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Dr Reddy's sets up drug development firm
By agencies
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Wednesday, 28 September 2005, 19:30 IST
MUMBAI: One of IndiaÂ’s biggest drug companies, Dr Reddy's Laboratories Ltd has set up India's first integrated drug development company called Perlecan Pharma Pvt Ltd in Mumbai.
Investors like Citigroup Venture Capital International Growth Partnership Mauritius Ltd (Citigroup Venture) and ICICI Venture Funds Management Company (ICICI Venture) have committed equity capital of $52.5 million for the new entity, the company said.
Perlecan Pharma will be concentrating on the clinical development. An independent board and an executive management team will manage it, the company said.
''These are exciting times for Indian pharmaceutical companies and we are pleased to announce the formation of India's first integrated drug development company,'' said Dr Reddy's Labs Chairman Dr Anji Reddy.
''The formation of Perlecan acts as a precursor to many more exciting partnerships in the area of drug discovery and development for the Indian pharmaceutical industry. We have made significant progress in the last decade in building a strong drug discovery platform and look forward to further building on this foundation to realize Perlecan Pharma's potential, '' Reddy added.