Claris mulls Rs 300-cr capex

The Ahmedabad-based injectable drug manufacturer Claris Life Sciences, which is foraying into biosimilar drugs or copycat version of off-patent biotech drugs, is planning capital expansion to the tune of Rs 200 to Rs 300 crore. This money would be spent in setting up new manufacturing facilities and expanding business.

The over-Rs 600-crore company is developing six biosimilars, which include innovative drugs and delivery systems for cancers and nephrology-related diseases, said Aditya Handa, chief financial officer of Claris Life Sciences.

"We are developing some innovative new drug delivery systems and may outlicense or enter into strategic alliances with other manufacturers once we commercialise these products," he said.

The company is also planning to set up manufacturing facilities which are in compliance with the norms laid down by US Food and Drug Administration. These facilities would manufacture biosimilars and cancer drugs. Some of the existing plants at Ahmedabad will be expanded and modernised.

Claris currently manufacturers and markets specialty liquid drugs for nutrition, anaesthesia, blood products and plasma volume expanders, anti-infectives, dialysis and transplants, cardiac-care, infusion therapy and medical disposables. The company was planning an initial public offer (IPO), but deferred it due to adverse market conditions, he added. Claris has charted out aggressive expansion plans for the US and European markets.