Specialty pharmaceutical company Paladin Labs Inc. has signed an agreement to acquire the antibiotic treatment Binotal for sale in Latin America, part of its strategy to increase its business in the region.
Terms of the agreement with German pharmaceutical company Bayer covering Mexico, Brazil, Columbia, Ecuador and select countries in Central America weren't made public by Paladin on Tuesday.
In 2012, Binotal recorded sales of more than $11-million in Latin America, with Mexico and Brazil representing over two-thirds of the sales, Paladin said in a news release.
"Binotal is a proven product with a long history of efficacy and safety in improving the lives of people suffering from bacterial infections," said Paladin interim chief executive Mark Beaudet.
"The product has strong brand recognition and strategically ties in with our desire to grow our business in Latin America."
Bayer will provide some distribution support services for a temporary period, Paladin said.
Paladin Labs is a specialty pharmaceutical company based in Montreal that focuses on acquiring or licensing pharmaceutical products for the Canadian and global markets.