Issues & Articles

INDIAN VENTURE CAPITAL JOURNAL
Volume 1, Issue 3

The Sector Analysis includes: Real Estate
Funds-Riding the Economic Wave

Gathering momentum
A Comprehensive analysis and surveys covering the entire LifeSciences spectrum, conducted by the IVCJ Research Team

Sanjiv Kaul's Ten Commandments
An insightful paper guiding passionate bioentrepreneurs, in stages, to successfully attract VC & PE funding.

Indian Pharma has Arrived
Nilesh Gupta's summary of the role of private equity in the different models of pharmaceutical and healthcare companies.

Other sections in this issue include:

In Good Company
In this research paper the IVCJ Research Team profiles ChrysCapital LLC, a Mauritius based Private Equity firm, introducing its management team and its investment policy, approach and strategy.

Legal & Tax Angle
An in-depth analysis of the legal and regulatory milieu of the Indian Pharma Industry, with thorough detail of the current patent regime, in the light of the recent amendments.

Globe trotting
Inside the Term-Sheet Mindset of a LifeSciences VC.

This paper delves into the mindset of the LifeSciences VC, giving an in-depth analysis of their preference of stock when funding an Entrepreneur.

Entrepreneur's Corner
Mr. Sushil Handa CEO & Founder,
Claris Lifesciences
‘Basically I believe that organic growth is a much sounder and long lasting strategy, making us stronger from within.'

Learning Curve
Making it the TRIPS way – India 's New Patent Regime

This paper attempts to present an overview of what patents are and what amendments have been made in the extant Indian Patent laws as it became TRIPS

Case Studies:
Maladi Drugs and Pharmaceuticals Ltd.
Ranbaxy Fine Chemicals Ltd.
Bharat Biotech International Ltd.

Other sections in this issue include:

Trendsetters ICICI Venture Fund Management Limited

Market Watch Latest News and views concerning the state of the Indian Venture Capital and Private Equity Markets.

Global Trotting Dr. Martin Haemmig explains what added value startups really want from their VCs today?

Entrepreneurs Corner Interview with Mr. Neel Raheja, Executive Director of K. Raheja Corporation Pvt. Ltd and a leading developer.

Learning Curve

• The Booming Real Estate Market

• Commercial Mortgage Backed Security – A viable option for financing commercial real estate.

In a Good Company Profile of HDFC Venture Capital Limited, a pioneer in real estate funds.

Detailed Table of Content

Topics

Page

From the Editor's Desk

1-2

Market Watch

5-13

New Funds

Investments

Exits

VC Stories

14-19

A Hole-In-One Exit for ChrysCapital ( IVCJ Research)

Kshitij: Retail All The Way ( IVCJ Research)

Is SIDBI Heading for a Podium Finish (IVCJ Research)

Sector Focus

21-43

Indian Lifesciences: Gathering Momemtum (IVCJ Research)

Introduction

Pharmaceutical: The Winds of Change

Indian Clinical Trials and Contact Research and Manufacturing

Biotechnology: The New Frontier

Healthcare: Poised to Scale New Heights

M&A's in Pharma in 2005

Role of Venture Capital in the LifeSciences Sector

Sanjiv Kaul's 'Ten Commandments' (Sanjiv Kaul, ChrysCapital)

47-51

Indian Pharma Has Arrived (Nilesh Gupta, Lupin Ltd.)

53-56

Taking a Leap From Here…

...To Here

Role of Private Equity

Lupin

Conclusion

Tax Angle

57-67

Indian Legal and Regulatory Environment — Indian Pharma Industry (Gowree Gokhale & Dr. Milind Antani - Nishith Desai Associates)

Indian Legal and Regulatory Environment — Indian Pharma Industry

Impact of TRIPS on the Indian Pharma Industry

Fiscal incentives available to commercial research and development companies

Case Studies

69-72

Malladi Drugs & Pharmaceuticals Ltd. (IL&FS Investment Managers Ltd.)

Investor Profile

Investee Company Profile

What was the highlight of the deal structure

Valuation and Exit

What was the exit route and why?

Ranbaxy Fine Chemicals Ltd. (ICICI venture Funds Management Company Ltd.)

Background

Opportunity Identification

Transaction Execution

Value Enhancement by ICICI Venture

Thinking Ahead

Bharat Biotech International Ltd. (ICICI venture Funds Management Company Ltd.)

Background

Opportunity Identification

Transaction Execution

Current Status of the Company

Value Enhancement by ICICI Venture

In Good Company

74-79

ChrysCapital Investment Advisors, India (IVCJ Research)

Company Profile

Management Team

Investment Philosophy

Investment Focus

Potential Investment Strutures

Investment Parameters

Value Addition Provided

Reasons for Success

Past and Present Investments

Interview with Mr. Sanjiv Kaul, Managing Director, Chryscapital

Entrepreneurs' Corner

80-81

S. K. Handa of Claris Lifesciences (IVCJ Research)

Globe Trotting

82-84

Inside the Term-Sheet Mindset of a LifeSciences VC (Arthur Klausner, AM Pappas & Associates)

Defining the Terms: Common, Options, and Preferred

And the Survey Says….

Tricks of the VC Trade

Take-Home Message

Learning Curve

Making it Trips Way - India's New Patent Regime (Rajkumar Dubey, Dubey & Partners)

86-89

Introduction

Historical Background of Patent Law in India

Conclusion