Sequoia-Backed Sai Advantium Lands $20M From MPM Capital

May 17, 2008 | by Pallavi S

MPM Capital, the largest venture capital investor dedicated solely to healthcare, has made a $20 million investment in Hyderabad-based Sai Advantium Pharma, a chemistry-driven drug discovery and development service company. This is the first investment by MPM Capital in India.
As part of the deal, MPM Managing Director William Greene is joining Sai Advantium’s Board of Directors. In 2007, Sequoia Capital had picked up a minority stake in Sai with an investment of $12.5 million (as reported first by VC Circle) .
MPM intends to help the company tap biotech firms in its own network, besides big pharma companies with which it has strong relationships. The global preclinical discovery and development outsourcing industry is poised to grow to $20 billion by 2010.