Micro Labs to set up 3 manufacturing units

Pharma firm Micro Labs Ltd plans to invest Rs 100 crore (Rs 1 billion) in setting up three drug manufacturing units -- two in Bangalore and one in Goa -- next year.

"We are planning two units in Bangalore, one in Goa and are exploring an option to start one unit in Himachal Pradesh. It will entail a total investment of Rs 100 crore," Micro Labs managing director Dilip Surana told reporters in Bangalore.

The Rs 450 crore (Rs 4.50 billion) Micro Labs, he said, will merge its 11 divisions into one company ahead of its initial public offer which is slated for next year.

Meanwhile, Micro Labs launched Spasomopiv, a drug for the management of irritable bowel syndrome (IBS).

"The market for anti-IBS is around Rs 60 crore out of which, Micro Labs is aiming to conquer 10 per cent share in the next 12 months," Surana said.

Micro Labs has joined hands with the Belgian-based Eurodrug Laboratories to launch the product, which it said, is in line with the short and medium term strategy of the company to gear up to the challenges of post-GATT scenario.