Company Watch

Avesthagen and Manipal Acunova join hands

Our News Bureau - Mumbai

Avestha Gengraine Technologies has signed an MOU with Manipal Acunova (a collaborative venture between the Manipal Education and Medical Group International India, and AcuNova Life Sciences). This partnership will enable the two companies to jointly provide a fully integrated platform from early discovery to filing approvals for new products. This will enable the companies to screen candidates and move the promising ones to the market faster.

Avesthagen and Manipal Acunova will collaborate on providing their competencies in discovery, pre-clinical, clinical research including regulatory matters. The companies will also collaborate in the validation of molecular diagnostic kits and product co-development for delivering high quality, affordable and advanced diagnostic tests using molecular techniques; to patients and the healthcare industry. They will also jointly apply and own the Intellectual Property rights to the database or samples or process or products that are created during the agreement. "The collaboration will bring in a range of services to the clients expanding to biogenerics, bio-nutraceuticals and biopharma companies," said D A Prasanna, Founder and Vice-Chairman of Manipal Acunova.

In yet another development, New York Life Investment Management India Fund (NYLIM India Fund-based in Mauritius) has invested around Rs 225 million in share capital in Avesthagen through equity shares for a minority stake. Avesthagen will apply the investment towards the expansion of its business and to increase its international presence.

Avesthagen expects to commercially launch some of its products for the biopharma and bio-nutritional markets in 2008. The company is also planning to ramp up its headcount to over 600 within the next 12 months. "Avesthagen will continue to enhance stakeholder value while offering the current and future employees a tremendous opportunity to be part of exciting growth and the making of a global blue-chip enterprise," said Dr Villoo Morawala Patell, Vice-Chairperson, Founder CEO, Avesthagen .