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Strides Arcolab shines as its arm enters into a Joint Venture to develop Biosimilar products

17 Apr 2013 Evaluate

Strides Arcolab is currently trading at Rs. 833.00, up by 15.05 points or 1.84% from its previous closing of Rs. 817.95 on the BSE.

The scrip opened at Rs. 829.00 and has touched a high and low of Rs. 837.85 and Rs. 822.00 respectively. So far 17,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1224.90 on 05-Dec-2012 and a 52 week low of Rs. 622.25 on 17-Apr-2012.

Last one week high and low of the scrip stood at Rs. 861.80 and Rs. 786.50 respectively. The current market cap of the company is Rs. 4,910 crore.

The promoters holding in the company stood at 27.39% while Institutions and Non-Institutions held 55.84% and 16.77% respectively.

Agila Biotech, a subsidiary of Strides Arcolab and Pfenex Inc have entered into a joint venture to develop, manufacture and commercialize an initial pipeline of six biosimilar products for the global market. Operating as a JV, wherein both parties will equally share in decision making regarding product development and commercialization, Agila Biotech will be a 51% equity stakeholder.

This multiproduct joint venture combines Pfenex's industry-leading expertise in strain engineering and process development with Agila Biotech's biologics manufacturing and clinical development excellence. The lead product for the joint venture is Interferon beta-1b, a biosimilar to Betaseron, indicated for relapsing- remitting and secondary-progressive forms of multiple sclerosis, commencing human clinical trials by 04 2013.

Under the terms of the agreement, Pfenex will assume primary responsibility for development of an optimized production strain, process and analytical package for each product, while Agile Biotech will be responsible for pre-clinical and Phase 1 development, as well as cGMP manufacturing. The joint venture will then progress the products through Phase 3 and into commercialization. Manufacture of the collaboration products will be carried out at Agila Biotech's state-of-the-art manufacturing facility being built with Bio-XCell at Nusajaya, Johor, Malaysia –a 160 acre site comprised of customized biotech facilities.

Strides Arcolab is a global pharmaceutical company headquartered in Bangalore, India that develops and manufactures wide range of IP-lead niche pharmaceutical products with an emphasis on sterile injectables.

Strides Pharma Scien Share Price

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