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08 December 2020 Last Updated at 12:26 pm | Source: PTI

Indoco Remedies wins tenders worth Rs 140 cr for supply of kidney stones treatment drug in Germany

New Delhi, Dec 8 (PTI) Drug firm Indoco Remedies on Tuesday said it has won tenders worth Rs 140 crore in Germany for supply of Allopurinol tablets, used to treat gout and kidney stones.

The company has won major tenders worth Rs 140 crore for Allopurinol tablets in Germany, Indoco Remedies said in a regulatory filing.

The company said the revenue expected from this business is Rs 70 crore per annum.

"The supplies to Germany will begin from January 2021 and continue till end of 2022," the company added.

Aditi Kare Panandikar, Managing Director - Indoco Remedies said: "This is Indoco''s first own label product in Europe. Germany is totally tender business and Indoco has won almost 80 - 85 per cent tenders for Allopurinol. This is a tender order for supplies spread over two years".

Indoco manufactures Allopurinol API (active pharmaceutical ingredient) at its manufacturing site at Patalganga in Maharashtra.

Shares of Indoco Remedies were trading 2.90 per cent lower at Rs 297.50 apiece on BSE. PTI SVK ANS ANS