Avesthagen arm inks MoU with Biotech Corp

AvestaBiotherapeutic and Research (ABRPL), a joint venture between Avesthagen and Meditab Specialities, a part of Cipla group, has signed a memorandum of understanding (MoU) with Malaysian Biotechnology Corporation (MBC) for manufacture of biosimilars.

Villoo Morawala Patell, managing director, Avesthagen said, ABRPL, in order to achieve early market access, has identified MBC, which will enable ABRPL to enhance the infrastructure needs with an objective to accelerate its 11 biosimilar (are similar biological products) product development programme.

MBC is an agency under the purview of the Malaysian ministry of science, technology and innovation and owned wholly by the ministry of finance. The agency identifies value propositions in the biotech sector in both research and development and commerce and supports these ventures via financial assistance, and developmental and facilitation services. The agency is desirous of facilitating ABRPL’s investment in Malaysia.

"I am sure that Avesthagen’s relationship with MBC will see a global need for biosimilars. Let us work towards the success of this unique south-south co-operation," said Patell.

ABRPL, through this MOU, would like to establish a Malaysian legal presence and would place the intellectual property rights for the product with ABRPL Malaysia.

This would also give ABRPL Malaysia an opportunity to obtain the BioNexus Status offered by the Malaysian government as well as apply for any relevant incentives as soon as practicable.

New York Life Fund picks up minority stake in Avesthagen

New York Life Investment Management India Fund has picked up a minority stake in the Bangalore-based Avestha Gengraine Technologies (Avesthagen) for Rs 22.5 crore.Avesthagen will invest the money in expanding its business and to increase its global presence. Avesthagen is focussed on the convergence of food, pharmaceuticals and clinical genomics. The company provides solutions to agriculture and health disorders such as degenerative diseases, metabolic disorders and infections.

According to Srinivas Chidambaram, managing director, Jacob Ballas Capital India (JBC), the investment advisor to NYLIM India Fund, “With its unique business model, Avesthagen has the potential to develop a valuable IP portfolio which can be leveraged globally in the bio-pharma, bio-nutritional and bio-agriculture sectors.”

Avesthagen’s clients include global and Indian companies such as bioMerieux, Cipla, Godrej Industries, Nestle, Groupe Limagrain, and Danone. Avesthagen expects to commercially launch some of its products for the bio-pharma and bio- nutritional markets in 2008.