FACTUAL BACKGROUND The present case pertains to the widespread illegal mining activity going on in…
Venus Remedies Ltd. has successfully out-licensed its new generation antibiotic drug Potentox to Adcock Ingram Ltd. in South Africa earlier this year. Potentox is a Fixed-Dose Combination (FDC) of Cefepime Hydrochloride & Amikacin Sulphate developed by Venus Remedies Ltd., indicated for the treatment of Nosocomial Pneumonia & Febrile Neutropenia and available as dry powder for reconstitution before Intravenous administration. Potentox is a patented drug product in South Africa and a number of countries including the United States, Europe, Australia, New Zealand, Canada, Mexico, and Korea. Potentox replaces twin therapies of Cefepime and Amikacin with a single dose, administered as a single unit.
IIPRD had initiated the Patent/Technology out-licensing process of Potentox and focused on the South African market following our market analysis report. A few of the reasons included a large overall systemic anti-bacterial market size of around USD 280 which grows approx. 10.5% annually, and having one of the highest reported rates of pneumococcal penicillin resistance in the world, as high as 76%. South Africa has a significantly more incidence rate for diseases such as Nosocomial Pneumonia that is contracted in Hospitals. Potentox, being a first of its kind product with a synergistic effect of Cefepime & Amikacin in a single FDC, showed promise in reducing dependency on hospitals/external personnel for injecting the individual drugs.
IIPRD, as part of the exercise, focused on major players in the Antibiotics domain with a specific interest in fixed-dose combinations and, through Venus Remedies, shared non-confidential data relating to the product for further evaluation. Based on concrete interest levels, IIPRD then prepared the term sheet of the technology by taking inputs on valuation and proposed the same to Adcock for engagement on an exclusive marketing rights-based relationship.
In general, IIPRD typically follows an effective two-step approach for Patent and IP Commercialization, wherein the first step involves comprehensive Due-Diligence and Commercial Evaluation (CE) of the Patent/Technology/Product intended to be Out-Licensed from a technology, commercial, marketability, and other parameters. This step helps IIPRD understand the market potential of the technology, competing products, pricing strategies, potential licensees, the strength of Patent protection, coverage, and enforceability of the concerned patent among other commercial and technical issues. Once the commercial evaluation comes out positive, IIPRD takes the technology forward through an expansive product/technology presentation to all potential licensees and how the same would add value proposition to their product portfolio. IIPRD executes this complete step on a success basis and carries out all steps of commercialization including approach, proposition, evaluation, negotiation, and finalization through measured and defined strategies.
For Potentox, IIPRD followed on with the second step of identifying and approaching potential licensees. Amongst a list of companies identified and approached, we zeroed onto Adcock which also took a particular interest in the product and the talks were furthered and finally concluded with Venus signing an exclusive marketing alliance with Adcock. Adcock is a second-largest drugmaker in South Africa and the largest supplier of hospital and critical-care products.
About IIPRD: IIPRD is a premier IP Consulting and Technology Licensing Firm with a diversified business practice providing services in the domain of IP/Patent Support Services, Legal Support, Research and Analytics, Valuation, and Commercialization/Licensing, of Intellectual Property and allied Product Level Assets along with providing complete IP and Patent Analytics and Litigation Support Services to International Corporates and Global IP Law Firms.
About Venus Remedies Ltd: Venus Remedies Ltd. has been established in 1989. Venus is a Research & Innovation-driven Pharmaceutical Manufacturing Company with an annual turnover of about $60 million. Venus has a particular focus on Critical Care Segment, in parenteral like Cephalosporins, Carbapenems, and Oncology drugs in lyophilized form, infusions, and small volume parenterals. Venus Remedies is among the world’s 10 leading fixed dosage injectables manufacturers. Venus has a presence in about 60 countries across the globe and covering more than 75 products, with Offices in almost all Major Geographies.
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