Shares of Aurobindo Pharma were gaining sharply on Thursday after its unit signed a letter of intent with a Big Pharma firm’s Singapore unit.
What Happened: CuraTeQ Biologics, a wholly-owned subsidiary of Aurobindo Pharma, is in discussions with Merck Sharp & Dohme Singapore Trading (MSD) and its affiliates for contract manufacturing operations. This development follows the earlier announcement regarding the expansion of biologics manufacturing facilities and exploring contract manufacturing possibilities.
CuraTeQ, along with its subsidiary TheraNym Biologics, is seeking to collaborate with the US-based biopharmaceutical company, MSD. To expedite the process and meet project requirements, CuraTeQ will initiate the procurement of long-lead equipment and commence civil works for the manufacturing facility.
What It’s About: The proposed manufacturing facility will feature large-scale bioreactors for mammalian cell culture drug substance production and include a vial filling isolator line for commercial drug product manufacturing.
The parties have signed a limited letter of intent with the intention of concluding negotiations by March 31, 2024. This collaboration could mark a significant step for CuraTeQ in expanding its biopharmaceutical manufacturing capabilities and serving the US market.
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Price Action: Audobindo Pharma’s share price was up 1.62% at ₹914.45 at the start of trade on Thursday.
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