Bangalore-based life sciences company Avestha Gengraine Technologies has closed a $32.5 million round of venture funds from four investors led by Fidelity International, which gained a 10 percent stake for about €10 million ($13 million). Securing this round values the company at Euro 115 million, and makes it the first Indian blue-chip biotech company to achieve milestone in record time of 6 yrs.

The funds will be used to beef up infrastructure, R&D and in the acquisition of technology companies. The company plans to launch its first product in the bio-nutrition segment by late 2007 and its first bio-pharma product in the autoimmune and cardiovascular therapeutic areas by mid-2008.

The company plans to launch its first product in the bio-nutrition segment by late 2007 and its first bio-pharma product in the autoimmune and cardiovascular therapeutic areas by mid-2008. Two cGMP (Current Good Manufacturing Practices) facilities are under construction in Bangalore and Hyderabad.

Avesthagen has also started preparations for its IPO, planned for mid 2008.
Read more from the RedHerring or from the Avethagen press release (pdf).