Hyderabad-based Finoso Pharma Private Limited, a formulation development company, on Thursday formed a 50:50 joint venture (JV) with US-based CritiTech Inc, a drug development company.
“The joint venture will provide alternative API (active pharmaceutical ingredient) size reduction technology and particle design services to the pharmaceutical industry with associated formulation services to meet the research and development (R&D) and the early-clinical trial supply needs,” Kumar Kurumaddali, managing director, Finoso Pharma, told mediapersons here.
The company signed a memorandum of understanding (MoU) with CritiTech on Thursday. Under the agreement, CritiTech will provide specialised fine-particle production equipment, its technical expertise and business and marketing support,while Finoso will bring its manpower and existing facility located in Hyderabad.
“The focus will be on generic components and on therapeutic areas including anti-cancer and lung disease areas,” Kurumaddali said.
The three-year-old company has recorded $1.5-million turnover during the last financial year. “We have plans to roll out its operations in Australia, Europe, the US and Canada markets,” he said.
The JV, which will be named as Finotech Pharma, is of roughly around $1 million. Initially, the investment will be made for equipment, manpower and in developing the molecules.
David Johnston, chief executive of CritiTech Inc, said, “By next year, we expect to close the regulatory filings for three products out of this JV.”
