Published On:October 28 2010
Story Viewed 6887 Times
Biocon plans a unit in Malaysia
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.