Venus Remedies shares locked at 5% upper circuit as German arm gets Spanish regulator nod to market Meropenem in Spain

Venus Remedies share price were locked at 5% upper circuit at ₹248.85 apiece on Thursday after the company received marketing authorisation from Spain for meropenem, its highest selling generic product.

The company’s German subsidiary Venus Pharma GmbH has received this approval for 500mg, 1g and 2g injections of this last-recourse antibiotic. Venus Remedies has been the largest exporter of meropenem from India in the last three years.

“With plans to launch the product in December this year, we will be able to capture a 10% share in the $6.34 million meropenem market of Spain. It will help us strengthen our position in the European market as well,” said Saransh Chaudhary, President, Global Critical Care, Venus Remedies.

The product meropenem contributes to 40% of the company's total sales. The market size for this product in Europe is about $70.34 million. Venus Remedies has successfully launched this drug in major European markets under its own brand name and through strategic alliance partners by way of tie-ups.

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“Riding on the upcoming marketing approvals for meropenem across Europe, we expect Venus Pharma GmbH to achieve a significant increase in turnover in the coming quarters. We are holding talks for more strategic tie-ups with multinational companies in other regulated markets," said Venus Remedies Executive Director Akshansh Chaudhary.

The company's annual sales of meropenem, which stood at $27 million in 2022-23, are estimated to grow to $29.7 million by the end of 2023-24 at a compounded annual growth rate of 10%, the company said.

At 11:45 am, the shares of Venus Remedies were locked at 5% upper circuit at ₹248.85 apiece on the BSE.

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