Ocimum Biosolutions, involved in contract research outsourcing (CRO) services to pharmaceutical, biotechnology companies and research organizations globally, is planning to invest in research and development infrastructure and for expansion into new business lines. The company has requested IFC to subscribe up to $ 5 million of equity to fund its growth plans.
The company plans to invest about $12 million in the next 5 years to acquire the oligonucleotides business of a leading biotechnology firm and integrate it with its operations in India and invest in research and development infrastructure in the country.
Ocimum, with India as its base and subsidiaries in the US and Germany, recently acquired the Genomic Diagnosis Division of MWG Biotech AG, Germany (MWG) and integrated it into its Indian operations. Ocimum offers services to universities, research centres, various labs and pharmaceutical companies including basic human disease research, genetic analysis, pharmaceutical drug discovery and development, pharmaco-genomics, toxico-genomics and clinical diagnostics.
The life sciences sector has the potential to make significant improvements in the health of the Indian population and worldwide. New initiatives in life science sector in the emerging markets has a number of important benefits such as reversing the brain drain, ensuring access to high quality, cheap medicines for poor populations, providing jobs, helping exports and supporting innovation, science and technology for the developing world.
The proposed project may enable recruiting and training scientists to perform drug research services. It will also support global efforts in increasing developing country resources working on improving human health.