PERLECAN PHARMA RAISES $52.5M

India's second-largest drug company, Dr. Reddy's Laboratories (DRL), formed one of the country's first integrated drug development companies, Perlecan Pharma Private Limited, on Wednesday, and raised $52.5 million from Citigroup Venture, ICICI Venture, and Dr. Reddy's. Perlecan Pharma will be devoted to the clinical development and out-licensing of new chemical entity (NCE) assets. Initially these will involve NCEs received from Dr. Reddy's.

Red Herring (http://www.redherring.com/Article.aspx?a=13755&hed=Perlecan%2BPharma%2BRaises%2B%2452.5M)