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Apollo ties up with Quintals for research

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Apollo Hospitals Enterprise Ltd (AHEL) tied up with US-based Quintiles, a pharmaceutical services company, to set up a phase I clinical trial research facility in Hyderabad.

Both the joint venture partners are expected to invest around $6 million, through a separate company, which will be formed for this purpose.

Apollo Hospitals Enterprise Ltd and Quintiles Mauritius Holdings Inc, have entered into a shareholders agreement in this regard on January 27, 2009 at Hyderabad.

Quintiles and AHEL will be funding the project cost in the ratio of 60-40 respectively through a combination of debt and/or equity.

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