$50 Million Raised by Enzene Biosciences to Expand Ops in India & Us Markets

$50 Million Raised by Enzene Biosciences to Expand Ops in India & Us Markets

Enzene Biosciences, a biotech company, a subsidiary of Mumbai based drug maker Alkem Laboratories has raised roughly Rs 408 crore or $50 million in fresh equity funding from health care investor  F- Prime Capital and Eight Roads Ventures. In the fresh round Alkem Laboratories also invested in the fresh round

Enzene stated in a press statement that it would leverage the fresh funds to enhance its production capabilities and drive expansion in its core market of the United States of America (USA) and India. 

Enzene, which is based in Pune, focuses on producing phytopharmaceuticals, biosimilars, novel biologics and synthetic peptides.

Enzene is planning to put up a development and research centre along with the manufacturing centre in the United States of America (USA).

Prem Pavoor, senior partner, head of India and healthcare investments, Eight Roads Ventures stated that they have been tracking the broader segment of biologics in India for many years, seeking products, management teams and disruptive technologies. Organisation like Enzene position India well at the front line of international biotech innovation. 

Eight Roads Ventures, which is backed by the United States of America (USA) services major Fidelity. It has deployed more than $1.5 billion of venture capital in the nation. It has also backed the likes of software platform Icertis, Whatfix and a startup Pharmeasy, an online pharmacy. 

In May of the year 2022, Eight Roads Ventures established its first ever dedicated $250 million healthcare and life sciences fund for India.

According to Ketan Patel, partner at F- Prime Capital, Globally Europe and the United States of America (USA) happens to remain key markets for Enzene with the goal of growing into new geographies in their aim to become the most sought after contract development and manufacturing organisation ( CDMO).

F- Prime in India  has invested in the likes of medtech startup Crore Diagnostics Pharmeasy and therapeutics venture Immuneel.

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