Biocon enters into JV with Neopharma of UAE
Our Corporate Bureau
30 July 2007
With this agreement Biocon has entered the rich GCC (Gulf cooperation Council) market of six Arab States - UAE, Bahrain, Kuwait, Saudi Arabia, Oman and Qatar.
The new entity to be incorporated in Abu Dhabi will initially take at least 10 of Biocon's life-saving drug products to these countries. The range will include Biocon's generic and novel therapeutics to treat cancer, diabetes, cardiovascular diseases, auto-immune drugs and immunosuppressants.
In the second phase, the company is likely to begin manufacturing also. Biocon's insulin is already sold in the West Asian market but through a licensing arrangement. As per a MoU they signed on Thursday, the new company will have a dedicated sales force trained by Biocon and operating directly under Biocon's control.
Dr Shetty is known for his role in healthcare in the UAE through a chain of hospitals, pharmacy chains and an integrated pharmaceutical distribution network. The tie-up would give Biocon a foothold in a new and promising region, while enlarging Neopharma's range into biotechnology.