Avesta Biotherapeutics and Research (ABRPL), the 50:50 joint venture between Cipla group company Meditab Specialities and Bangalore-based Avestha Gengraine Technologies (Avesthagen), plans to invest over Rs 600 crore to create facilities at Bangalore and Hyderabad in three phases to manufacture biotech drugs.
The four-year-old joint venture is developing 11 biotech drugs, mainly cancer medications. These include biosimilars for cancer (copycat versions of existing biotech drugs), which are not currently available in the market.
ABRPL hopes to launch the first product by the end of 2009, Villoo Morawala Patell, chairman and managing director, Avesthagen, told Business Standard.
"We are setting up a Rs 150-crore 200 litre manufacturing facility at Bangalore and this will be commissioned by June. Another facility will be built at Bangalore within 2-3 years at an investment of Rs 300 crore and with a capacity of about 2,500 litre " she said today on the sidelines of a press meet in Mumbai to launch seven new preventive healthcare food supplements.
ABRPL is also planning to set up a larger facility of about 5,000-litre capacity at Shapoorji Pallonji Biotech Park at Hyderabad in the third phase.
"We have received the pre-clinical approval from the review committee on genetic manipulation of the Department of Biotechnology for the first product and it will move to the clinical trial stage," added Patell.
Both Cipla and Avesthagen would share the expenditure as per the joint venture agreement, she said.
A few months back, ABPRL had acquired Siegfried Biologics GmbH, a 10-year-old company based in Berlin with experience in the development of biologics (biotech drugs) from cell line generation, upstream process development and for scaling up manufacturing to global standards.
Samaresh Parida, chief operating officer of Avesthagen, said the company would approach capital markets by the last quarter of 2008 with an initial public offering (IPO) to fund its expansion plans.
Avesthagen today launched seven new botanical 'bioactives' under the Avesta brand, aimed at promoting wellness through the prevention of specific degenerative conditions such as diabetes, bone loss and cardiovascular diseases. The products will be available as dietary supplements, cereal bars and crackers.
Avesthagen uses two of its patented technologies, Adept and MetaGrid, to develop bioactives which can be used in various food products.
The products include Aspand and Teestar to control blood sugar, Cincata to maintain blood glucose levels, Bonapure for promoting bone growth, Phytosse for inhibiting cartilage degradation, Smartchol to control the cholesterol levels and Xanomax with antioxidant (substances that protect cells against the effects of free radicals) properties.
The company will market the products through the outlets of its health food arm, Good Earth, which it acquired two years ago, and through pharmacies.
Avesthagen also plans to launch the products in the international market and conduct human trials to prove their efficacy, said company sources.
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