Aptuit merges with Laurus Labs

Hyderabad, June 18 (UNI) Global contract drug development firm Aptuit Inc today merged with Hyderabad-based Laurus Labs Limited to form Aptuit Laurus, a contract drug development firm in India.

Aptuit has plans to invest over USD 100 million over the next four years to build upon Aptuit Laurus' development, manufacturing and informatics capabilities.

The company will combine Aptuit's global offerings in drug development with Laurus R&D and manufacturing expertise and newly built state-of-the-art facilities to provide established and emerging pharmaceutical companies with integrated services, technologies and manufacturing capabilities spanning the entire drug development lifecycle.

It was announced to the media by Aptuit Inc, Founder and Chief Executive Officer Michael A Griffith and Laurus Labs Founder and Chief executive Satyanarayana Chava, from Atlanta, USA, after signing the deal.

The new entity, based in Hyderabad, would use the trade name Aptuit Laurus, and have additional facilities in Visakhapatnam and Bangalore.

Aptuit Laurus, led by Dr Chava, would have a new Board of Directors of seven members-- three members each from Aptuit and Laurus and one mutually agreed upon independent director.

A three-member Executive Committee of the Board, comprising the independent director and one designee each of Laurus and Aptuit, would approve material transactions.

Aptuit expects to achieve majority control of Aptuit Laurus by March 2009 as part of its ongoing funding.

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