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Canbank Venture Capital Fund has invested ₹25 crore in Bangalore-based Bioneeds India by subscribing to its equity shares and convertibles. The pre-clinical research firm plans to utilise funds from the fresh investment for expanding its facility by 1.2 lakh sq ft to 2.3 lakh sq ft and buy modern equipment.
Of the total expansion, 55,000 sq ft will be added immediately, said the company. The enhanced facility would consist of biopharma discovery labs (molecular biology, cell culture,
bio-analytical and quality control labs). It will also employ another 75 scientists, taking its total strength to 225.
Speaking to the media here on Wednesday, Dr SN Vinaya Babu, MD, Bioneeds, said after the expansion, the company would be able to offer full range of discovery, development and regulatory services to pharma, biotech, medical devices and agrochemical companies.
The company will broaden its service offerings to over 250 active customers and achieve a turnover of ₹100 crore in three years, he said.
S Thiruvadi, Managing Director, Canbank Venture Capital Fund, said globally Indian scientists are highly respected for their ingenuity and have contributed well to new drug discovery.
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