The Hindu Business Line : Mauritius fund invests $30 m in Gland Pharma

Hyderabad, Jan. 11 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.

“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,” Mr Vishy Chebrolu, Managing Director of InvAscent, advisors to Evolence India Life Sciences Fund, told newspersons here on Friday.

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.

“We are currently conducting due diligence of a company and are also talking to three more companies in India,” he added.

Mr P.V.N. Raju, Chairman, Gland Pharma, said the proceeds of investment would be used to augment the capacity of existing plants. “We are also open to inorganic growth options,” he said.

The company would broaden its base in injectibles and focus on filing Abbreviated New Drug Applications (ANDAs) in biologics, anti-cancer drugs and other generics, he added.

It had five approved ANDAs in its kitty.

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

“We are also in the process of setting up another plant in Pharma City in Visakhapatnam,” said Mr Ravi Penmetsa, Managing Director and Vice-Chairman, Gland Pharma.

The company’s turnover would cross Rs 125 crore in the current fiscal, he added.

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