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Avesthagen to raise 25 m Euros

Bangalore, dhns:

Avestha Gengraine Technologies Pvt Ltd on Thursday said it planned to expand itself globally and hence, is set to raise 25 million Euros through private equity placement. “We will raise 25 million Euros through private equity placement for acquisitions and global growth,” Villoo Morawalla Patel, CEO, Avesthagen said at a press conference here.

The biotech major will also focus on building further its manufacturing capacity, Ms Patel said.

The company is coming up with a Rs 50-crore lab facility expected to be ready by mid 2007,” she said. Apart from this, Avesthagen will take its worldwide employee strength from 200 to 300, Ms Patel said.

The company has recently inducted Dr Barry J Furr, former Chief Scientific Officer and Head of Research at AstraZeneca (UK) and Dr Simon Best, Founder and Chairman of Ardana Plc (UK) on its board of directors and scientific advisory committee, she said.