Mumbai-based Hikal Ltd has announced that the company has signed a long-term contract with Pfizer Inc., a global leader in Pharmaceuticals, for manufacturing and supply of active pharmaceutical ingredients (API’s).

However, the company has not disclosed financial details on the latest API deal.

Hikal is a reliable long-term outsourcing partner to companies in the Pharmaceuticals, Agrochemicals and Specialty Chemicals industry. The company has been supplying key APIs and intermediates, manufactured using stringent global quality standards, for it’s customers in the United States, Europe and Japan.

Jai Hiremath, Vice-Chairman and Managing Director, Hikal said, "We are pleased to be selected as a long-term contract manufacturer by Pfizer. The agreement will have a substantial impact on our pharmaceutical business in the coming years."

Navin Singh, Chief Financial Officer, Hikal said, “The contribution from the deal will not be significant this fiscal year, but it will have a substantial benefit to our revenue and profit from 2008-09."

For 2008-09, Hikal's revenue is expected to see a compounded annual growth of 25-30%, he added.

At 1:05 pm, the stock of Hikal was quoting at Rs 496. It has touched an intraday high of Rs 517 and an intraday low of Rs 490.