City based pharmaceutical major Shasun Pharmaceuticals Ltd has entered into a joint venture with US based Nanoparticle Biochem Inc to explore opportunities in the field of Nanotechnology.

As per the joint venture the company will invest close to USD 2-3 million over the next 18 months period, a top company official said.

"This is the company's first offshore tie-up, which paves way for the company's foray into Nanotechnology", Shasun Pharmaceuticals Managing Director S Vimal Kumar told PTI.

"Nanotechnology is gaining ground and with this JV we are getting access to it... ", he said.

"Research requires huge amount of investments.. We may require to invest Rs two-three Million USD over the next 18 months period for the development of lead molecule NBI-29 for prostate cancer", he said.

He said "NBI-29" is the molecule developed by Nanoparticle Biochem, Inc for the treatment of Prostate Cancer.

The company has entered into 50:50 JV with Nanoparticle Biochem, Inc (NBI) which is partly owned by University of Missouri, Colombia.

"They may have so many tie-ups with foreign companies... but this is the first time that a University has selected an Indian pharmaceutical company", he said.

The two parties have exchanged agreements last Friday and have floated a new company 'Shasun NBI LLC' which would handle the operations on the development in the field of Nanotechnology.