Shreya, which is the 3rd largest pharmaceutical marketing and distribution company in the Russian Federation, made a foray into the Indian pharmaceutical sector through the acquisition of Rallis India. The company has set up a 77:23 joint venture Shreya Biotech with SciTech, USA and SciGen Inc, Singapore. Vide this collaboration, Shreya Biotech will enjoy access to technologies for the Asia-Pacific region. In the first phase, the JV company aims to manufacture bulk and formulations for human insulin, hepatitis B vaccine, growth hormone and interferon. The JV is expected to commence operations in January 2004. Rajiv Datar of Exogen Biosystems is spearheading the company's biotech initiative. The company has acquired a 10-acre site at the biotech park at Hinjewadi, Pune. Shreya is planning a mix of organic and inorganic growth strategies in the near term. The company plans to achieve Rs 350 crore sales in the domestic market by March 2004. It is now considering acquisition of pharma companies with some R&D chemistry strength, international exposure and with a bit of strength in the domestic market.
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