In a bid to strengthen its presence in the biotech space, drugmaker Cipla is acquiringminority stakes in two biotech firms.
citizen bracelet watchesThe Mumbai-based company will invest about $65 million in a phased manner over three years to acquire 40% in Mab Pharm, a biotech company in India, and 25% in BioMabs, a firm in Hong Kong.
The deals will be funded through internal accruals.
Y K Hamied, chairman and managing director, said as both these companies are into biosimilars, it would help Cipla capitalise on a new line of business. "We have a strong presence in generic medicines and now these deals will help us strengthen our presence in biosimilars, which by 2015 would constitute a major chunk of the pharmaceutical pie."
citizen bracelet watchesBiosimilars are the off-patent versions of citizen bracelet watches biotech medicines.
Estimates suggest that by 2015-2020, about 30% of all novel drugs would be biotech products. "We should take a position in biosimilars. By late 2011, our first biosimilar should be out," said Hamied.
According to data by Association of Biotech Led Enterprises, the biotech industry in India grew by 18% in 2008-09, earning revenues of $2.67 billion, of which biopharma accounted for 65%. Omega Seamaster Aqua Terra Mens Watch 2502.34.00 Mab Pharm is setting up a Omega Seamaster Aqua Terra Mens Watch 2502.34.00 facility for biosimilars in Goa, while BioMabs is setting up a facility in Shanghai. Cipla will have rights to market products of both companies in India and international markets.
According to Ranjit Kapadia, vice-president, institutional research, HDFC Securities, as this is a minority stake, it will help Omega Seamaster Aqua Terra Mens Watch 2502.34.00 Cipla in testing the biosimilar waters. "The market has huge potential though at present it is at a nascent stage in India. However, it's tough to get regulatory clearances for biosimilar products, especially in developed countries."
Credit:Priyanka Golikeri
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