PRESS RELEASE

Nicholas Piramal enters into alliance with Biogen Idec of USA 
Launches Avonex^®, the leading global therapy for Multiple Sclerosis
Rollout Curosurf^®, a product of Chiese, Italy

Mumbai November 28, 2003: Nicholas Piramal India limited (NPIL), the second largest pharmaceutical company in the country, today entered into a strategic alliance with Biogen Idec, world’s third largest Biotech Company. NPIL’s Biotek division will market Avonex^® (Interferon beta 1a), a leading life-saving therapy for Multiple Sclerosis (MS), in India and Nepal.

Avonex^®, a Pre Filled Syringe (PFS), is a proven treatment for effective management of relapsing Multiple Sclerosis. Today, it is already improving long-term outcomes for more than 130,000 patients across the world. Avonex^® was launched in the U.S. in 1996 and later in 1997 in Europe and is marketed in more than 65 countries.

Biogen Idec is a S2.3 billion Biotechnology major, headquartered in US. Avonex®, the proven therapy for Multiple Sclerosis, contributes to over $1 billion of their global revenue.

NPIL also launched Curosurf^®, a lung surfactant for premature babies with Respiratory Distress Syndrome (RDS). Curosurf^® is a product of Chiese Farmaceutici, a European pharmaceutical company headquartered in Parma, Italy.

Announcing the tie-up with Biogen Idec, Dr. Swati Piramal, Director, Strategic Alliances and Communication, NPIL said, “The tie-up with Biogen Idec is in line with our strategy of being the ‘Partner of Choice’ and to bring new, innovative therapies to the Indian market”. “Avonex^®, will further accelerate our already vibrant growth in the biotechnology segment,” she added.

Signing the agreement with NPIL, Dimitri Spiessens, Senior Manager, International Distributor, Biogen Idec, said “We at Biogen Idec are always aware and driven by the connection that exists between quality of our science and quality of life of the patients we serve”. “In Nicholas, we have found the perfect partner to translate our sentiment into reality in India and Nepal markets.”

Multiple Sclerosis is the result of damage to myelin - a protective sheath surrounding nerve fibres of the Central Nervous System. When myelin is damaged, this interferes with messages between the brain and other parts of the body. Multiple sclerosis is a very variable condition and the symptoms depend on which areas of the CNS have been affected. There is no set pattern to MS and everyone has a different set of symptoms, which vary from time to time and can change in severity and duration, even in the same person.

Respiratory Distress Syndrome (RDS) is caused due to deficiency of pulmonary surfactant in premature babies. The onset of symptoms occur before 6 hrs of age causing depletion of surfactant in lungs leads to alveoli collapse and lung become stiff and lung compliance falls to 25% of normal.

Nicholas Piramal India Limited

Nicholas Piramal India Limited (NPIL) is India's second largest Pharmaceutical and Healthcare Company. NPIL is a leader in the Cardio-vascular segment, and has a strong presence in Biotech, Antibiotics and Respiratory segments, Pain management, Neuro-psychiatry and Anti-Diabetics segments. In 2001-02 its revenues stood at Rs 11.4 billion and PAT at Rs 1.18 billion.

NPIL is part of the Rs. 2500 crore (US $ 500 million) Piramal Enterprises (PEL), one of India's largest diversified business houses with interests in Retailing, Textiles, Auto-components and Engineering. The Group is headed by Mr. Ajay Piramal, who is also the Chairman of NPIL.

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