News Straits Time, June 12, 2008
BiotechCorp to buy more
tech platforms
MALAYSIAN Biotechnology Corp (BiotechCorp), having
allocated RM3 million to buy the licence for a
nanotechnology platform from French company
Nanobiotix SA, wants to acquire three more by year
end, said chief executive officer Datuk Iskandar
Mizal Mahmood.
“We are conducting due diligence but at the same
time we’re also looking at several companies which
are in major biotechnology markets such as United
States, Europe and also Australia,” he told
reporters yesterday after launching the company’s
annual report in Kuala Lumpur.
According to the annual report, the company received
RM51.45 million under the Biotechnology Acquisition
Grant.
When asked the estimated amount allocated for the
planned acquisitions, Iskandar said he does not want
to jeopardise negotiations except to say: “We’ll
strive to get an efficient pricing.”
The multiplier effect of BiotechCorp’s platform
acquisition will see applications in healthcare,
environment, food production and cosmetology.
Currently, there are 56 BioNexus status companies
and they have committed RM1.3 billion in total
investments. A BioNexus status is equivalent to a
Multimedia Super Corridor (MSC) status where
companies get tax breaks and government grants for
research.
Last year, the government via BiotechCorp approved
RM6.25 million in grants to four BioNexus companies.
“BiotechCorp’s initiatives are in line with the
National Biotechnology Policy and Master Plan
launched in 2005 and we are always prudent in our
expenses and cautious when drafting our annual
business plan and budget.
“This is proven whereby in 2007, BiotechCorp reduced
its operating expenses and saved RM8 million. We are
break even in our operating budget,” Iskandar said.
Last year, Biotech Corp registered operating profit
of RM377,176, a significant improvement from a loss
of RM24.61 million previously. Similarly net profit
amounted to RM360, 877 from net loss of RM24.63
million.
Capacity building in the biotechnology sector will
end by 2010, followed by efforts to commercialise
the products between 2011 and 2015. By then Malaysia
hopes to generate RM80 billion revenue from
biotechnology businesses or four percent of the
country’s economy. |
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