Biocon forms JV with Abu Dhabi-based co
The joint-venture with Neopharma is an important milestone for Biocon's global foray.
By PTI |
MUMBAI: Integrated biotechnology firm, Biocon on Friday said it has entered into a joint-venture with Neopharma, a Abu Dhabi-based pharmaceutical company, to manufacture and market a range of bio-pharmaceuticals for the Gulf Cooperation Council (GCC) countries.
Biocon and Neopharma have signed an Memorandum of Understanding to this effect, the company informed the Bombay Stock Exchange.
"The GCC region is an important market for Biocon and the joint-venture with Neopharma is an important milestone for Biocon’s global foray. Neopharma has established a world class manufacturing facility for finished formulations, which was inaugurated by President APJ Abdul Kalam in 2003," Biocon Chairman and Managing Director Kiran Mazumdar-Shaw said.
The joint venture would leverage the position of Neopharma in the region and would expand Neopharmas existing portfolio with a range of Biocon's generic and novel therapeutics that encompass diabetes, CVS, oncology, auto-immune and immunosuppressive drugs, Biocon said in a statement to Bombay Stock Exchange.
The landmark agreement between the two companies marks the regions first foray to develop and market life saving biopharmaceutical products.
Shares of Biocon were trading at Rs 384, up 2.77 per cent on the BSE.
Biocon and Neopharma have signed an Memorandum of Understanding to this effect, the company informed the Bombay Stock Exchange.
"The GCC region is an important market for Biocon and the joint-venture with Neopharma is an important milestone for Biocon’s global foray. Neopharma has established a world class manufacturing facility for finished formulations, which was inaugurated by President APJ Abdul Kalam in 2003," Biocon Chairman and Managing Director Kiran Mazumdar-Shaw said.
The joint venture would leverage the position of Neopharma in the region and would expand Neopharmas existing portfolio with a range of Biocon's generic and novel therapeutics that encompass diabetes, CVS, oncology, auto-immune and immunosuppressive drugs, Biocon said in a statement to Bombay Stock Exchange.
The landmark agreement between the two companies marks the regions first foray to develop and market life saving biopharmaceutical products.
Shares of Biocon were trading at Rs 384, up 2.77 per cent on the BSE.
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