Sequoia Capital invests $25 Mn in GVK Biosciences
Monday, 26 November 2007, 20:30 IST
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Hyderabad: Pharmaceutical and biotech research and development firm GVK Biosciences Private Ltd Monday announced that Sequoia Capital, a leading global private investment company, has invested $25 million in the business. GVK intends to use the funds to expand capacity in drug discovery services, build a state-of-the-art campus at Hyderabad on a 25-acre site, provide new service offerings in pre-clinical and clinical space, and pursue growth opportunities through mergers and acquisitions, said a company statement. "We are delighted to have Sequoia Capital as our partners. Sequoia has funded and helped build world-class companies and will further assist in GVK's expansion plans," said D.S. Brar, chairman of the company. "We are very excited to be shareholders in GVK. The rapid growth of the company in the last few years has made it a global leader in clinical research. With the strength of its management and leadership, we believe that the company is on its way to become a dominant force in the life science industry," said Sandeep Singhal, managing director, Sequoia Capital. GVK started operations here in 2001. According to the company, it is the only Indian clinical research organisation that provides a service platform ranging from informatics, medical chemistry and biology services in discovery research to clinical research and data management services on the development side and further to process research and custom synthesis. The company accelerates the drug discovery and development process of its customers through science and innovation. Currently, the company employs 1,300 people spread across facilities in Hyderabad, Chennai, and Gurgaon near Delhi. Sequoia Capital India, a market leader in private equity and venture, has invested in India in over 30 companies over the last six years. Sequoia Capital India manages four funds totalling $1.1 billion.
Source: IANS
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