Enzene Biosciences scoops $50 Million in funding round led by Alkem Laboratories
- ByStartupStory | January 30, 2023
Enzene Biosciences Ltd, a biotech startup, has raised $50 million (Rs.410 crore) in a recent funding round led by its parent company Alkem Laboratories Ltd, with participation from Eight Roads Ventures and F-Prime Capital.
Enzene, based in Pune, will use the recent proceeds to expand its manufacturing capabilities and expand its footprints both in India and abroad.
Enzene, a subsidiary of Alkem Labs, specialises in the development of biosimilars, novel biologics, synthetic peptides, and phytopharmaceuticals.
Meanwhile, Alkem, based in Mumbai, manufactures branded generics, generic medicine, energetic pharmaceutical substances, and nutraceuticals, which it sells in India and around the world.
“At Alkem Laboratories Ltd, we proceed to be huge believers in biologics and are dedicated to biotech improvements. To assist assist us on this journey, in the present day we’re more than happy to welcome Eight Roads Ventures and F-Prime Capital as strategic thought companions as we construct a number one world biologics firm that leverages innovation to boost world well being,” stated Sandeep Singh, managing director at Alkem Labs.
“We have now been monitoring the broader biologics section in India for a number of years, in search of disruptive applied sciences, merchandise and administration groups. Firms like Enzene place India nicely on the forefront of world biotech innovation,” stated Prem Pavoor, senior associate, head of India and healthcare investments, Eight Roads Ventures.
India’s biotech sector has seen a surge in investment in the last year as buyers’ interest has returned following the pandemic.
String Bio Pvt. Ltd raised $20 million in its Collection B spherical in July, led by Woodside Vitality, with participation from Ankur Capital, Dare Ventures, Redstart, and Zenfold Ventures, amongst different investors.
Previously, Immuneel Therapeutics Pvt Ltd, co-founded by Biocon founder Kiran Mazumdar-Shaw, raised $15 million in a Series A funding round co-led by Eight Roads Ventures, True North, and F-Prime Capital, with participation from existing investors.
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