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GVK Bio opens R&D centre for Wyeth

— PHOTO: MOHAMMED YOUSUF

CONTRACT RESEARCH: G. V. Sanjay Reddy, Managing Director, GVK Biosciences, addressing presspersons in Hyderabad on Saturday.

HYDERABAD: GVK Biosciences Pvt. Ltd. on Saturday opened an exclusive chemistry centre for conducting contract research for Wyeth, a U.S.-based pharmaceutical and healthcare company. The new facility will be responsible for designing synthetic routes for new molecules, carrying out the synthesis and characterisation of target molecules for Wyeth.

Addressing a press conference here, Managing Director of GVK Bio, G. V. Sanjay Reddy, said the company was planning to raise private equity of Rs. 100 crore by December.

It was planning to acquire some companies within and outside India, though it had not zeroed in on any one so far. Besides, GVK Bio would raise equity through the public, but Mr. Reddy did not specify any timeline. The new chemistry centre would have 200 scientists to help Wyeth in drug discovery.

He said the company was planning to build a research and development (R&D) laboratory.

President of Wyeth R&D, Robert R. Ruffolo Jr, said his company would usually work on 15 drugs annually and put them for development.

The GVK Bio chemistry centre would significantly complement Wyeth’s capacity.

Chairman of GVK Bio, D. S. Brar, said the first part of Rs. 75-80 crore from the private equity fund would be used for building a modern campus in 25 acres in the city.

The second part would eventually be used for mergers and acquisitions within India, apart from using debt and other financial instruments. The private equity holder would partner GVK Bio in larger acquisitions.

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