US biotech Actis to invest $21M in India

US biotechnology firm Actis Biologics has confirmed plans to move into India with an initial investment of $21.0 million to set up a large-scale research facility in Mumbai and multiple manufacturing sites in the country, reports the local newspaper, Business Standard.

Actis' chief executive, Sanjeev Saxena, told Business Standard that, "by setting up the Indian company, we are shifting our major research and manufacturing thrust in the biotechnology segment to India."

The company is reported to have several promising biopharmaceutical candidates at various stages in its development pipeline. One of the most promising, according to the newspaper, is a treatment for colorectal cancer that is about to enter Phase III clinical trials, and is expected to reach the market within 18 months. This compound has been developed utilizing angiozyme technology and has been patented globally by Actis. It is expected to be a blockbuster in the colorectal cancer market, which is now valued at some $5.0 billion a year.