A Memorandum of Understanding (MoU) was signed here in this regard between the Apollo Hospitals and the US firm.

“Apollo and Cadila would hold 26 per cent stakes, while StemCyte would hold the rest,” Preetha Reddy, Managing Director, Apollo Hospitals, told the media.

The initial investment in the Ahmedabad facility would be USD 16 million, she said, adding that it might go up in the future.

Ken Giacin, chairman and CEO, StemCyte Inc., said the Ahmedabad facility would the be third of its kind for the company, identical to the ones in the US and Taiwan. “We hope to start operations in about nine months,” he said.

The new entity, to be known as StemCyte Therapeutics India Pvt. Ltd, will process and store 25,000 UCB units for treating patients throughout the world, including India.