Bioneeds will deploy funds in the ensuing expansion plan to broaden its service offerings which would include discovery, development and regulatory service
Canbank Venture Capital Fund Ltd (CVCFL) through its Fifth Fund viz., Emerging India Growth Fund has invested Rs 250 million by way equity shares and convertibles for a minority stake in M/s Bioneeds India (Bioneeds).
The total expansion programme will lead to addition of 120,000 sq ft of facility, of which 55,000 sq ft will be added immediately. This will result in total 230000 sq ft facility consisting of biopharma discovery labs (molecular biology, cell culture, upstream and downstream, DPD, bioanalytical and QC labs). NEC discovery labs (chemistry, DMPK, safety pharmacology, bioanalytical and canine facility) and also additional manpower of 75 scientists. With this expansion, Bioneeds will be offering full range of discovery, development and regulatory services to pharma, biotech, medical device and agro-chemical companies.
S Thiruvadi, Managing Director, CVCFL said, “The EBITDA and PAT margins from Bioneeds are good and CVCFL anticipates that Bioneeds with their strong customer base and progressive professional management will achieve high growth in the revenues and profitability and be able to offer significant returns through dividends and capital appreciation on exit.”
Dr SN Vinaya Babu, Managing Director, Bioneeds, “The funds from CVCFL shall be deployed to build additional Vivarium and Discovery Labs with state-of-the-art equipment. This will help us to broaden our service offerings and deepen our relationship with 250 plus active customers we currently service. We aim to become Rs 1,000-million company in next three years.”
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