Avesta Biotherapeutic and Research Pvt. Ltd. (ABRPL), a joint venture between Avesthagen and Meditab Specialities of the Cipla Group has inked a pact with the Malaysian Biotechnology Corporation. The pact will enable ABRPL to enhance its infrastructure needs with an objective to accelerate its 11 bio-similar product development programme.
Under the pact, the Biotech Corp will facilitate the ABRPL's investment in Malaysia. It is an agency under the purview of the Ministry of Science, Technology and Innovation, owned wholly by the Ministry of Finance engaged in identifying the value propositions in the biotechnology sector in both R&D and commerce and supports these ventures via financial assistance, and developmental and facilitation services.
Dr Villoo Morawala Patell, founder and managing director of Avesthagen said, "Malaysia's commitment to the advancement of science & technology is well known and therefore I am sure that Avesthagen's relationship with Malaysian Biotech Corp will see a global need for biosimilars."
ABRPL, through this MOU, would like to establish a Malaysian legal presence and would place the intellectual property rights for the product with ABRPL Malaysia. This would also give ABRPL Malaysia an opportunity to obtain the BioNexus Status offered by the Government of Malaysia as well as apply for any relevant incentives as soon as practicable. Biotech Corp has also agreed to facilitate the BioNexus Status application, however it would depend on eligibility.