Syschem India to pump in $ 12-15 mln for expansion

New Delhi, Feb 21 (UNI) Syschem India Ltd today said it will investment 12-15 million dollars over the next two years for its foray into mainstream pharma business.

The company will launch its own Active Pharmaceutical Ingredients (APIs) and has lined up three new molecules from the leading therapeutic categories, which will be manufactured at its manufacturing facilities.

The marketing of these APIs would be done for the leading pharma companies for which Syschem is already in talks with some of them for supply of products, said Mr Anil Nibber, Managing Director, Syschem India.

In the first phase, the existing manufacturing and R&D facilities will be upgraded for launching the new molecules at an investment of five million dollars.

In the second phase, a new facility will be put up for capacity expansion and launching four new molecules at an investment of 8-10 million dollars.

''The two phases would be completed in a period of 12-24 months,'' he added.

The company is looking for FDI route or domestic funding to raise 8-10 million dollars of the investment which would help it in becoming a totally pharmaceutical oriented company.

Syschem India is focused on developing new drugs and non infringing processes where it has invested substantial part of its revenues.

Besides development of new molecules, the company has tied up with leading pharma firms such as Ranbaxy Laboratories Ltd, Ind-swift Laboratories Ltd, Essix Biosciences Ltd, Morepen Laboratories Ltd and Unimark Remedies Ltd for contract manufacturing of advanced intermediates.

UNI