Date:23/07/2005 URL: http://www.thehindubusinessline.com/2005/07/23/stories/2005072302650200.htm

Back Avestha's Danish partners invest 5 m euros in joint venture

Our Bureau

Bangalore , July 22

AVESTHA Gengraine Technologies Pvt Ltd has announced that its two Danish partners have invested 5 million euros (around Rs 26 crore) in its Danish joint venture. The investment follows a triangular alliance formed last year.

The Bangalore-based life sciences company has put in euro 2.5 million (around Rs 13 crore) in Avesta Nordic Research Pvt Ltd, a joint venture with Denmark's CCBR (Centre for Clinical & Basic Research) and the Danish State-owned investment fund, Industrialisation Fund for Developing Countries (IFU).

The tie-up will cover the diagnosis, treatment and prevention of osteoporosis and related bone disorders. The partners expect to put together a comprehensive platform to develop novel technologies for these.

Avesthagen said it also expected to link its competences in pre-clinical research with CCBR's experience in clinical research in osteoporosis to develop nutritional bioactive ingredients and new drug leads. The two companies plan to jointly market these products globally.