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Venus Remedies informed the exchanges on December 6 that it has received the marketing authorisation for Pemetrexed 500mg, a chemotherapeutic agent widely used in the treatment of lung cancer and mesothelioma.
The company said that this authorisation marks a significant milestone in its journey to strengthen its presence in the high-growth Southeast Asian pharmaceutical market.
This is a major development for the company in the oncology products segment in the Philippines market after it received approval for six chemotherapy drugs in the country in October last year. The pharma company had received marketing authorisation for Bortezomih, Cisplatin, Doxorubicin, Docetaxel, Flurouracil and Paclitaxel, enabling a significant presence for its operations in the Association of Southeast Asian Nations (ASEAN) region.
Earlier on November 29, Venus Remedies informed the exchanges that its Board of Directors approved the establishment of a wholly-owned subsidiary in Hungary by its wholly-owned subsidiary Venus Pharma GmbH, Germany. The company plans to establish the subsidiary to enhance its market presence in Eastern Europe.
Last month, the company also received Good Manufacturing Practices (GMP) approval from the National Pharmaceutical Regulatory Agency (NPRA) of Malaysia for its pre-filed syringe (PFS) facility in Baddi, Himachal Pradesh.
Shares of Venus Remedies have slipped nearly 10% in the last one year. The stock has declined over 16% on a year-to-date basis. However, the pharma stock has gained over 8% in the last six months, while rising 9% in the past month.
Venus Remedies Ltd shares were trading 2.63% higher at ₹331.65 apiece on the BSE at 1:52 pm on Friday.
