Celon Labs-Aurobindo tieup to develop oncology products
Dec 09 2013 , Hyderabad
Market for cancer drugs pegged by 2018 at $100 billion
Aurobindo Pharma owns 60 per cent in the SPV and the rest is with Celon.
“Both the companies will be making significant investments towards this joint venture, including Celon transferring one of its upcoming hormonal manufacturing facilities at Hyderabad. This would enable to file or submit products for the US and other markets from 2014 onwards,” the company said in a statement.
Estimates suggest that it could be a $100 billion market for oncology drugs alone by 2018.
“The joint venture brings both companies one step closer in developing high quality, complex injectable hormonal and oncology products and also support their strategy to enter key regulated markets including US and Europe,” said Vijay Vasireddy, chief executive officer.
Celon Labs has a product portfolio that caters the niche therapy segment in areas like oncology, critical care and gynecology. Like in Celon, Aurobindo had made strategic acquisitions and investments into Silicon Labs to maintain supplies of Penem non-sterile APIs along with Hyacinths Pharma, earlier this year.
Meanwhile, by 2015 financial year Celon Labs was targeting to achieve a turnover of Rs 450 crore.