Enzene Biosciences Bags $50 Million From Eight Roads Ventures

Updated on: 30 January 2023 4:37 pm

It is to be noted that deal activity witnessed a steady decline quarter-on-quarter after a strong start in the initial months of 2022, the report said, and 70 per cent of deal activity in terms of value and volumes was witnessed in the first half of 2022, with only 30 per cent activity in the second half of 2022

Merger and Acquisitions and Other Corporate Deals Surpass Pre-Covid Levels In 2022: PwC India Photo: It is to be noted that deal activity witnessed a steady decline quarter-on-quarter after a strong start in the initial months of 2022, the report said, and 70 per cent of deal activity in terms of value and volumes was witnessed in the first half of 2022, with only 30 per cent activity in the second half of 2022

Pune-based Enzene Biosciences has bagged $50 million ( Nearly Rs 408 crore) in a funding round led by Eight Roads Ventures and healthcare investor F-Prime Capital.

According to a press statement, the company will utilise these funds to improve manufacturing capabilities. Additionally, it will strengthen its position in core markets like India and the US.

Enzene, which is a subsidiary company of Alkem Laboratories, has not revealed the valuation.

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According to an Economic Times (ET) report, the company is also planning to set up a research centre in the US.

Talking about the latest investment, Sandeep Singh, the managing director at Alkem Labs, said, "We continue to be big believers in biologics and are committed to biotech innovations. To help support us on this journey, today we’re 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,"

Addressing the investment, Prem Pavoor, the senior partner and head of India and healthcare investments of Eight Roads Ventures, said, “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.”

“Internationally, the US and Europe remain key markets for Enzene to expand into new geographies in their mission to become the most sought after CDMO (contract development & manufacturing organization),” Ketan Patel, the partner at F-Prime Capital, said.