Mumbai: Biocon Ltd has entered into a strategic partnership with IATRICa Inc. of the US to co-develop an exclusive new class of immunoconjugates for targeted immunotherapy of cancers and infectious diseases.

The companies will co-develop candidate products based upon IATRICa's technology platform and Biocon's proven expertise in drug development, biologics manufacturing, and clinical research, Biocon said in filing with the Bombay Stock Exchange (BSE).

IATRICa's technology enables development of a diverse spectrum of immunoconjugates that are capable of activating potent targeted immune responses against various tumors or pathogens, said Biocon chairman and managing director Kiron-Mazumdar Shaw.

The companies will leverage and integrate their synergistic R&D expertise to formulate and test next-generation antibody-based immunoconjugates that are more effective than current therapeutic antibodies against cancers and infectious disorders, Biocon said in the filing.

In addition to a co-development and licensing agreement, Biocon has also made an equity investment in IATRICa.

"This collaboration will dovetail IATRICa's innovative cutting-edge technology and research expertise with Biocon's established expertise in the development, manufacturing, and clinical testing of biologic therapeutics. This symbiotic partnership should accelerate clinical development of innovative bio-hybrid molecules for targeted immunotherapy and thereby reinforce our shared endeavor to provide effective new treatments for major neoplastic and infectious diseases," said Mazumdar-Shaw.

IATRICa, based in Baltimore, Maryland, US, is a start-up biotechnology company. The company, set up in 2007, uses technology developed at the Johns Hopkins University and has exclusive licences to the immuno-conjugate technology invented by Johns Hopkins scientists and company founders, Atul Sedi and Rajani Ravi.

Bioco's flagship oncology product BIOMAb EGFR received the Biospectrum `Product of the Year' award for 2007. The product was chosen for being the first monoclonal antibody to be clinically developed and commercialised in India. Indian patients are also amongst the first in the world to have access to this novel drug.

Bangalore-based Biocon also reported a five-fold rise in its quarterly profit and forecast more growth despite recession concerns in its key US market.

Consolidated net profit rose to Rs292 crore after one-time gains in its fiscal third quarter ended 31 December from Rs55.31 crore a year earlier.

The earnings were bolstered by Rs330 crore received before taxes in the quarter on divestment of its enzymes business.

Biocon, which sold its enzymes unit to Denmark's Novozymes in 2007, said it plans to launch an initial public offer for its fully owned research unit, Syngene, in the financial year that begins in April.

In July, Novozymes, the world's largest maker of industrial enzymes, said it would pay $115 million for Biocon's enzymes unit to strengthen its position in the growing Indian market.

Mazumdar-Shaw said the company was pursuing acquisitions in the overseas markets to build marketing and distribution capabilities in the developed markets.