Pharmaust signs five year drug distribution contract
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Nedlands-based pharmaceutical company PharmAust Ltd has signed a five-year distribution contract for five generic prescription medicines to the Australian market, the company announced today.
The full text of a company announcement is pasted below
PharmAust Limited (ASX: PAA) has signed a five year definitive Distribution Agreement with one of the top 20 global generic pharmaceutical companies to supply an initial five high value generic prescription medicines to the Australian market.
The generic versions of the five drugs - outlined in the table below - represent a combined market of more than $250 million annually in Australia. The drugs will be subject to approval by the Australian Therapeutic Goods Administration.
| Generic Name | Drug Type | For Treatment Of: |
| Amlodipine | Anti-hypertensive | High blood pressure, angina |
| Carvedilol | Beta-blocker | High blood pressure and heart failure |
| Lansoprazole | Proton pump inhibitor | Gastro - intestinal disorders |
| Mirtazapine | Anti-depressant | Depression |
| Risperidone | Anti-psychotic | Bipolar disorder and related psychoses |
For reasons of commercial confidentiality the name of the partner company is not able to be disclosed, however, PharmAust Managing Director Dr Paul D'Sylva said: "Our European partner's expertise in manufacturing and selling low cost prescription generics in 70 countries combined with PharmAust's expertise in Australian regulatory affairs provide an excellent opportunity for PharmAust to build its generic pharmaceutical operations in Australia."
"Our strategy is to bundle these Pharmaceutical Benefits Scheme-listed medicines with PharmAust's existing pipeline of generics. These include the recently TGA-approved PharmAust Simvastatin and generic versions of the painkillers paracetamol and ibuprofen,
which are expected to receive TGA approval during the 3rd Quarter 2007."
"PharmAust's combined portfolio of generic medicines represents a market of over $750 million annually in Australia. This portfolio coupled with PharmAust's licensed manufacturing facility and existing range of Over the Counter and galenical products, places PharmAust in a position to provide retail pharmacies with an increasing range of products," he said.