Transgene Biotech licenses biogeneric drug to Germqan firm's UAE arm
23 November 2011
Transgene Biotek Ltd has transferred technology for production of `Erythropoietin, one pf its bio-generic products, to TSS Export GmbH FZE, a subsidiary of TSS Export GmbH of Hamberg, Germany, for $5 million.
Promoted by H Ramesh, TSS Export GmbH FZE, based in the United Arab Emirates (UAE), is a subsidiary of TSS Export GmbH.
The company oversees export and import operations in the Kingdome of Saudi Arabia and other countries in the Middle East.
"The management of Transgene has formalised the sale of technology of one of its bio-generic products, Erythropoietin to TSS Export GmbH FZE for a total consideration of $5 million,'' the company said in a filing with the Bombay Stock Exchange.
''This sale of technology is expected to be completed during a period of approximately 5-6 months,'' it added.
According to Transgene, the market for Erythropoietin has become very competitive and crowded in recent years and outlicensing or getting a strategic partner for such dormant technologies would help the company to focus on its highly exciting and novel drug pipeline, which, it said, was advancing rapidly.