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Global Reach
Howard Robin and COO Bharatt Chowrira were both previously with RNA-based therapy developer
Sirna Therapeutics in San Francisco, which was acquired by Merck in 2006; both were
involved there in establishing collaboration agreements between Merck and Indian pharmaceutical
firms like Nicholas Piramal and Ranbaxy Laboratories.
Most investment to date, however, remains on the VC side. Dr. Nandini Tandon, venture
partner with Lumira Capital in Mountain View—an early stage investor affiliated
with Toronto institutional investment firm MDS Capital—opened the firm’s Bay Area
offices in 2002. Previously she had been with RBC Capital Partners, and before that had held
senior business development positions with Hayward protein analysis platform company
Zyomyx and Sunnyvale gene research firm Hyseq. She also chairs TiE’s life sciences group.
“It’s very exciting to see what’s happening in India and China,” Dr. Tandon says. “There’s a
great awareness of the potential that exists in the health care field, especially in terms of new
technology. Companies are standing on the shoulders of the IT sector; they’re putting the processes
in place to go forward.” She sees particular upside in the medical and health services
space—prosthetics, diagnostics, delivery systems, and imaging—as opposed to drugs and other
therapeutic treatments. Tandon expects Lumira’s portfolio over time to shift from 80% therapeutics
and 20% medical services to a 70:30 ratio favoring services, reflecting the growth of
emerging economies in importance both as markets and as product development centers.
Lumira sees opportunity in India, but prefers to leverage its exposure by teaming with
other venture capitalists. Dr. Tandon notes that “right now there is not enough of a
critical mass to create a syndicate,” but expects to see one in the next few years as more
life sciences venture capitalists begin to pursue growth opportunities there. Two companies in
Lumira’s portfolio with potential India applications are Hayward–based Guava Technologies,
whose cell sorting and analysis technology permits more experiments with fewer cells at the
bench level without requiring large volumes of water, and U-Systems, Inc., a San Jose maker
of low-cost ultrasound systems for diagnosing breast cancer, that are competitive with an MRI
and focus on scanning dense tissue common in Asian women.
Dr. Tandon believes Silicon Valley will continue to lead the way in delivering life sciences solutions
to emerging markets, including India. “It’s still too early for Indian companies,” she says.
“A company is run by its management, so what we are investing in is management. The culture
in Silicon Valley has spawned people who have done this very well. I don’t see that elsewhere,
including India.” However, she sees cross-border companies developing in India over time: “The
companies that are going to succeed are the ones with ideas in India and experience from here.”
San Francisco-based life sciences VC firm Burrill & Company is creating a $200–250
million VC/PE India fund that will invest in innovation-based health care and health
care delivery businesses within India, as well as businesses outside India that have India
as an integral component of their business strategy.
Dr. Tania Fernandez, India director at Burrill, says health care is one of India’s largest sectors
both in terms of revenue and employment, and the sector is expanding rapidly. Its value is more
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