The company is looking for more acquisitions in pharma sector, a top company official said here.
“We have signed an agreement to acquire worldwide rights to the molecular imaging research and development portfolio of Bayer Pharma AG through newly created subsidiary - Piramal Imaging SA,” Piramal Group chairman Ajay Piramal told reporters here.
Piramal will acquire intellectual property, worldwide development, marketing and distribution rights of florbetaben and other clinical and pre-clinical assets of Bayer's molecular imaging business in the deal. Florbetaben is in the final stages of its phase III clinical trials, which helps detect beta-Amyloid plaque deposition in the brain - an indication of probable Alzheimer's disease.
Financial aspects of the deal were not disclosed, but Piramal said that the acquisition will be funded through internal resources, which is quite adequate.
This is the second acquisition of late stage assets after our acquisition of assets of BioSyntech in 2011, where we have recently received the European CE mark approval for an innovative bio-orthopaedic product for cartilage repair, BST-CarGel, which enables the company to commercialize BST-CarGel in all of the countries in the European Union, Piramal said.
“We plan to build a promising portfolio in the pharma space, including our newly acquired molecular imaging assets, which will help us create a global branded pharma business,” he said.
Commenting on Piramal Imaging SA, Piramal said that as per the agreement, the company will have the intellectual property (including patents, trademarks and know-how), worldwide development, marketing and distribution rights of the lead compound florbetaben as well as other clinical and pre-clinical assets of Bayer's molecular imaging business.
Piramal estimates that the new class of PET imaging agents for Alzheimer's has a global market potential of up to USD 1.5 billion and is setting up a dedicated global commercial team for florbetaben. Core members of Bayer's research and development team working on the portfolio will be joining Piramal Imaging, which will carry forward the development of florbetaben and take it through regulatory approval processes worldwide.
The company will file for US approval of the treatment in late 2012, Piramal added.
Replying to a quary on investment in Vodafone, Piramal said, “we have made a short-term strategic investment in the company. We plans to expand activities in pharma based areas and financial services sector in the future through an inorganic growth,” he said.