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October 21, 2009

Deal Alert: Evolva Biotech raises $28-M in first closing of Series B financing

Evolva Biotech, a Switzerland- and India-based drug discovery firm, has raised CHF 28 million (about US$27.8 million) in the first closing of its second round ("Series B") financing round. The financing is part of Evolva’s preparations to merge with Swiss stock exchange listed company Arpida, though the funds are committed independent of the proposed merger. The Series B financing is led by current investor Aravis and new investors Auriga Partners, Vinci Capital-Renaissance PME and Wellington Partners. BioMedInvest and an undisclosed private investor participated as co-investors in the first closing, as well as Evolva's existing investors Astellas Venture, Dansk Innovation, Novartis Bioventures and Sunstone Capital.

In 2005, Hyderabad, AP-based APIDC Biotech Fund (now Ventureast) had participated in Evolva's first round investment. Other investors in the round included Novartis Ventures, Astellas Ventures, Danish Innovation Investment, Seed Capital and Sunstone Capital.

More information is available in the Press Release.