Biocon, Neopharma sign MoU for JV

By Staff
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Google Oneindia News

Bangalore, Jan 5 (UNI) Indian biotechnology major Biocon Limited and Abu Dhabi-based pharmaceutical company Neopharma have signed an MoU to establish a joint venture to manufacture and market a range of bio-pharmaceuticals for the Gulf Cooperation Council(GCC) countries.

The landmark agreement heralded the region's foray into developing and marketing life saving bio-pharmaceutical products, Biocon said in a release here today.

Neopharma Group Chairman and CEO Dr B R Shetty said ''Neopharma's foray into biotechnology will catalyse a wave of biotechnology initiatives in the region.'' Biocon Chairperson and Managing Director Dr Kiran Mazumdar-Shaw said ''the GCC region is an important market for Biocon and the JV with Neopharma is an important milestone for Biocon's global foray.

Neopharma has established a world class manufacturing facility for finished formulations, inaugurated by President A P J Abdul Kalam in 2003.'' The JV would leverage the leadership position that Neopharma commanded in the region under the leadership of Dr Shetty and expand Neopharma's existing portfolio with a range of Biocon's generic and novel therapeutics that encompass diabetes, CVS, oncology, auto-immune and immuno-suppressive drugs.

UNI

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