Pfizer (NYSE: PFE) and Strides Arcolab have broadened their supply arrangement in yet another move by the pharma behemoth toward generic meds. Under the new agreement, Strides will license and supply up to 38 generic cancer meds to Pfizer for sale in the EU, Canada, Australia, New Zealand, Japan and Korea, Dow Jones reports.
Pfizer agreed early this year to source some 40 injectable drugs from Strides, for ultimate sale in the U.S. market. The two agreements together cover 45 products that account for $18 billion in sales in the specified markets. "The agreement with Strides reinforces our commitment towards the injectables market," Pfizer's David Simmons says in a statement.
The Strides deals come on the heels of several other generics licensing arrangements; last year, Pfizer teamed up with India's Aurobindo Pharma and Claris Lifesciences. Those deals boosted Pfizer's generics portfolio by 60 products, Reuters notes. It's all part of a concerted effort to beef up Pfizer's established products unit to help offset the loss of sales from upcoming patent expirations.
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