Pharma major Dr Reddy's Laboratories Ltd announced Friday that it had entered into a strategic collaboration agreement with Turkey-based TR-Pharm involving three biosimilar products, according to a BSE filing.
"A total of three products will be registered and subsequently commercialised as a part of this agreement by TR-Pharm in Turkey. TR-Pharm will also manufacture the drug substance and drug product upon completion of its facility investment," the company said in the statement.
The company also said that TR-Pharm has already started laying the groundwork for the technology transfer. "This collaboration will be an important component of TR-Pharm's ongoing biological product development and manufacturing business in the region. The partnership will also enable Dr. Reddy's to widen the global footprint of its biosimilar business," it said in the statement.
Mehmet Goker, general manager of TR-Pharm, said that in Turkey biosimilars are a key component of the company's strategy to establish production of biotechnological active pharmaceutical ingredient (API) for national use and regional exports. "This agreement will not only enable more affordable medication but also support our research and development initiatives by building expertise within the country," he said.
MV Ramana, executive vice-president & head of Branded Markets (India and Emerging countries) at Dr Reddy's Laboratories, said, "Turkey is a key emerging market and we are pleased to partner with TR-Pharm to ensure that patients in the region get access to our portfolio of high quality biosimilar products."
The shares of Dr Reddy's Laboratories Ltd closed at Rs 3,211.90 at the BSE Friday, up Rs 27.65 or 0.87percent, after the acquisition announcement.