Enzene Biosciences Ltd (‘Enzene’), a biotech company and a subsidiary of Alkem Laboratories Ltd., said that it has raised $50 million from Alkem Laboratories Ltd. and new investors, Eight Roads Ventures and F-Prime Capital.
The newly raised funds will be used to enhance manufacturing capabilities and drive expansion plans both in India and in the US.
Enzene said it has successfully leveraged its platform to develop a captive pipeline of biosimilars. These have been out-licensed to pharmaceutical companies across global markets while also offering end-to-end contract development and manufacturing (CDMO) services to biotechnology companies.
Enzene said it has built a highly experienced 400-person team under the leadership of Dr. Himanshu Gadgil, CEO at Enzene Biosciences Ltd.
Biologic drugs have seen rapid growth across therapeutic areas leading to a $300 billion market. The significant increase in biologic drugs being developed has outpaced worldwide supply capabilities, creating immense opportunities for high-quality contract manufacturers.
In addition, the wave of patent expiries within the segment has also led to a large opportunity for biosimilar products. Enzene has commercialised four biosimilars in India and has another fourteen products in the pipeline at various stages of development. Many of its in-market and pipeline products have already been partnered for commercial rights in emerging and regulated markets.
“Companies like Enzene position India well at the forefront of global biotech innovation,” said Dr. Prem Pavoor, Senior Partner, Head of India and Healthcare Investments, Eight Roads Ventures.
Dr. Ketan Patel, Partner at F-Prime Capital said internationally, the US and Europe remain key markets for Enzene with the aim of expanding into new geographies in their mission to becoming the most sought-after CDMO.