Cadila Healthcare Ltd and Bharat Serums and Vaccines Ltd (BSV), one of the top 10 biotech companies in India have signed a 50:50 joint venture agreement to set up a new company.

The joint venture company will develop, manufacture and market a non-infringing and proprietary novel drug delivery system (NDDS) of an approved anti-cancer product for global markets. With evidence of promising safety and anti-tumour activity in variety of cancer models in animals, this NDDS product has demonstrated competitive advantages that could differentiate it from the currently available dosage form. The product has been approved by the Drug Controller General of India (DCGI) for commercialisation in India, claims a company release.

As per the agreement, both companies will undertake a core development programme and are initiating clinical trials for product registration in leading pharmaceutical markets for potential treatment of multiple types of cancer. The annual global sales of currently available dosage form is likely to reach 500 million US$ in 2005. Cadila and Bharat Serums have also developed a global development programme to maximise the commercial potential of the product.

Pankaj R Patel, chairman and managing director of Zydus Cadila said, "We believe that the future of oncology market will be driven by novel drug delivery systems offering improved efficacy, better safety and improved tolerability profile resulting in optimal therapy for patients. The NDDS product has demonstrated scientific evidences to deliver these differentiating features for commercial success in global pharmaceutical markets. This collaboration with BSV complements our strategic focus on developing innovative injectable oncology products and highlights our commitment to global oncology markets."