PE Week Wire — Friday 7/25

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CellGate Inc., a Sunnyvale, Calif.-based developer of molecule transport-focused drug discovery, has raised $43.7 million in Series E funding at a post-money valuation of approximately $70 million. Investors included Sprout Group and return backers Healthcare Ventures and New Enterprise Associates. CellGate now has raised over $80 million in venture capital since its 1998 inception, including a $10 million Series D round last fall at a post-money valuation of around $45 million.

24/7 Customer, an India- and Los Gatos, Calif.-based provider of contact center and business process outsourcing services, has raised $22 million in first-round funding. Sequoia Capital led the deal, and was joined by 24/7 co-founder and CEO P.V. Kannan. As part of the transaction, Michael Moritz of Sequoia will take a 24/7 board seat.

Permira is reportedly ready to offer a formal bid of approximately $2.5 billion for UK department store chain Debenhams PLC. The news comes one day after Permira announced that it held a close of over a