Hyd-based firm to sell bio-generic product to German co

Hyderabad-based biotechnology firm Transgene Biotek will sell one of its bio-generic products 'Erythropoietin', to Tss Export GmbH for a total consideration of $5 million (over Rs 26 crore).

The management of Transgene has formalised the sale of technology of one of its bio-generic products, Erythropoietin to 'Tss Export GmbH FZE' for a total consideration of $5 million, Transgene Biotek said in a filing to the BSE.

Erythropoietin is a hormone produced by the kidney that promotes the formation of red blood cells in the bone marrow.

"This sale of technology is expected to be completed during a period of approximately 5-6 months," the filing added.

With the market for Erythropoietin set to become very competitive, the management of Transgene has decided to monetise some of the dormant technologies through either out-licensing or strategic partnerships within and outside India, it said.

The company had earlier out-licensed two of its technologies - a recombinant Hepatitis B Vaccine to one of the largest vaccine producers in the world, and more recently Orlistat to one of the biggest Indian pharma companies with a significant presence on the global arena.

Shares of Transgene Biotek were trading at Rs 47 on the BSE in late afternoon trade, down 10.39% from its previous close.