Healthcare focused private equity firm InvAscent invests about Rs 250 cr in bulk drugs firm Malladi
- ByStartupStory | April 25, 2022
InvAscent, the healthcare focused private equity firm has invested about Rs 250 crore in bulk drugs maker Malladi Drugs and Pharmaceuticals Ltd for a minority stake.
In order to expand its manufacturing capacity and to launch new molecules, the Chennai-headquarterd Malladi will use the fresh capital, said the companies in a statement.
Founded in 1980 by M.L.N Shastry, Malladi is engaged in intermediates and contract development of drug product and manufacturing and selling of active pharmaceutical ingredients (APIs). There are three food and drug administration (FDA) approved manufacturing facilities of the company located in Ranipet and Tirupati. It sells to customers in over 60 countries across Asia, Americas, Europe, and Middle East and North Africa.
Prashant Malladi, Chairman, Malladi said that a mutually beneficial partnership will be made by InvAscent’s deep understanding of the pharma API/CDMO (contract development and manufacturing company) space and its track record as a value-adding investor.
TP Devarajan, Senior Managing Director, InvAscent said that the company is poised in order to grow rapidly, driven by its fermentation expertise, its pipeline of products, its global leadership in certain APIs, and the strong relationships it has nurtured with its global customers.
On this transaction, the exclusive financial advisor to the company was Investment bank Veda Corporate Advisors.
Currently, InvAscent is investing out of its third fund, which including its first bet on a digital healthcare platform Medibuddy has made eight other investments.
Meanwhile, from the second fund that made 12 investments in total InvAscent has so far made two exits. The exits from the second fund are: Synergia Life Sciences and Dunshine Hospitals
Last month it had been reported that an investment bank for a fresh fundraise to primarily facilitate an exit to InvAscent was hired by Oasis Centre for Reproductive Medicine, which runs a chain of in-vitro fertilization (IVF) centres.
From its debut fund, the private equity firm invested in eight companies including Gland Pharma and exited all.
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