India's Avesthagen has rounded up $32.5 million in venture funds with Fidelity International leading the round. Fidelity gained a 10 percent stake in the company for $13 million. The money will go to R&D, infrastructure and the acquisition of technology companies. Avesthagen, which is based in Bangalore, says it will launch its first bio-pharma products for autoimmune and cardiovascular diseases by the middle of next year.
- see the press release [1] on the round
- read the Red Herring report [2]
Related Articles:
Biotech venture funding jumped in '06. Report [3]
VCs filling the gap. Feature [4]
Links:
[1] http://www.fiercebiotech.com/node/5367
[2] http://www.redherring.com/Article.aspx?a=20912&hed=Avesthagen+Closes+%2432.5M+Funding
[3] http://www.fiercebiotech.com/story/biotech-venture-funding-jumped-in-06/2007-01-22
[4] http://www.fiercebiotech.com/story/feature-forbion-capital-sees-new-approach-to-biotech-investing/2007-01-12