IndiaPRwire.com, 2 June, 2007
Avesthagen enters into agreement with Malaysian Biotechnology Corporation to manufacture Bio Similar products.
Avesta Biotherapeutic and Research Pvt. Ltd. (ABRPL), a joint venture between Avesthagen and Meditab Specialities Ltd (of CIPLA group) signed an MoU with Malaysian Biotechnology Corporation.
Bangalore, Karnataka, IND, 2007-06-02 19:41:20 (IndiaPRwire.com)
ABRPL, in order to achieve early market access, has identified Malaysian Biotechnology Corporation (BiotechCorp), which will enable ABRPL to enhance the infrastructure needs with an objective to accelerate its eleven-biosimilar product development programme.
BiotechCorp is an agency under the purview of the Ministry of Science, Technology and Innovation and owned wholly by the Ministry of Finance Incorporated. It identifies value propositions in the biotechnology sector in both R&D and commerce and supports these ventures via financial assistance, and developmental and facilitation services and are desirous of facilitating ABRPL's investment in Malaysia.
Dr Villoo Morawala Patell, Founder and Managing Director of Avesthagen said, "Malaysia's commitment to the advancement of Science & Technology is well known and therefore I am sure that Avesthagen's relationship with Malaysian BiotechCorp will see a global need for biosimilars. Let us work towards the success of this unique south-south cooperation."
ABRPL, through this MOU, would like to establish a Malaysian legal presence and would place the intellectual property rights for the product with ABRPL Malaysia. This would also give ABRPL Malaysia an opportunity to obtain the BioNexus Status offered by the Government of Malaysia as well as apply for any relevant incentives as soon as practicable. BiotechCorp has also agreed to facilitate the BioNexus Status application, however it would depend on eligibility.
About Avesthagen
Avestha Gengraine Technologies Pvt. Ltd. (Avesthagen) was founded in 1998 by one of India's pioneers and leading biotech entrepreneurs, Dr. Villoo Morawala-Patell, who got her PhD from Louis Pasteur University in Strasbourg, France, in 1993. It began business operations officially in 2001.
Since its inception Avesthagen has grown into one of India's leading healthcare technology group in India, pursuing its vision of convergence of food, pharma and population genetics leading to preventive personalized healthcare. Its activities include, in addition to its agri-biotechnologies product pipeline, development of scientifically validated bioactive nutraceuticals, derived from Indian medicinal plants, as well as the development of a pipeline of bio-similar drugs. Avesthagen has four strategic business units: bioPharmaceuticals, bioNutrition (Food for Medicine), bioAgriculture (Seed for Food) and Science & Innovation.
Avesthagen's partners include multiple top 10 global companies in each of its fields of research.
Avesthagen collaborates at every stage in the value chain with appropriate partners, both public and private, for access to and exchange of technology and overall commercial expertise to leverage the 'India advantage'. Avesthagen at present employs 300 people worldwide.
For Avesthagen on the web: www.avesthagen.com
About Malaysian Biotechnology Corporation
Malaysian Biotechnology Corporation (BiotechCorp) is an agency under the purview of Ministry of Science, Technology and Innovation and is wholly-owned by the Ministry of Finance Incorporated. BiotechCorp is governed by the Biotechnology Implementation Council and advised by the Biotechnology International Advisory Panel, both chaired by the honorable Prime Minister of Malaysia, YAB Dato' Seri Abdullah Hj. Ahmad Badawi.
The objective of the establishment of BiotechCorp amongst others is to identify value propositions in both R&D and commerce and support these ventures via financial assistance and developmental services.
BiotechCorp's key mandates are as follows:
· Act as a one-stop-centre
· Nurture and accelerate growth of Malaysian biotechnology companies
· Create conducive environment for biotechnology
· Actively promote foreign direct investments in biotechnology
AVESTHAGEN
Manan Bhatt
Sr. Vice President
Communications and External Relations
T: +91 80 2841 1665/2308 F: +91 80 2841 8780
E-mail: manan@avesthagen.com
BIOTECHCORP
Selvam Ramaraj
Vice President, Industrial
Industrial Development Corporation
T: +603 2116 5588 F: +603 2116 5432
E: selvam.ramaraj@biotechcorp.com.my
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