Biotech firm Actis Biologics said it is looking to raise USD 400 million for its operations in India, the US and Malaysia.
“We want to raise USD 250 million to invest in Malaysia, USD 100 million in India and USD 50 million in the US,” Actis Biologics President PN Venugopalan told PTI.
The company is in talks with a US-based fund and a UK-based fund to raise USD 250 million for the Malaysian project.
“We expect to raise USD 250 million in the next four months for the Malaysian project. Once that is in place, then we will look funds for the Indian and the US operations,” he said.
The company, in association with the Malaysian government, is setting up a biotech park called Biocity in Melaka, Malaysia. USD 250 million would go into Biocity.
Actis has been alloted 270 acres of land for Biocity in Melaka. Biocity would provide individual buildings and facilities for biotech companies.
Biocity will have a vocational institute affiliated to a few US universities providing regular classes and training for post graduates intending to join biotech and pharma research.
To support biotech companies, Actis and Malaysian government would set up a bioventure company in Malaysia.
“The bioventure company will be a 50:50 share between us,” Mr. Venugopalan said.
Actis Biologics is into development of technology-based products. It has secured patents for a couple of them, which it would start to commercialise in the next few years.
One of its products called VFF2 can be used to bring down the cost of making fermented products. “Using VFF2, the related cost of manufacture of several bio-generics/bio-similar molecules can be reduced to almost 20 per cent of the cost of production,” he said.
This technology can be used in the production of bio-fuels, manufacture of beer and related products, he added.
Its second product Angiozyme has completed Phase I and Phase II clinical trials in the US and is awaiting regulatory nod to carry out Phase III trials in India.
This product is being developed for treatment of colonic cancer, Mr. Venugopalan said.
Source: The Hindu