UPDATE1-Strides, Pfizer in pact for 38 oncology drugs

(Re-casts, adds details, quotes, share price)

MUMBAI May 14 (Reuters) - Bangalore-based Strides Arcolab (STAR.BO) and the world's largest drugmaker Pfizer Ltd (PFIZ.BO) have extended their partnership for generic drugs beyond the U.S. market through a licensing and supply deal for 38 oncology products.

Under the new agreement, Pfizer will commercialise the finished dosage products manufactured by Strides in the European Union, Canada, Australia, New Zealand, Japan and Korea, Strides said in a statement, without disclosing financial details.

The two companies had announced a similar deal in January 2010 to deliver 40 products for the U.S. market.

"The deal validates our strategic intent to be leader in the specific therapeutic segments like oncology," Arun Kumar, group chief executive and vice chairman, Strides Arcolab, said in a statement.

The first range of products under this agreement is expected to be commercialised in late 2010 or early 2011, it added.

With these deals, the Strides-Pifzer collaboration now covers 45 generic products for key pharma markets globally, it added.

The market size for these 45 products in the U.S. and other covered geographies is about $18 billion.

"The agreement with Strides reinforces our commitment towards the injectables market," David Simmons, president and general manager, established products unit, Pfizer, said in a statement.

In May 2009, Pfizer had signed licensing deals with India's Aurobindo Pharma Ltd (ARBN.BO) and Claris Lifesciences Ltd that increased its generics portfolio by 60 products.

At 11:32 a.m., shares of Strides Arcolab were trading at 343.75 rupees, up 0.07 percent while Pfizer shares were trading flat at 1,060 rupees in a firm Mumbai market.

(Reporting by Kaustubh Kulkarni; Editing by Sunil Nair)