The Hyderabad based Jupiter Bioscience Ltd is planning to raise Rs 50 to 60 crore soon to fund its expansion in the field of peptides. The company management is looking at the option of raising money mainly through borrowings, according to industry sources.

The company's immediate plan is to move up the value chain to commercialise and introduce generic peptide drugs in the domestic and international market such as -oxytocin, vasopressin, desmopressin, leuprolide, lisinopril and calcitonin.

When contacted by Pharmabiz, Venkat Kalavakolanu, chairman of the company, said, "We have plans to develop and commercialise advanced peptide drugs. We are considering going for borrowings for the funds. It is too early to disclose any further details." The research for commercialisation activities on new peptides will take place at company's 100 per cent subsidiary Sven Genetech Ltd, he added.

JBL was the first company in Asia to introduce and commercialise molecules based on peptide chemistry. Its drugs are applied in the fields of AIDS, CVS, cancer and vaccines. The company has three specialized product lines- peptide reagents and protected amino acids, drug intermediates and speciality chemicals, as well as fine chemicals.

These products are utilised by biotech companies and research organizations for the production of new generation drugs. The company has successfully launched peptide precursors, essentially the main raw materials for generic peptide drugs. It has developed processors, products and commercialised the product group protected amino acids.

The company also has an American subsidiary 'Jupiter Bioscience Inc,' which is expected to enhance its presence in the peptides and peptide-based drugs business in the global market. The company is likely to set up manufacturing facilities for peptide based bulk actives, said sources.

The promoters holding in Jupiter Biosciences stood at 27.82 per cent. The other major shareholders in the company include Indian public with a holding of 40.59 per cent and private corporate bodies with a share of 25.68 per cent. The share is currently trading on the Bombay Stock Exchange in the range of Rs 130. The company's borrowings currently stand at Rs 51 crore as against its net worth at Rs 87 crore.