The five year deal is for sales of Enzymotec's Cardiabeat in India.
Enzymotec Ltd. has signed a distribution agreement with Indian drug company Elder Pharmaceuticals. The deal is worth tens of millions of dollars over five years. Elder Pharmaceuticals will distribute Enzymotec's CardiaBeat product which lowers LDL cholesterol (and thus is intended to lower the risk of heart disease) and works similarly to the Omega 3 found in fish oil, but without negatively effecting vitamin absorption.
Like Enzymotec's other products, CardiaBeat is a dietary supplement which undergoes planning and testing at the level of a drug and is marketed worldwide under stricter regulation than dietary supplements (but less strict than those of drugs).
"India is a strategic market for us," said Enzymotec CEO Dr. Ariel Katz, on signing the deal. "The increase in the occurrence of obesity, heart disease, hypertension and diabetes, as well as consumers seeking innovative self-medicate products are all important indicators favoring the launch of innovative products in India. We expect that the agreement between Elder and Enzymotec will further establish both companies' leading positions in the Indian nutraceutical market."
Published by Globes [online], Israel business news - www.globes.co.il - on March 29, 2007
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