Baring India backs drug developer

The Delhi-based private equity firm will invest up to $15m in Sphaera Pharma. It is the first deal for its $550m Fund III closed earlier this year.

Baring Private Equity Partners India, a mid-market focused growth capital firm, will invest up to $15 million in Sphaera Pharma, an integrated drug discovery and development company.

Sphaera Pharma, which has operations in India and Singapore, engages in pharmaceutical research and development.

Baring India will continue to provide leverage in research and development for global pharmaceuticals even in this economic environment, Akhil Awasthi, partner in the pharmaceuticals and healthcare practice at Baring India, said in a statement.

The investment was made out of Baring India Private Equity Fund III, which closed on $550 million earlier this year. Sphaera Pharma is the firm’s first investment from its third fund. The firm's previous fund was a $175 million vehicle and is fully committed, a spokeswoman said.

Baring India has made more than 20 investments to date in sectors such as IT and IT-enabled services, life sciences, banking, financial services, insurance, energy, infrastructure and consumer goods.

Established in 1997, the firm currently manages assets of more than $1 billion across its three India-focused funds.