Syschem India to raise $5 mln for expansion

New Delhi, Nov 27 (UNI) Syschem India Ltd today said it will raise up to five million dollars through FDI route or domestic funding to become a pharma oriented company, as it plans to manufacture and market pharmaceutical products in India.

The company has lined up three new molecules from the leading therapeutic categories, which will be manufactured at the company's manufacturing facilities.

The marketing of these Active Pharmaceutical Ingredients (APIs) will be done by leading pharma companies, even the company is already in talks with few of these.

''Looking at the changed business scenario and the booming pharma industry, we have decided to enter the pharmaceutical business with the launch of our own APIs and intermediates,'' Syschem India Managing Director Anil Nibber said.

Presently, the company has tie-ups with leading pharma companies like Ind-Swift Laboratories Ltd, Ranbaxy Laboratories Ltd, Essix Biosciences Ltd, Morepen Laboratories Ltd and Unimark Remedies Ltd for contract manufacturing of advanced intermediates.

Besides, the company also plans to increase its manufacturing capacity.

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