Bangalore, Nov 24, 2008: Baring Private Equity Partners India, an advisor to Baring Funds will invest up to $10 million in India-based Sphaera Pharma, an integrated drug discovery and development company.

"Baring Funds believe that India would continue to provide leverage in R&D for global pharma even in a challenging economic scenario. They see 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. Having invested in companies with a blend of innovation and services in the past, they hope to leverage our domain experience and expertise, to help Sphaera achieve its goals,” said Mr Akhil Awasthi, Partner-Pharmaceuticals and Healthcare Practice, Baring India.

 

“At Sphaera, our aim is to bring innovative remedial solutions to patients with unmet medical needs. Baring Funds is amongst the most respected names in the private equity industry, and we hope to channelize the funding to facilitate our drug discovery and development initiatives,” said, Dr Sundeep Dugar, President and CEO, Sphaera Pharma.