Enzene snags $50 mn from parent firm, others
1 min read . Updated: 30 Jan 2023, 07:00 AM IST
Premium- Pune-based Enzene will deploy the fresh proceeds to boost its manufacturing capabilities and expand its footprints both in India and abroad
Biotech startup Enzene Biosciences Ltd has secured $50 million (around ₹410 crore) in a fresh funding round led by its parent entity Alkem Laboratories Ltd, with participation from Eight Roads Ventures and F-Prime Capital.
Pune-based Enzene will deploy the fresh proceeds to boost its manufacturing capabilities and expand its footprints both in India and abroad.
Enzene, a subsidiary of pharmaceutical company Alkem Labs, focusses in producing biosimilars, novel biologics, synthetic peptides and phytopharmaceuticals.
Meanwhile, Mumbai-headquartered Alkem produces branded generics, generic drugs, active pharmaceutical ingredients and nutraceuticals, which it markets in India and global 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.
India’s biotech space has seen a spate of investments last year as it has started garnering investors’ traction post-pandemic.
In July, biotechnology company String Bio Pvt. Ltd had made the first closure of its Series B round after raising $20 million led by Woodside Energy, with participation from Ankur Capital, Dare Ventures, Redstart and Zenfold Ventures, among other investors.
Prior to that, Immuneel Therapeutics Pvt Ltd, co-founded by Biocon founder Kiran Mazumdar-Shaw, had raised around $15 million in a Series A funding round co-led by Eight Roads Ventures, True North and F-Prime Capital along with participation from existing investors.
