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INTAS Pharmaceuticals Ltd has tied up with the Bangalore-based Avestha Gengraine Technologies Ltd to develop an osteoporosis drug.
As per the agreement between the two companies, Avestha would develop the bio-therapeutic drug which would be produced and marketed by Intas, an Ahmedabad-based company, that claims to be ranked 22nd in the pharmaceutical and healthcare sector.
The Avestha Chief Executive Officer, Ms Villoo Morawala Patell, told Business Line that the two companies hope to have the drug in the market in the next three years. The funding for research on the compound would come from Intas. In addition, Avestha would also be entitled for a success fee after the product was commercialised, Ms Patell said.
Avestha, a four-year old R&D company with 120 employees, has got venture funding to the tune of Rs 45 crore and is already working with leading pharmaceutical companies such as Cipla, Ranbaxy and Torrent. It has developed a drought-resistant strain of rice and drugs for diabetes and obesity that are now ready for trials, she added.
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