Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Elite Pharmaceuticals is set to develop an intermediate for a generic version of Hi-Tech Pharmacal's prescription product and will then incorporate into a final product, under an agreement signed between the companies.
Subscribe to our email newsletter
Under the agreement Hi-Tech Pharmacal will be responsible for submitting the abbreviated new drug application (ANDA) for the finished product, which will be filed under Hi-Tech Pharmacal’s name.
Following the approval of ANDA, Elite will take up the manufacturing responsibility of the intermediate product; however Hi-Tech Pharmacal will manufacture the finished product and will also take care of the sales and marketing of the final product.
Upon commercialization, Hi-Tech Pharmacal will pay for the manufacturing of the intermediate product and a percentage of the profits generated from the sale of the product to Elite.