Research-based pharmaceutical company Venus Remedies’ shares jumped over 2 percent on Tuesday afternoon after the firm announced that it has received a Good Manufacturing Practices (GMP) certification from Pharmacy and Poisons Board (PPB) of the Kenyan Health Ministry for all its production facilities in Baddi. The GMP from Kenya is estimated to be a $780 million market.

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The certification was granted after audit of the company’s production facilities in Baddi. Importantly, the GMP certification extends to the manufacturing facilities for antibiotics including cephalosporins and carbapenems as dry powder injections, oral granules and liquid and lyophilised oncology products, the company said in a stock exchange filing.

"This GMP certification validates our relentless pursuit of excellence and further strengthens our position as a leading manufacturer of fixed-dosage injectables. It paves the way for consolidating our position in Kenya and other African markets as part of our global expansion plans," said Saransh Chaudhary, President, Global Critical Care, Venus Remedies.

With this, the number of international GMP certifications for Venus Remedies has gone up to 25. The GMP is expected to bolster the expansion of the pharma company in the Common Market for Eastern and Southern Africa (COSMEA) region, of which Kenya is a key member, and subsequently the entire African pharmaceutical market, which is estimated to be worth $7.3-billion.

The company has its presence in Uganda, Tanzania, Kenya and Rwanda countries in Africa, where the pharmaceutical market is expected to grow up to $2.8 billion by 2023 at a CAGR of 10 percent approx.

The latest GMP certification comes just three months after the company secured a GMP award from Saudi Arabia for the company’s products in Gulf Cooperation Council (GCC), Middle East and North Africa (MENA) regions. Moreover, on May 9, the pharma major had received marketing authorisation for cancer drugs from the Philippines and Iraq. Prior to this, Venus Pharma GmbH, the company's German subsidiary secured marketing authorisation from the UK for Cisplatin, a chemotherapy drug used as a first-line treatment for advanced ovarian cancer, testicular cancer and bladder carcinoma.

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The shares of Venus Remedies were trading 2.5 percent higher at Rs 202.1 per sh till 12:21 pm.