10/19/2005 5:09:05 PM
MADRID, Aug 4 (Reuters) - Spanish chemicals and biotech company Zeltia (ZEL.MC: Quote, Profile, Research) said on Thursday it will invest 155 million euros ($190.9 million) until 2007 in its fledgling pharmaceutical units PharmaMar and Neuropharma. The money will come from capital increases already completed, the sale of non-strategic assets and from Zeltia's chemical subsidiaries.
Zeltia's marine biotech unit PharmaMar will receive 114.3 million euros and the rest will go to Neuropharma.
PharmaMar is developing a number of cancer treatments but none has yet been approved for sale. It receives some funds from U.S. multinational Johnson & Johnson (JNJ.N: Quote, Profile, Research) under a deal covering the drug Yondelis that PharmaMar is developing.
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