Avesthagen, the Bangalore-based life sciences firm, is understood to be finalising a joint venture at one its four strategic business units (SBU). The joint venture partner from overseas is expected to be announced during next week to develop one of the product lines under a SBU.
Avesthagen has four strategic business units - biopharmaceuticals, bionutrition, bioagriculture and science and innovation and is hoping to touch a topline of Rs 100 crore by end of the fiscal.
Villoo Morawala Patell - founder, chairperson and managing director, Avesthagen declined to comment on the move to go in for a joint venture partner.
Avesthagen is an integrated systems biology platform company that focuses on the convergence of food, pharma and population genetics leading to predictive, preventive, personalized healthcare. Avesthagen employs 650 plus people and continues to build integrated, systems biology approach of capabilities, infrastructure and technology that allows for and facilitates ‘cross talk’ between numerous disciplines, leading to solutions.
The business model of the company is to combine IP and product development for long term sustainable revenue generation and value addition, with R and D services and collaborative research programs forôwith other parties to generate revenue stream and market focus.
The promoters hold 32 per cent while a clutch of external investors ranging from the Tata Group, Godrej, Danone, ICICI Venture, Cipla, funds from Fidelity, Groupe Limagrin and New York Life Management India Fund are investors in the company and various of its product lines. Avesthagen recently announced that it intends to revive its IPO plans during next year. According to Avesthagen, the IPO proceeds will be used to commercialise 40 products which are in various stages of development.
, to market. The IPO is slated to coincide with the time that its biosimilars are ready to hit the marketplace.
