Indoco and Watson Pharma in deal

Indoco Remedies has signed a deal with US-based Watson Pharmaceuticals to develop generic products for the US market.

Shares of the Mumbai-based Indoco surged 4.95 per cent on the Bombay Stock Exchange after the announcement.

Under this deal, Indoco will develop, manufacture and supply a number of products that currently have yearly sales of $679m.

Indoco's chairman and managing director Suresh G Kare has said it is a remarkable achievement to be out-licensing technology to a company of Watson's scale.