Pochiraju Industries to raise Rs 150 cr for expanding biopharma unit

Pochiraju Industries Ltd, the Hyderabad-based company focusing on agri-business, pharmaceuticals and biotechnology & life sciences segments, is undertaking phase II expansion of its biopharmaceutical unit at S P Biotechnology Park, Shameerpet (Hyderabad). The company is reportedly looking to invest Rs 150 crores for this expansion.
 
The board of directors, in a meeting on November 13, 2014, has given its approval to raise resources upto Rs 150 crores by way of debt/preferential allotment of shares/allotment of warrants to promoters/issue of redeemable preference shares for completing the phase II expansion, said Pochiraju Industries in a BSE filing.
 
The biopharma facility will develop and manufacture selected injectables, bio-parenterals including oncology products. This plant will utilise cell fusion techniques, hybridomas recombinant DNA technology, protein engineering and structure based molecular design which are part of modern biotechnology. The product range will include biosimilars such as erythropoietin, G-CSF, interferon alpha, interferon beta, human growth hormone and recombinant human insulin.
 
The company’s proposed manufacturing plant will produce sterile injectables. The facility proposed to be set up will be as per cGMP standards and strictly adhere to European, Australian and US FDA standards to tap the opportunity of contract manufacturing for leading biopharma MNCs and also growing global generic markets.