Avesthagen IP model achieves valuation of Euro 115 million

India's integrated life-sciences company, Avestha Gengraine Technologies Pvt. Ltd. (Avesthagen) has announced the successful closure of its Series 'C' fundraiser totaling Euro 25 million in equity investments, valuing the company at Euro 115 million (approximately Rs 667 crores).

The funds will be used for Avesthagen's infrastructure expansion plans, including setting up state-of-the-art manufacturing units, R&D laboratories, acquisition of technology companies in the domestic and overseas markets and furthering its international presence.

The investors in the series C round include Fidelity International, Limagrain group (France); Daninvest of Danone group (France) and Bennett Coleman (India). With this, total foreign investment in Avesthagen is now over 31 per cent. The new investors further strengthen the already robust existing investor base that includes ICICI Venture, Cipla, Godrej Industries, Tata Industries and bioMérieux.

According to Renuka Ramnath, CEO & MD of ICICI Venture, "We have partnered the company from its inception till date and are happy to see that under Villoo's leadership, it is all set to become a global player of repute." (Dr Villoo Morawala Patell is vice-chairperson and managing director).

Avesthagen has in the past established a number of collaborations including joint ventures and equity-led deals with world leaders in their respective industries. These alliances will help the company access global markets. Existing partnerships are multiplying and enlarging the IP-led collaborations.

The year 2006 was of special significance to Avesthagen as two leading global companies made strategic investments in R&D collaborations with two business units of Avesthagen. These are Groupe Limagrain, a French global seed major, for R&D and product development in agri-biotechnology and the European food major Groupe Danone for R&D and product development in bio-nutritionals.