Dai-Ichi, GVK Bio float new firm

 According to a release issued by Dai-Ichi Karkaria to the BSE today, the company has signed a business transfer agreement (BTA) with GVK Biosciences to transfer its Hyderabad business to the JV company.

 Dai-Ichi Karkaria will have 20% stake in Inogent Laboratories, and the remaining stake will be with GVK and associates, the release added.

 Inogent would be engaged in the business of active pharmaceutical ingredients (APIs), process chemistry, custom Synthesis of new chemical entities (NCEs) and custom manufacturing, the release said.

 "The above development is as per the memorandum of understanding (MOU) signed by the company with GVK on May 10, 2005," the release added.