How biotech firm Bioven found fortune

Making headway: Bioven’s contract research partners include the Beatson Cancer Institute in Glasgow, Scotland, Pangea Biotech in Catalan, Spain and International Medical University (IMU) in Malaysia (pictured, research scientist Sylvia Gan at IMU). Photos: AZMAN GHANI/The Star

Tan Sri Datuk Dr Abu Bakar Suleiman (L) and Johan Indot are chairman and executive director of Bioven– the company set up to enter the generic drug import business – the Malaysian company which has emerged as a dark horse in a drug development space dominated by big pharma. Photo: Azman Ghani/The Star

Bioven's significance to Malaysia's biotech sector: There is still a scarcity of investment advisers with sufficient expertise to make recommendations in this niche industry

It is remarkable that a small Malaysian startup like Bioven has succeeded in getting this far in the drug space. There simply aren’t enough venture capital and private equity fund managers within Malaysia who have the expertise and knowledge to make investment decisions in this niche area.

What gave Bioven an advantage was executive director Johan Indot’s established reputation within the Malaysian business community, and the tacit credibility the company enjoyed by having Tan Sri Abu Bakar Suleiman – a respected figure within the medical community – as company chairman.

So far, shareholders in the company have put US$32mil (RM114mil) into the venture, which is again remarkable considering that taking a new drug to market typically costs billions. Either way, Abu Bakar, who is also president of the International Medical University (IMU), says partnerships such as the ones Bioven has developed are important for the local commercial R&D scene.

Though Bioven’s registered headquarters is in London, and its innovation centre is in Aberdeen, Scotland, the company also has a number of contract research partners working on other oncology-related products in the pipeline. One of these is the IMU; others others include the renowned Beatson Cancer Institute in Glasgow, and Pangea Biotech in Catalan, Spain.

Abu Bakar says this cross-collaboration between industry and research institutions represents a significant contribution to the local biotech sector: “It offers proof that we can be effective in research, if we have the right and skilled partners to navigate complex regulatory environments.”

He thinks the impact, should Bioven achieve its goals, will be immense. “It will show that a small, innovative, flexible and responsive company can be effective and efficient. Right now, Malaysia does not have the critical mass to support this type of clinical research... if Bioven succeeds, the process to support this type of research activity may develop,” he adds.

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