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NT Bureau
Chennai, Jan 8:

        Indian biotech major, Biocon Limited and Abu Dhabi-based Neopharma have signed an MoU to establish a joint venture to manufacture and market a range of bio-pharmaceuticals for the GCC countries (Gulf Cooperation Council).

        This agreement between the two companies would result in the development and marketing of life saving biopharmaceuticals. Speaking on the occasion of the new initiative, B R Shetty, chairman and CEO of Neopharma group, said, 'our foray into biotechnology will catalyse a wave of initiatives in the Gulf region.'

        Shetty is a recipient of Abu Dhabi Award and well recognised for his contribution in providing healthcare in the UAE through a chain of hospitals, pharmacy chains and a pharma distribution network.

        'The GCC region is an important market for Biocon and the venture with Neopharma is an important milestone for Biocon's global foray. Neopharma has established a world class manufacturing facility for finished formulations which was inaugurated by President Abdul Kalam in 2003,' said Kiran Mazumdar - Shaw, chairman and managing director, Biocon Ltd.

        The joint venture would leverage the position that Neopharma commands in the region and expand Neopharma's existing portfolio with a range of Biocon's generic and novel therapeutics that encompass diabetes, oncology, auto-immune and immuno-suppressive drugs.