India's GVK Bio gets infusion of cash from ChrysCapital

Indian private equity house ChrysCapital has bought a 10% stake in GVK Biosciences from Sequoia Capital and has said it will commit additional funds to back GVK's plans to grow through mergers and acquisitions. The deal, which values GVK Biosciences at $250 million, has just been approved by the country's Foreign Investment Promotion Board, according to a report by the Economic Times. The report said GVK Bio has $100 million in revenue with 1,700 scientists at 5 locations and has been led by ex-Intel CIO Manni Kantipudi since 2007. The European Union banned 700 generic drugs this summer that were bioequivalency-tested by GVK over allegations of falsified records. ChrysCapital manages funds worth $2.6 billion with the pharmaceutical industry as one of its core sectors. The PE firm has also invested in Mankind Pharma, Cadila, Intas, Torrent, Ipca and Eris Lifesciences, according to the Economic Times. Report