Baring to invest $10-mn in drug discovery

New Delhi: Baring Private Equity Partners India said it would invest up to $10 million in drug discovery and development company Sphaera Pharma.

Announcing the investment, Mr Akhil Awasthi, Partner - Pharmaceuticals and Healthcare Practice, Baring India said, “Baring Funds believe that India would continue to provide leverage in R&D for global pharma even in a challenging economic scenario. They see huge potential in Sphaera, with its outstanding management team and optimal focus on therapeutic areas, to carve out a niche for itself in this sector. Having invested in companies with a unique blend of innovation and services in the past, they hope to leverage our domain experience and expertise, to help Sphaera achieve its goals.”

Dr Sundeep Dugar, President and CEO, Sphaera Pharma said: “At Sphaera, our aim is to bring innovative remedial solutions to patients with unmet medical needs. Baring Funds are amongst the most respected names in the private equity industry, and we hope to channelise the funding to facilitate our drug discovery and development initiatives.”