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September, 2006 Pragati Maidan, New Delhi, India |
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Tata Inds Picks Up 30% In Indigene
Company shows growing interest in pharma and biotech industry.
Tata Industries has made an undisclosed investment to pick up about 30% in Hyderabad-based Indigene Pharmaceuticals. This is the third investment the group has made in the pharmaceutical and allied space over the last few years.
“The Tata Group has been actively seeking new opportunities in knowledge-based industries. Biotechnology and biopharmaceutical areas offer great potential in creating value and improving the quality of life for people around the world. We see a bright future in the pharmaceutical industry and Indigene,” Ratan Tata, chairman of TIL was quoted saying in a newspaper article.
Indigene is a four year old company with a focus on both prescription and consumer healthcare products. The company, with operations in the US, Europe and India, is set to launch four consumer healthcare products in the US.
The products will be launched in India in ‘07. Vaman Rao, chairman and CEO of Indigene Pharmaceuticals said that the funds raised through TIL’s investment will be used in expanding the company’s facilities as well as funding other initiatives.
Indigene has a research program that has developed a lead molecule for the treatment of allergic rhinitis. The new chemical entity is currently in phase III of clinical trials, Dr Rao said. The Tatas may consider increasing their investment into the company in the future. “TIL is committed to supporting Indigene in this venture,” said Kishor Chaukar, managing director of TIL.
Last year, the Tata Group made an entry into the drug discovery and contract research business by promoting Advinus Therapeutics, a company focusing on drug discovery and pharmaceutical development services. Advinus was formed by Rallis India transferring its knowledge services business including the research and development centre in Bangalore for a consideration of Rs 26 crore.
Date: 02-Jul-2006
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