Biotechnology firm Biocon Ltd [Get Quote] said on Monday it will set up a joint venture company in Dubai along with Abu Dhabi-based drug maker Neopharma for expanding its global network.

The joint venture , Neobiocon, is the company's foray in the region to develop and market bio-pharmaceutical products in areas such as oncology, diabetes, cardiology and anti- obesity.

"We are delighted to be able to provide the advantage of Biocon's proprietary biotech and other related bio- pharmaceutical pipeline products to the people in this region," Biocon CMD Kiran Mazumdar-Shaw said. Biocon has signed an memorandum of understanding with Neopharma for setting up a JV firm Neobiocon in Dubai's biotechnology and research park, Dubiotech, the company said in statement to the Bombay Stock Exchange.

"It gives us immense pleasure and great honour to join hands with biotech major Biocon and pioneer the introduction of world-class pharmaceutical biotech products," said Neopharma MD and CEO B R Shetty.

"Neobiocon will offer products that cater to lifestyle disorders and oncology. We will also produce immunosuppressant drugs," said Biocon President (Marketing) Rakesh Bamzai. Immunosuppressant refers to suppression of the immune response, by use of drugs or radiation, in order to prevent the rejection of grafts or transplants or to control auto-immune diseases.