Joint venture for protein production
Kopavogur – Iceland’s ORF Genetics Ltd. and the Indian company DM Corp. Pvt. Ltd. are planning to collaborate on the development, production and marketing of protein drugs. The two CEOs Björn Örvar (ORF) and Dilip Mohite (DM Corp.) signed a memorandum of understanding in September. The cooperation is supported by the governments of both countries. Preneet Kaur, the Indian Minister of State for External Affairs and Össur Skarphédinsson, Foreign Minister of Iceland, attended the ceremony. DM and ORF will form a joint venture to develop and commercialise human recombinant proteins and biosimilars. The Indian company, which provides services as diverse as construction, textiles and hydro and wind power, said the agreement gives it a foothold in the biopharma field. DM will provide management services, preclinical and clinical development, as well as commercialisation expertise. ORF Genetics, which supplies growth factors and cytokines for medical research, will provide its Orfeus technology for large-scale production of recombinant proteins in genetically modified barley. Both sides agreed not to disclose the financial terms of the deal.