Beximco Pharmaceuticals of Bangladesh has linked up with Adamis Pharmaceuticals Corp to introduce four generic respiratory drugs to the US market.
Under the terms of the agreement, the companies say they will co-develop certain generic formulations, some of which Beximco currently produces for the European market. Adamis will be responsible for seeking US Food and Drug Administration regulatory approvals and marketing.
Beximco managing director Nazmul Hassan said the pact "highlights our significant generic drug capabilities as we move closer towards becoming a global generic drug player, particularly in the most advanced markets in the USA and Europe".
Founded in 1976, Beximco which manufactures and markets its own branded generics "for almost all diseases" also does contract manufacturing for multinational drugmakers and employs over 3,000 staff. As well as Bangladesh, it has a presence in regional markets such as Sri Lanka, Nepal, Bhutan, Vietnam, Cambodia and Myanmar, as well as in East Africa, Central American countries and South East Asia.
The deal comes days after the Dhaka-based group signed an agreement with the Bank of New York Mellon which means that investors holding its global depositary receipts, which are listed on London's Alternative Investment Market, will no longer have to pay fees.
Mr Hassan said that the agreement "successfully concludes a long negotiation, necessitated by conditions unforeseen at the time of our original admission to AIM". He added that "we have removed what had become a substantial cost from our GDR holders, which demonstrates our commitment to international shareholders, and to AIM".