Arecor, a leading UK formulation technology research company, was today set to sign a £45 million licensing R & D agreement with Cadila Pharmaceuticals of India.

It was one of a number of commercial deals to be signed during Chancellor Philip Hammond’s visit to Delhi and Mumbai as part of the 9th UK-India Economic and Financial Dialogue, when UK-India economic and trade relations takes centre stage.

As part of the same initiative AstraZeneca, now headquartered in Cambridge, is expanding its global technology centre in Chennai.

Arecor, based at Chesterford Research Park, is working with Cadila to research and develop insulin glargine for diabetes.

AstraZeneca invested in its Chennai GTC two years ago with more than 2,000 employs. The company is further expanding the centre with the opening of a fresh facility that will focus on IT and non-IT services.

Hammond said: “As we prepare to leave the European Union, it is more important than ever that we strengthen our relationship with India – one of the world’s leading economies and one of our oldest friends and allies.

“Our trade and investment relationship is already strong – the UK has been the largest G20 investor in India during the last 10 years and India is a leading global investor in the UK, creating over 7,000 new jobs last year alone, but there is much more we can do. 

“I am looking forward to positive and productive talks with Finance Minister Arun Jaitley and his team.”

• PHOTOGRAPH: Chancellor of the Exchequer, Philip Hammond. Image Crown copyright.