Source: Business Wire
Monday, November 23, 2009 05:25 PM IST (11:55 AM GMT)
Editors: General: Consumer interest; Business: Banking & financial services, Business services, Financial Analyst, Healthcare, biotechnology & pharmaceutical; Technology; Healthcare
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(BW)(MA-MILLIPORE)(MIL)Millipore Acquires Remaining Ownership of Joint Venture in India
U.S.-Based Life Science Leader will Accelerate Strategic Growth Initiatives in Emerging Indian Market
Billerica, Massachusetts, United States and Bangalore, Karnataka, India, Monday, November 23, 2009 -- (Business Wire India) --
Millipore Corporation (NYSE:MIL), a leading provider of technologies, tools and services for the global life science industry, today announced it has acquired the remaining 60 percent ownership of its joint venture in India: Millipore India Pvt. Ltd. The new subsidiary will enable Millipore to invest in initiatives that will drive growth and expand its leadership in India's thriving life science market. The purchase price of the transaction was not disclosed.
"India has experienced unprecedented levels of investment and expansion in the country's biotechnology, pharmaceutical and life science research industries," said Dr. Martin Madaus, Millipore's Chairman, President and CEO. "By establishing direct operations in the country, we will be able to more effectively execute our strategy and leverage our unique capabilities to accelerate growth and support our growing customer base in this dynamic market. We are very pleased to welcome our colleagues in India to the larger Millipore organization."
Based in Bangalore, Millipore India was first established as a joint venture in 1988. The organization has since grown to include manufacturing, sales and marketing as well as an Access Services Lab providing unparalleled technical and field support to pharmaceutical and biotechnology customers throughout India. Millipore India currently employs approximately 300 people and has additional offices in Ahmedabad, Hyderabad, Kolkata, Mumbai, and Delhi.
"Millipore's strategic initiative is expected to further enhance our role as a major partner to pharmaceutical and biotechnology drug manufacturers, researchers, scientists and academia in India," said Sudhir Kant, President of Millipore India. "The industry experience and technical expertise of the entire Millipore organization will drive the growth of our customers through more collaborative efforts and successful partnerships-particularly in areas such as drug discovery and development, the production of difficult-to-make biologics and vaccines, and in the cutting-edge fields of life science research."
India represents a critical part of Millipore's strategy to increase its growth by expanding its presence in key emerging markets, including Brazil, Russia, India, China and Singapore (BRICS countries). Today, more than 80 plants in India are approved by the U.S. Food and Drug Administration to manufacture drugs for export to the U.S., and the country accounts for almost 25 percent of the global generic drug market. Additionally, the Indian government has invested $1.7 billion to grow the country's life science and biotechnology industries, and several Indian companies have emerged as global competitors in the biopharmaceutical industry.
Members of Millipore's senior leadership team will travel to Bangalore for an official welcome celebration on December 7, 2009. In addition, Geoffrey Ide, Corporate Vice President of Millipore International, and Sudhir Kant, President of Millipore India, will meet with local and industry officials. Mr. Ide and Mr. Kant will also be available for media interviews.
About Millipore
Millipore (NYSE: MIL) is a life science leader providing cutting-edge technologies, tools, and services for bioscience research and biopharmaceutical manufacturing. As a strategic partner, we collaborate with customers to confront the world's challenging human health issues. From research to development to production, our scientific expertise and innovative solutions help customers tackle their most complex problems and achieve their goals. Millipore Corporation is an S&P 500 company with more than 5,900 employees worldwide. For more information visit www.millipore.com.
Advancing Life Science Together®
Research. Development. Production.
Forward Looking Statements:
The matters discussed herein, as well as in future oral and written statements by management of Millipore Corporation that are forward-looking statements, are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements.
Potential risks and uncertainties that could affect Millipore's future operating results include, without limitation, failure to achieve design wins into our pharmaceutical and biotechnology customers' manufacturing design phase for a particular drug; delay, suspension or termination of a customer's volume production; lack of availability of raw materials or component products on a timely basis; regulatory delay in the approval of customers' therapeutics; limitations on cash flow available for operations and investment due to increased debt service obligations; the inability to establish and maintain necessary product and process quality levels; reduced demand for animal-derived cell culture products; the inability to realize the expected benefits of development, marketing, licensing and other alliances; competitive factors such as new membrane or chromatography technology; the inability to achieve anticipated cost benefits of our supply chain initiatives; risks relating to our concentration of principal manufacturing operations; the inability to utilize technology in current or planned products due to overriding rights by third parties; potential environmental liabilities; conditions in the economy in general and in the bioscience and bioprocess markets in particular; foreign exchange fluctuations; reduced private and government research funding; exposure to product liability claims; and difficulties inherent in transferring or outsourcing of manufacturing operations. Please refer to our filings with the SEC, including our most recent Annual Report on Form 10-K, for more information on these and other risks that could cause actual results to differ.
CONTACT DETAILS
U.S. contact:
Millipore Corporation
Karen Hall, 978-715-1567
Director, Corporate Communications
karen_hall@millipore.com
or
In India:
Millipore India
Rajiv Juneja
Tel:+91 80-39224000
Executive General Manager
Corporate & Marketing Communication
Fax: +91 80-28396345
Mobile: +91 9901381818
Email:rajiv_juneja@milliporeindia.com
or
Corporate Voice/Weber Shandwick
Kasturi Wasmatkar
Tel:+91 80-42451200(Extn.232)
No.2561,16th D Main, HAL II Stage. Indiranagar
Bangalore-560 008, India
Fax: +91 80-25253887
Mobile: +91 9916728393
Email: kasturi@corvoshandwick.co.in
mailto:kasturi@corvoshandwick.co.in_
KEYWORDS
CONSUMER, BANKING, BUSINESS SERVICES, Financial Analyst, HEALTHCARE, TECHNOLOGY, HEALTHCARE
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