Avesthagen enters JV with Malaysian biotech corp

Bangalore, June 4: Avestha Biotherapeutic and Research Pvt Ltd (ABRPL), a joint venture between Avesthagen and Meditab Specialities Ltd (of CIPLA group), has signed an MoU with Malaysian Biotechnology Corporation.

ABRPL, to achieve early market access, had identified Malaysian Biotechnology Corporation to enhance its infrastructure needs with an objective to accelerate its eleven biosimilar product development programmes.

ABRPL, through this MOU, would like to establish a Malaysian legal presence and place the intellectual property rights for the product with ABRPL Malaysia. This would also give ABRPL Malaysia an opportunity to obtain the BioNexus Status offered by the Malaysian Government and apply for any relevant incentives as soon as practicable. Biotech Corp had also agreed to facilitate the BioNexus Status application, though it would depend on eligibility.

Biotech Corp was an agency under the purview of the Ministry of Science, Technology and Innovation. It identified value propositions in the biotechnology sector in both R and D and commerce and supported these ventures via financial assistance, and developmental and facilitation services.

Dr Villoo Morawala Patell, Founder and Managing Director of Avesthagen, said ''Malaysia's commitment to the advancement of Science and Technology is well known and therefore I am sure that Avesthagen's relationship with Malaysian Biotech Corp will see a global need for biosimilars. Let us work towards the success of this unique south-south cooperation.''

UNI