Venus Remedies, a research based pharmaceutical company, has achieves yet another landmark by receiving marketing authorization in Switzerland through its German subsidiary Venus Pharma GmbH from Swiss drug authority (SWISSMEDIC) for its generic product Meropenem 500 mg & 1 g injection.

Meropenem is a carbapenem drug of last resort being used in ICU. This market approval of critically important antibiotic drug will help Venus to strengthen its portfolio in Swiss Pharma GmbH Zurich, to expand its presence in the division.

Meropenem, the global annual generic sales of which stood at USD 1,879 million in 2012, is estimated to grow at a compounded annual growth rate of 7.5 per cent to reach around USD 2,100 million in 2014-15.

Shares of the company declined Rs 1.35, or 0.51%, to trade at Rs 264.80. The total volume of shares traded was 106,798 at the BSE (1.49 p.m., Wednesday).