Codexis funds new r&d and generic API business in Singapore

Privately held biotechnology company Codexis, of Redwood City, CA, USA has raised US$37m in finance, enabling it to expand its research and development capabilities and its portfolio of active pharmaceutical ingredients (APIs),

To date, the company has focused on improving customers" development capabilities through the application of its Molecular Breeding technology, rather than developing bulk product for generic manufacturing. However, Codexis plans to establish an r&d centre in Singapore, scheduled to open in the third quarter of 2007, that will focus on new product development for the company's API and generics business. When fully staffed, the centre is expected to house up to 80 r&d and operations personnel.

In addition, Daniel Wang, Institute Professor of Chemical Engineering, Dept. of Chemical Engineering at the Massachusetts Institute of Technology, is to join the Codexis board of directors. Wang is also Temasek Professor at the Bioprocessing Technology Institute, Agency for Science, Technology and Research (A*STAR) in Singapore.

The new build will be Codexis" second international location, in addition to the company's chemical enzyme and intermediates manufacturing facility in Juelich, Germany.

"Completion of this financing and the launch of the Singapore initiative will enable Codexis to accelerate significantly the company's strategic evolution, building the API and generics business while further pursuing biocatalyst engineering partnerships with leading companies worldwide," said Alan Shaw, Codexis president and ceo.

The generics business now accounts for a roughly $60 billion market, having grown 115% since 1998. Codexis now has three agreements in this sector, including relationships with major generics pharmaceuticals manufacturers in India.