The US-based venture capital major, MPM Capital, has made an investment of $20 million in Hyderabad-based Sai Advantium Pharma, a leading chemistry-driven drug discovery and development service company.
According to sources, it is the first new capital investment in Sai Advantium and also MPM Capital's first investment in India, as well as one of the largest life sciences venture capital investments made in the country so far. It will give MPM capital representation in the director board of Sai Advantium and MPM managing director, William Greene, will represent it in the director board. Sequoia Capital is an existing investor and also has representation on the company's board of directors.
Commenting on the development, William Greene, managing director, MPM Capital, said, "We have been evaluating investment opportunities in India for some time, looking for quality management teams in the life sciences who are leading companies poised for dramatic growth. Sai Advantium stood out as a leader in one of the most exciting emerging areas for global biotech and pharma, namely the outsourcing of drug discovery and development support. We have been deeply impressed by the determination of the founders and senior management team to be the best in this critical space".
He further added that the company is adding capabilities and building an absolutely world class team of scientists who know how to develop complex molecules and who understand what pharma and biotech partners really need and want. Already a leader in servicing the small- and mid-size biotech community, the capital improvements, decision and customer support tools and capacity expansions made possible by this investment should position Sai as the preferred partner for global pharma players of any size.
Dr Ranga Raju, chairman and CEO of Sai Advantium said, "We are delighted to have an investor and partner with great domain expertise and investment success. They bring to us a great perspective on the emerging needs of our customer, willingness to work with us to build our range and depth of services and give us reach into great scientific leadership".
MPM has also indicated that it intends to help the company to approach biotechnology companies in its own network as well as big pharma partners with which it has strong relationships.