Avestha floats biologicals venture

Avestha Gengraine Technologies, Bangalore-based biotech company, has floated a biologicals manufacturing venture "" Avesta Biotherapeutics.

The venture, based in Bangalore, will manufacture with a focus on therapies Avesthagen is developing.

The venture will also exploit opportunities in co-development of novel biologicals and contract manufacturing of biologicals "" a fast-expanding growth segment in the pharmaceuticals arena, said Villoo Morawala Patell, founder and CEO, Avesthagen.

For Avesta Biotherapeutics, Meditab Specialities will be a partner. The manufacturing facility will be US-FDA compliant and its phase I is expected to go on stream by the second quarter of 2006, she added.

The company's drug development programme will focus on development of biopharmaceuticals in the area of auto-immune disorders and cancers, and is expected to release its first biotherapeutic commercially in late 2006.

These are likely to be marketed through Cipla with whom Avesthagen had earlier established a partnership.

The Indian biopharmaceutical business, estimated at $200 million, is expected to grow to about $3.3 billion by 2007-08, dominated by recombinant proteins, vaccines and monoclonal antibodies.