For the past few years, the pharmaceutical industry has witnessed an exponential growth across the globe. With various scientific innovations being conducted worldwide, companies have now started to expand their research capabilities by means of effective expansion strategies and acquisitions.
One such stride was made recently by Biocon Ltd., a leading biopharmaceutical company in Asia, when it revealed that its subsidiary, Biocon Biologics Ltd., has acquired Pfizer Healthcare’s biological research facility in Chennai for an undisclosed amount.
According to reliable sources, the buyout included the acquisition of R&D capital assets of a research facility spread over 60,000 sq. ft at the TICEL Bio Park in Chennai.
Speaking on the acquisition, Christiane Hamacher, CEO, Biocon Biologics, said that the Chennai-based R&D facility will allow their firm to grow its R&D capability and advance its motive to achieve its strategic long-term goals of fulfilling the requirements of millions of patients present across the globe.
Moreover, this investment will push the development of its biosimilars, taking it from lab to pilot scale, cites Hamacher.
Reportedly, the facility will house an early-stage innovation and research center that includes drug product formulation and analytical R&D laboratories as well as a pilot-scale R&D unit stocked with cell line development. Moreover, it is likely to be operational following post qualification and will accommodate around 250 scientists.
Sources cite that the purchase would offer a significant time advantage to the company and will develop the global advancements of its biosimilars portfolio.
Incidentally, Biocon has also been active in China, a promising market for pharmaceuticals. In a bid to enhance its presence, the company signed a supply and license agreement for the formulation of three Generic products with a subsidiary of China Medical System Holdings Ltd. (CMS).
Reportedly, the move comes at the foothills of the firm’s long-term strategy for generic formulations and grows its footprints in the Chinese pharmaceuticals market.
Speaking on which, Dr. Arun Chandavarkar, Joint Managing Director and CEO, Biocon, said that the company is thrilled to join CMS and this venture will enable their firm to retail its U.S. approved Generic Formulations to the Chinese patients, helping it to capitalize in the growing market.
Source Credit: https://www.moneycontrol.com/news/business/biocon-subsidiary-acquires-research-facility-from-pfizer-healthcare-4468051.html