The Hindu Business Line : Manipal Group to invest Rs 45 cr in biotech research

MANIPAL Acunova, promoted by the Manipal Group, is investing Rs 45 crore to position itself as a biotech and clinical research company and branch into stem cell research.

"We have mobilised Rs 18 crore and will bring the rest from private equity funds to achieve financial closure by April 2005," Mr D. A. Prasanna, Vice-Chairman and Managing Director of Manipal Acunova, told newspersons here.

The Manipal Group has invited professionals and strategic investors, offering more than 50 per cent stake in the venture. The company will have facilities in Bangalore, Mangalore and Manipal, he said on the sidelines of the three-day, BioAsia 2005, which got under way here on Thursday.

In the clinical research space, the company has tie ups with Biocon India, Pfizer, AstraZeneca for cancer drug trials. With the strong hospital and medical network of the Manipal Group and the approvals from the Drug Controller General of India, Mr Prasanna said the company is optimistic of doing well.

As a contract research organisation, Manipal Acunova will focus on drug discovery work for the bio-pharma companies using basic biology and chemistry route. Cancer and diabetes are the focus areas here, he said.

For stem cell research, the company is readying in Bangalore a separate facility designed by Zanders of Germany. It will be commissioned in April. Three areas of diabetes, cardiac muscle and spinal-cord injury repair have been identified for research work, he said.

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