OrbiMed Asia makes 7.5 million dollars funding in Vivimed Labs
New Delhi: Drug firm Vivimed Labs said it has received an additional investment of USD 7.5 million (over Rs 47 crore) from healthcare investment firm OrbiMed Asia in its subsidiary Vivimed Labs (Mascarene).
The company had earlier received USD 42.5 million from OrbiMed Asia in September 2017, Vivimed Labs said in a BSE filing.
The overseas subsidiary is the holding entity of the company's active pharmaceutical ingredient (API) business, it added.
This additional follow-on investment by OrbiMed Asia reiterates the confidence of the investor in the Vivimed business model in the healthcare industry, Vivimed Labs MD Santosh Varalwar said.
"The additional funds will fuel its growth opportunities overall," he added.
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