With participation from Eight Roads Ventures and F-Prime Capital, the biotech firm Enzene Biosciences Ltd. has raised $50 million (around 410 crores) in a new round of fundraising spearheaded by its parent company Alkem Laboratories Ltd.
Enzene, located in Pune, will use the additional funds to increase its manufacturing capacity and widen its market reach both domestically and internationally.
Alkem Labs’ Enzene subsidiary specializes in creating biosimilars, innovative biologics, synthetic peptides, and phytopharmaceuticals.
Alkem, a company with its headquarters in Mumbai, manufactures branded generics, generic medications, active pharmaceutical components, and nutraceuticals, which it sells on the domestic and international markets.
“At Alkem Laboratories Ltd, we continue to be big believers in biologics and are committed to biotech innovations. To help support us on this journey, today we’re very pleased to welcome Eight Roads Ventures and F-Prime Capital as strategic thought partners as we build a leading global biologics company that leverages innovation to enhance global health,” said Sandeep Singh, managing director at Alkem Labs.
“We have been tracking the broader biologics segment in India for several years, seeking disruptive technologies, products, and management teams. Companies like Enzene position India well at the forefront of global biotech innovation” said Prem Pavoor, senior partner, head of India and healthcare investments, Eight Roads Ventures.
Last year, a wave of investments was made in the biotech sector in India as it began to gain investor interest after the outbreak.
String Bio Pvt. Ltd., a biotechnology business, closed the first phase of its Series B financing in July after collecting $20 million, with participation from investors including Ankur Capital, Dare Ventures, Redstart, and Zenfold Ventures. Woodside Energy served as the round’s lead investor.
Prior to that, Eight Roads Ventures, True North, and F-Prime Capital, together with participation from existing investors, raised about $15 million for Immuneel Therapeutics Pvt Ltd, a company co-founded by Kiran Mazumdar-Shaw, the creator of Biocon.
