Able Laboratories, Inc. and Strides, Inc. Announce the Signing of a Development Agreement for a Prescription Generic Drug Product
THURSDAY , DECEMBER 02, 2004 08:00 AM
CRANBURY, N.J., Dec 2, 2004 /PRNewswire-FirstCall via COMTEX/ --Able Laboratories, Inc.
(Nasdaq: ABRX) and Strides, Inc., NJ a wholly owned subsidiary of Strides
Arcolab, Limited, one of India's largest manufacturers and exporters of
pharmaceutical products based in Bangalore, today announced the signing of a
Development Agreement for a specialty prescription generic drug product. The product will be developed by Strides exclusively for Able.
Currently, Strides has a total of twelve manufacturing plants worldwide including a USFDA approved plant in Somerset, NJ. The product is expected to be developed at this location. Upon the approval by the FDA, it will be
commercially manufactured and supplied to Able.
Jay Wadekar, Chairman and chief executive officer of Able stated, "We are excited to enter into this initial relationship with Strides for this specialty product. We will continue to review additional opportunities to grow this relationship in the future."
Arun Kumar, Managing Director and Group CEO of Strides stated, "The Strides Able relationship is a reflection of the Strides partnership philosophy. Using our manufacturing and product development skills, Strides intends to become a niche player in the US generics market."
About Able Laboratories, Inc.
Able Laboratories is a developer and manufacturer of generic
pharmaceuticals. Further information on Able may be found on the Company's web
site, ablelabs.com.
About Strides Arcolab, Limited
Strides Arcolab Limited, listed on the Indian National Stock Exchange (STAR), has a global presence in more than 50 countries. The company has factories in India, Brazil, Mexico and USA. The Company supplies to a number
of geographic locations including Latin America, UK, South East Asia, Africa, Australia and Russia. The Indian manufacturing facilities for the regulated
markets are approved by all major regulatory bodies such as MHRA, EU, TGA and MCC. The company has recently signed supply and cooperation agreements with Aspen, South Africa, SORM, Japan and Akorn, USA. Additional information is
available at the Company's website at stridesarco.com.
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