Canbank Venture made the investment in the pre-clinical contract research organisation (CROs) through its fifth fund - Emerging India Growth Fund.

Bioneeds said it plans expansion to set up biopharma labs and recruit additional 75 scientists.

With this expansion, Bioneeds will be offering a full range of discovery, development and regulatory services to pharma, biotech, medical device and agro-chemical companies, Bioneeds Managing Director S N Vinaya Babu said.

This will help us broaden our service offerings and deepen our relationship with 250-plus active customers we currently service", Babu said.

The company aims to be counted among the best global CROs offering complete range of services.

On future growth plans, Babu said the company plans to invest around Rs 150-200 crore by setting up a manufacturing facility for biosimilar products.

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