Square Pharmaceuticals, the country’s largest drug maker, is going to sign an agreement with Aristopharma Ltd for contract manufacturing of some products.
Under this partnership, Square Pharma is looking for meeting an increased demand for the existing drugs and to introduce new items, the publicly traded company said Thursday through a Dhaka Stock Exchange (DSE) filing.
As per the DSE disclosure, the board of directors of the listed drug maker in its board meeting held on July 12 last approved an agreement with Aristopharma Ltd for contract manufacturing of some products.
Aristopharma, a non-listed company, will manufacture some injectable items, tablets, and dry syrups for Squre Pharma, sources said.
Aristopharma is one of the top 10 pharmaceutical companies in Bangladesh. The company started its journey in 1986 to provide quality medicines at affordable prices to the countrymen.
Aristopharma now operates two plants—one at Shampur in Dhaka and another at Gachha in Gazipur.
Currently, Aristopharma exports quality drugs to 30 countries on five continents and is moving aggressively to expand and extend its export market.
Square Pharmaceuticals posted a 5 per cent year-on-year surge in its net profit in the first nine months of the just concluded fiscal year 2022-23.
The listed company’s net profit stood at Tk 1,491 crore in the July-March period of FY23, which was Tk 1,421 crore in the corresponding period the year before.
Square Pharma paid a 100 per cent cash dividend to its shareholders for the year ended on June 2022, the highest in the company’s history.
Square Pharma is the biggest drug manufacturer in Bangladesh, with a market share of 17.2 per cent in the country’s $3.2 billion pharmaceutical market.
Listed in 1995, the company’s shares closed at Tk 209.9 each on the Dhaka Stock Exchange (DSE) on Thursday.
Bangladesh’s pharmaceutical products were exported to 199 countries, generating over $180 million in turnover in FY22. The sector meets 97 per cent of domestic demand, worth around $3.5 billion.
