Avesthagen subsidiary signs agreement with Biotech Corp

Bangalore: AvestaBiotherapeutic and Research (ABRPL), a joint venture between Avesthagen and Meditab Specialities, which is part of Cipla group, has signed a memorandum of understanding (MoU) with Malaysian Biotechnology Corporation (MBC) for manufacture of biosimilars.

MBC is an agency under the purview of the Malaysian ministry of science, technology and innovation and owned wholly by the ministry of finance.

The agency identifies value propositions in the biotech sector in both research and development and commerce and supports these ventures via financial assistance, and developmental and facilitation services.

The agency wants to facilitate ABRPL's investment in Malaysia.

Through the MOU ABRPL wants to establish a legal presence in Malaysia and would place the intellectual property rights for the product with ABRPL Malaysia.

This would also give ABRPL Malaysia an opportunity to obtain the BioNexus Status offered by the Malaysian government as well as apply for any relevant incentives as soon as practicable.