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news.Synovics Pharmaceuticals has announced that its wholly owned subsidiary, ANDAPharm, has signed a contract with a leading pharmaceutical company for the manufacturing and supply of a hormonal prescription drug.
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The potential annual sales by ANDAPharm with this product, including an earlier contract with a second pharmaceutical company, are between $7.5 million and $8 million.
John Copanos, ANDAPharm’s founder and vice president of business development for Synovics, said: “We have several hormonal prescription drugs under various stages of development and view this specialized category as a unique opportunity for our company. Specifically, we expect to launch our second generic prescription hormonal, subject to anticipated authorization by the FDA, between the third and fourth quarters of 2008, and we have our third hormonal drug in bio-studies for submission to the FDA.
“We are acquiring two additional hormonal drugs via technology transfers and intend to continue to develop and grow our pipeline of these products as we leverage our containment suite capacity and build this business with our productive and experienced staff.”