Investing in Life Sciences India

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Investing in Life Science in India: 

Investing in Life Science in India The Venture View Anula Jayasuriya, MD PhD ASSOCHAM March 28, 2006

Why Am I Here?: 

Why Am I Here? To 'Meet the future Nano-Bio Billionaires'! To find and fund these superstars Huge Opportunity in India Both technology Innovation in India and transfer of Technology to India Skills base

Venture vs. Private Equity: 

Venture vs. Private Equity Stage of company: early v. expansion Level of risk: high v moderate Revenue: pre v. post Size of Investment: smaller v. larger Assessment Focus: technology v. financial VC creates the deals for PE 2005: PE and VC in LS: $217 MM in 13 deals

What does LS Encompass?: 

What does LS Encompass? Therapeutics – novel and generic Diagnostics Devices R andamp; D Tools and Reagents Instruments Health Care Delivery – hospitals, clinics Services: CRO; Chemistry; Labs; Pharmacy

What VC’s Look For: 

What VC’s Look For Need addressed by disruptive technology Technology backed by defendable IP Business model Valuation/Exits: IRR; 5-10x return Cost of development and time lines Competition

Why VC is Important: 

Why VC is Important Big player in any tech boom Small co’s challenge establishment – disruption

Biggest Challenges in India: 

Biggest Challenges in India Deal Flow Management Skills IP Business culture differences (own the task rather than the problem; control; family businesses; term sheets Exits

Business Models: 

Business Models CRO/MFG/services – fee for service Collaborations/ JV – Risk Sharing Wholly owned Subsidiary of Ex US co Wholly Indian Company

VC Value Proposition: 

VC Value Proposition Financing: long-term equity Business Partner: share risk and reward Networks: Access to expertise and alliances Mentoring Exit

DFJ Suriya Fund: 

DFJ Suriya Fund LS investments in US-India corridor $ 50-$100 MM Value creation in India – beyond pure outsourcing Two partners in India; one in the US DFJ sponsorship

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