Financial Daily from THE HINDU group of publications
Friday, Nov 19, 2004
Financial Daily from THE HINDU group of publications Friday, Nov 19, 2004 |
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Corporate
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Mergers & Acquisitions Biocon to make equity investments in Vaccinex of US Our Bureau
Bangalore , Nov. 18 BIOCON Ltd has announced that it will invest in and work with Vaccinex Inc of the US to "discover and co-develop" at least four therapeutic antibody products. The company did not disclose the size of what is said to be a minority stake. The joint work on antibodies will be focussed on cancer, inflammation and autoimmune diseases like diabetes - areas in which the Rs 540-crore Biocon is already working. The two partners said they would work to identify potential antibody candidates and quickly move them into clinical development. "The collaboration combines Vaccinex's unique capabilities to discover fully human monoclonal antibodies using its proprietary antibody discovery technology, and Biocon's expertise in clinical research and biologics manufacturing," the two companies said. The CMD of Biocon, Ms Kiran Mazumdar-Shaw, said, "Vaccinex has a strong discovery-led platform that will be beneficial to Biocon." Dr Maurice Zauderer, President and CEO of Vaccinex, stated, "This collaboration will allow Biocon and Vaccinex together to accelerate introduction of new, high value therapeutic antibody products in both India and Western markets." Biocon has nominated Dr Bala Manian, California-based scientist entrepreneur, as its representative on the Vaccinex board of directors. This will take effect once regulatory procedures are completed. Vaccinex, a 37-strong privately held biotechnology company of the US, is engaged in the discovery and development of novel therapeutic antibodies. It has also received over $10 million in research grants and over $20 million in venture funding for its R&D projects.
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