Wockhardt Ltd has signed a memorandum of understanding (MoU) with Maharashtra Industrial Development Corporation to establish a special economic zone (SEZ) at Shendra, in Aurangabad at a total investment of Rs 700 core.
"This SEZ will provide the base for a new thrust in international markets that will drive Wockhardt's growth in the coming years, it will make Aurangabad as a major hub for pharmaceutical and biotechnology industries," a senior company official told Pharmabiz. The SEZ will be spread over 107 hectares of land leased by MIDC at Shendra.
"We will take 3 to 5 years for completion of our SEZ. We are also establishing a state-of-the-art pharmaceutical and biopharmaceutical manufacturing and research facility at our SEZ. This will provide employment to an estimated 2,000 people," he added.
The State government's clearance of the project is part of its strategy to promote development of backward areas in the state. Wockhardt has complimented the state government for its support and fast clearance of the first major pharmaceutical and biotechnology SEZ in the state.
The SEZ will house manufacturing facilities for active pharmaceutical ingredients, biopharmaceuticals, research and development centre, effluent treatment plant, a corporate office, warehouse and a residential and recreational complex.
Wockhardt currently has 10 manufacturing facilities, including one in the UK, most of them certified by international regulatory bodies like the US FDA. The proposed plants at the SEZ will also be built for international regulatory compliance.
Its new drug discovery programme has yielded several promising new molecules, one of which is now in phase II human clinical trial, WCK-771. The US and European Union contribute to half of Wockhardt's sales; it has a market capitalisation of over $1 billion.
The company has filed around 20 ANDAs. So far it has received 6 ANDA approvals in the period ending of September 2006. The company has received US FDA approval for its six facilities. During the quarter ended under review, wockhardt acquired two companies, namely Dumex India, in domestic area and Pinewood Laboratories in Ireland. Dumex acquitions strengthened wockhardt's nutrition portfolio by doubling it, with two prestigious brands of Protinex and Farex.
Wockhardt has infrastructurally sophisticated research complex, with around 400 scientists, 100 of whom are PhDs.
Wockhardt is one of the earliest companies to set up a manufacturing facility at Aurangabad. The company has its own Biotech Park in Aurangabad. The company's expertise in biopharmaceuticals is backed by robust manufacturing, regulatory and marketing infrastructure, offering huge opportunities for outsourcing and potential alliances with biotechnology leaders in the US and European Union.