The "Economic Times" of India reports that Indian drug company Flamingo Pharmaceuticals Ltd. said last Thursday that it signed an agreement with Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) for the production of the latter's sleep disorders drug, Zolpidem. This is the sixth product manufactured by Flamingo for the Teva, the company said in a statement.
Flamingo added that it received an initial order to manufacture 10 million Zolpidem tablets in 10mg dosage. The company also produces five other drugs, including Simvastin, Teva's generic version of the cholesterol drug Zocor, which has annual estimated sales of $4 billion.
Flamingo managing director Ashwin Thacker said, "Zolpidem tablets are used for the short-term treatment of insomnia and related disorders and have total annual market sales of $12 billion worldwide. Through our association with Teva, we hope to capture substantial share for this product in the European markets."
The "Economic Times" also reported that Flamingo is currently working on 12 Contract Research and Manufacturing Services (CRAMS) projects for global pharmaceutical companies and would start operations on 10 new projects by end of 2007.
Published by Globes [online], Israel business news - www.globes.co.il - on July 22, 2007
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