The Mauritius-based Evolvence India Life Sciences Fund has entered into a definitive agreement with the Hyderabad-based Gland Pharma Ltd to invest $30 million.

Vishy Chebrolu, Advisor, Evolence India Life Sciences Fund said, “The fund will get a significant minority stake in Gland Pharma. The investment will help Gland Pharma to take up massive organic and inorganic expansion.”

The fund, which recently invested $5 million in Bangalore-based oncology services provider Health Care Global, is also interested in pumping in equity into more biotech and pharma companies.

Gland Pharma, currently supplies pre-filled syringes to many blue-chip companies in India and abroad. The company has two plants in Hyderabad and one in Visakhapatnam.