TCG Lifesciences, Pfizer sign drug research dealBy IANS
Tuesday, January 5, 2010
KOLKATA - Contract drug research firm TCG Lifesciences Tuesday said it has tied up with pharmaceutical major Pfizer to develop a portfolio of drug molecules.
The two-and-a-half-year deal would involve Pfizer pumping in funds for the project, according to TCG managing director Swapan Bhattacharya.
However, TCG — a privately-held company promoted by non-resident Indian Purnendu Chatterjee and having units in India, Europe, Japan and the US — plans to execute the project by an earlier date.
“We would take the research to the animal testing level and then Pfizer will take it to the drug production stage on a commercial level,” Bhattacharya said.
Pain, inflammations and infectious diseases would be the focus of the research project.
TCG already has an agreement with Pfizer, but this is restricted to providing research services.
In comparison, the new deal is more comprehensive as it provides opportunity to harness intellectual property, Bhattacharya said.
With the primary market yet to revive, TCG has no immediate plans to resurrect its move to come out with its maiden public issue.
“The IPO market has not revived, there is only interest in the secondary market,” he said.
In 2007, the company had filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an offer of 9.5 million equity shares, but put the proposal on the backburner when the markets went into a tailspin.