In a press statement, Enzene said it would leverage the fresh funds to enhance its manufacturing capabilities and drive expansion in its core market of India and the US.
Pune-based Enzene focuses on producing biosimilars, novel biologics, synthetic peptides and phytopharmaceuticals.
Enzene has plans to set up a research and development as well as manufacturing centre in the US.
“We have been tracking the broader biologics segment in India for several years, seeking disruptive technologies, products and management teams. Companies like Enzene position India well at the forefront of global biotech innovation,” said Prem Pavoor, senior partner, head of India and healthcare investments, Eight Roads Ventures.
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Eight Roads, which is backed by US financial services major Fidelity, has deployed more than $1.5 billion of venture capital in the country, and has backed the likes of software platforms Whatfix, Icertis and online pharmacy startup Pharmeasy.
In May 2022, Eight Roads launched its first dedicated $250 million healthcare and life sciences fund for India
“Internationally, the US and Europe remain key markets for Enzene with the aim of expanding into new geographies in their mission to become the most sought after CDMO (contract development & manufacturing organization),” said Ketan Patel, partner at F-Prime Capital.
In India, F-Prime has invested in the likes of medtech startup Core Diagnostics, therapeutics venture Immuneel and Pharmeasy.
