The Hyderabad-based Indian Institute of Chemical Technlogy, a CSIR institute has signed an memorandum of understanding (MoU) with a Switzerland-based biotechnology drug discovery company.

The tie up aims at fostering collaboration in the areas of medicinal chemistry and cell biology. The collaboration is expected to help both the partners to excel in discovery of drugs related to cancer and diabetes.

Evolva has received venture capital funding from Andhra Pradesh Industrial Development Corporation-Venture Capital to the tune of Rs 6 crore, Neil Goldsmith, managing director of Evolva told Pharmabiz.

The company will depute scientists with expertise in cell biology, whereas IICT will offer its expertise in chemistry. IICT will also provide customised facilities that will be used by Evolva.

Evolva evolves small molecule drugs using massively combinatorial gene libraries that drive chemistry rich pathways. Its 'Watchmaker' technology platform replicates, on an industrial basis, the ability of nature to evolve molecules with exquisite design, but with the evolution directly aimed at making functional drugs - HIV blockers, anti-obesity compounds etc. Watchmaker can create, optimise and manufacture molecules that are outside the scope of the traditional synthetic chemistry approaches of the industry.

Evolva has acquired the pharmaceutical business and associated assets of Poalis, Denmark during early September 2005.