Financial Daily from THE HINDU group of publications
Thursday, Dec 23, 2004
Financial Daily from THE HINDU group of publications Thursday, Dec 23, 2004 |
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Corporate
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Alliances & Joint Ventures Avesthagen, Cipla expand tie-up to develop cancer drugs Our Bureau
Bangalore , Dec. 22 AVESTHA Gengraine Technologies and pharma major Cipla have said they have expanded the scope of their collaboration to develop new generation biotech drugs for cancer and cardiovascular problems. This follows the joint programme they started in May this year to develop biotherapeutics, especially for auto-immune diseases such as diabetes. Avesthagen and Cipla said their tie-up covers development of new technology platforms for expression of recombinant or genetically-engineered proteins. They would share the intellectual property emerging from new technologies. Under their tie-up, Avestha would focus on research, development of bio-generic drugs and clinical trials over the first three years while Cipla would sponsor R&D and take up commercial production, marketing and distribution in the domestic and international markets. The companies are also evaluating options for large-scale manufacture of the pipeline products. Dr Villoo Morawalla Patell, Founder & CEO, Avesthagen, said, "We are looking forward to a mutually productive relationship between our two companies." The rapidly growing domestic biopharmaceutical business is estimated at $200 million (Rs 900 crore-Rs 1,000 crore) and is expected to grow to $3.3 billion (Rs 16,500 crore) by 2007-08.
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