Nicholas Piramal signs two Platform Technology agreements with Morvus Technology Limited, UK

Nicholas Piramal India Ltd has announced that Morvus Technology Ltd, the Wiltshire, UK-based drug Discovery Company, and the Company on October 27, 2006 have announced the signing of two license agreements. Under these agreements, the Company gets the rights to develop and commercialise two of Morvus’ technologies.

The first agreement relates to Morvus’ platform technology that allows the identification novel genes and proteins associated with programmed cell death, thus opening the way for therapeutic programmes to attenuate their effects. The Company will be responsible for developing the technology to generate new drugs in the areas of Diabetes and Rheumatoid arthritis.

The second agreement encompasses a combination therapy for cancer, which utilises specific Cyclin Dependent Kinase inhibitor to enhance the effectiveness of known anti-cancer drugs.

Morvus will be entitled to initial fee payments for both contracts and will also be entitled to milestone and 2% royalty payments, as potential products progress to the market.

Mr Ajay Piramal, Chairman, of the Company said, "We are pleased to partner Morvus Technology in drug discovery platforms, which reinforce our discovery research efforts. Morvus is doing excellent work from its laboratories in the UK, a region where we continue to find excellent opportunities for partnering in high-end work".

Since early 2005, the Company has made significant investments in the UK across its businesses. The Company acquired the Inhalation Anaesthetics business of Rhodia Organique Fine Ltd, UK, in January 2005 followed by acquisition of the Custom Manufacturing business of Avecia Group, UK in December 2005 and acquisition of the Morpeth-based Pharmaceutical manufacturing Unit of Pfizer, UK in June, 2006. With these investments, the Company now has four manufacturing facilities in the UK, which employ nearly 650 people. The Company has recently been short-listed for the "UK Trade and Investment India Business Awards 2006".

Source : Equity Bulls

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