Venus Remedies, leading India-based pharmaceutical conglomerate, has announced that it has inked an out-licensing deal with a Korean firm.

The pact has been signed for marketing Sulbactomax drug in South Korea. The sources informed that the drug is indicated for the treatment of pre or post-surgical infection as well as for respiratory infections.

In a communiqué, functionaries of Venus Remedies stated that as per the terms of the contract, the product will be provided from Venus Baddi Unit.

The sources further informed that the company through their co-operators has already started product registration process. Commercial supplies are expected to commence early 2011.

The company has not revealed the name of its Korean partner.

Officials of Venus Remedies stated that through this deal the company will have a robust presence in South Korean Pharmaceutical market. Also, the company is eyeing more deals of the kind in the coming future.    

The company has been given patent for Sulbactomax from South African authorities and is searching for co-operator to sell the drug in the country.   
 
As per reports of media, the size of pharmaceutical market is around $14.75 billion, which is rising at the rate of 8.6% per year.