Avasthagen receives 25 Million Euro funding in C series

Bangalore, Jan 24 (UNI) Country's leading fully integrated life sciences company Avastha Gengraine Technolgies (Avasthagen) today announced a Euro 25 million funding in C series with four investors, led by Fidelity International bringing in fresh capital.

The latest round of funding had catapultedd Indian Biotech sector to a global platform, Ms Villoo Morawalla Patel, Deputy Chairperson and Managing Director of the company told newsmen here, Amounting to 20 per cent infusion in the capital of the company which had achieved a global benchmark valuation of Euro 115 Million, the new investment also brought in technology partners from France Limagrain and Daninvest of Danone Group. Bennett Coleman (India) was the fourth investor in the new round. The new investors further strengthen the already robust existing investor base who included ICICI ventures, Cipla, Goderej Industries, Tatas and BioMerieux.

She said the Company during the next couple of years was poised for an accelerated growth with the launch of new solutions and products. The first one to hit the market would be a drug for autoimmune diseases followed by cardiovascular and cancer medicine.

She said the company aimed to go in for an initial public offer during mid 2008 after the production facilities commence.

She said Avasthagen had established a number of collaborations including joint ventures and equity deals with world leaders in their respective industries. These alliances would help the company access global markets. Existing partnerships were multiplying and enlarging the IP led collaborations, she added.

The next nine month period would witness a massive capital expenditure with biopharmaceutical getting Rs.100 crore, Bionutritional Rs.70 crore, Goodearth facility in Hyderabad Rs.15 to 20 crore and Agribiotech Rs.60 crore.

She said while the Research and Development and Biopharma production facility would be in Bangalore the other production units would be set up at the Genome valley facility in Hyderabad.

Unveiling a new logo for the company Ms Patell said that the company business would be divided into four strategic business units with each one led by industry veterans to drive accelerated growth.

The company would during the next 18 months increase its manpower to take the total strength to 600 from the current 250.

The company aimed to end the current fiscal with a topline of Rs.35 to Rs.40 crore. During the first nine months of current fiscal it had achieved a revenue of Rs.17 crore with profits amounting to Rs.1.3 crore. Most of the revenue from R and D projects, Ms Patell said.

UNI