PISCATAWAY, N.J., July 30, 2014 /PRNewswire/ -- InnoPharma, Inc. today announced the first generic launch of Olanzapine for Injection, 10mg/vial (the generic equivalent of Zyprexa® injection), in Canada. Olanzapine is indicated for the rapid control of agitation and disturbed behaviors in patients with schizophrenia or bipolar I mania.
As the developer of this generic injectable drug, InnoPharma has entered into an agreement with Sandoz Canada Inc., pursuant to which Sandoz Canada will make, use, sell, market and distribute Olanzapine Injection in Canada.
Commenting on today's news, Navneet Puri, Ph.D., President and Chief Executive Officer of InnoPharma, stated, "Today's announcement is a key milestone for InnoPharma, as it represents the first international launch of one of our products. As such, it demonstrates our ability to work successfully with regulatory agencies outside the United States, thereby extending our footprint and opening up additional revenue opportunities. We are pleased to work with our collaborator, Sandoz Canada, on the launch of this important generic drug."
On July 16, 2014, Pfizer Inc. (NYSE: PFE) and InnoPharma announced that they have entered into an agreement under which Pfizer will acquire InnoPharma. The closing of the transaction is subject to U.S. regulatory approval and is expected to occur during the third quarter.About InnoPharma, Inc. InnoPharma is a sterile product development company, focused on developing complex generic and innovative products in injectable and ophthalmic dosage forms. The Company has a broad portfolio of products under development, with formulations including solutions, lyophilized, suspensions, emulsions, liposomes, micelles and lipid complexes. InnoPharma's pipeline includes small molecules with solubility and stability challenges, as well as difficult to produce and characterize polypeptides and carbohydrates. The Company has a comprehensive infrastructure for the development of its products in its state of the art R&D facilities in New Jersey, with the capability to handle potent and cytotoxic molecules. More information can be found at www.innopharmainc.com. Zyprexa® is a registered trademark of Eli Lilly and Company