Indian pharma firm Cipla launches VC unit
Cipla, an India-based generic drug maker, has set up a VC arm – Cipla Ventures – to invest in biotechnology, medical devices and new chemical entities.
"I strongly believe that you don't want to mix running today with building tomorrow, so this way, I have the organization focus on the operating business and I have a team that is able to, with sensible risk, place bets for the future," said Subhanu Saxena, Cipla's global CEO, The Economic Times reported.
"And out of the five or six bets I place, only two or three need to pay off."
The VC unit will be led by Chandru Chawla. Samina Vaziralli, a member of Cipla's leadership team, will also be involved.
Established in 1935, Mumbai-based Cipla produces drugs used to treat conditions including cardiovascular disease, diabetes, weight control, arthritis and depression. The company reported a net profit of INR15.1 billion ($253 million) for the year ended March 2013, with sales reaching INR80.1 billion.
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