by Suman Gupta
Senores Pharmaceuticals Inc. and Dr. Reddy’s Laboratories, Inc. today announced the launch of Ivermectin Tablets USP, 3 mg, which is bioequivalent and therapeutically equivalent to STROMECTOL® Tablets of Merck Sharp and Dohme LLC in the U.S. market. The product will be marketed by Dr. Reddy’s.
“We are pleased to advance our growth with the launch of a limited-competition product. With our continuous focus on niche opportunities, we are proud to be the second generic to receive approval for this product,” stated Swapnil Shah, Managing Director, Senores Pharmaceuticals Limited.
Ivermectin Tablets, 3 mg brand and generic products, had U.S. sales of approximately $20 million MAT for the twelve months ending in September 2024 according to IQVIA.
Senores has long term marketing arrangements with prominent foreign and Indian pharmaceutical companies including Dr. Reddy’s Laboratories Inc., Prasco LLC, Lannett Company Inc., Jubilant Cadista Pharmaceuticals Inc., Alkem Laboratories Limited, Sun Pharmaceuticals Industries Limited, and Cipla USA Inc to build an extensive pipeline across diverse dosage forms and therapeutic areas.
Senores Pharmaceuticals had filed its DRHP in July 2024, with a face value of ₹10 each, is a mix of fresh issuance of Rs 500 crore and an offer for sale of up to 8.5 lakh equity shares by Swapnil Jatinbhai Shah, up to 5.5 lakh equity shares by Ashokkumar Vijaysinh Barot, up to 3 lakh equity shares by Sangeeta Mukur Barot, and up to 10 lakh equity shares by Prakash M Sanghvi.
The proceeds from its fresh issuance to the extent of Rs 107 crore will be utilized for funding the capital expenditure requirements by investment in its Subsidiary, Havix, for setting up a manufacturing facility for the production of sterile injections in its Atlanta facility; Rs 93.7 crore for re-payment/pre-payment, in full or in part, of certain borrowings availed by the Company and its subsidiaries, namely, Havix, Ratnatris and SPI; Rs 102.74 crore for funding the working capital requirements of the Company and its Subsidiaries, namely, SPI and Ratnatri and funding inorganic growth through acquisition and other strategic initiatives and general corporate purposes.
The Company specializes in identifying, developing, and manufacturing a wide array of specialty, underserved, and complex pharmaceutical products, positioning itself as a preferred partner for select customers. Utilizing data analytics, research, market assessment, and experienced management; it strategically selects commercially underserved molecules and introduces it in both Regulated Markets mainly US and Canada and Emerging Markets across 43 countries.
