Reliance Life Sciences Invests In MPM Capital’s India Fund
Mukesh Ambani’s Reliance Life Sciences (RLS) is turning a venture capitalist, albeit indirectly. The Mumbai-based cutting edge life sciences firm has joined hands with the US-based investment management company MPM Capital to launch an India fund focused on healthcare investing. RLS is making an undisclosed investment in the fund - known as MPM BioVentures IV - as a limited partner. It may have a corpus of $100-150 million, according to Mint. (Also see the press release here.)
MPM, by the way, is world’s largest dedicated life sciences fund with $2.1 billion under management. It also runs BioEquities hedge fund, among others. The new India VC fund will essentially invest in emerging life science companies both in India and the US. In India, it would not only look at investments in companies that have presence in conventional pharmaceutical products, but also those ones in molecular diagnostics, biosimilars, and stem cells. MPM will also help RLS grow its clinical research group globally. It will not only support RLS’s outsourcing efforts but will also identify technology and products useful for the Indian as well as world markets.
K.V. Subramaniam, President and CEO of RLS, said: “Central to our vision of building a biotechnology industry in India is the creation of a life sciences ecosystem…For example, we’ve invested significantly in a life sciences campus in India. By investing in competencies and infrastructure, by replicating the approach in other biotech-related disciplines, and by working with MPM, we believe the partnership can enable a vibrant life sciences sector in India.”
Meanwhile, RLS and MPM are also exploring the opportunity for a new India-only seed fund focused on the same sector. This is Mukesh Ambani’s first investment in a venture fund. On the other hand, Anil Ambani’s Reliance Capital has invested a small amount in Seed Fund.
Other Life Science Funds
Evolvence Capital Launches $150-Million India Life Sciences Fund
Life Sciences Venture Capital Firm Burrill To Set Up An India-focused Fund
