StemCyte Announces Joint Venture With Two Leading Healthcare and Pharmaceutical Companies in India
Creation of New Venture, StemCyte India, Continues StemCyte's International Expansion and Utilizes the Strengths and Regional Expertise of Apollo Hospitals and Cadila Pharmaceuticals
By StemCyte Inc.
ARCADIA, Calif., March 4 --StemCyte Inc. today announced the formation of a joint venture in India with Apollo Hospitals and Cadila Pharmaceuticals.
The joint-venture company, StemCyte India Therapeutics Pvt. Ltd., will provide stem cell therapies derived from umbilical cord blood to treat patients with certain malignant blood disorders, including leukemia, lymphoma and myeloma; inherited disorders such as sickle cell anemia and thalassemia; and immune deficiency diseases. In addition, StemCyte India Therapeutics will participate in clinical studies to develop cell therapies for indications for which there are unmet clinical needs. Financial terms of the transaction were not disclosed.
"The joint venture enables us to combine StemCyte's proven cell therapy products with Apollo and Cadila's expertise in the Indian healthcare market for the benefit of one of the largest patient populations in the world," said Kenneth J. Giacin, chairman and chief executive officer of StemCyte. "Furthermore, StemCyte India Therapeutics is an important part of our global expansion strategy. We have one of the largest and most ethnically diverse supplies of umbilical cord blood stem cells. By continuing to build our inventory, we can bring our products to more patients worldwide."
Dr. Prathap C. Reddy, Executive Chairman of Apollo Hospitals noted, "Apollo believes in building bridges to improve the Indian health care system. Apollo has always invested in therapies and technologies that provide safe, effective and ethical cures to our patients. The formation of StemCyte India Therapeutics is another hallmark on our journey to excellence."
Indravadan A Modi, chairman of Cadila Pharmaceuticals, added, "Our goal is to bring the best to India in the realm of life sciences. Research in stem cells and related areas will have a far-reaching impact on patient care in the future, and StemCyte's results have been very encouraging. We join forces with Apollo Hospitals and StemCyte to redefine the future of life-saving health care in India."
StemCyte India Therapeutics will be located in Ahmedabad.
About StemCyte Inc.
StemCyte Inc. is a global cell therapy company with a focus on umbilical cord blood stem cells. Since 2001, the company's stem cell products have been used to successfully treat more than 600 patients suffering from life- threatening diseases and conditions. StemCyte also has a leadership position in the development of new cell therapies in high growth areas with the greatest clinical need. The company is accredited by AABB (formerly the American Association of Blood Banks) and Foundation for the Accreditation of Cellular Therapy (FACT). For more information, visit www.stemcyte.com.
About Apollo Hospitals
Apollo Hospitals is the largest healthcare group in Asia with over 8000 beds in more than 41 hospitals, a string of nursing and hospital management colleges and dual lifelines of pharmacies and diagnostic clinics providing a safety net across Asia. Apollo Hospitals has a history of matching exceptional clinical success rates and superior technology with centuries-old traditions of Eastern care and warmth. The company has treated 14 million patients from 55 countries.
About Cadila Pharmaceuticals
Cadila Pharmaceuticals Ltd. (CPL) is an integrated healthcare solutions provider, with a product basket covering over forty five therapeutic areas. CPL has one of the best Research & Development setups in India, manned by more than 300 scientists, and state-of-the-art manufacturing facilities at Dholka, Ankleshwar, Kadi and Hirapur in Gujarat; Samba in Jammu & Kashmir; and Addis Ababa in Ethiopia.