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Biocon to acquire Cuban partner in JV
6 April 2010: Biocon is likely to acquire the 49 per cent equity stake of its Cuba based partner CIMAB S.A. in their JV, Biocon Biopharmaceuticals.
The two came together in 2003 to leverage CIMAB's discovery of potential life-saving drugs and Biocon's manufacturing capability. Their portfolio includes a range of proprietary products — monoclonal antibody (MAb) for head and neck cancers — which entered the market in 2006 as the country's first cancer BioMAb EGFR.
The two are also working on three kinds of cancer vaccines; h-T1 immuno-suppressive MAb for T-cell lymphoma, rheumatoid arthritis and psoriasis; q-T3, another immuno-suppressive MAb for organ transplant; growth hormone GCSF (recombinant granulocyte stimulating factor); and nephrology drug erythropoetin.
CIMAB (Cuban Centre of Molecular Immunology) has divided its licences to more than one partner across different geographies, to Biocon for the South Asian market. When these reach the market stage, Biocon could stand to be the global manufacturing source for the products. In 2006, the Bangalore biotech major invested Rs 125 crore to set up the facility, which is touted as the country's largest biologics plant.
The arrangement will allow Biocon to use BBPL's unused capacity to produce its other products. BBPL, meant to bring out products for CIMAB's other licensee partners, was in loss and this would stop it from bleeding further.
Source: Hindu Business Line