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Bangalore , Dec. 22

AVESTHA Gengraine Technologies Pvt Ltd is expecting a private placement shot of 25 million euros (Rs 134 crore) from an unnamed European player shortly. The funding will meet its acquisition plans overseas, the Avesthagen CEO, Dr Villoo M. Patell, said on Thursday.

The closely-held Bangalore-based biotechnology company has seen a profitable year with good revenue growth and is scaling up its activities in the West. The company, with nearly 200 employees worldwide, would increase headcount to 300 by the end of 2006, Dr Patell said.

Two more have joined the company board and Scientific Advisory Committee: Dr Barry J. Furr, former Chief Scientific Officer and Head of Research at AstraZeneca (UK), and Dr Simon Best, Founder and Chairman of Ardana Plc. (UK). The Scientific Advisory Committee headed by Prof. Jacques Weil, Director, CNRS-IBMP, France, will suggest a roadmap for the company's growth in the coming years.

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