Financial Daily from THE HINDU group of publications
Wednesday, May 28, 2003
Financial Daily from THE HINDU group of publications Wednesday, May 28, 2003 |
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Corporate
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Announcements Lyka Labs close to sign $10-m deal with European co Our Bureau
NEW DELHI, May 27 THE Rs 250-crore Lyka Labs Ltd is close to inking a $10-million contract-manufacturing deal with a European company for a drug in the cardio-vascular segment. The contract estimated at around Rs 50 crore ($10 million) would be spread over 18 months, Mr Amit Bhasin, CEO of Lyka Labs, told Business Line. As part of the outsourcing contract, Lyka Labs would provide the European MNC with the active pharmaceutical ingredient and intermediates, he said. With a presence in the anti-infective, cardio-vascular and diabetic segments — Lyka Labs exports to more than 25 countries and has registered about 475 products in different markets. According to company officials, this is expected to touch 750 products in due course. The company has two of its manufacturing units at Tarapur and Ankleshwar. Lyka Labs expects to close fiscal 2003-04 with a turnover of Rs 200 crore and a net profit of Rs 11 crore, according to company officials.
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