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April 26, 2007 14:11 IST
Adding a new dimension to its business, the Mukesh Ambani-led Reliance Life Sciences announced on Thursday its partnership with US-based global investment management firm, MPM Capital LP.
The partnership entails Reliance Life Sciences becoming a strategic partner in MPM Capital's newest fund, MPM BioVentures IV, which has a corpus of $650 million.
RLS will be a substantial investor in the fund besides acting as a strategic partner with the right to tap innovations in life sciences in the companies that the fund would be investing in.
Reliance Life Sciences' President and CEO K V Subramaniam said RLS would be investing a substantial double-digit million dollar amount in this fund.
MPM Capital expects the BioVentures IV fund to invest in select emerging life-sciences companies.
The US-based company is focussed solely on life-sciences investing and has offices in Boston, San Francisco and New York.
RLS also announced the expansion of its clinical research services to the US by incorporation of a subsidiary as a US entity in Delaware.
The new US entity has been formed to become the headquarters of the life sciences services business of Reliance in the US, "as 50 per cent of market for this business is presently in the US," Subramaniam said.
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