Roselabs talks with PEs, inks Brazilian deal

AHMEDABAD: Ahmedabad-based Roselabs Biosciences Ltd, has entered into a supply agreement with a Brazilian drugmaker for supply of formulated pre-filled syringes. The company is also in talks with three private equity players for raising Rs 100 crore.

Talking to ET, Zameer Agrawal, director, Roselabs Biosciences Ltd, said, "We have recently entered into a $20 million contract supply deal with a Brazilian drugmaker." However, he declined to disclose the name of the company as even though the deal has been signed as some legal formality is yet to be completed.

Roselabs is engaged into production of formulation and empty pre-filled syringes (PFS) and had recently invested Rs 400 crore in setting up the PFS facility near Ahmedabad. The company would supply branded formulation PFS product to the Brazilian company, which will market the product. To start with, there will be four products, out of which two would be biotech products.

The company is also planning to enter other geographical areas like Europe, US, Latin America, Columbia, Thailand, Malaysia, China, and South Africa. Roselabs has filed dossier in 28 countries out of which permission from three countries would be received in a month's time.

The company is also in talks with three private equity firms for raising Rs 100 crore. "We expect to finalise the PE deal by October" said Zameer Agrawal.

The fund is raised for a new project where in the company would set up a backward integrated unit using its own in-house developed Active Pharmaceutical Ingredient (API) and some rare off-patent molecules."We expect to begin the project by January 2014" adds Mr Agrawal.