Mumbai-based medium-sized pharmaceutical player Sunways India Pvt Ltd raised $15 million (Rs 122.67 crore) from India Life Sciences Fund III (ILSF III), managed by InvAscent, for a minority stake.
The pharma player plans to use the funds to ramp up its international expansion, acquisitions, and capacity addition plans.
“Sunways is well established to progress into the next phase of sprinted growth domestically and in the international markets. This growth would be supported by organic and inorganic expansion,” said Sunways’ chairman Bhadresh Shroff.
India Life Sciences Fund III is managed by private equity firm InvAscent, which invests in small and mid-sized businesses in the Indian pharmaceutical, healthcare, animal health, and medical-tech industries. It has, so far, made about 10 investments from the third fund, as per its website.
Orbit Financial Capital was the financial adviser to Sunways for the transaction.
“Sunways has built its domestic presence and scale over time and remains one of the top 10 pharmaceutical companies under the ophthalmology category. It is poised to benefit from the new facility expansion and geographic footprint. India Life Sciences Fund III looks forward to partner with the founders; built on the strong ethos of quality, market reach and differentiated products,” InvAscent’s managing director Sumit Gupta said.
InvAscent, the investment adviser to the family of funds operating as India Life Sciences Fund, has, since 2007, raised about $500 million (Rs 4,088 crore) from global investors, and has invested in over 30 companies including Ankura Hospital, Medibuddy, ophthalmology chain Sharp Sight, Strides Pharma Science Ltd, among others.
Founded in 1951 by Kantilal Shroff, the Mumbai-headquartered Sunways Group comprises of three key entities, Sunways India Pvt. Ltd, Sunways Laboratories Pvt Ltd, and Sunways Rohto Pvt Ltd. These players are involved in manufacturing ophthalmic and ENT - focused products, oral medication, and sterile preparations including pharmaceutical formulations, injections, eye drops, among others.