The Andhra Pradesh High Court vide its order dated February 07, 2005, has approved the petition filed by the Hyderabad-based Transgene Biotek for amalgamation of Saket Biotechnologies Pvt Ltd as per the Scheme of Arrangement attached to the order.

Saket Biotechnologies, in collaboration with the Indian Institute of Chemical Technology (IICT), has developed a Novel Drug Delivery System (NDDS) for the oral delivery of proteins and peptides. This breakthrough nanoparticulate technology platform has already been granted US patent rights.

The target protein is encapsulated within biopolymer-derived nanoparticles, which are then carried on the backbone of a known vitamin analog. Initially it is being used to deliver Insulin and Hepatitis B, but the platform has the potential to deliver other proteins and peptides also. Saket has exclusive global marketing, sales, licensing and production rights over the NDDS and all the intellectual property developed.

The company will explore the possibility of partnering with major pharmaceutical players who have global reach to manufacture and market these products.

Frost & Sullivan, in association with APITCO, was appointed to recommend a swap ratio based on a fair valuation report. They did this by valuing Transgene as well as calculating the commercial value of the technology developed and patented by Saket Biotechnologies in association with the scientific team at IICT.

While the platform was deemed to have potential for application in the effective oral delivery of several proteins and peptides, the final valuation of Saket's technology was based only on the expected commercial value in the global market for the first two products being developed using the technology, i.e. rh-Insulin and Hepatitis B surface antigen.