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Tuesday, January 11, 2011

Hovid climbs on tie-up with Sanofi-Aventis subsidiary for generic drugs (Edge)

Shares of HOVID BHD [] climbed in late afternoon on Tuesday, Jan 11 after the company announced it was teaming up with Sanofi-Aventis Group subsidiary to develop generic drugs.

Hovid had signed an agreement with Sanofi-Aventis subsidiary Winthrop Pharmaceuticals to develop generic drugs.

"The collaboration includes the development of dossier, manufacture and supply of the generic drugs of Metformin 850mg MR for treatment of diabetes, and painkiller Tramadol 100mg SR," it said.

Hovid founder David Ho said the Sanofi, via its generic drug arm Winthrop was looking at 30 more products in the next two to five years to be produced for Winthrop to build their business in Southeast Asia.

"The estimated value of these 30 products in the project is about RM50 million," he said.

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