Evolvence India Life Sciences Fund, a fund constituted by Dubai-based alternative investment house Evolvence Capital, plans to invest $150 million in Indian pharma, biotech and healthcare companies. | |
| Speaking to reporters here on Thursday, Hari Buggana, managing director, Invascent "" advisers to Evolvence India Life Science Fund "" said, the fund has so far raised $65 million. |
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| The company's first investment of $5 million is in the Bangalore-based cancer-care provider Healthcare Global Enterprises (HCG) and is now exploring investment of a similar amount in a mid-size south India-based generics drug maker. |
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| According to Ajai Kumar, chairman, Health Care Global Enterprises, "The money raised will allow us to open more centres of excellence in oncology at New Delhi, Kolkata and Ahmedabad. A 100-bed hospital in Ahmedabad has also been planned." |
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| At present, HCG, with Bangalore as its hub, operates 11 centres in and around Bangalore, Mysore, Erode, Shimoga, Vijayawada, Kozhikode, Hubli and Nashik. |
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| There are 3 million cancer patients in India undergoing treatment and an estimated $1.2 billion expenditure is required for cancer treatment. Keeping this in mind, Evolvence Life Science Fund invested $5 million in HCG. |
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| "Access to patients is a competitive advantage in clinical research services and access to treatment is essential to provide quality cancer care. By developing both lines of operations, HCG is positioned to become a provider of services for cancer cure and oncology drug development nationwide," said Buggana. |
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| HCG is also planning to raise $20 million in two years for creating infrastructure in Delhi, Kolkata and Ahmedabad. |
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