the US and other markets. This is in line with Company''s objective to position itself as a ''partner of choice'' for contract research and Development".

With India being recognised as a global hub for outsourcing of R&D services such as product development JBCPL plans to leverage its own capabilities for any new product development to consolidate its position in the outsourcing of the global generic pharmaceutical industry. JBCPL says it has been working on this business model for some time and has shown its expertise in developing and manufacturing products for markets like the US, Australia, South Africa and Europe. Going forward, the Company plans to develop more products for the regulated markets and expects that these initiatives will provide a thrust to the future growth of the Company.