At the time, Vivimed has said that the proceeds will be utilised for debt reduction at the parent entity level as well as for expanding the API business.
“Vivimed welcomes the additional follow on investment by Orbi Med Asia and this reiterates the confidence of the investor in the Vivimed Business model in the dynamic health care industry,” said MD Santosh Varalwar. “The additional funds will fuel its growth opportunities overall.”
OrbiMed is a leading healthcare investment firm, with over S14 billion in assets under management. It invests globally in large MNCs, utilizing a range of private equity funds, public equity funds, and royalty/credit funds.
The investment will be into Vivimed Labs Mascarene Ltd, which is in turn the holding entity of the company’s API business, UQUlFA.
UQUIFA contributes approximately 60% of Vivimed’s revenue and a higher proportion of its operating profits, the company said.
“The proceeds of this additional investment will be utilised to drive business growth and, increase the Company’s profitability by organic and inorganic Growth opportunities,” added Saurabh Gurnurkar, Executive Director of Uquifa.
Vivimed is a Pharmaceuticals and Specialty Chemicals company headquartered in Hyderabad, India.
It has manufacturing plants in India, Europe and North America, and employs about 2000 personnel.
Vivimed reported sales of about Rs 15bn for the financial year ended March 31, 2017.