Biocon Ltd, India''s largest biotechnology company,
will set up a joint venture with Abu Dhabi-based Neopharma
to manufacture and market a range of bio-pharmaceuticals
in the Gulf countries.
This is Biocon''s maiden venture in the region and the
two companies have signed a memorandum of understanding
(MoU) to finalise the joint venture.
Gulf Cooperation Council (GCC) countries region is an
important market for Biocon and the joint venture with
Neopharma is an important milestone for Biocon''s global
foray," Biocon chairperson Kiran Mazumdar-Shaw said
in a company filing with the Bombay Stock Exchange.
has a world-class manufacturing facility for finished
formulations. The joint venture would leverage the leadership
position of Neopharma in the region and expand its existing
portfolio with a range of Biocon''s generic and therapeutics,
is among the top biotech firms in Asia and leads a number
of Indian companies, which have proven strengths in making
generic equivalents of bio-drugs.
biotech sector recorded an impressive 37.5 per cent growth
with a revenue of $1.45 billion in 2006.
The joint venture would develop and market life-saving
bio-pharma products for diabetes, cardio-vascular diseases,
oncology autoimmune and immunosuppressive drugs for organ
chairman and CEO B.R. Shetty said the company''s entry
into biotechnology would trigger off a wave of such biotech
initiatives in the Gulf region.
a recipient of the prestigious Abu Dhabi award, is well
known for his leading role in providing comprehensive
healthcare in the UAE through a chain of hospitals, pharma
outlets and integrated distribution network.
GCC region is emerging as an important market for Biocon
and the proposed joint venture would help in strengthening
its global foray, said Kiran Mazumdar-Shaw.