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Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) Israel-based generic drug maker has entered into an agreement with Venus Remedies to sell anti- cancer drug in Canadian market.
Under this collaboration, Venus Remedies will be initially manufacturing the drug at the Venus Medicine Research Centre, its research unit, for assisting Teva in registrations.
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Thereafter, Venus will also use its manufacturing capabilities to support Teva in enhancing the business from this drug in the Canadian market, said a company statement.
“We already have an agreement with Teva for two Cephalosporins in the European Union market. The signing of this deal for the Canadian market has further strengthened our relationship and widened the scope of our products.
“This agreement will enable Venus to penetrate the Canadian market for the first time, thus adding another territory to its quest for quality services. Teva will use the infrastructure and regulatory competence of Venus for the commercialisation of this anti-cancer product in the Canadian market, ” company’s Joint MD Manu Chaudhary said.
The current global anti-cancer market size is $ 130 billion with a share of $ 2.8 billion for this drug while the anti-cancer market size of Canada alone is $ 75-100 million, it said.
This association will help Venus capture a sizeable market share for this product in the first year of the arrangement, said Chaudhary.
The drug is widely used for the treatment of malignant pleural mesothelioma and non-squamous non-small cell lung cancer, statement said
