IPO-bound pharmaceutical company Mankind Pharma Ltd has led an investment in UK-based clinical-stage pharmaceutical firm Actimed Therapeutics for an undisclosed amount.
The infusion from Mankind helped Actimed to close its second tranche of a £10 million (around $12.3 million) seed funding round that it had raised.
The fresh capital will be deployed by the company to carry out its next stage of clinical development activities.
However, Mankind did not respond to VCCircle’s queries on the financial details of the deal till publishing of this article.
“We believe that innovation will be a key part of our future growth strategy and this first such overseas investment represents a further step along that pathway,” said Atish Majumdar, president (sales and marketing) at Mankind Pharma.
This is the second such investment from ChrysCapital-backed Mankind Pharma since it filed its draft papers with market regulator for its initial public offering last year in September.
In November, it had bought a majority stake in Upakarma Ayurveda Pvt Ltd through one of its subsidiaries for an undisclosed sum.
Prior to that, in 2021 VCCircle reported that Mankind, along with the family office of QRG Group, which owns the Havells brand, invested in defence startup NewSpace Research & Technologies Pvt Ltd, in a larger funding round of about $21 million.
Majumdar joins Actimed’s Board of Directors as a part of the deal.
“The financing includes support from both longstanding and new investors demonstrating confidence in our strategic goal to develop innovative globally approved treatments for cancer cachexia and other muscle wasting conditions,” said Robin Bhattacherjee, chief executive at Actimed.
Actimed is working to develop a treatment for cancer cachexia, a syndrome marked by loss of body weight, anorexia, asthenia, and anaemia. The company has completed initial study and is now planning Phase 2b/3 studies in cancer cachexia which will be conducted in strategic markets.
“With these funds, we will complete feasibility activities for the clinical development programme,” he said.
Founded in 1991, Mankind offers several consumer healthcare products including emergency contraceptives Unwanted 72, Manforce condoms, Prega-News, Gas-o-Fast ayurvedic antacids and skin ointment Acnestar, with a focus on the Indian market. The company is looking to raise $750 million-1 billion through the offer for sale, VCCircle reported.
The company had reported an operational revenue of Rs 7,781.56 crore in the financial year (FY) ending March 31, 2022, up 25% over the previous year. It reported a profit of Rs 1,452.96 crore in FY21.
