Financial Daily from THE HINDU group of publications
Saturday, Jul 23, 2005
Financial Daily from THE HINDU group of publications Saturday, Jul 23, 2005 |
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Corporate
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Alliances & Joint Ventures Avestha's Danish partners invest 5 m euros in joint venture Our Bureau
Bangalore , July 22 AVESTHA Gengraine Technologies Pvt Ltd has announced that its two Danish partners have invested 5 million euros (around Rs 26 crore) in its Danish joint venture. The investment follows a triangular alliance formed last year. The Bangalore-based life sciences company has put in euro 2.5 million (around Rs 13 crore) in Avesta Nordic Research Pvt Ltd, a joint venture with Denmark's CCBR (Centre for Clinical & Basic Research) and the Danish State-owned investment fund, Industrialisation Fund for Developing Countries (IFU). The tie-up will cover the diagnosis, treatment and prevention of osteoporosis and related bone disorders. The partners expect to put together a comprehensive platform to develop novel technologies for these. Avesthagen said it also expected to link its competences in pre-clinical research with CCBR's experience in clinical research in osteoporosis to develop nutritional bioactive ingredients and new drug leads. The two companies plan to jointly market these products globally.
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