India's integrated life-sciences company, Avestha Gengraine Technologies Pvt. Ltd. (Avesthagen) has announced the successful closure of its Series 'C' fundraiser totaling Euro 25 million in equity investments, valuing the company at Euro 115 million (approximately Rs 667 crores).

The funds will be used for Avesthagen's infrastructure expansion plans, including setting up state-of-the-art manufacturing units, R&D laboratories, acquisition of technology companies in the domestic and overseas markets and furthering its international presence.

The investors in the series C round include Fidelity International, Limagrain group (France); Daninvest of Danone group (France) and Bennett Coleman (India). With this, total foreign investment in Avesthagen is now over 31 per cent. The new investors further strengthen the already robust existing investor base that includes ICICI Venture, Cipla, Godrej Industries, Tata Industries and bioMérieux.

According to Renuka Ramnath, CEO & MD of ICICI Venture, "We have partnered the company from its inception till date and are happy to see that under Villoo's leadership, it is all set to become a global player of repute." (Dr Villoo Morawala Patell is vice-chairperson and managing director).

Avesthagen has in the past established a number of collaborations including joint ventures and equity-led deals with world leaders in their respective industries. These alliances will help the company access global markets. Existing partnerships are multiplying and enlarging the IP-led collaborations.

The year 2006 was of special significance to Avesthagen as two leading global companies made strategic investments in R&D collaborations with two business units of Avesthagen. These are Groupe Limagrain, a French global seed major, for R&D and product development in agri-biotechnology and the European food major Groupe Danone for R&D and product development in bio-nutritionals.

Revenues have increased by more than 60% in 2006 and all product pipelines are on target. The company expects to be profitable for the third consecutive year and is witnessing fast growth compared to the usual gestation period in the biotechnology industry.

According to Dr. Patell, "The markets addressed by Avesthagen are all global in their nature and alliances in R&D and marketing will continue to be an essential part of its strategy. With long-term commitment towards its clients and strategic investors combined with a unique business model, Avesthagen expects solid growth in the coming years. The years 2006-08 are poised for an accelerated growth with the launch of new solutions and products in all business units of Avesthagen."

Avesthagen is reorganising its activities into four strategic business units including bio-pharmaceuticals, bio-nutritionals, agri-biotech, science and innovation. Each of these units will be run as independent profit centers with dedicated management teams. Avesthagen's immediate focus will be intensifying its IP through product commercialisation.

Avesthagen has proposed an IPO by mid 2008 around the time of the commercial launch of its first products for the bio-nutritional and bio-pharmaceutical product pipelines.