Indian Stock Market

Praj Industries ties up with Novozymes on Advanced Biofuels

PRAJ Industries , a leading company in biofuel technology and plants, and Novozymes, the leading enzyme provider to the biofuel industry, have decided to collaborate on advanced biofules. Together, PRAJ and Novozymes will optimize the enzymatic hydrolysis processes and the use of enzymes in the production of advanced biofuel. The collaboration agreement was signed in Copenhagen by Pramod Chaudhari, Chairman of PRAJ and Steen Riisgaard, President & CEO of Novozymes A/S, to mark the climate change summit in Copenhagen. Pramod Chaudhari and Steen Riisgaard are both attending the 15th United Nations Climate Change Conference (COP15) taking place in Copenhagen from December 7 to 18, 2009. The two companies have worked together for several years within conventional biofuels.

On the occasion of signing the collaboration agreement Mr. Pramod Chaudhari, Chairman, Praj Industries said, “PRAJ is engaged in pilot trials of advanced biofuels at our PRAJ-Matrix innovation center in India. We have been working with various agri-residues, including sugarcane bagasse, corn cobs, straw, wood chips and grasses. Our progress in cellulose-to-ethanol processing combined with the experience of Novozymes in this are is a significant development which will enable a significant reduction in the cost of enzymes for the production of cellulosic ethanol.”

“Novozymes’ strong commitment to sustainable biofuels and not least to developing enzyme technology for the commercial production of cellulosic biofuel is well known. We believe this collaboration with PRAJ will be instrumental in ensuring rapid deployment of cellulosic biofuel in India as well as in other parts of the world,” said Steen Riisgaard, President & CEO of Novozymes A/S.

India and other countries that have been working to develop and to deploy biofuel will see clear benefits, from job creation in rural areas to improved energy security. The world will benefit from significantly reduced CO2 emissions in the transport sector, which today is the second largest and fastest growing source of CO2 emissions.

Biocon and Amylin Pharmaceuticals have entered into a partnership.

Biocon has gained on partnership with Amylin Pharmaceuticals for global development and commercialization agreement for a Novel Peptide Hybrid.

The company has informed that they have entered into a partnership with Amylin Pharmaceuticals to jointly develop, commercialize and manufacture a novel peptide therapeutic for diabetes treatment. Both companies will collaborate to develop the drug and share development costs.

Vaccine maker Panacea Biotec is foraying into the hospital business by setting up a 220-bed multi-specialty hospital with Gurgaon-based Umkal Medicals. Panacea Biotec has picked up 75% stake in Umkal’s project at Gurgaon and expects the hospital to be operational by January 2010. The Delhi-based pharma company has signed an agreement with shareholders of Umkal. Umkal has three hospitals in Delhi and the national capital region (NCR). However Panacea’s interest in Umkal will be limited to the Gurgaon project.

According to initial estimates the project will cost around Rs 80 crore. The company will target overseas patients and affluent Indians, which would be close to 25-30% of the market. Panacea Biotec joint MD Rajesh Jain said: “It is the company’s long term strategy to enter the private healthcare segment to make the company a leading health management company. Based on the experience from this project, we may look at starting a hospital chain.”

Biocon today announced the launch of a new drug delivery system, a pre-filled safety syringe device for two of its lifesaving drugs for kidney and cancer patients.

The new device, launched in collaboration with US-based Safety Syringes Inc, would reduce the chances of needle stick injuries, Biocon CMD Kiran Mazumdar Shaw told reporters here.

The products named “Erypro Safe” and “Nufil Safe” have a needle guard that is activated immediately after injecting the patient, thus reducing the chances of needle stick injuries, which often exposes health workers and doctors to chances of picking up of blood borne infections like HC, HB and HIV.

Though erythropoietin used in the treatment of kidney diseases and the granulocyte-colony stimulating factor (GCSF) used by cancer patients, were currently made available in pre-filled syringe form by other companies, this is the first time in India that Biocon has launched it in a syringe form incorporating the safety device needle feature, she said.

The patient can now be injected the drug conveniently, without drawing the drug into a syringe from a vial and measuring it. The patient can purchase the syringe and directly inject it without exposing himself to needle stick injuries or others to it.

The syringe has improved needle sharpness of five bevel size as against the three bevel size. The force required to penetrate a patient’s skin due to this sharpness is 25 per cent lesser, reducing the patient’s perceived pain.

“Pre-filled syringes are advantageous for self-injecting patients. The needle is a retractable needle, and device is tamper proof and ensures that it is non reusable”, she said.

Avesthagen IPO : Avesthagen IPO soon

Bangalore-biotech firm Avestha Gengraine Technologies (Avesthagen) is preparing for an IPO. The company plans to raise $100 million through a combination of capital markets and a pre-IPO placement to private equity funds, reports Business Standard, quoting Avesthagen founder and CEO Villoo Morawala Patell.

Avesthagen is the largest venture funded company in India with about $42-44 million being raised from entities like

New York Life Investment Management India Fund ($5 million), and from a group of investors like Fidelity International, the French companies Groupe Limagrain and Daninvest of Groupe Danone ($32.5 million), besides $5-7 million from Indian corporates like Godrej, Cipla, the Tata Group and ICICI Venture.

Avesthagen is focussed on the convergence of food, pharmaceuticals and clinical genomics. The company provides solutions to agriculture and health disorders such as degenerative diseases, metabolic disorders and infections.

Avesthagen’s clients include food and pharma companies such as bioMerieux, Cipla, Godrej Industries, Nestle, Groupe Limagrain, and Danone. It plans to commercially launch some of its products for the bio-pharma and bio- nutritional markets in 2008.