Shasun Chemicals & Drugs forms venture with US company
shasun.com
shasun.com
Kavitha Venkatraman (FE)
Chennai, Nov 12: To meet the challenges of the current trend in contract research and contract manufacturing for leading multinational companies (MNCs), the research and development wing of Shasun Chemicals and Drugs Limited (SCDL) has entered into a joint venture with the US-based Austin Chemical Company, Inc.
This venture is primarily to focus on the regulated American market where the leading pharmaceutical players are outsourcing not only for intermediates for Active Pharmaceutical Ingredients (APIs) but also for advanced stage intermediaries for new molecules in pre-clinical and clinical trial stages, said SCDL chairman SN Bhatt.
Addressing a press conference, Patrick J Corboy, president and CEO, Austin Chemical Company Inc, said the company apart from identifying projects for Shasun is also funding the projects under progress in this scheme partly. An initial investment of a minimum of $1 million is expected to go in for producing low-volume high value APIs for both pharmaceutical as well as bio-pharmaceutical companies.
Through the joint venture SCDL had 25 enquiries with a success rate of 50 per cent with projects ranging from non-GMP products through cGMP intermediates and to two outsourced APIs, Patrick said.
Over a period of three years, SCDL will be able to save a minimum of $10 million specifically in its research and development segment, he added.
SCDL will be introducing two APIs and three fine chemicals in the new millennium, says S Abhaya Kumar, joint managing director. But he was hesitant to divulge with further details fearing competition in the domestic market. |
