Hyderabad: US-based drug development player CritiTech Inc, which is focused on super critical fluid technology, has joined hands with Hyderabad-based formulation development services company Finoso Pharma Pvt Ltd to set up a 50:50 joint venture - Finotech Pharma.
The joint venture (JV) company, which will have its business office in the US, is being set up with an initial investment of $1 million. Finotech Pharma will provide alternative API size reduction technology and particle design services to pharma companies to meet their R&D and early clinical trial supply needs. These particles are used in a range of formulated products that can be delivered through oral dosage forms, intravenous suspensions and inhalation.
As part of the JV agreement, Finoso Pharma will be contributing its existing facility and its 30 scientists based out of Hyderabad, while CritiTech will provide specialized fine particle production equipment, new techonologies, technical expertise and business and marketing support.
The two companies will be jointly working to develop products for oncology, lung diseases, pain management, neurotic segment as well as other therapeutic areas and hope to generate revenues largely from royalties on the final patented product and API development processing fee. The JV hopes to develop atleast three molecules each year.
"This joint venture is a strategic opportunity for both the companies. By combining our experience in the domestic and international product development market with CritiTech's technology and expertise, our clients will recieve a higher level of service and new drug delivery options for their products,"" said Finoso Pharma managing director Kumar Kurumaddali said.
"CritiTech is pleased to be expanding the access to its technology in India to address emerging needs and improve access to technology that enables different drug delivery options,"" CritiTech CEO Dr David Johnston said.
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