Torrent Pharma (TRP@IN; Buy, Target Price-Rs538)
n Torrent Pharma has signed a deal with Astra Zeneca for 15 products in 9 emerging markets
n Revenue from these products will start contributing from FY11E onwards
n Some of the products have already been developed by Torrent and few more will be developed
n Torrent Pharma has not disclosed any financial details but we believe that there will be some upfront payment
n We expect a revenue upside of US$15-20mn in next 2-3 years from this deal
n Company has indicated that it is a routine deal
n As of now we are not changing our earning estimates for FY11E and FY12E; waiting for more clarity
n We view this development as positive one and re-iterate our Buy rating on Torrent Pharma.
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