Avesthagen To Raise $50 Million in Funds for Global Commercialization of Portfolio
Avesthagen, a life sciences company based in Bengaluru, plans to raise $50 million to fund the global commercialization of its product portfolio and hire senior executives, according to its founder, Villoo Morawala-Patell.
"I've been playing out of sheer desire and on a shoestring budget, but people have been kind to us and we've made it through." But we need the $50 million to go global," Morawala-Patell, the company's managing director, said in an interview.
She stated that she is willing to offer stakes to those interested in individual domains or an upfront licencing royalty model. Morawala-Patell stated that the company has reduced its manufacturing operations, reduced staff, reduced debt, and settled disputes.
"We have been taking care of our working capital for the last 3-4 years," Morawala-Patell explained. "We are more or less break-even this year because we are spending on product development and launch, but we have been break-even and profitable for the previous three years."
Avesthagen has created technologies in the fields of food, pharmaceuticals, and population genetics. It intends to commercialise its developed products and technologies, which include, among other things, climate change-resistant seed varieties, biosimilars, personalised diagnostics, and wellness. "Avesthagen has all of the right materials there for the next 20-30 years, and I need to hire senior management positions in each of these verticals," Morawala-Patell explained. "We're looking for funding for scale, for hiring, and to pay off the remaining debt."