The Panchkula-based company said it plans to roll out the drug by the third quarter of 2014 and is eyeing sizeable share in Australia's $15 million Meropenem market in the first year of launch.
"The marketing authorisation from TGA (Therapeutic Goods Administration) has once again proved the company's capabilities in developing world-class products that meet the most stringent regulatory requirements," said Venus Chairman and MD Pawan Chaudhary in a statement.
He said the company has tied-up with Lupin to market this drug in Australia.
Meropenem is an off-patent antibacterial agent of carbapenem class of antibiotics that caters to diseases with a broad range of serious infections caused by single or multiple susceptible bacteria in both adults and children.
Venus Remedies is already selling Meropenem in lucrative markets like Europe, New Zealand and Saudi Arabia. It is also in the process of extending sales operations to other regulated markets like Canada and Switzerland, Chaudhary said.
With marketing approvals from more than 35 countries, Venus Remedies is poised to capture a significant share in the $1.3 billion global Meropenem market, he said.