Tata group to invest $10 mn in Advinus Therapeutics

The Tata group is investing $10 million in Advinus Therapeutics, its pharma joint venture with Rashmi Barbhaiya.

The amount will be utilised to set up a16,000-square feet research facility at Hinjewadi near Pune.

The facility will serve as the nerve centre for the company's drug research. Initially, it would house around 80 scientists, which will be ramped up over a period of time, sources close to the development said.

The sources added that the new facility would focus on small molecule therapies in three disease clusters namely metabolic disorders, inflammatory diseases and neglected diseases.

A Tata group official said, "Advinus is in the process of setting up facilities for its businesses, but we cannot reveal the details at this point of time."

Advinus is a joint venture between the Tata group and Rashmi Barbhaiya, who was the former head of research at Ranbaxy.

It focuses on drug discovery and development of pharmaceutical and agrochemical products and is headed by Kasim Mookhtiar as its Chief Scientific Officer.

India is emerging as an important destination for global pharmaceutical companies, which are increasingly considering outsourcing and offshoring their drug discovery, research and development (R&D) and clinical research activities to the country.

The Indian clinical research outsourcing market of $100 million is estimated to grow at 80 per cent next year, while the $9-billion (2003-04) global industry is expected to grow at 15-18 per cent.