India-based pharmaceutical company Cadila Pharmaceuticals plans to set up a special purpose vehicle to invest in drug development startups or entrepreneurs, the Economic Times has reported.
The initial size of the corporate venturing fund is set to be between Rs 500m and Rs 1bn ($8m to $16m).
Cadila is setting up the fund as part of a move to harness innovation in medicines and drug development from across India.
Rajiv Modi, chairman and managing director of Cadila Pharmaceuticals, said: “We are looking for coming up with a special purpose vehicle or similar kind of format to fund individuals or pharma startups that have innovative drugs or [are] working on pharmaceutical innovation.”