360 ONE Asset, an asset management firm backed by private equity firm Bain Capital, has invested in TPG-backed contract drugmaker OneSource Specialty Pharma in a secondary transaction. This comes within a month of the firm investing in fertility treatment provider A4 Hospitals.
While the companies haven’t disclosed the financial details of the transaction, a person familiar with the matter told VCCircle, 360 ONE Asset invested $25-30 million for a minority stake via its Healthcare Opportunities Fund. 360 ONE Asset refused to comment on the deal size.
The investment comes after OneSource’s Rs 801 crore funding round last month, which saw participation from Swiss investment firm HBM Healthcare, WhiteOak Capital, Param Capital, Motilal Oswal, Enam Holdings and SBI Life Insurance Co Ltd at a pre-money valuation of $1.65 billion.
This is the second round of funding for OneSource after a rebranding last year and a restructuring that involved Strides and its unit Steriscience Specialty Pvt. Ltd demerging their contract drug development and manufacturing operations and soft gelatin businesses under OneSource.
The transaction comes almost about three-and-a-half years after TPG Growth, the growth investing arm of TPG, led a $125-million Series C round of funding in Stelis Biopharma at a post-money valuation of $350 million.
OneSource offers end-to-end development and manufacturing services for drug-device combinations, biologics, and injectables. The company has five automated manufacturing plants, including more than 100 scientists and techno-commercial experts.
For the fiscal year ended March 2024, the company recorded total income of Rs 176.14 crore, up from Rs 41.42 crore in the preceding year.
360 ONE Asset, earlier known as IIFL Asset Management, offers alternative investment funds, portfolio management services, and mutual funds to investors. Its funds invest in public and private equities, fixed income securities, and real estate. The company's private equity investments span across stages from early- and mid-stage, to late-stage and pre-IPO investing.
According to its annual report, 360 ONE's asset management business had Rs 72,248 crore in assets under management as of March 31. Of this, Rs 38,313 crore was the AlF AUM, Rs 24,355 crore in PMS and separately managed accounts assets, and Rs 9,580 crore in MF assets.
360 ONE’s other portfolio companies in healthcare include Kauvery Hospitals, Hearing Solutions, Innova Captab, Rainbow Hospitals, Qure.ai, among others.
