The Hindu : Business : MPM Capital to partner Reliance Life

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Friday, Apr 27, 2007
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MPM Capital to partner Reliance Life

Special Correspondent

MUMBAI: MPM Capital, L.P., a U.S.-based global investment management firm focused solely on healthcare investing, and Reliance Life Sciences (RLS), announced a partnership to invest in India's life sciences sector. Making its first investment in venture capital, Reliance has become a limited partner in MPM Capital's newest fund, MPM BioVentures IV.

The fund will have a total corpus of $650 million.

According to sources, Reliance would invest around $50 million to $70 million in this newly launched fund.

Working closely with RLS, MPM Capital said it expects the BioVentures IV fund to invest in select emerging life science companies, to dedicate an investment professional to the MPM-RLS partnership, and to explore the potential for a new India-only seed fund.

Mukesh Ambani, Chairman, Reliance Group said, "With MPM, we will look in the U.S. and locally for co-investment opportunities. We believe that MPM represents the best partner for the effort, based on its scale, its leadership in healthcare venture capital, and its team."

According to MPM Capital General Partner, William Greene, MPM is initially planning to help RLS grow its clinical research group globally.

U.S. subsidiary

Meanwhile, Reliance Life Sciences on Thursday announced the incorporation of an U.S. entity in Delaware, Reliance Clinical Research Services Pvt. Ltd. (RCRS).

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