Revenues from the Asia-Pacific region increased by 16 per cent in Millipore’s last quarterly results, accounting for 19 per cent of global sales, and gaining complete control of its joint venture is intended to help continue this growth.
“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”, explained Martin Madaus, Millipore’s CEO.
Since the joint venture was established in Bangalore, India in 1988 the local market has undergone significant change and expansion. Millipore’s operation has adapted to this and buying the operation outright should allow it to more effectively meet the needs of the market.
Sudhir Kant, president of Millipore India, highlighted “drug discovery and development, the production of difficult-to-make biologics and vaccines and the cutting-edge fields of life science research” as areas which the company wants to see “more collaborative efforts”.
Millipore’s Indian acquisition forms part of its broader efforts to bolster its presence in BRICS nations, which consist of Brazil, Russia, India, China and Singapore.
India is a “critical part” of Millipore’s strategy in these key emerging markets, with the large generics market, which is looking to expand from small molecules into biologics, and the government’s $1.7bn (€1.1bn) investment in life sciences and biotech attracting the company.
Since launching the Indian operation has expanded beyond Bangalore, establishing offices in Ahmedabad, Hyderabad, Kolkata, Mumbai and Delhi. The Indian subsidiary employs approximately 300 people covering manufacturing, sales, marketing and an access services lab.
Financial details of the acquisition have not been disclosed.