Aurobindo Splits Out Biosimilars Business
Firm Upbeat On Outlook As It Seeks FDA Desk Reviews For Three Units
After double-digit growth in formulations sales across geographies in the fourth quarter, Aurobindo expects to continue the momentum this fiscal year. Meanwhile, it might look for partners for its biologics business, which it has now transferred to its fully-owned subsidiary for $48m.
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Coronavirus-induced stockpiling and advanced prescribing of medicines has resulted in generics companies across the world registering unprecedented growth during the first quarter of 2020. However, many companies predict sales will level off again in the next quarter and beyond. And as demand fluctuates following the COVID-19 outbreak, companies have started taking precautionary measures to avoid supply-chain disruptions.
The termination of the Aurobindo-Sandoz deal isn’t perhaps all bad news for the Indian firm and the flip side may be an improved balance sheet, according to some analysts. But the resolution of compliance issues at manufacturing facilities remains critical.
Aurobindo has received further Form 483s from the FDA, while Biocon has received an EIR for its Bengaluru facility. The FDA has also successfully concluded inspections for Indoco and Lupin, while ANI, Aptar and MicroSphere have made strategic moves.