BioCentury
ARTICLE | Financial News

Rusnano invests $28.7M in SynBio

December 3, 2011 1:37 AM UTC

The state-funded $10 billion Russian nanotechnology fund Rusnano followed up on an August commitment and invested RUB900 million ($28.7 million) in biobetters company SynBio LLC (Moscow, Russia). The investment represents a 41.4% stake. SynBio is a JV formed this year by a group comprised of the fund; Russian firms the Human Stem Cells Institute (MICEX:ISKJ), Pharmsynthez JSC (MICEX:LIFE) and Cryonix CJSC; U.K.-based company FDS Pharma LLP; and Pharmsynthez Chairman Dmitry Genkin. The JV is slated to run for seven years, with a budget of RUB3.2 billion ($115 million). In August, Rusnano committed to provide RUB1.3 billion ($46.7 million), while the other founders will co-invest the remaining RUB1.9 billion. ...