Simulations Plus Inc. has signed a distribution deal in India with pharmaceutical testing equipment manufacturer Electrolab India Pvt. Ltd.
The Lancaster company, which provides modeling software and consulting services for the chemical, biotech and pharma industries, did not disclose terms of the agreement. John DiBella, Simulation Plus’s vice president of marketing and sales, said India’s pharmaceutical market has been growing rapidly over the past decade, creating favorable circumstances for the company’s products.
“To capitalize on this opportunity, we are excited to be partnering with Electrolab, an established company with strong relationships throughout India, whose sound reputation for providing high-quality products and customer support has allowed them to capture more than 70 percent of the market share in the pharmaceutical equipment space,” he said in a statement.
The contract is the second of its kind inked this month. Simulations Plus signed a distribution deal with South Korean drug developer Quantum Bio Solutions, which was announced on April 6.
Simulations Plus (SLP) shares closed Thursday up 10 cents, or nearly 1 percent, to $11.40 on the Nasdaq.