Actis Biologics looks to raise $400 mn

Actis Biologics looks to raise $400 mn
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First Published: Sun, Apr 19 2009. 04 11 PM IST
Mumbai: Biotech firm Actis Biologics on Sunday said it is looking to raise $400 million for its operations in India, US and Malaysia.
“We want to raise $250 million to invest in Malaysia, $100 million in India and $50 million in the US,” Actis Biologics president PN Venugopalan told PTI.
The company is in talks with a US-based fund and a UK-based fund to raise $250 million for the Malaysian project.
“We expect to raise $250 million in the next four months for the Malaysian project. Once that is in place, then we will look funds for the Indian and the US operations,” he said.
The company, in association with the Malaysian government, is setting up a biotech park called Biocity in Melaka, Malaysia. $250 million would go into Biocity.
Actis has been alloted 270 acres of land for Biocity in Melaka. Biocity would provide individual buildings and facilities for biotech companies.
Biocity will have a vocational institute affiliated to a few US universities providing regular classes and training for post graduates intending to join biotech and pharma research.
To support biotech companies, Actis and Malaysian government would set up a bioventure company in Malaysia.
“The bioventure company will be a 50:50 share between us,” Venugopalan said.
Actis Biologics is into development of technology-based products. It has secured patents for a couple of them, which it would start to commercialize in the next few years.
One of its products called VFF2 can be used to bring down the cost of making fermented products. “Using VFF2, the related cost of manufacture of several bio-generics /bio-similar molecules can be reduced to almost 20% of the cost of production,” he said.
This technology can be used in the production of bio-fuels, manufacture of beer and related products, he added.
Its second product Angiozyme has completed Phase I and Phase II clinical trials in the US and is awaiting regulatory nod to carry out Phase III trials in India.
This product is being developed for treatment of colonic cancer, Venugopalan said.
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First Published: Sun, Apr 19 2009. 04 11 PM IST