Finoso Pharma forms equal JV with US-based CritiTech
13 Jul 2012
US drug development company CritiTech Inc, yesterday formed a 50:50 joint venture (JV) with Hyderabad-based formulation development company Finoso Pharma Pvt Ltd.
The JV called Finotech Pharma would be set up with an initial investment of $1 million for providing advanced technology for designing extremely small particles required in drug-making.
The two companies will work jointly to provide alternative API size reduction technology and particle design services to the pharmaceutical industry with associated formulation services to meet R&D and early clinical trial supply needs for oncology, lung diseases, pain management, neurotic segment as well as other therapeutic areas.
These formulated products will be delivered through oral dosage forms, intravenous suspensions and inhalation products.
The JV hopes to develop at least three molecules each year.
Kansas-based CritiTech will provide specialised fine-particle production equipment, new technologies, technical expertise and business and marketing support, while Finoso Pharma will contribute its existing facility in Hyderabad and its 30 scientists.
"This joint venture is a strategic opportunity for both parties," said Dr Kumar Kurumaddali, managing director of Finoso Pharma. "By combining our experience in the domestic and international product development market with CritiTech's technology and expertise, our clients will receive a higher level of service and new drug delivery options for their products.''
"CritiTech is pleased to be expanding the access to its technology in India to address emerging needs and improve access to technology that enables different drug delivery options," said Dr David Johnston CritiTech's CEO. "India represents a key market for Finotech Pharma as we continue with our geographic expansion strategy."
