The U.S.-based Aptuit will invest $100 million (about Rs. 400 crore) in the next four years in the Hyderabad-based Laurus Labs. It will pick up a majority stake in Laurus Lab and the joint venture will be called Aptuit Laurus. This is the b iggest-ever overseas investment in the contract research and manufacturing services space in India.
Addressing presspersons here on Monday from Atlanta in the U.S., CEOs of Aptuit and Laurus, Michael A. Griffith and Satyanarayana Chava said the new drug development company —– Aptuit Laurus — would combine the expertise and infrastructure of both companies to offer integrated services, technology and manufacturing capabilities that spanned the entire drug development cycle.
According to them, the new company would leverage the research and development facility developed by Laurus in the ICICI Knowledge Park here, drug substance manufacturing facility in the Pharma City in Visakhapatnam, contract research services (contract research and manufacturing services), process technologies, formulation development and the informatics centre developed by Aptuit in Bangalore.
The new company proposed to enhance the number of employees from the current 300 to 800 by the end of 2008. Dr. Chava would head the new company, while Laurus and Aptuit would have three directors each on the board, apart from an independent director.
Source : The Hindu