New Straits Times, October 02, 2007

Firms to spend US$280m on biotech ventures here

THREE foreign firms will invest about US$280 million (RM952 million) in Malaysia over the next three months, says a top official from Malaysian Biotechnology Corp (BiotechCorp).

The US-based group Actis Biologics, which owns a number of patented bio-pharmaceutical products, will invest close to US$250 million (RM850 million) to open a factory in Malacca.

The other two companies are from India, namely stem cell researcher Manipal and pharmaceutical group Avesthagen.

All three companies will he awarded BioNexus status by the end of the year.

A BioNexus status is equivalent to a Multimedia Super Corridor (MSC) status under which companies will get tax breaks and government grants for research.

BiotechCorp chief executive officer Datuk Iskandar Mizal Mahmood said there were 39 companies with BioNexus status as at last month, up from the initial four in December last year.

The biotechnology sector aims to add 11 more companies by the end of the year. To date all 39 companies have invested some RM1 billion.

“There is stronger interest in biotech today than over the last two years. We hope more outside companies will come in to be a catalyst for local companies to develop,” Iskandar told a media briefing yesterday in Kuala Lumpur.

The briefing was to provide an update on the EU-Malaysia Biotechnology Business Partnership exhibition and conferences, which will be held from October 24 to 26 at the Matrade Exhibition and Convention Centre.

The event is aimed at providing a working platform for both local and European companies to form possible collaborations in future.

About 60 foreign delegates from 19 countries, or some 200 participants, have registered for the event to date.