Avestha Gengraine Technologies Pvt Ltd, India’s leading life-sciences company, has announced the closing of a strategic investment of €5 million in Avesta Nordic Research Pvt. Ltd., a JV with CCBR (Center for Clinical & Basic Research) and IFU —Industrialisation Fund for Developing Countries. Avesthagen has invested €2.5 million in the JV.
The alliance will cover the diagnosis, treatment and prevention of osteoporosis and related bone disorders. The partners expect to put together a comprehensive platform to develop novel technologies that integrate the diagnosis and treatment of osteoporosis. Avesthagen also expects to link its competences in pre-clinical research with CCBR's experience in clinical research in osteoporosis to develop nutritional bioactive ingredients and new drug leads. Both companies plan to jointly market these products globally, a release from Avesthagen stated.
Commenting on the investment, Dr. Helle Bechgaard, chairman of Avesta Nordic, said, “IFU had been keenly watching the rapid growth in the biotech sector globally, but more especially in India through our office in New Delhi, over the past two years. We have made this strategic investment in Avesta Nordic because we believe in its platform and the huge potential of this sector. IFU has high expectations from its partnership with Avesthagen and CCBR in Avesta Nordic, as this is their first investment in the biotech sector worldwide.”
Center for Clinical and Basic Research A/S (CCBR), established in 1992, is a private research institute that primarily works with conditions and diseases that arise in association with the menopause, especially osteoporosis.
IFU is an investment fund owned by the Government of Denmark with a mandate to promote economic activities in developing countries like India, by investing in commercial projects together with Danish industry.