Evolvence to invest $150 mn in pharma, BT firms

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.

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.

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."

At present, HCG, with Bangalore as its hub, operates 11 centres in and around Bangalore, Mysore, Erode, Shimoga, Vijayawada, Kozhikode, Hubli and Nashik.

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.

"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.

HCG is also planning to raise $20 million in two years for creating infrastructure in Delhi, Kolkata and Ahmedabad.