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GVK-BIO raises Rs100 cr through stake sale to Sequoia

GVK-BIO raises Rs100 cr through stake sale to Sequoia
PTI
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First Published: Mon, Nov 26 2007. 02 41 PM IST
Updated: Mon, Nov 26 2007. 02 41 PM IST
New Delhi: Biotech research and development outsourcing company GVK Biosciences on Monday said it has raised Rs100 crore through stake sale to private equity investment firm Sequoia Capital.
The company would utilise the funds raised to meet its capital expenditure plans which include capacity expansion in drug discovery services, to provide new service offerings in pre-clinical and clinical space and mergers and acquisitions, GVK BIO said in a statement.
“We are delighted to have Sequoia Capital as our partners. Sequoia has funded and helped build world-class companies and will further assist in GVK BIO’s expansion plans,” GVK BIO chairman D.S. Brar said in the statement.
Gurgaon-based Dimensions Consulting advised GVK BIO in the transaction, the statement said.
GVK BIO started operations in 2001 in Hyderabad and offers integrated services in discovery research to clinical research and data management.
“We are very excited to be shareholders in GVK BIO. The rapid growth of the company in the last few years has made it a global leader in the CRO market. With the strength of its management and leadership, we believe that the company is on its way to become a dominant force in the life science industry,” Sequoia Capital managing director Sandeep Singhal said.
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First Published: Mon, Nov 26 2007. 02 41 PM IST