Biocon arm to set up dedicated R&D facility for Bristol-Myers Squibb
By Our Corporate BUreau | 14 Mar 2007
Under the terms of the agreement, Syngene would provide research and development (R&D) services to Bristol-Myers Squibb for discovery and early drug development.
The research facility at Bangalore will house more than 400 scientists to help advance Bristol-Myers Squibb's discovery and early drug development.
"Leveraging the current global demand for bio-partnering, this alliance aims to provide cost-effective growth and access to top scientific talent in India," Biocon said in a filing with Bombay Stock Exchange (BSE).
"Bristol-Myers Squibb will significantly increase the scope of its existing relationship with Biocon's Syngene to further develop integrated capabilities in India in medicinal chemistry, biology, drug metabolism, and pharmaceutical development," the statement added.
"The new research facility will mark a significant step forward in our evolution as a valuable partner to the global pharmaceutical industry," said Biocon group chairperson Kiran Mazumdar-Shaw.
"This broad expansion of R&D in India will allow us to grow competitively while maintaining our industry-leading position in productivity and innovation," said Elliott Sigal, M.D., Ph.D., chief scientific officer, and president, pharmaceutical research institute of Bristol-Myers Squibb. "Through this partnership with Syngene, Bristol-Myers Squibb will continue to access world-class talent to deliver and grow our robust product pipeline."
Biocon Limited, India's premier integrated biotechnology company, has capabilities in medicinal chemistry, biology, drug metabolism pharmaceutical development. The alliance aims to provide cost-effective growth through access to top scientific talent in India. Financial details of the agreement were, however, not available.