Nicholas Piramal joins hands with US diagnostic majorApril 30th, 2008 - 10:13 pm ICT by admin
Mumbai, April 30 (IANS) Pharma major Nicholas Piramal India has inked a long-term strategic partnership with DxTech LLC, a US-based company specializing in putting high-quality diagnostic information in the hands of physicians in real time. According to an official release by Nicholas Piramal Wednesday, following the agreement, DxTech, an 83.5 percent subsidiary of XL TechGroup, will jointly establish a sales and marketing company in India to focus on the point-of-care (POC) diagnostics platform based on electrochemical sensor technology.
The alliance gives Nicholas Piramal an exclusive license to DxTechs VantixTM platform in India, Pakistan, Bangladesh, Sri Lanka, Nepal and Bhutan.
In return, Nicholas Piramal has paid a multi-million-dollar up-front fee and will pay three further product development fees, based on specific milestones over the next 18-36 months, each for at least one million dollars.
The statement said the platform would “reduce or eliminate the need for expensive, centralised laboratory infrastructures and replace them with favourable cost profile, distributed across each POC.”
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