Financial Daily from THE HINDU group of publications
Thursday, Feb 10, 2005
Financial Daily from THE HINDU group of publications Thursday, Feb 10, 2005 |
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Corporate
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Research & Development Nicholas to invest $270 m in R&D Our Bureau
New Delhi, Feb. 9 NICHOLAS Piramal India Ltd (NPIL) is planning to invest $270 million in research and development in the next seven years. Speaking to reporters on the sidelines of a biotech conference, Dr Swati Piramal, Director (Strategic Alliances and Communications), NPIL, said, "We have already invested $20 million in our Mumbai research facility and the remaining would be spent in the next seven years." She said clinical trials of its new chemical entity — CDK4 — a cancer drug would start in the first quarter of 2005-06. It will address five different types of cancer. Besides, the company is also eyeing custom manufacturing contracts from innovator companies to spur exports and it expects to strike deals with two global pharma majors for manufacturing of formulations by the end of this fiscal. "The two deals are in advanced stages of negotiations, and we expect to complete them by March-end. We will be going for a major capacity expansion next year, and we are evaluating the options for a possible acquisition," Dr Piramal added. The Mumbai-based pharma major hopes to generate at least 40 per cent of its revenues from custom manufacturing by 2009 from the present eight per cent.
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