Oman-India Venture Buys US Drug Firm
Hyderabad-based Shantha Biotechnics Private Ltd., a 50:50 Oman-India joint venture, has purchased a US pharmaceutical firm specialized in the research and development of monoclonal antibodies, Khaleej Times reported Wednesday.
The companey was quoted by the daily as saying that its wholly-owned subsidiary, Shantha West, based in Delaware, USA, has acquired East West Labs bringing into its fold five monoclonal antibodies - TB94 for lung cancer, RM 2 and 3 for pancreatic cancer, RM 4 for breast cancer and RM 5 for multiple cancer therapy.
"These products would be unique as they are from the human system," company officials told a Press conference held Monday.
Set up in 1993, Shanta Biotehnics is a joint venture between Indian and Omani businessmen, led by its founder and chairman Yusuf bin Alawi bin Abdallah.
Total investments in the firm now stand at $17.5 million, and the market capitalization is $193 million. In 1999-2000, it earned a net profit of $2.72 million on a turnover of $6.82 million. The company was the first in India to launch an indigenously developed r-DNA technology for the manufacture of Hepatitis - B vaccine. The low-cost vaccine, Shavac-B, now enjoys a 46 per cent share of the Indian market for Hepatitis - B vaccines – Albawaba.com