Shares of Strides Pharma Science were trading higher on the afternoon of May 3, as it teamed up with Orbicular Pharmaceutical Technologies to develop and commercialise a nasal spray for global markets.
The two companies told exchanges on May 3 that they have entered into a strategic partnership to commercialise four nasal sprays with a combined global IQVIA market size of more than $400 million.
Orbicular, a speciality pharmaceutical company focused on research and product development, will use its drug delivery and formulation expertise to develop the spray.
Following the principle of “quality by design,” the company adopted a comprehensive approach to product design to ensure the durability of the nasal spray, the statement said.
Strides will commercialise these nasal sprays in markets in the US, Europe and other countries.
The products will be produced at the company’s state-of-the-art Chestnut Ridge, New York facility. The statement said the facility could produce nasal sprays in unit- and multi-dose formats, including controlled substances.
The site has been operating for four years and has a strong compliance record with USFDA and DEA approvals. Strides acquired the facility from Endo Inc in October 2021.
At 12:08 pm, Strides Pharma was trading at Rs 341.5 on the National Stock Exchange, up 1.5% from the previous close.