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Alexandria Real Estate of US to invest in AP biotech cluster

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Hyderabad, Feb. 3

Alexandria Real Estate Equities Inc, USA will set up the Alexandria Centre for Science and Innovation at the Genome Valley in Hyderabad.

The proposed centre, to come up in Phase III of Biotech Park here would provide world class plug & play lab space for biotech companies, Mr Joel S. Marcus, Chairman and President of Alexandria Real Estate Equities said, in the inaugural function of BioAsia 2010 here on Wednesday.

“Our view of the Genome Valley here is positive. We can invest in it to create biotech clusters,” he said.

The company would bring in a new age venture capital model to create products for human health, he added.

Dr M. K. Bhan, Secretary, Dept. of Biotechnology, Government of India, said his department was keen on promoting public-private partnership to encourage innovation in science and technology.

“The department has funded 120 companies in the last 12 months alone compared to five in the previous 10-15 years,” he said.

The annual funding which was in the tune of Rs 300-400 crore last year, was being increased by about 30 per cent annually, he added.

Dr Bhan also commented that the proposed Biotech Regulatory Authority was likely to be commissioned this year as the draft was with the Union Cabinet.

The Andhra Pradesh Chief Minister, Mr K. Rosaiah, said the biotech industry in the State had recorded Rs 2,188 crore in revenue in 2008-09 with an 18 per cent share in the national revenue in the sector.

Leading companies like Avezsthagen, Globion, Indian Immunologicals, Parsvnath Biotech and Lonza were in the process of investing significant amounts in Biotech park phase III, he added.

He had also presented the Genome Valley Excellence Awards to Prof C. R. Rao and Prof Janet Thornton (Cambridge, UK) on the occasion.

The four-day conference is likely to witness over 500 business meetings.

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