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MUMBAI, Jan 7 (Reuters) - Drugs and chemicals maker Hikal Ltd (HIKA.BO) said on Monday it has signed a long-term deal with U.S.-based Pfizer Inc (PFE.N) for manufacture and supply of bulk drugs, sending its shares up nearly 12 percent.
Hikal will make the bulk drugs at its U.S. Food and Drug Administration-approved drug unit in southern city of Bangalore.
“We have already commenced supplies,” said Chief Financial Officer Navin Singh. “The contribution from the deal will not be significant this fiscal year, but it will have a substantial benefit to our revenue and profit from 2008/09.”
He refused to divulge details of the deal, citing confidentiality clauses.
For 2008/09, Hikal’s revenue is expected to see a compounded annual growth of 25-30 percent, he added.
Last July, Hikal signed a long-term deal with U.S.-based Alpharma Inc (ALO.N) for supply of a bulk drug for a veterinary product. Hikal shares, which touched a high of 512.95 rupees after the news, have eased to 498 rupees, still up 8.7 percent in the Mumbai market.
(Reporting by Bharghavi Nagaraju and Virendra Verma; editing by Sunil Nair)
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