Panacea to set up new R&D centre in Mumbai

The New Delhi-based Panacea Biotec Ltd is setting up a drug research and development (R&D) centre in Mumbai at Rs 10 crore. The set-up would handling research in new drug delivery systems, said Rajesh Jain, joint managing director.

The facility, which will have 50 senior scientists initially, will be located at Mahape in New Mumbai.

To be commissioned by June next year, it will be the fifth R&D set-up of the company in India. Currently, Panacea has two exclusive R&D facilities located at Mohali in Punjab and one at New Delhi.

The fourth research unit, which is dedicated to drug discovery, is coming up at Mohali. At the new Mohali facility, the company would invest around Rs 20 crore. The centre is scheduled to be commissioned by August this year.

Jain said as part of the company's focus on a research-based growth it is investing in development of breakthrough vaccines, new chemical entities and drug delivery technologies.

The Mumbai research centre will work on therapeutic segments such as pain management, organ transplantation, diabetes, cardiology and gastroenteritis.

At present, Panacea has three R&D centres with over 150 scientists engaged in research projects and has been granted 97 product patents for 12 of its exclusive innovations.

Panacea today announced its audited financial results for the year ended March 31, 2005.