Tuesday, May 17, 2005
Tuesday, May 17, 2005 |
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Special Correspondent
BANGALORE: The International Finance Corporation (IFC), the private sector arm of the World Bank group, will commit equity of up to $4 million to APIDC Biotechnology Fund, a private equity fund formed to invest in start-up and early stage life sciences businesses in India. This is the first fund in India to focus exclusively on the life sciences sector and will seek early stage opportunities in areas such as healthcare, drug discovery, agriculture, dairy, environmental, and industrial applications throughout India. The management team of APIDC Venture Capital is led by Sarath Naru, general partner, who is supported by six other members, including two general partners and two principals. "The emergence of life sciences opportunities in India is supported by a growing healthcare industry and a strong human capital. While several fund managers have identified life sciences as a promising new area, few have the investment and technical knowledge to address early stage opportunities. Most current investment focuses on later stage, larger investments in the pharmaceutical sector. APIDC VCL is therefore a pioneer in the early stage life sciences sector in India," Haydee Celaya, Director, Private Equity and Funds, IFC, said.
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