Leela Ventures, the hospitality and real estate group, is likely to enter biopharmaceuticals. The company is picking up a minority stake in Actis Biologics Private Ltd, the Indian subsidiary of the US-based Actis Biologics Inc.
The promoters of Leela Venture are in negotiations with the Indian biopharmaceutical research company to acquire about a 5 per cent stake.
Sources close to the development said Actis Biologics Private Ltd was valued at $100-150 million (Rs 690 crore). At present, Actis Biologics Inc holds about 30 per cent in Actis Biologics Private Ltd and another 35 per cent is with the Indian promoters.
Actis Biologics Private Ltd, which established its operations in India last year, has set up a large-scale research facility in Mumbai and is planning multiple manufacturing sites in the country.
The Indian arm of Actis Biologics, which will have five subsidiaries focusing on different technology platforms, already has equity investment from two other leading corporates, Innovasynth Technologies (26 per cent) and Walchand Nagar Industries (4 per cent).
An Actis Biologics Private Ltd executive confirmed that the company was in talks with corporate and private equity investors for divesting a minority stake in the company.
He, however, declined to divulge the details. The Leela group spokesperson also declined to comment on the development.
Actis Biologics Private Ltd, which has 55 patents in its portfolio, is currently in talks with the US biotechnology major Jennerex Biotherapeutics to co-develop and license a novel cell technology to produce heavy cells for high-yield development and production of biologicals, providing significant cost reduction in biopharmaceuticals development and production.
The company is focusing on biopharmaceutical therapies for cancer, and cardiovascular and genetic diseases. Its business model is to discover new molecules through collaborations and internal research, or to in-license promising targets and then add value by accelerating the progression through the biopharmaceutical product life cycle while
reducing costs by a significant margin.
