Venture capital firms Aarin Capital, Accel Partners, IDG Ventures as well as Karnataka state government-backed KITVEN have invested Rs 27.5 crore in biopharma company Theramyt Novobiologics.
The Bangalore-based firm is working on developing therapies for diseases such as cancer, rheumatoid arthritis and diabetes. "Biotech healthcare needs collaborative research and development and smart application of science to control the costs of healthcare and meet the therapy requirements of a wider audience and disease type," said Sohang Chatterjee, chief executive at Theramyt.
The firm will use the funding on research and development, hiring talent and infrastructure. "Theramyt will be delivering some of the best biologic drugs at affordable prices in emerging markets," said Mahendran Balachandran, a partner at Accel.
Theramyt is the second venture for scientists-turned-entrepreneurs Chatterjee and Kavitha Iyer Rodrigues. Their earlier biotech venture Inbiopro was acquired by Indian drug maker Strides Arcolab in 2012.