Beximco Pharmaceuticals Ltd Commences Export of Third Product to the US Market (6153L)

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RNS Number : 6153L

Beximco Pharmaceuticals Ltd

23 April 2018

23 April 2018

BEXIMCO PHARMACEUTICALS LTD.

Beximco Pharma commences export of third product to the US market

Beximco Pharmaceuticals Limited ("BPL", "Beximco Pharma" or "Company"; AIM Symbol: BXP), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, announces today it has commenced the export of Methocarbamol tablets (500mg and 700mg) to the US market. This product is a generic equivalent to Auxilium Pharmaceuticals' muscle relaxant Robaxin tablets, which is for pain relief associated with acute musculoskeletal conditions. The first consignment was delivered on 21 April 2018.

The export of Methocarbamol tablets marks the third product to be exported by Beximco Pharma to the US, following the successful launch of Carvedilol and Sotalol in August 2016 and November 2017, respectively. According to IQVIA market data, the US market for Methocarbamol is currently valued at USD 23.37 million.

Mr. Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:

"The export of our third product to the US further builds our presence in the world's largest pharmaceutical market. We continue to focus on growing our portfolio in the US, which we believe will be a major export market for Beximco Pharma in the coming years. We remain focused on our strategic goal to bring high quality, differentiated products to both developed and key emerging markets to create value for our customers and shareholders."

Beximco Pharma remains the only Bangladeshi pharmaceutical company to export medicine to the US market following its manufacturing site approval by the US Food and Drug Administration in June 2015.

Beximco Pharma is a leading exporter of pharmaceuticals in Bangladesh. The Company currently has a global footprint in more than 50 countries and has been accredited by the leading global regulatory authorities namely US FDA, AGES (EU), TGA (Australia), Health Canada, GCC (Gulf) and TFDA (Taiwan).

For further information please visit www.beximcopharma.com or enquire to:

Beximco Pharma

Nazmul Hassan MP, Managing Director

Tel: [phone], ext.20080

SPARK Advisory Partners Limited (Nominated Adviser)

Mark Brady / Andrew Emmott

Tel: [phone] / 3555

Northland Capital Partners Limited (Broker)

Tom Price

Tel: [phone]

FTI Consulting

Simon Conway / Victoria Foster Mitchell

Tel: [phone]

Notes to Editors:

About Beximco Pharmaceuticals Limited

Founded in 1976 and based in Dhaka, Bangladesh, Beximco Pharma manufactures and sells generic pharmaceutical formulation products and active pharmaceutical ingredients. The Company also undertakes contract manufacturing for multinational and leading global generic pharmaceutical companies. The Company operates from a 23-acre site in Dhaka and has manufacturing facilities for producing various drugs in different delivery systems such as tablets, capsules, liquids, semi-solids, intravenous fluids, metered dose inhalers, dry powder inhalers, sterile ophthalmic drops, prefilled syringes, injectables, nebuliser solutions, oral soluble films etc. Ensuring access to quality medicines is the powerful aspiration that motivates 3,800 employees of the Company.

Beximco Pharma's state-of-the-art manufacturing facilities are certified by global regulatory authorities of USA, Europe, Australia, Canada, GCC and Latin America, among others. The Company's products are sold to retail outlets, medical institutions and other pharmaceutical manufacturers in Bangladesh, in regional markets such as Sri Lanka, Nepal, Bhutan, Vietnam, Cambodia and Myanmar and in other markets overseas, principally in South East Asia, including Singapore, Thailand, Taiwan, Malaysia, Indonesia, Philippines and Hong Kong; Africa, including South Africa, Mauritius, Kenya, Ghana, Ethiopia, Uganda and Nigeria; Central Asia, including Azerbaijan; Middle East, including Kuwait and Jordan; Pacific Island countries; Latin and Central American countries; Europe, including Austria, Germany and Romania; Australia and North America, including the USA and Canada.

This information is provided by RNS

The company news service from the London Stock Exchange

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April 23, 2018 02:00 ET (06:00 GMT)