Avesthagen, Bangalore-based Biotech Company has appointed five banks- DSP Merrill Lynch, Deutsche Bank, Morgan Stanley, UBS and ICICI Securities, as advisors to its upcoming initial public offering (IPO). DSP Merrill Lynch is the lead manager to the issue, for which the company will very soon file the draft red herring prospectus (DRHP) with Sebi. According to chairperson and managing director of Avesthagen Villoo Morawala Patell, "We have a strong product pipeline which we now need to take to the public and market. For this, we need a large amount of funds. We already have several private equity partners and don't want to divest any more stake to private investors."
The company plans to formally launch its first product in India by the end of 2009 and in other BRIC countries, around the same time. Ms Patell also added that "By 2013, we should launch it in Europe, since we already have a manufacturing facility there. The US might take a little time since the USFDA is of the opinion that biosimilars are not bioidenticals and hence, cannot be accepted,".
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