The Hindu : Andhra Pradesh / Hyderabad News : Biotech firm to set up new lab

Online edition of India's National Newspaper
Sunday, Dec 17, 2006
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Andhra Pradesh

Andhra Pradesh - Hyderabad

Biotech firm to set up new lab

Special Correspondent

Ocimum Biosolutions announces plans to invest Rs. 120 crores

Oligos, a synthetic gene fragment to be produced

Ocimum, Netherlands firm exchange documents

HYDERABAD: Ocimum Biosolutions, a leading biotech company, has announced plans for investing Rs. 120 crores (US $ 26.5 million) for acquiring Oligo business in Europe and integrate it with the company's Indian operations.

Ocimum, that acquired Isogen Life Science of Netherlands last month, raised US $ 6.5 million in equity and debt from International Finance Corporation for funding the acquisition and setting up a new lab in the country. The new lab would produce Oligos, a synthetic gene fragment used in molecular biology used by all biotech companies. Ocimum Chairman L.V. Subba Reddy, CEO Anuradha Acharya and Isogen Managing Director Hans Beijersvergen exchanged the acquisition documents and investment papers in the presence of Chief Minister Y.S. Rajasekhara Reddy on Saturday.

YSR's assurance

Speaking on the occasion, Dr. Reddy said the State Government would extend the necessary infrastructure for the investors in biotech segment.

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