Indian biotech gains $32.5M in venture funds

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 on the round
- read the Red Herring report

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