Sunny Pharmtech Inc., a Taiwan-based API and finished-dose drug development company, and Vitruvias Therapeutics LLC, a generic drug development company, announced today that they have formed a strategic partnership to co-develop a varied portfolio of generic drugs.
The agreement will leverage the research, development, and distribution capabilities of each company to quickly and efficiently develop and commercialize generic products in markets that currently exceed $400 mil. Each company will have a 50% stake in product portfolio, and the first ANDA will be tentatively filed in the fourth quarter of 2015.
“We are fortunate to have the opportunity to partner with a company as technologically sophisticated as Sunny Pharmtech given their expertise in the development of API and finished dose formulations,” said Carl Whatley, General Manager of Vitruvias. “Sunny Pharmtech provides us with the know-how to develop difficult products in under-served U.S. markets and we look forward to addressing the needs of those markets as soon as we possibly can.”
Dr. Yon-Lian Wu, Sunny Pharmtech’s CEO and Chairperson added, “I am delighted to announce this strategic partnership between Sunny Pharmtech and Vitruvias. It will leverage both companies’ respective strengths to meet the needs of patients for high quality and cost-effective generic pharmaceuticals. For Sunny Pharmtech, this agreement will enhance our efforts to establish a world-class platform to support our efforts in the generic pharmaceutical products area. By combining our respective capabilities in this joint effort, Sunny Pharmtech and Vitruvias are creating a global business model and a robust base in the generic pharmaceuticals market.”