Nov. 23, 2009 (The Hindu Business Line) --
The stake in Millipore India P Ltd was held by Bangalore-based pharma entrepreneur, Mr Subhash Bagaria.
Mr Bagaria is the Chairman and Managing Director of contract drug maker Kemwell Ltd, which in 2006 acquired Pfizer (NYSE:PFE) ’s bulk drugs arm in Sweden for an undisclosed sum.
The Rs 300-crore Kemwell makes finished products for AstraZeneca (NYSE:AZN) , Bayer, GlaxoSmithKline (NYSE:GSK) , Johnson & Johnson (NYSE:JNJ) , Novartis (NYSE:NVS) and Pfizer.
The Massachusetts-based company said it would accelerate growth initiatives in the emerging Indian market through its now fully-owned subsidiary. Dr Martin Madaus, Millipore’s Chairman, President and CEO, was cited as saying, “By establishing direct operations in the country, we will be able to more effectively execute our strategy and leverage our capabilities to accelerate growth and support our growing customer base in this dynamic market.”
The joint venture formed in 1988 employs some 300 people and has offices in Delhi, Ahmedabad, Mumbai, Kolkata and Hyderabad.
Its clients include pharmaceutical and biotechnology drug manufacturers, researchers, scientists and academia.
Growth drive
According to Mr Sudhir Kant, President, Millipore India, the company would drive growth through more collaborations in drug discovery and development, the production of biologics and vaccines and research.
A Millipore release said India, with more than 80 USFDA-approved drug plants, was an important part of its emerging markets plan that covers Brazil, Russia, China and Singapore.
A team led by Mr Geoffrey Ide, Corporate Vice-President, is slated to visit the city on December 7.
The joint venture formed in 1988 employs some 300 people and has offices in Delhi, Ahmedabad, Mumbai, Kolkata and Hyderabad.
