|Bangalore: Biocon plans to invest $161 million (Rs 725 crore) in Malaysia by 2014 to establish a biomanufacturing and research and development unit to manufacture high-end biosimilars and biopharmaceuticals.|
The company today signed an agreement with Malaysian Biotechnology Corporation, an agency for the biotechnology industry in Malaysia, for the project. The unit will be set up in Bio-Xcell , a biotechnology park and ecosystem in Iskander Malaysia, Johor.
The total investment of $161 million will be part-funded from the proceeds of the Pfizer marketing deal, along with internal accruals.
According to the agreement, Biocon will receive $200 million (about Rs 900 crore) upfront and additional development and regulatory milestone payments of up to $150 million (about Rs 675 crore) from Pfizer.
The new Malaysian facility would manufacture biosimilars, including those four insulin analogues for which marketing deal had been signed with Pfizer.
The $161 million was part of its first-phase investment plan and it would invest more after 2014.