Strides Arcolab gains on JV with Pfenex

The stock of Strides Arcolab moved up over one percent on Wednesday as the company's subsidiary Agila Biotech and US-based Pfenex Inc entered into a joint venture to develop and manufacture six biosimilar products for global market.

As per the deal, Pfenex will be responsible for development of an optimised production strain, process and analytical package for each product, while Agila Biotech will be responsible for pre-clinical and phase 1 development as well as cGMP manufacturing.

"The lead product for the joint venture is interferon beta-1b, a biosimilar to Betaseron, indicated for relapsing-remitting and secondary-progressive forms of multiple sclerosis, commencing human clinical trials by Q4 2013," the company said in a release.

At 13:00 hours IST, the share was up 1.11 percent to Rs 827 on Bombay Stock Exchange, which gained as much as 2.7 percent intraday.
 
In the previous trading session, the share closed up 2.10 percent or Rs 16.85 at Rs 817.95.

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