India's Dr. Reddy's Laboratories is starting a new drug development firm with $55 million in financial backing and four drugs from its pipeline. Dubbed Perlecan Pharma, the new company is being backed by ICICI Venture Funds and CitiGroup Venture Capital International, each contributing $22.5 million, with another $7.5 million from Dr. Reddy's. By setting up the new venture, Dr. Reddy's is looking to reduce the cost of drug development work and lower its exposure to risk.
- read this feature from the International Herald Tribune for more