Strides Fights COVID-19-Led Sales Slump With Endo Assets, Sputnik V
New CDMO Alliance Expected
After a COVID-19-led manufacturing halt at its India facility and a slowdown in US launches hit Strides during the first quarter of FY22, the Indian firm is trying to fight back with an acquisition of assets from Endo and a growth strategy for Stelis Biopharma’s vaccines business, led by Sputnik V.
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Back as Strides managing director, founder Arun Kumar is confident of reversing a slide in profits via a recalibration strategy that saw the company exit Canada and a few European markets. Meanwhile, eyes are on the fallout of a CRO that serviced Strides apart from Sandoz, Teva and more getting caught in CHMP and FDA’s crosshairs
Strides’ CEO tells Scrip Merck’s molnupiravir and Pfizer’s Paxlovid are not seen impacting COVID-19 vaccine uptake as boosters and immunization for travel will drive continued demand. The Indian company expects to book Sputnik Light sales from Q4. Meanwhile, US revenue guidance of $225-250m has been pushed back by a year to FY23.
Two months after announcing the deal, Strides Pharma Science has closed its acquisition of a US manufacturing site and basket of ANDAs from Endo, doubling the company’s burgeoning US business and providing much-needed cash to the US-based company.