Waterford company EirGen Pharma signs major partnership agreement with Equity Pharmaceuticals (South Africa)
Minister O’Sullivan leads Enterprise Ireland trade mission of 28 companies to South Africa
Waterford company EirGen Pharma announced today (Monday, 7 November 2011) a significant partnership agreement with a leading South African pharmaceuticals company, Equity Pharmaceuticals, to develop and commercially supply five oncology products from their facility in Waterford. The deal size is €3 million per annum based on an anticipated 20% market share of the €15 million Market for this portfolio of oncology products. The announcement was made during this week’s Enterprise Ireland trade mission to South Africa, led by the Minister of State for Trade and Development, Jan O’Sullivan TD.
EirGen is a speciality pharmaceutical company focusing on the development and supply of niche highly potent drugs typically used in cancer treatment.
Welcoming the announcement Minister O’Sullivan said: ‘This is another major win for an Irish company that has carved out a highly successful business in international markets. EirGen Pharma’s success confirms that ambitious, innovative Irish companies are highly regarded for their quality of product and service, innovative capabilities and customer focus. Irish companies are winning more and more business in South Africa, and the potential for continued growth is strong. Enterprise Ireland is working with them in the region to strengthen their business links, develop strategic partnerships and win new business contracts’.
Speaking after the announcement Patsy Carney, co-founder of EirGen said: ‘We are delighted to have secured this agreement with one of South Africa’s fastest growing pharmaceuticals companies. EirGen and Equity plan to take a significant share of the current market of €15 million for these products. We also see further potential in our partnership in the future as we are currently jointly evaluating four other additional oncology products for potential entry to the South Africa and other markets in the region’.
Welcoming the announcement Johann Willemse, CEO of Equity Pharmaceuticals said: The addition of these niche products to our portfolio is a measure of our confidence in this strategic partnership with EirGen Pharma whereby we combine their product development and manufacturing excellence with our sales and marketing infrastructure in the territory. It is also a reflection of our continuing commitment to bring therapeutically important, high value products to the South African market’.
Enterprise Ireland’s Head of International Sales and Partnering, Kevin Sherry, who is accompanying Minister O’Sullivan on the visit said:
‘This is a very significant announcement for EirGen. South Africa is recognised as the regional economic powerhouse in Sub-Saharan Africa. It is a growing market where an increasing number of Irish companies are establishing a foothold and securing sales. This trade mission is about building on that success, assisting more Irish companies to win more business and thereby increase exports, which will directly sustain and create jobs in Ireland’.
EirGen Pharma was founded in 2005 by Tom Brennan and Patsy Carney and employs 45 highly-skilled employees at its plant in Waterford.
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