Indiabulls Pharma raises Rs 155 crore from Clermont Group
Mumbai: Indiabulls Pharmaceuticals has raised Rs 155 crore from Singapore-based investment firm Clermont Group.
Indiabulls Pharmaceuticals is a wholly owned company of Indiabulls group, founded in July 2016 currently having product segments of both chronic and acute therapies, and span across health, wellness and cosmeceutical categories with 300 products under its stable, some of which have been introduced in India for the first time to meet patients' needs.
A recent report in Times of India states, Clermont Group, run by New Zealand-based billionaire investor-turned-philanthropist Richard Chandler has acquired about 9 percent stake in the company for Rs 155 crore, valuing Indiabulls Pharmaceuticals at about Rs 1,800 crore.
Clermont Group currently has large minority stakes in Axis Bank, Indiabulls Real Estate and Ujjivan Financial Services, collectively prized at nearly Rs 4,000 crore now.
The New Zealand-born Chandler was recently in the news for his philanthropic initiative named Co-Impact, which has Bill & Melinda Gates, Jeff Skoll (of eBay fame) and The Rockefeller Foundation as his core-partners. Infosys chairman Nandan Nilekani and his wife Rohini have also joined Chandler's initiative through EkStep Foundation, co-founded by the couple .
The daily reports that currently, the manufacturing partners of the company have facilities with WHO/EU GMP certification and compliant with USFDA cGMP requirements.
The company will use the investments to strengthen its healthcare products and services in India, with the intention of being amongst the top 10 players in the coming decade.
Nikhil Chari, CEO, Indiabulls Pharmaceuticals told TOI, "This investment by Chandler would provide some growth capital to the company's ambitions of becoming a leading provider of healthcare products and services in India. The company is aiming to reshape the Indian pharmaceutical industry landscape by providing next-generation therapies to patients at affordable prices."
The Indiabulls Group has businesses across housing finance, consumer finance, real estate and pharmaceuticals sectors.