Theramyt Novobiologics raises $4.4M from Aarin, Accel and IDG
Karnataka-based bio-pharma company Theramyt Novobiologics Pvt Ltd, which develops biosimilars and new biological entities (NBEs), has raised Rs 27.5 crore from venture capital firms Aarin Capital, Accel Partners, IDG Ventures and Karnataka state government-backed KITVEN.
The company, which focuses on the model to take biological products from lab to market, is looking to focus on segments such as oncology, rheumatoid, arthritis, metabolic disorders and cardiovascular diseases.
"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," Sohang Chatterjee, chief executive at Theramyt, said in a release.
According to Kavitha Rodrigues, director and COO of Theramyt, the company would be targeting both Indian and international markets.
“With these associations, we look to leverage global expertise, M&A experience and support for operational excellence, which will position Theramyt as a key biotech healthcare player—not just in India but also in the international markets,” she said.
This is the second venture of scientists-turned-entrepreneurs Chatterjee and Rodrigues. They had earlier started biotechnology company Inbiopro Solutions which developed and manufactured biosimilars recombinant proteins and vaccines. The company which was founded in 2007 was acquired by Strides Arcolabs promoted Agila Specialties for $14.22 million in 2010.
Inbiopro had raised over $1.2 million from Accel in various rounds of funding.
Theramyt raising capital is one of the many deals in the life sciences and biotech segment which has seen several small and medium players raising Series A and B rounds recently. The recent deals include Strand Life Sciences raising $10 million from Burrill Venture and Richcore Lifesciences raising $5.4 million from Fidelity Growth.
(Edited by Joby Puthuparampil Johnson)