New Delhi: Making a big foray into the Malaysian market, biotechnology major Biocon on Wednesday said it will set up a biomanufacturing and R&D facility there with an initial investment of $161 million (about Rs715 crore).
The Bangalore-based firm said it has signed business intent documents with Malaysian Biotechnology Corporation SdnBhd (BiotechCorp) for the project.
Biocon chairman and managing director Kiran Mazumdar-Shaw told PTI that the investments will be in a phased manner with $161 million going in for the first phase. The proposed facility will be operational by 2014.
“We are pleased to be an early mover in this emerging opportunity as we dovetail our research and biomanufacturing operations with those in Malaysia to gain a global competitive advantage,” she added.
The proposed facility will come up at Bio-Xcell, a biotechnology park and ecosystem in Iskandar Malaysia, Johor.
“The project will focus on research and development and production of high-end biosmiliars and other biopharmaceutical products,” Shaw said.
Commenting on Biocon’s investment, Malaysian Bio-XCell SdnBhd, Dato’ chairman and CEO Iskandar Mizal Mahmood said it will propel the Malaysian industry to the next level.
“It will be a catalyst in our commercialisation efforts as we enter phase two of our National Biotechnology Policy - the science to business phase,” Mahmood added.
This will be the first high-end biosimiliar and biopharmaceutical manufacturing and R&D facility in Malaysia. In compliance with USFDA and cGMP standards it will raise the bar for quality and excellence in the sector and market, he added.
Last week, Biocon had entered into a $350 million (Rs1,550 crore) global deal with the US-based drug major Pfizer for the marketing of its insulin products.
The companies had entered into a strategic global agreement for the worldwide commercialisation of Biocon’s biosimilar versions of insulin and insulin analog products: recombinant human insulin, glargine, aspart and lispro.
Shares of Biocon were trading at Rs436 on Bombay Stock Exchange in the late afternoon trade, up one per cent from its previous close.