The Chennai-based Bafna Pharmaceutical Ltd is entering into a marketing tie up with the Bangalore-based Biocon Ltd for supplying cancer drugs, insulin and other biological products in Brazil. The discussion is on and it is likely to take final shape in another few months.

Under the agreement Bafna will provide eight cancer drugs, while Biocon would supply 4-5 insulin and other biological products.

"We are exploring Brazil market. Recently, we have gone through ANVISA audit, the regulatory authority of Brazil. The company has filled registration for its product and expecting final approval shortly," said a source with Biocon.

In an interaction with Pharmabiz, Bafna Mahaveer Chand, chairman and managing director, Bafna Pharmaceutical, said, "We are aggressively looking at Brazil market. We will be supplying eight drugs for the cancer therapeutic segment. All the products are developed by Bafna itself from our inhouse research and development centre."

Bafna Pharmaceutical has invested Rs 32 crore for setting up an export oriented unit at Grandyon in Chennai. The facility is built as per the UK Medicines and Healthcare products Regulatory Agency (MHRA) and good manufacturing practices (GMP) guideline. The company will be starting commercial activity very soon from this facility. It has a range of therapeutic products for domestic as well as international market. So far the company has developed 127 products for anti infective, cardiovascular, diabetes and pain management segments. Its 14 new products are in the pipeline, which are expected in another six months time from the new facility.

The company has international presence in Ukraine, Ghana and Sri Lanka. The company has filed five dossiers for the Sri Lankan market. During 2007-08, it has earned a total turnover of Rs 40 crore and is targeting to touch Rs 75 crore in the current financial year.