Actimus Bio to set up $5mn lab in Vizag

Actimus Biosciences Private Limited (Actimus Bio), an independent contract research organisation, will be investing $5 million in Visakhapatnam over the next one year.

Addressing the media here on Wednesday, Michael Fernandes, chief executive officer of Actimus, said that the company had already invested $2.5 million in setting up a bioequivalence and bioavailability study centre at Visakhapatnam.

"As part of the phase II development, we are setting up an analytical laboratory in the city at an investment of $5 million over the next one year," he said.

The company sees immense business potential once the Pharma City, which is being set up here, becomes operational.

"Three Indian pharmaceutical companies "� Panacea Biotec, Hetero Drugs and Natco Pharmaceuticals "� have already expressed their willingness to use our Vizag facility for bioequivalence and bioavailability studies. We are also negotiating with Dr Reddy's Laboratories for a similar contract," he added.