Baring Private Equity Partners India (Baring India), an advisor to Baring Funds – which partners with companies for long-term value creation – announced a decision by the Funds to invest almost $ 10 million in Sphaera Pharma, an integrated drug discovery and development company.
Announcing the investment, Akhil Awasthi, partner – Pharmaceuticals and Healthcare Practice, said, "Baring Funds believes that India would continue to provide leverage in R&D for global pharma even in a challenging economic scenario. It sees huge potential in Sphaera, with its outstanding management team and optimal focus on therapeutic areas, to carve out a niche for itself in this sector."
Dr Sundeep Dugar, president & CEO, Sphaera Pharma, said, "At Sphaera, our aim is to bring innovative remedial solutions to patients with unmet medical needs. Baring Funds is among the most respected names in the private equity industry, and we hope to channelise the funding to facilitate our drug discovery and development initiatives.