https://biospectrumindia.com/rssfeed/news/bio%20money bio money https://biospectrumindia.com/news/86/28645/nusynth-technologies-raises-rs-36-5-cr-to-strengthen-indias-chemical-innovation-capabilities-for-pharma-sector.html https://biospectrumindia.com/news/86/28645/nusynth-technologies-raises-rs-36-5-cr-to-strengthen-indias-chemical-innovation-capabilities-for-pharma-sector.html Tue, 13 Oct 2026 16:50:57 +0530 Mysuru-based startup NuSynth Technologies, an R&D-led process innovation collaborative platform for complex chemistry, has raised RS 36.5 crore in Seed funding. The round was co-led by Avaana Capital and Shastra VC. Over the last two decades, India has built significant capacity in chemical manufacturing. However, many critical molecules continue to rely on complex, multi-step synthesis routes that carry higher material and energy cost, use import-dependent intermediates and hazardous reagents, and pose challenges during commercial scale-up.  This creates a compelling opportunity to deepen domestic R&D and build native chemical process innovation capabilities that yield higher efficiency, sustainability, and commercial scalability. NuSynth addresses this challenge by redesigning chemical processes from first principles, not through incremental tweaks. By re-evaluating starting materials, reaction pathways, and process economics, their platform develops synthetic routes engineered for superior cost efficiency, yield, cycle time, safety, sustainability, and scalability. Beginning with high-value sectors like pharmaceuticals and electronics chemicals, the company building process innovation capability that extends across multiple chemistry-led sectors,  over time. “Over the last two decades, India has built significant strength at manufacturing established chemistry. We believe the next chapter will be defined by our ability to innovate on the underlying chemistry itself,” said Poorvank Purohit, Co-Founder & CEO, NuSynth Technologies. The new capital will support the development of NuSynth’s R&D and technology capabilities, initial portfolio of proprietary processes, scale-up capabilities and team. Shruti Srivastava, Partner, Avaana Capital, said: “The next phase of India’s growth in high-performance industrial chemistry will increasingly be shaped by the ability to originate proprietary synthesis pathways that are fundamentally more efficient and commercially scalable over time." ]]> https://biospectrumindia.com/news/86/28633/dst-signs-agreement-with-peptris-towards-rs-86-cr-rdi-collaboration-to-accelerate-ai-based-drug-discovery-and-development.html https://biospectrumindia.com/news/86/28633/dst-signs-agreement-with-peptris-towards-rs-86-cr-rdi-collaboration-to-accelerate-ai-based-drug-discovery-and-development.html Mon, 12 Oct 2026 12:46:35 +0530 In a significant move towards accelerating the development of next-generation therapies through Artificial Intelligence (AI), the Technology Development Board (TDB) of the Department of Science and Technology (DST), Government of India has signed an agreement with Peptris Technologies, Bengaluru, for financial support of Rs 86 crore under the Research Development and Innovation (RDI) Fund. The project, called VIGOR: Moving AI-Discovered Molecules from the Lab to the Clinic, has a total project cost of Rs 172 crore (approximately $1.72 billion). The aim is to advance four experimental drugs to technology readiness levels (TRLs) 4 to 6, requiring preclinical development, validation, and preparation for clinical trials. Financial support will be provided through optionally convertible debt (OCD). The VIGOR programme includes four experimental drugs: PEPR111, which targets neuromuscular disorders and cancer; PEPRX101, which targets hair loss (alopecia); PEPR202, which targets neuropathy; and PEPR112, which targets diabetes mellitus (DMD). Each experimental drug is currently at the TRL-4 stage, and the project aims to advance it to TRL-6. The development programme envisages a structured progression over three years, including advanced preclinical and investigational new drug (IND)-enabling studies, formulation development, clinical trial preparation, and initiation activities, subject to relevant scientific and regulatory requirements. By supporting the progress of multiple candidates under a coordinated program, the project seeks to strengthen the process of translating AI-based research into potential therapeutic products. Its focus on select disease areas also represents an opportunity to direct innovation toward conditions where effective treatment options are limited. ]]> https://biospectrumindia.com/news/86/28600/blacksoil-invests-rs-110-cr-in-regency-hospital-to-support-expansion-of-specialised-healthcare-in-tier-2-markets.html https://biospectrumindia.com/news/86/28600/blacksoil-invests-rs-110-cr-in-regency-hospital-to-support-expansion-of-specialised-healthcare-in-tier-2-markets.html Tue, 06 Oct 2026 15:11:43 +0530 Regency Hospital, a leading tertiary care healthcare provider in Uttar Pradesh, has raised Rs 110 crore from BlackSoil Capital to fund its expansion and investments in new healthcare infrastructure. With over three decades of experience, Regency operates hospitals and healthcare facilities across Kanpur, Lucknow, and Gorakhpur, offering multi- and super-specialty care across oncology, nephrology, gastroenterology, cardiology, critical care and other specialities. The fundraise comes as healthcare delivery and demand for specialised care continue to grow beyond India’s major metropolitan centres. The expansion of established healthcare operators across tier-2 and tier-3 markets, along with increasing insurance and government healthcare scheme penetration, is creating greater demand for institutional capital to build and expand healthcare capacity. Commenting on the fundraise, Abhishek Kapoor, the CEO, Regency Hospital Limited said, “Regency has remained focused on expanding access to quality tertiary and super-specialty healthcare across Uttar Pradesh. The Rs 110 crore financing from BlackSoil will support our investments in new healthcare infrastructure and enable us to build further capacity in markets where the demand for specialised care continues to grow.” The platform has built exposure across hospitals, diagnostics and medical equipment distribution. BlackSoil sees a growing financing opportunity across hospitals, diagnostics, specialty healthcare operators and medical equipment businesses.   ]]> https://biospectrumindia.com/news/86/28592/zoencure-therapeutics-secures-rs-20-cr-investment-to-accelerate-next-gen-antibody-drug-conjugate-programme.html https://biospectrumindia.com/news/86/28592/zoencure-therapeutics-secures-rs-20-cr-investment-to-accelerate-next-gen-antibody-drug-conjugate-programme.html Sat, 03 Oct 2026 17:42:27 +0530 ZoeNCure Therapeutics, a Delhi-based oncology biotechnology startup focused on developing high-potency targeted cancer therapies, has announced the successful closing of Rs 20 Crore (approx. $2.4 million) Seed financing round. The investment was led by the HNI (High-Net-Worth Individual) Tyagi Family based out of Gurugram, led by Shyambir Tyagi and Manoj Tyagi, alongside participating angel co-investors. This round represents the second financial backing from the said Tyagi Family, which previously provided an Rs 2.5 crore pre-seed investment to fund ZoeNCure's foundational operations. The follow-on capital brings the total equity raised by the company to Rs 22.5 crore. Proceeds from the seed round will be utilised to advance ZoeNCure’s lead Antibody Drug Conjugate (ADC) candidate toward first-in-human Phase 1 clinical studies for severe liver and gastrointestinal cancers, specifically hepatocellular carcinoma (HCC). The funding will support key development milestones, including preclinical studies, CMC scale-up, and regulatory submissions to India’s Central Drugs Standard Control Organisation (CDSCO). ]]> https://biospectrumindia.com/news/86/28571/longevity-healthcare-startup-vytalyou-raises-rs-9-cr-to-expand-clinic-network.html https://biospectrumindia.com/news/86/28571/longevity-healthcare-startup-vytalyou-raises-rs-9-cr-to-expand-clinic-network.html Wed, 30 Sep 2026 14:57:43 +0530 Mumbai-based Vytalyou, a doctor-led longevity and preventive healthcare startup, has raised Rs 9 crore in a pre-series A funding round from Chetan Jain of Pharma Dose and Ratan Jain of Venus Industries at a valuation of approximately Rs 33 crore. The company will use the funds to expand its Mumbai network of Incremental Lifestyle Clinics. Founded in 2025 by Molecular oncologist Dr Chirantan Bose and Radiologist Dr Preetesh Bhandari, Vytalyou is building a network of doctor-led longevity clinics. Its model combines predictive diagnostics with a broad range of new generation personalised preventive therapies to help push back chronic lifestyle diseases and add healthy years to life. The Mumbai expansion will take its network to three centres, including its existing facility in Powai. Vytalyou plans to expand to 10 locations across India in coming years. The company aims to reduce the number of sick years and enable people to live healthier lives. While routine health-checks spin out conventional reports, Vytalyou’s exemplary Predictive Longevity report is aimed to identify degenerative health conditions well in advance. Thereafter a medically curated preventive and regenerative therapeutic approach is used to guide the personalised programmes. At the core of its offering is an AI-based algorithm which defines Vytalyou’s Predictive Longevity Evaluation, assessing an individual’s health profile, biological ageing and potential areas of future risk. Doctors review the findings and use them to shape a medically supervised plan. Depending on individual needs, this may include lifestyle guidance, further assessment and therapeutic programmes focused on cellular and mitochondrial health, with follow-ups to monitor the progress. “Our focus is on increasing healthy years of life. The AI-based algorithm is unlike any other health check that helps our doctors build a more comprehensive picture of an individual’s organ-systems and shape a personalised programme, which includes interventions focused on cellular and mitochondrial health. Once the body’s own cellular repair and regenerative mechanisms are reset, health takes a new trajectory” said Dr Chirantan Bose, Founder, Vytalyou.   ]]> https://biospectrumindia.com/news/86/28577/linux-secures-70-m-strategic-investment-from-chrys-capital-and-tata-capital-healthcare-fund.html https://biospectrumindia.com/news/86/28577/linux-secures-70-m-strategic-investment-from-chrys-capital-and-tata-capital-healthcare-fund.html Wed, 30 Sep 2026 16:27:02 +0530 Chennai-based Linux Laboratories, one of India’s fastest-growing domestic formulations companies, has secured $70 million in equity capital from ChrysCapital and Tata Capital Healthcare Fund III (TCHF III). ChrysCapital has acquired a significant minority stake in Linux. The transaction comprises a combination of primary capital and secondary purchase and includes the full exit of Tata Capital Healthcare Fund II (TCHF II) at approximately 4x returns. Avendus Capital acted as the exclusive financial advisor to Linux on the transaction. Linux is a specialty-focused domestic formulations platform with a portfolio of over 125 brands spanning ~400 SKUs. Linux has established a leadership position in central nervous system (CNS) therapies, covering epilepsy, neuropathic pain, depression and autism, and has extended into dermatology, cardio-diabetics and nutraceuticals. The company has combined organic brand-building with a disciplined acquisition track record, having integrated and scaled the Biomedica and Indiabulls Pharmaceuticals portfolios alongside brands acquired from Cipla and Dr. Reddy’s Laboratories. The company also operates its own WHO-GMP certified manufacturing facility, which supports backward integration for the branded business while anchoring a growing contract development and manufacturing (CDMO) operation and an export presence across countries. The proceeds will support Linux’s next phase of growth, including deepening its presence in core specialties, entry into adjacent therapeutic areas, continued brand acquisitions, and further investment in manufacturing and R&D capabilities. India’s branded formulations market continues to attract strong investor interest, driven by the rising burden of chronic and sub-chronic conditions and the growing share of specialty-led, prescriber-facing portfolios. ]]> https://biospectrumindia.com/news/86/28562/paediatric-health-tech-startup-primerry-secures-rs-7-1-cr-in-pre-seed-round-.html https://biospectrumindia.com/news/86/28562/paediatric-health-tech-startup-primerry-secures-rs-7-1-cr-in-pre-seed-round-.html Mon, 28 Sep 2026 17:34:48 +0530 New-age paediatric healthcare brand Primerry has raised Rs 7.1 crore (~$760,000) in a pre-seed round, as it looks to make everyday healthcare simpler, more effective and easier for children to take. Founded by Rushabh Nandu and Dr Nihar Parekh, the round saw participation from Ashish Kacholia and Lashit Sanghvi, along with angel investors Mohit Sadaani, Hitesh Dhingra, Ajay Mehra and Samir Palod, and select family offices. India's paediatric healthcare market remains largely underserved by modern, parent-first brands, with most existing options built around legacy, one-size-fits-all formulations rather than the specific needs of growing children. Primerry is looking to change this by building a portfolio of everyday healthcare products designed for children aged 2 to 14 - prioritising taste, ease of use and clinical credibility. Primerry plans to use the fresh funds to strengthen its R&D pipeline, build out its founding team, and expand distribution across key markets in India. Primerry will roll out in phases. The company's full range of eight SKUs, priced between Rs 499 and Rs 1,499, will be sold through its own D2C platform, with a quick-commerce rollout planned within the first year. Alongside its product range, Primerry has also launched PocDoc, a customisable, charm-adorned carry case designed to make it fun and easy for children to carry their Primerry essentials, turning everyday healthcare into a lifestyle habit rather than a chore. The company will also build an offline presence through pharmacies, paediatric clinics and mom-and-baby specialty stores, starting with Tier-1 cities and metros.   ]]> https://biospectrumindia.com/news/86/28529/maharishi-ayurveda-expands-global-footprint-with-5-m-european-centre-of-excellence-in-the-netherlands.html https://biospectrumindia.com/news/86/28529/maharishi-ayurveda-expands-global-footprint-with-5-m-european-centre-of-excellence-in-the-netherlands.html Wed, 23 Sep 2026 17:11:16 +0530 Maharishi Ayurveda Wellness Hospitality has announced the launch of its new centre at the Maharishi European Research University (MERU) campus in the Netherlands. Developed as part of a €5 million expansion project spanning wellness, hospitality, education and research infrastructure, the centre marks a significant milestone in the organisation's global growth strategy and strengthens its presence in the rapidly expanding European wellness market. Officially inaugurated through traditional Vedic ceremonies, the new facility is envisioned as Maharishi Ayurveda's European Centre of Excellence, bringing together authentic Ayurvedic treatments, Panchakarma therapies, wellness hospitality, practitioner education and scientific research under one integrated campus. As the demand for preventive and holistic healthcare continues to accelerate globally. Industry estimates project the global Ayurveda market to reach approximately $85.8 billion by 2033, while the European Ayurveda market is expected to grow from nearly $1.8 billion in 2025 to over $7.2 billion by 2034, driven by increasing consumer preference for natural, personalised and integrative wellness solutions. During the initial phase, the Netherlands centre is expected to witness approximately 3,000 visitors annually through therapies, wellness retreats, consultations, Panchakarma programmes and educational initiatives. The facility also aims to train more than 100 Ayurveda and wellness professionals every year, contributing to the global expansion of authentic Ayurvedic knowledge and creating new opportunities for skilled practitioners.   ]]> https://biospectrumindia.com/news/86/28500/advent-international-to-invest-rs-3150-cr-in-yatharth-hospitals-for-24-9-stake.html https://biospectrumindia.com/news/86/28500/advent-international-to-invest-rs-3150-cr-in-yatharth-hospitals-for-24-9-stake.html Thu, 17 Sep 2026 16:27:45 +0530 Yatharth Hospital and Trauma Care Services, one of North India’s fastest-growing listed healthcare providers, has announced that Advent International, a leading global private equity investor, has entered into a definitive agreement to invest Rs 3150 crore of primary capital in the company. Upon completion of the transaction, which remains subject to customary closing conditions, Advent is expected to acquire a significant minority stake of 24.9% in Yatharth Hospitals. The transaction marks a pivotal milestone in Yatharth Hospitals’ growth journey and reflects Advent’s confidence in the company’s differentiated healthcare platform, strong clinical capabilities, scalable operating model, and experienced management team. Following the investment, the promoter, the Tyagi Family, will remain the company’s largest shareholder and continue to guide the company’s long-term vision, alongside a strong leadership team of healthcare and business professionals. Founded in 2008, Yatharth Hospitals has built one of North India’s leading healthcare networks, operating nine multi-speciality hospitals with ~2,800 beds and an overall announced capacity of ~3,250 beds. The company has consistently expanded its footprint through a combination of organic and inorganic growth, while maintaining a strong focus on clinical excellence, patient outcomes, and operational performance.     ]]> https://biospectrumindia.com/news/86/28491/true-artis-raises-rs-11-4-cr-to-expand-network-of-premium-aesthetic-surgery-centres.html https://biospectrumindia.com/news/86/28491/true-artis-raises-rs-11-4-cr-to-expand-network-of-premium-aesthetic-surgery-centres.html Wed, 16 Sep 2026 14:39:18 +0530 TRUE ARTIS, an integrated aesthetic surgery platform, has raised Rs 11.4 crore in a seed round led by Zeropearl VC, with participation from Eleven, a diversified business group of Sunil Sachdeva, co-founder of Medanta, and a group of angel investors. The round also saw participation from operators and healthcare investors including Arjun Vaidya (V3 Ventures), Dr Dhruv Joshi (Co-founder, Cloud Physician), Ambarish Gupta (Founder & CEO, Basis Vectors Capital) and Vivek Lohcheb (CBO, PhonePe), along with former senior executives from Airtel and OYO. TRUE ARTIS will use the capital to open two new centres in Delhi NCR over the next six to eight months, deepen its surgical and recovery capabilities, expand its network of plastic and aesthetic surgeons, and strengthen its technology and patient-care systems. The company plans to consolidate its presence in Delhi NCR before expanding into other markets. The company operates its own purpose-built aesthetic surgery centres, where surgeries are performed on-site. The centres feature advanced operating theatres and surgical and medical equipment, dedicated recovery facilities, ICU backup and private patient suites. Designed specifically for aesthetic surgery, the centres are equipped to undertake complex procedures while providing patients greater privacy than a conventional multispecialty hospital setting. TRUE ARTIS also works with a multidisciplinary network of full-time and visiting plastic surgeons, giving patients access to different specialists under one platform rather than building the model around a single practitioner.     ]]> https://biospectrumindia.com/news/86/28469/marengo-asia-hospitals-secures-40-m-strategic-investment-to-expand-specialist-healthcare-network.html https://biospectrumindia.com/news/86/28469/marengo-asia-hospitals-secures-40-m-strategic-investment-to-expand-specialist-healthcare-network.html Sat, 12 Sep 2026 11:59:13 +0530 Marengo Asia Hospitals, a scaled multi-specialty hospital platform delivering advanced care to India’s fast-growing regions, has raised $40 million in growth capital from LeapFrog Investments, the pioneering profit-with-purpose investment firm. The investment will support Marengo’s expansion and deepen access to quality specialist healthcare across India’s Tier I and Tier II cities. Established in 2021, Marengo Asia Hospitals has grown through a focused buy-and-build strategy, acquiring established regional hospitals and strengthening their clinical and operating capabilities. The company operates five hospitals in India and has a strategic partnership in Saudi Arabia, with approximately 2,000 beds, serving more than 900,000 patients annually. It has a market-leading presence across Gujarat and a growing footprint in Delhi National Capital Region (NCR), with advanced capabilities across high-acuity specialties including cardiology, oncology, neurology, gastroenterology, orthopaedics, and renal care and transplants. Funds raised will support Marengo as it deepens its presence in existing markets, expands into adjacent geographies and continues investing in medical technology, Centres of Excellence and patient experience. India’s healthcare needs are rising rapidly. Non-communicable diseases (NCDs) such as cardiovascular disease, cancer and diabetes account for 66% of deaths nationally, driving demand for specialist care. Yet India has only 1.5 hospital beds per 1,000 people, around 55% below the global average, with the gap particularly acute in Tier II cities and beyond. Patients outside major metro areas have historically had significantly less access to tertiary care, forcing many with complex conditions to travel to larger cities for treatment, adding cost, delay and strain for families already managing serious illness. Abhishek Kabra, MD at Samara Capital and Chairman at Marengo Asia Hospitals, said: “The proceeds will be used to consolidate our leadership in our existing markets while enabling us to expand into new geographies. We aim to double our hospital bed capacity to 4,000 beds over the next two years, further strengthening our ability to deliver high-quality, accessible healthcare.” Marengo Asia Hospitals was advised by Avendus Capital on this transaction. ]]> https://biospectrumindia.com/news/86/28461/graph-ai-raises-13-3-m-to-accelerate-expansion-across-us-and-europe.html https://biospectrumindia.com/news/86/28461/graph-ai-raises-13-3-m-to-accelerate-expansion-across-us-and-europe.html Thu, 10 Sep 2026 22:08:14 +0530 Graph AI, developer of the Graph Safety AI-native patient safety platform, has announced a $13.3 million Series A financing led by Insight Partners, with participation from existing investor Bessemer Venture Partners. Founded in 2024, Hyderabad-based Graph AI was created to address the operational inefficiencies and regulatory complexity facing modern pharmacovigilance and patient safety teams. Today, pharma teams devote much of their effort towards manual processing and operational workflows. Graph Safety enables intelligent software to take on that operational load, allowing safety experts to spend more time on analysis, decision-making, and areas where human judgement is essential. Graph Safety combines AI with deterministic controls, validation layers, and end-to-end audit trails designed for regulated pharmacovigilance environments. Output and source data remain traceable, supporting customer validation, inspection readiness, and human oversight. The platform has been designed with reference to applicable regulatory requirements and evolving expectations for AI in medicines development and patient safety, including the FDA's risk-based credibility assessment framework for AI used to support regulatory decision-making, the EU Artificial Intelligence Act, and the CIOMS Working Group XIV report on Artificial Intelligence in Pharmacovigilance. In live deployments, Graph Safety has reduced case processing turnaround time from more than three hours to under 10 minutes – a reduction of more than 90% and lowered operating costs by up to 66%.   The company has onboarded pharmaceutical and biotech customers across North America and other markets, and secured design partnerships for the modules ahead, including /signal, which surfaces emerging safety signals and patterns across cases. ]]> https://biospectrumindia.com/news/86/28446/w-health-ventures-announces-close-of-fund-ii-at-rs-700-cr.html https://biospectrumindia.com/news/86/28446/w-health-ventures-announces-close-of-fund-ii-at-rs-700-cr.html Tue, 08 Sep 2026 23:31:08 +0530 W Health Ventures (WHV) has announced the close of Fund II at Rs 700 crore, oversubscribed against its initial target of Rs 630 crore. The fund aims to build 8-10 companies from pre-idea to category leaders over the next four years.  W Health Ventures is India's first healthcare company creation fund. Its fifty-person in-house team of physicians, operators, and technologists identifies structural gaps in healthcare delivery, spends 12 to 18 months pressure-testing the opportunity, then recruits an exceptional founding team to build and scale.   "India is at an inflection point in healthcare as the rising demand and constrained supply create a structural mismatch. That mismatch is where lasting businesses are built. What keeps most people away isn't the opportunity, it's how hard healthcare is to build in. We think that is precisely where the value is," said Dr Pankaj Jethwani, Managing Partner at W Health Ventures.  "We build companies to solve these seemingly impossible problems, the ones that actually need first-to-market solutions, because that's where population-scale change lives," said Jethwani. "We're not importing a Silicon Valley playbook and hoping it works here. We go to the parts of the healthcare system where the structural mismatch is the highest, and we stay with that problem for a year, sometimes longer, chipping away at it before we build anything. Our approach is that of mining diamonds, not competing in a gold rush."  The fund's diligence is deliberately unforgiving. "We don't hand a founder a cheque and a good-luck wish," Jethwani said. "A founder is not stepping into a startup. They're stepping into something we've ideated, designed, and derisked through 18 months of diligence before day one. That's the whole thesis of our Second Fund: do more of that, faster, and do it across the US-India corridor as well as inside India.”  The model is already working. Fund II's first two companies each scaled rapidly within months of launch, solving two of healthcare's hardest problems. Everhope Oncology, founded with Narayana Health, is advancing oncology into coordinated, patient-centered care; Everbright Health is scaling advanced interventions for treatment-resistant depression in the US.    ]]> https://biospectrumindia.com/news/86/28438/hrv-pharma-invests-rs-150-cr-to-expand-peptide-and-high-potent-api-capabilities.html https://biospectrumindia.com/news/86/28438/hrv-pharma-invests-rs-150-cr-to-expand-peptide-and-high-potent-api-capabilities.html Mon, 07 Sep 2026 18:25:56 +0530 Hyderabad-based HRV Pharma, a global asset-light pharmaceutical platform, has announced strategic investments to expand its capabilities across two high-value and supply-constrained pharmaceutical segments, synthetic peptides and high-potency oncology APIs. These initiatives are designed to strengthen HRV’s portfolio of complex molecules, accelerate access to regulated markets, and create dedicated supply capabilities while continuing to operate through its asset-light business model. HRV Pharma is investing as part of a combined Rs 40 to Rs 50 crore programme to establish dedicated cGMP peptide manufacturing capacity through a strategic capacity underwriting arrangement. The initiative will focus on commercial-stage and new-to-generic synthetic peptides across multiple therapeutic areas, with HRV retaining ownership of regulatory assets, product IP, and global commercialisation rights. The capacities are currently scaling rapidly and are expected to be ready in the next 6-8 months, giving HRV Pharma the opportunity to address a totally addressable market of more than $2 billion. The company is establishing a strategic joint venture with a focus on high-potency oncology APIs and specialised molecules, with an investment commitment of approximately Rs 100 crore. The platform will create specialised capabilities for developing and commercialising high-potent APIs, initially focusing on oncology and niche therapeutic segments where supply capabilities remain highly specialised. The peptide capacity initiative will support the development and commercialisation of commercial-stage and new-to-generic synthetic peptides across regulated markets including the US, Europe, and other global regions. The platform is expected to develop 20–30 oncology and high-potent APIs in phases, beginning with R&D capabilities and regulatory filings, followed by dedicated commercial-scale capabilities. ]]> https://biospectrumindia.com/news/86/28432/dr-moopen-family-picks-up-additional-stake-in-aster-dm-quality-care-worth-rs-350-cr.html https://biospectrumindia.com/news/86/28432/dr-moopen-family-picks-up-additional-stake-in-aster-dm-quality-care-worth-rs-350-cr.html Fri, 04 Sep 2026 20:48:28 +0530 Union (Mauritius) Holdings, owned and promoted by Dr Azad Moopen and family, has acquired 46.09 lakh equity shares of Bengaluru-based Aster DM Quality Care, representing approximately ~0.57% of the company’s paid-up equity share capital, from TPG-backed Centella Mauritius Holdings.   With the recent purchase of additional stake, the Moopen family now has increased shareholding in Aster DM Quality Care to ~24.58%. The shares were acquired on September 2, 2026, at a price of Rs 760 per share, for an aggregate consideration of approximately Rs 350.34 crore.   The acquisition further strengthens the promoter family’s ownership interest in Dr Moopen-led Aster DM Quality Care and underscores the Moopen family’s commitment to the company’s long-term growth. It also reflects the family’s confidence in the potential of the larger, integrated healthcare platform, Aster DM Quality Care, and its ability to deliver sustainable long-term value for shareholders.   Aster DM Quality Care Limited is one of India’s leading integrated healthcare providers, formed through the merger of Aster DM Healthcare Limited and Quality Care India Limited. The merged entity will bring together four leading healthcare brands - Aster DM, CARE Hospitals, Evercare and KIMSHEALTH, creating a scaled and diversified healthcare platform with a network of 39 hospitals across 28 cities and over 10,890 beds.     ]]> https://biospectrumindia.com/news/86/28433/medulance-raises-rs-24-cr-to-scale-tech-enabled-emergency-healthcare-network-across-india.html https://biospectrumindia.com/news/86/28433/medulance-raises-rs-24-cr-to-scale-tech-enabled-emergency-healthcare-network-across-india.html Fri, 04 Sep 2026 21:17:34 +0530 Medulance, a Delhi-based technology-enabled emergency healthcare and pre-hospital response startup, has raised Rs 24 crore in its Series A-2 funding round from Auxano, Alkemi, Equentis, and other angel investors.The company will deploy the fresh capital towards expanding its emergency response infrastructure across India, strengthening its enterprise and hospital businesses, and further investing in its proprietary technology platform and connected ambulance capabilities. Medulance currently operates through a network of 15,000+ ambulances across 500+ cities, covering more than 8 million lives and handling approximately 5,000 calls per day across its emergency response ecosystem. The company has also been investing in connected emergency response infrastructure. It developed India’s first 5G-enabled smart ambulances designed to transmit real-time telemetry to hospital dashboards, support CCTV-enabled visual triage and enable live clinical oversight. These capabilities are intended to help hospitals and medical teams gain visibility into a patient’s condition even before the ambulance reaches the hospital. The company has now raised $5 million across two funding rounds. With the latest round, the company plans to expand its presence across existing markets, enter additional cities and further strengthen its technology-led emergency healthcare infrastructure.   ]]> https://biospectrumindia.com/news/86/28419/blacksoil-capital-invests-rs-110-crore-in-carlyle-backed-vlcc-to-fuel-next-growth-phase.html https://biospectrumindia.com/news/86/28419/blacksoil-capital-invests-rs-110-crore-in-carlyle-backed-vlcc-to-fuel-next-growth-phase.html Thu, 03 Sep 2026 17:51:48 +0530 VLCC, India's leading homegrown beauty and wellness company, has secured Rs 110 crore from BlackSoil Capital to support its next phase of growth across its beauty, wellness, and personal care businesses. The financing comes as VLCC, backed by global investment firm Carlyle, continues to scale its integrated beauty and wellness platform across services, personal care products, vocational education and international markets. The capital will support the company’s ongoing business requirements and growth opportunities, including strengthening its operating platform and supporting the expansion of its businesses and subsidiaries. Founded by Vandana Luthra in 1989, VLCC has grown into an integrated beauty and wellness platform with a presence across more than 250+ locations in over 130 cities. Its businesses span beauty and wellness services, vocational training and personal care products, with operations across India, South Asia, the Middle East, and Africa. Commenting on the development, Deepak Taluja, CEO, VLCC said, "This financing will enable us to pursue our growth plans across our businesses, including new product introduction and store network expansion. With increasing demand for organised beauty and wellness services and products, we remain focused on enhancing customer experience, expanding our reach, and building a stronger, future-ready platform." BlackSoil Capital provides alternative credit solutions to high-growth businesses across sectors, supporting companies with flexible financing to scale operations unlocking long-term value. ]]> https://biospectrumindia.com/news/86/28424/rpg-active-pharma-acquires-api-business-of-raghava-life-sciences-for-rs-135-cr.html https://biospectrumindia.com/news/86/28424/rpg-active-pharma-acquires-api-business-of-raghava-life-sciences-for-rs-135-cr.html Thu, 03 Sep 2026 19:35:00 +0530 Mumbai-based RPG Life Sciences has announced that its wholly owned subsidiary, RPG Active Pharma (RPGAP), has entered into a Business Transfer Agreement to acquire the Active Pharmaceutical Ingredients (API) and Intermediates business undertaking of Raghava Life Sciences on a going-concern basis through a slump sale. Acquisition of the API and intermediates business undertaking for consideration up to Rs 135 crore, subject to customary adjustments and closing conditions, adds approximately 300 KL of installed capacity in a state-of-the-art EU-GMP approved plant and a portfolio of 22 commercialised APIs plus 7 under development, with strong regulatory approvals.  The acquisition is the next step in RPGAP's consolidation play based on a well-planned buy-and-build strategy to bolster organic growth and create an integrated, scaled API focused organization. Following the recent acquisition of Actis Generics, this transaction broadens RPGAP's manufacturing base, product portfolio, regulatory capabilities and customer access across geographies. Raghava operates a modern API manufacturing facility near Hyderabad, spread across approximately 9 acres, with around 300 KL of installed capacity and a dedicated R&D set-up. ]]> https://biospectrumindia.com/news/86/28410/aig-hospitals-to-invest-rs-2000-cr-in-new-state-of-the-art-healthcare-ecosystem-in-visakhapatnam.html https://biospectrumindia.com/news/86/28410/aig-hospitals-to-invest-rs-2000-cr-in-new-state-of-the-art-healthcare-ecosystem-in-visakhapatnam.html Wed, 02 Sep 2026 16:06:28 +0530 AIG Hospitals has laid the foundation stone for a new, greenfield multispeciality hospital in Visakhapatnam, to be operational by October 2028. The foundation stone was laid by Nara Lokesh, Minister for Human Resource Development, Information Technology, Electronics & Communications and Real Time Governance, Government of Andhra Pradesh. The facility will be built, with an investment of Rs 2000 crore, in two phases comprising of the main hospital campus and an adjoining nursing college. Phase 1, comprising Towers A and B with 650 beds, is expected to be operational by October 2028. Phase 2 will add a further 350 beds in Tower C over the following two to three years, taking the campus to 1,000 beds. Beyond clinical services, the campus will house a Nursing College, a paramedic training centre, a research laboratory, an AI centre, and a 500-seater academic auditorium. The hospital will have more than 50 medical and surgical specialities, with modern clinical infrastructure including modular operating rooms, latest cathLabs, advanced endoscopy suites, fully equipped 150 critical care beds and a 50-bed emergency department. The outpatient block has been designed for approximately 5,000 consultations per day. A dedicated Mother and Child block with 120 beds, including a 15-bed neonatal intensive care unit, birthing suites and paediatric services, will form part of the campus.     ]]> https://biospectrumindia.com/news/86/28393/aragen-life-sciences-files-drhp-with-sebi-for-ipo.html https://biospectrumindia.com/news/86/28393/aragen-life-sciences-files-drhp-with-sebi-for-ipo.html Thu, 27 Aug 2026 20:57:50 +0530 Aragen Life Sciences, a leading contract research, development and manufacturing organisation (CRDMO), has filed its draft red herring prospectus (DRHP) with SEBI for an initial public offering (IPO). The IPO comprises a fresh issue of Rs 800 crore and an offer for sale (OFS) aggregating up to 27,329,192 equity shares of face value of Rs 10 each by selling shareholders. The proceeds from the fresh issue are proposed to be utilised towards the repayment and/or pre-payment of borrowings; capital expenditure to be incurred by the company for purchase of new equipment and machinery for the company’s facilities in Hyderabad; capital expenditure to be incurred by one of the company’s material subsidiaries, Aragen Biologics Private Limited, for the facility in Bengaluru, towards purchase of new equipment and machinery; and general corporate purpose, supporting the company's next phase of expansion. The company has become one of the top three largest Indian CRDMOs in terms of operating revenue among the assessed Indian peers, operating in a global CRDMO market estimated at $171 billion in Fiscal 2026. ]]> https://biospectrumindia.com/news/86/28378/park-medi-world-invests-rs-200-cr-to-develop-550-bed-hospital-in-prayagraj.html https://biospectrumindia.com/news/86/28378/park-medi-world-invests-rs-200-cr-to-develop-550-bed-hospital-in-prayagraj.html Wed, 26 Aug 2026 13:54:20 +0530 Park Medi World Limited has been awarded a Public–Private Partnership (PPP) mandate by the Prayagraj Municipal Corporation to develop and operate a 550-bed multi-super-speciality hospital in Prayagraj, Uttar Pradesh. The project entails an investment of approximately Rs 200 crore, with the hospital expected to be constructed over two years and operated under a 45-year long-term lease. The project will also receive Rs 76.52 crore in support from the State Government towards construction, helping de-risk a significant portion of the capital outlay. The Prayagraj project forms the third pillar of Park Group's Uttar Pradesh strategy. Together with its 360-bed hospital at Agra and its upcoming 400-bed facility at Gorakhpur, Park Group's total capacity in Uttar Pradesh will reach a critical mass of 1,260 beds on completion, positioning the Group as one of the leading private healthcare providers in the State and reinforcing its long-term commitment to expanding access to high-quality tertiary care across North India. ]]> https://biospectrumindia.com/news/86/28379/piramal-alternatives-injects-rs-215-cr-in-kolors-healthcare-to-drive-next-phase-of-growth.html https://biospectrumindia.com/news/86/28379/piramal-alternatives-injects-rs-215-cr-in-kolors-healthcare-to-drive-next-phase-of-growth.html Wed, 26 Aug 2026 14:06:23 +0530 Mumbai-based Piramal Alternatives, the fund management division of the Piramal Group, has announced an investment of Rs 215 crore in Hyderabad-based Kolors Healthcare India, one of the market leaders in wellness chain industry in South India. The investment has been made through Piramal Alternatives’ India Credit Opportunities Fund II (PCF II) and will support Kolors’ next phase of growth, including the expansion of its clinic network, enhancement of existing infrastructure, diversification of its service portfolio and the strategic transformation of its centres under the “Kolors 2.0” initiative. Commenting on this development, Kalpesh Kikani, CEO, Piramal Alternatives, said “Kolors has built a strong brand and differentiated presence in the rapidly evolving wellness and preventive healthcare segment. Its focus on customer outcomes, disciplined execution and continued investment in technology and service innovation positions it well for sustainable growth. We look forward to supporting the management team in scaling the platform and creating long-term value.” Vijaya Krishna, MD, Kolors Healthcare India, said "The capital will enable us to accelerate clinic expansion, strengthen our infrastructure, broaden our service offerings and advance our Kolors 2.0 transformation." Venkata Shivaji Kuna, Executive Director, Kolors Healthcare India, said, “India’s growing wellness challenges require solutions that are accessible, personalised and outcome-driven. The combined strengths of Piramal Alternatives and Kolors will help us address these needs at scale. Through Kolors 2.0, we aim to build a stronger wellness platform that solves real lifestyle and preventive healthcare needs across India.” India’s wellness and preventive healthcare ecosystem is undergoing a significant transformation, supported by increasing consumer awareness, greater focus on preventive health, rising disposable incomes and growing demand for personalised wellness and aesthetic solutions. Against this backdrop, Kolors is well positioned to build on its established regional presence and expand its offering across high-growth segments. The investment further strengthens Piramal Alternatives’ track record of partnering with high-quality mid-market businesses and providing tailored capital solutions across the capital structure to support growth, transformation and value creation. ]]> https://biospectrumindia.com/news/86/28377/kedaara-capital-announces-200-m-strategic-investment-in-tynor-orthotics.html https://biospectrumindia.com/news/86/28377/kedaara-capital-announces-200-m-strategic-investment-in-tynor-orthotics.html Tue, 25 Aug 2026 21:24:10 +0530 Kedaara Capital has announced a strategic investment of $200 million in Mohali-based Tynor Orthotics Private Limited. Founded in 1993, Tynor has grown into India’s #1 doctor recommended brand in orthopaedic supports, mobility aids, rehabilitation and sports performance enhancement solutions with an extensive reach spanning over 300,000 retail outlets and 8,000 hospitals across 60 countries. Tynor's products have supported more than 100 million lives making healthcare affordable and accessible. It also operates three state-of-the-art facilities across 6.5 lac sq. ft. with its best-in-class lean manufacturing capabilities to deliver global-grade products at competitive prices. Kedaara will work closely with the promoters, Dr P.J. Singh and A.J. Singh, the professional management team and long-standing strategic partner Thuasne® to build a leading ortho-focused wellness platform — deepening the brand's reach across India, expanding its presence in international markets, and continuing to invest in world-class, efficient manufacturing, as the company enters its next phase of growth. Sunish Sharma, Founder and Managing Partner, Kedaara Capital, said, "India's medical devices sector is among the fastest-growing in the world, and Tynor represents a rare opportunity to partner with a clear category leader in orthopaedic supports and rehabilitation."  Sumit Gupta, Managing Director, and Nishant Naveen, Principal, Co-Leads Healthcare and Pharma, Kedaara Capital, said, "We are excited to partner with the exceptional team of Tynor and see significant headroom to further build on Tynor's strong doctor equity, deep distribution, R&D capabilities, strong systems and lean manufacturing foundation. We look forward to closely working alongside the promoters, management team, and Thuasne®, and leveraging Kedaara’s operating expertise to help scale Tynor into a global orthotics champion." ]]> https://biospectrumindia.com/news/86/28363/ipo-bound-swara-baby-plans-rs-558-47-cr-capacity-expansion.html https://biospectrumindia.com/news/86/28363/ipo-bound-swara-baby-plans-rs-558-47-cr-capacity-expansion.html Mon, 24 Aug 2026 19:07:02 +0530 Swara Baby Products plans to invest Rs 558.47 crore in a new manufacturing facility in Madhya Pradesh, including Rs 198.21 crore proposed to be funded from the net proceeds of its initial public offering (IPO), as the hygiene products manufacturer seeks to expand its annual capacity across baby diapers, adult incontinence products and sanitary napkins. The company proposes to establish the facility at Pithampur in Dhar, Madhya Pradesh. The project will add annual installed capacity of 1,464 million baby diapers, 252 million adult diapers and 192 million sanitary napkins. Following the expansion, Swara Baby’s total installed capacity is proposed to increase to 4,124 million baby diapers, 505 million adult diapers and 948 million sanitary napkins annually. The proposed plant will manufacture baby and adult diapers across pant-style and tape-style formats and in sizes ranging from newborn and small to XL and XXL. Of the estimated project cost of Rs 558.47 crore, the company has deployed Rs 159.65 crore as of May 31, 2026. Its board, through a resolution, approved the proposed utilisation of Rs 198.21 crore from the IPO net proceeds for capital expenditure. Swara Baby has also made firm arrangements of Rs 160.55 crore through verifiable means, representing 75% of the stated means of finance excluding the portion proposed to be funded from IPO proceeds. The balance is expected to be financed through external debt and internal accruals. The planned investment comes as the company seeks to meet anticipated demand growth, expand its relationships with Indian and international customers and achieve greater economies of scale. Swara Baby has expanded from one manufacturing line in 2018 to 20 lines as of March 31, 2026. These comprise 12 baby diaper lines, four adult incontinence and period-panty lines, and four sanitary napkin and panty-liner lines. Its four existing manufacturing facilities are spread across 24 acres in Pithampur and Indore. The facilities currently have annual production capacity of approximately 2,660 million baby diapers, 253 million adult diapers or period panties, and 756 million sanitary napkins and panty liners. The company plans to use its manufacturing capabilities to deepen relationships with existing customers through a “land-and-expand” strategy, involving additional product categories and a larger share of customers’ outsourced production. It also intends to pursue export-led growth across the Middle East and North Africa, Asia-Pacific and other markets. ]]> https://biospectrumindia.com/news/86/28365/iit-kanpurs-gangwal-school-of-medical-sciences-and-technology-gets-rs-300-cr-funding-boost.html https://biospectrumindia.com/news/86/28365/iit-kanpurs-gangwal-school-of-medical-sciences-and-technology-gets-rs-300-cr-funding-boost.html Mon, 24 Aug 2026 19:21:24 +0530 Marking another significant milestone in his association with his alma mater, Indian Institute of Technology (IIT) Kanpur’s Distinguished Alumnus and Co-Founder of IndiGo, Rakesh Gangwal, commits an additional Rs 300 crore towards the continued development of the Gangwal School of Medical Sciences and Technology at IIT Kanpur. This builds on his landmark contribution of Rs 100 crore in 2022, which supported the Institute’s plans to establish a medical school on campus, taking his cumulative contribution towards the Gangwal School to Rs 400 crore. With this commitment, Gangwal will provide matching grants against contributions from other supporters, of up to Rs 300 crore, towards the development of the School. The initiative aims to encourage broader support from alumni, philanthropists, and other well-wishers for IIT Kanpur’s vision of advancing medical education, research, clinical innovation, and MedTech ambitions. The School’s development plans also include a 500-bed super-speciality hospital on the IIT Kanpur campus, along with a proposed 200-bed cancer care research centre. The facilities are envisioned to support medical education, clinical research and healthcare delivery, while creating opportunities for doctors, researchers, engineers and technology experts to work together on emerging healthcare challenges.   ]]> https://biospectrumindia.com/news/86/28366/be-clinical-raises-rs-21-cr-in-seed-round-to-expand-skincare-portfolio.html https://biospectrumindia.com/news/86/28366/be-clinical-raises-rs-21-cr-in-seed-round-to-expand-skincare-portfolio.html Mon, 24 Aug 2026 19:30:07 +0530 Be Clinical, an evidence-led skincare brand focused on clinically effective solutions for ageing skin, has raised Rs 21 crore in its Seed round, led by Sauce. The round also saw participation from V3 Ventures (Verlinvest SA) and a group of angel investors, including Mokobara founders Sangeet Agrawal and Navin Parwal; Arjun Purkayastha, SVP & Managing Director for Greater China & North Asia at Reckitt; and Shaunak Chirayu Amin. Founded by Hemangi Dhir and launched in May 2025 after two years of research and development, Delhi-based startup Be Clinical is building a skincare brand built around clinically tested formulations, dermatologically active ingredients and an evidence-led approach to addressing ageing concerns. The brand’s products are developed specifically with Indian skin and conditions in mind, with clinical testing undertaken to validate safety and efficacy before products reach consumers. The brand, through its in-house manufacturing, occupies control over the quality and efficacy of its products. The funds raised will be used to support Be Clinical’s next phase of growth, with a focus on product innovation and portfolio expansion. The capital will strengthen research and development capabilities, expand the clinical skincare range, scale manufacturing capacity to meet growing demand, and support expansion into new markets and geographies. The company’s focus will remain on developing clinically tested, transparent and effective skincare solutions that address ageing concerns, while making science-backed skincare more accessible to Indian consumers.     ]]> https://biospectrumindia.com/news/86/28340/inflexor-ventures-leads-rs-65-cr-investment-in-butterfly-learnings-to-transform-paediatric-neurodevelopmental-care-platform.html https://biospectrumindia.com/news/86/28340/inflexor-ventures-leads-rs-65-cr-investment-in-butterfly-learnings-to-transform-paediatric-neurodevelopmental-care-platform.html Wed, 19 Aug 2026 14:59:22 +0530 Butterfly Learnings (Bombay Autism Services), India's first full-stack paediatric behavioural health platform for neurodivergent children, has raised Rs 65 crore in its Pre-Series B funding round, led by Inflexor Ventures, with continued participation from existing investors Insitor Partners and Enzia Ventures, reaffirming their conviction in the company's long-term growth.  The fresh capital will be used to expand Butterfly's centre network across India, strengthen its technology platform, and commercialise its breakthrough early autism screening solution. Nearly 45 million children across the country are estimated to live with conditions such as Autism Spectrum Disorder (ASD), ADHD and learning disabilities, yet only a small percentage receive timely intervention. Delayed diagnosis, fragmented care pathways and a shortage of trained specialists continue to prevent children from receiving support during the most critical years of brain development. Mumbai-based startup Butterfly Learnings is the only BHCOE (Behavioural Health Center of Excellence) accredited therapist training institute in Asia, reflecting its commitment to globally recognised standards of behavioural healthcare delivery. A key differentiator for Butterfly Learnings is Get SET Early, a patented eye-tracking autism screening technology for which the company holds an exclusive global licence. Following CDSCO approval, the solution enables autism screening in children as young as one year old, helping reduce diagnostic delays and enabling earlier intervention.  The newly raised capital will support Butterfly Learnings' expansion from being predominantly focused on Maharashtra to other geographies in India, strengthen its digital and AI capabilities, scale the deployment of Get SET Early through hospitals and pediatricians, and expand its in-house therapist training programme. Looking ahead, Butterfly Learnings plans to deepen its presence across India, strengthen partnerships with hospitals and paediatricians, expand access to inclusive education, advance AI-enabled precision care, reinforcing its mission of making high-quality neurodevelopmental care accessible to families across India.  ]]> https://biospectrumindia.com/news/86/28332/invesco-mutual-fund-unveils-india-pharma-and-healthcare-fund.html https://biospectrumindia.com/news/86/28332/invesco-mutual-fund-unveils-india-pharma-and-healthcare-fund.html Tue, 18 Aug 2026 15:51:11 +0530 Invesco Mutual Fund has announced the launch of Invesco India Pharma and Healthcare Fund (An open ended equity scheme investing in Pharma, Healthcare and allied sectors). The fund seeks to capitalise on India's evolving healthcare ecosystem, which is being shaped by favourable demographics, expanding healthcare access, rising insurance penetration, growing global pharmaceutical leadership, and emerging innovation-driven opportunities across healthcare and life sciences. The scheme will invest across pharmaceutical companies, hospitals, diagnostics, contract development and manufacturing organizations (CDMOs), contract research organizations (CROs), medical devices, healthcare services, insurance and other allied healthcare segments. The fund will be managed by Aditya Khemani and will be benchmarked against the BSE Healthcare TRI. The minimum lumpsum investment amount during the NFO is Rs 1,000 and in multiples of Re 1 thereafter. For SIP investments, the minimum application amount is Rs 100 and in multiples of Re 1 thereafter. The fund will charge an exit load of 0.50% for units redeemed/switched out on or before 3 months from the date of allotment. No exit load will be charged if units are redeemed/switched out after 3 months. The New Fund Offer (NFO) is open for subscription from today (August 18, 2026) and will close on September 1, 2026. ]]> https://biospectrumindia.com/news/86/28324/api-holdings-repays-rs-1050-cr-frees-thyrocare-shares-from-pledge.html https://biospectrumindia.com/news/86/28324/api-holdings-repays-rs-1050-cr-frees-thyrocare-shares-from-pledge.html Mon, 17 Aug 2026 16:42:55 +0530 API Holdings, India's largest digital healthcare platform and the ultimate parent company of Thyrocare, has become debt-free after repaying its outstanding debt of Rs 1,050 crore, funded through proceeds from the recent sale of a portion of its stake in Thyrocare Technologies and internal accruals.  The development comes after Docon Technologies, the promoter and holding company of Thyrocare, sold 1,57,69,696 Thyrocare shares, representing around 9.90% of the company’s paid-up equity share capital, through market trades. Following the sale, Docon continues to remain the promoter and holding company of Thyrocare with a 51.02% stake. The debt payment has also resulted in the release of the pledge on the remaining Thyrocare shares held by Docon. The entire outstanding pledge linked to the debt has now been released, leaving Docon’s 51.02% holding in Thyrocare fully unencumbered. Siddharth Shah, Vice Chairman, API Holdings, said, “The Thyrocare acquisition has worked out well for API. Shareholders who held on instead of tendering to our open offer at Rs 433 a share in July 2021 (bonus adjusted) are sitting on Rs 653 at close of trading on 14th August 2026 - dividends included. That’s a 51% return." Rahul Guha, MD & CEO, API Holdings and Thyrocare, said, “Zero debt isn’t the finish line; it's the starting gun. This wasn’t financial engineering; it was Thyrocare’s and the group's execution, quarter after quarter, that made it possible. What the team proved is bigger than a balance sheet: this organisation can execute on anything it sets its mind to. That’s the real asset we’re carrying into the next chapter.” With its term loan fully repaid and businesses moving into profitability, API Holdings now enters its next phase focused on profitable growth, disciplined execution and long-term value creation across its healthcare businesses.  ]]> https://biospectrumindia.com/news/86/28326/tata-capital-healthcare-fund-iii-leads-30-m-investment-in-tenet-diagnostics.html https://biospectrumindia.com/news/86/28326/tata-capital-healthcare-fund-iii-leads-30-m-investment-in-tenet-diagnostics.html Mon, 17 Aug 2026 16:53:50 +0530 Tata Capital Healthcare Fund III (TCHF III), the healthcare-focused private equity fund of Tata Capital Ltd, and Blue Earth Capital AG, a Switzerland-based specialist global impact investor, has announced investment of approximately $30 million in Tenet Medcorp (Tenet Diagnostics) for an undisclosed equity stake. The investment in Tenet marks one of the first investments from Tata Capital Healthcare Fund III, which achieved its first close earlier this year. Founded in 2018 by Sricharan Devineni, Tenet Diagnostics has emerged as a leading integrated diagnostics platform focused on building a network of high-quality radiology and pathology centres across India. The company currently operates more than 35 diagnostic centres across 14 states, supported by a pan India B2B Laboratory network with a super- speciality test menu of over 3,000 tests. This investment will support Tenet’s next phase of growth as the company seeks to deepen its presence in existing markets, strengthen its B2B network and pursue strategic inorganic opportunities. Visalakshi Chandramouli, Managing Partner, Tata Capital Healthcare Fund said, “Diagnostics is increasingly becoming a consumer-driven category where patients value speed, transparency, and accuracy. Under Sricharan’s leadership, Tenet has built one of the fastest-growing integrated diagnostics platforms in India, a model still rare at this scale. The growth is disciplined, with strong accreditation, a balanced B2B-B2C mix, and a proven playbook across three states. Through TCHF III, we’re backing that discipline as a ‘capital-plus’ partner, bringing our expertise and network to fuel Tenet’s next phase of growth.” ]]> https://biospectrumindia.com/news/86/28322/tamil-nadu-govt-inks-mous-worth-over-rs-67000-cr-at-investors-conclave-2026.html https://biospectrumindia.com/news/86/28322/tamil-nadu-govt-inks-mous-worth-over-rs-67000-cr-at-investors-conclave-2026.html Sat, 15 Aug 2026 22:22:40 +0530 In the presence of Chief Minister of Tamil Nadu, Thiru C. Joseph Vijay, the Vettri Tamil Nadu Investment Conclave was held in Chennai on 13 august, marking a significant milestone in Tamil Nadu’s investment and employment journey. A total of 97 MoUs were signed, attracting Rs 67,452 crore in investments and creating 1,06,998 employment opportunities. Foundation stones were laid for 8 projects worth Rs 4,476 crore, generating 5,074 jobs, while 5 projects involving Rs 2,676 crore investment and 1,550 jobs were inaugurated. Within the life sciences sector, Trivitron Healthcare announced its Rs 200 crore brownfield expansion, creating approximately 200 direct employment opportunities and strengthening capabilities across Molecular Diagnostics, Intensive Care and Dialysis. Caplin Point Laboratories has signed an MoU for an investment of Rs 925 crore towards establishing four new pharmaceutical manufacturing units in Tamil Nadu, including a Biologics & Biosimilars and Hormone injectables unit. Green Signal Bio Pharma has announced an investment of Rs 130 crore, with 120 new job opportunities, focusing on vaccine manufacturing. Genrobotics has marked a new milestone signing an MoU with the Government of Tamil Nadu for a Rs 150 crore investment over the next five years to establish a high-end robotics manufacturing base, create 1,000+ jobs, and position Tamil Nadu as a global manufacturing and export hub for their robotics solutions. CellBios Healthcare & LifeSciences has signed a Memorandum of Understanding (MoU) to establish greenfield manufacturing units for cell & gene therapy based products in Dindigul and Krishnagiri, with an investment of Rs 150 crore, creating 250 new jobs. AcrannoLife Genomics has announced an investment of Rs 210 crore, offering 210 new jobs for the development of molecular diagnostics equipment, genomics and precision medicine KP Manish Global Ingredients has announced an investment of Rs 600 crore, with 400 new jobs opportunities, focusing on the development of API and pharma excipients. ]]> https://biospectrumindia.com/news/86/28297/guttify-plans-rs-20-cr-fundraise-as-gut-health-moves-mainstream-in-india.html https://biospectrumindia.com/news/86/28297/guttify-plans-rs-20-cr-fundraise-as-gut-health-moves-mainstream-in-india.html Wed, 12 Aug 2026 16:35:02 +0530 Delhi-based startup Guttify is planning to raise Rs 20 crore in its next funding round to accelerate its ambition of building one of India’s leading consumer gut health platforms. The company’s most recent funding valued Guttify at approximately Rs 54 crore. The proposed fundraise comes at a time when gut health is rapidly moving from a niche wellness conversation to a mainstream consumer health category, driven by rising awareness around digestion, metabolic health, the microbiome and preventive wellness. Guttify is currently witnessing strong momentum, reporting 67% quarter-on-quarter growth, approximately 20% monthly growth in its user base, and a 40% repeat-user rate. Guttify is now preparing to raise approximately Rs 20 crore to accelerate product innovation, strengthen its technology and diagnostic capabilities, invest in consumer education and expand distribution across Tier 1 and Tier 2 India. The company also plans to significantly expand its portfolio across high-frequency digestive and metabolic wellness needs, including constipation, bloating, digestion, liver health and everyday gut wellness. The upcoming raise follows an approximate Rs 4 crore follow-on funding round in February 2026 and an approximately $360,000 extended seed round in May 2025. Guttify has raised more than Rs 10 crore cumulatively to date, with participation from the family office associated with Unichem Laboratories, existing investors and prominent Indian and international HNIs, including Amandeep Singh Sodhi, co-founder of HOAGS Technologies. ]]> https://biospectrumindia.com/news/86/28290/ayati-devices-raises-rs-15-cr-to-scale-ai-driven-diabetic-foot-diagnostics-platform.html https://biospectrumindia.com/news/86/28290/ayati-devices-raises-rs-15-cr-to-scale-ai-driven-diabetic-foot-diagnostics-platform.html Tue, 11 Aug 2026 15:17:14 +0530 Ayati Devices, a Bengaluru-based medical technology and device manufacturing startup developing precision diagnostic solutions for diabetic foot complications and peripheral vascular disease, has raised Rs 15 Crore in a Pre-Series A funding round led by Inflexor Ventures.  This marks the company's first institutional investment and will accelerate the commercialisation of its next-generation diagnostic technologies, expand its domestic and international presence, strengthen manufacturing capabilities, and deepen investments in research, regulatory approvals, artificial intelligence, and global talent. Ayati Devices has been incubated at IITB-SINE as part of the institute’s translational research programme. Ayati's technologies already hold regulatory clearances across major global markets, including CDSCO (India), the US FDA, CE Mark (Europe), and approvals in Sri Lanka, Malaysia, and the UAE.  The company has deployed over 10,000 devices across 30+ countries, backed by a growing international distributor network and clinical deployments at leading institutions such as Medicover Hospital and Aster Hospital.  The capital will fund Angiocam's commercialisation, expand go-to-market operations at home and abroad, strengthen manufacturing and supply chain capacity, accelerate R&D in AI-enabled diagnostics, secure further regulatory approvals, grow the IP portfolio, and build out engineering, clinical, regulatory, and global business development teams.  Looking ahead, Ayati will deepen its presence across Europe, the US, the Middle East, Southeast Asia, Australia, and Latin America through its distribution network, while evaluating direct commercial operations in key markets as demand scales. It will also expand its pay-per-test screening model across hospitals, primary care clinics, and community programmes, making preventive diagnostics far more accessible. ]]> https://biospectrumindia.com/news/86/28278/molbio-diagnostics-raises-rs-281-5-cr-from-anchor-investors-.html https://biospectrumindia.com/news/86/28278/molbio-diagnostics-raises-rs-281-5-cr-from-anchor-investors-.html Mon, 10 Aug 2026 15:42:23 +0530 Point-of-care diagnostics company Molbio Diagnostics has raised Rs 281.5 crore from anchor investors ahead of its initial public offering (IPO). The company, backed by Temasek and Motilal Oswal Private Equity, has allotted 34.87 lakh equity shares to 33 anchor investors at Rs 807 per equity share, the upper end of the price band, according to a circular uploaded on the BSE Website. Out of the total allocation of 34.87 Lakh Equity Shares to the Anchor Investors, 23.54 Lakh Equity Shares (i.e. 67.51% of the total allocation to Anchor Investors) were allocated to 9 domestic Mutual Funds applying through 19 schemes, while 2.65 Lakh Equity Shares (i.e. 7.62% of the total allocation to Anchor Investors) were allocated to 10 Life Insurance companies. The anchor book saw participation from marquee investors, including Goldman Sachs, BlackRock Global Funds, International Finance Corporation, HDFC MF, Mirae Asset, Nippon India Mutual Fund, ICICI Pru AMC, Kotak Mahindra AMC, Tata MF, Edelweiss MF, WhiteOak Capital, HDFC Life Insurance, and Bajaj Life Insurance, among others. The IPO of the Goa-based company will open for subscription on Monday, August 10, 2026, and close on Wednesday, August 12, 2026. It has fixed a price band of Rs 768 - 807 per equity share. At the upper end of the price band, the company aims to raise Rs 940 crore. ]]> https://biospectrumindia.com/news/86/28284/biodeal-pharmaceuticals-raises-rs-385-cr-growth-investment-from-rmb-capitalworks-.html https://biospectrumindia.com/news/86/28284/biodeal-pharmaceuticals-raises-rs-385-cr-growth-investment-from-rmb-capitalworks-.html Mon, 10 Aug 2026 18:35:11 +0530 Biodeal Pharmaceuticals, one of India's leading specialty pharmaceutical Contract Development and Manufacturing Organisations (CDMOs), has announced a growth investment of Rs 385 crore from RMB Capitalworks, a joint venture between Rand Merchant Bank and Capitalworks Group. The investment marks a significant milestone in Biodeal's growth journey and will support the company's next phase of expansion across specialty pharmaceuticals, manufacturing capabilities, and regulated markets. he investment will support Biodeal's next phase of expansion, strengthening its positions across Asian markets while accelerating growth across CIS, LATAM, Africa and Europe. "This investment represents much more than capital - it is a strong endorsement of the platform we have built over the past two decades. At Biodeal, we have consistently focused on creating differentiated capabilities in specialty pharmaceuticals, anchored by leadership in nasal drug delivery and a relentless focus on quality and manufacturing excellence. This milestone reflects the strength of what we've built and the scale of what lies ahead," said Anurag Kumar, CMD, Biodeal Pharmaceuticals. "We work closely with founders to co-create solutions that unlock personal value and provide the long-term financial stability needed to execute ambitious growth plans. Healthcare is a core focus for us, and Biodeal fits our thesis of a differentiated player primed for rapid growth," said Anshuman Malur, Managing Partner, RMB Capitalworks. Biodeal has delivered consistent profitable growth over the past five years, with FY26 revenue estimated to grow 60%+ year-on-year and EBITDA margins expanding further. The company is entering its next phase of growth with a clear ambition; to strengthen its position as a globally trusted specialty pharmaceutical partner while advancing confidently on its path towards a planned public listing. ]]> https://biospectrumindia.com/news/86/28287/redcliffe-labs-acquires-megavision-diagnostics-for-rs-40-cr.html https://biospectrumindia.com/news/86/28287/redcliffe-labs-acquires-megavision-diagnostics-for-rs-40-cr.html Mon, 10 Aug 2026 20:10:39 +0530 Redcliffe Labs has announced the acquisition of Pune-based Megavision Diagnostics Center. The acquisition marks another strategic milestone in Redcliffe's journey towards building an integrated diagnostics platform, strengthening its integrated diagnostics capabilities by bringing advanced imaging and pathology together under one trusted ecosystem. Megavision Diagnostics adds two MRI-equipped centers in Pune's Pimpri-Chinchwad, complementing Redcliffe's established pathology network and enabling patients to access a more comprehensive range of diagnostic services. Having served the region for over two decades, Megavision has earned the trust of patients and clinicians alike through its commitment to clinical excellence and quality imaging services. This acquisition brings together Megavision's strong local legacy with Redcliffe's technology-led diagnostics network, creating a stronger foundation for expanding integrated diagnostic services across Western India. Redcliffe will retain Megavision's entire workforce, ensuring continuity of patient care while further enhancing access to seamless, end-to-end diagnostic solutions. Building on its established pathology presence, Redcliffe Labs is now expanding its integrated diagnostics capabilities to deliver more comprehensive diagnostic services. The acquisition of Megavision Diagnostics lays the foundation for a connected diagnostics ecosystem that brings advanced imaging and pathology together, while marking the beginning of the company's long-term strategy to strengthen its presence through strategic partnerships and acquisitions across Western India. Over the past year, the company expanded its regional presence through the acquisitions of Prime Sonography & Diagnostic Center (Kota) and Sarvodaya Diagnostics (Ajmer), now operating under Redcliffe Medicentre Imaging & Labs. Following the acquisition, Dr Kedar Prabhakar Bhate will continue to lead Megavision Redcliffe Labs, working closely with the Redcliffe Clinical Board to strengthen radiology services and drive the expansion of integrated diagnostics across Pune and the surrounding region.   ]]> https://biospectrumindia.com/news/86/28263/kkr-acquires-multi-specialty-healthcare-provider-medicover-india.html https://biospectrumindia.com/news/86/28263/kkr-acquires-multi-specialty-healthcare-provider-medicover-india.html Fri, 07 Aug 2026 22:34:06 +0530 KKR, a leading global investment firm, has announced the signing of definitive agreements under which funds managed by KKR will acquire Medicover India, the India hospital operations of leading international healthcare and diagnostic services provider Medicover AB. Established in 2017, Medicover India is a multi-specialty hospital network with 24 hospitals and approximately 4,800 beds across South and West India. The company provides comprehensive care across more than 80 clinical specialties, supported by more than 1,900 doctors and advanced clinical infrastructure and technology, serving millions of patients each year. KKR's investment reflects its belief in the long-term development of India's healthcare ecosystem. As India advances the objectives of the National Health Policy 2017, sustained investment in healthcare infrastructure, clinical capabilities, technology, and innovation will help strengthen the delivery of high-quality care for patients and communities across the country. Trilegal is advising the minority shareholders of Medicover India on the sale of their stake in the company to funds managed by KKR. The transaction values Medicover India at EUR 1.2 billion. Since 2004, KKR has invested more than $20 billion across the healthcare ecosystem globally, supporting healthcare providers and businesses in strengthening clinical capabilities, investing in technology and infrastructure, and expanding access to high-quality care. In India, KKR has invested across healthcare delivery, medical technology and related services, supporting businesses across the broader ecosystem. ]]> https://biospectrumindia.com/news/86/28245/encube-ethicals-files-drhp-with-sebi-for-rs-3000-cr-ipo.html https://biospectrumindia.com/news/86/28245/encube-ethicals-files-drhp-with-sebi-for-rs-3000-cr-ipo.html Mon, 03 Aug 2026 15:01:46 +0530 Mumbai-based Encube Ethicals has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO). The IPO, with a face value of Re 1, is a complete offer for sale of Rs 3000 crore by promoters – Mehul Madhusudan Shah, and Investor Selling Shareholder - Frontier Investment Holdings Pte. Ltd. The issue is being made through the book-building process, in line with SEBI ICDR Regulations, wherein not more than 50% reserved for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs), and not less than 35% for Retail Individual Investors (RIIs). Incorporated in 1995, the company is global specialty pharmaceutical formulations platform with deep domain expertise in technically complex topical and transdermal dosage forms, serving 50 countries including regulated markets such as the United States, UK and Europe, and India as of March 31, 2026. The company operates through three business verticals: its Global Generics business, Global Contract Development and Manufacturing Organization (CDMO) business, and India Branded Formulations business. Each serves different end markets and customer segments, supported by a unified platform comprising R&D, manufacturing infrastructure, quality management systems, and supply chain capabilities. The company serves as a comprehensive development and manufacturing partner for some of the global pharmaceutical companies across various geographies. Its revenue from operations was Rs 1,848.7 crore during FY26 as against Rs 1,085.9 during FY24.   ]]> https://biospectrumindia.com/news/86/28240/chryscapital-acquires-70-68-stake-in-novartis-india-limited.html https://biospectrumindia.com/news/86/28240/chryscapital-acquires-70-68-stake-in-novartis-india-limited.html Thu, 30 Jul 2026 21:54:00 +0530 ChrysCapital, one of the biggest private equity firms investing in India, has acquired a controlling 70.68% stake in Novartis India Limited (NIL), a BSE-listed Indian pharmaceutical company previously held by the Swiss multinational, Novartis AG. The transaction marks a defining moment for ChrysCapital and for the Indian pharmaceutical sector bringing one of India's longstanding pharmaceutical businesses under dedicated private equity ownership, with the ambition to build a leading branded-generics platform for the Indian market. The acquisition marks ChrysCapital's first majority-controlled investment in the Indian pharmaceutical sector and reflects the firm's strong conviction in the long-term growth potential of India's branded pharmaceuticals market. Building on a proven healthcare investment track record, ChrysCapital aims to leverage its sector expertise and extensive network to support the next phase of growth for Novartis India and strengthen its position as a leading pharmaceutical business. Novartis India will adopt a new name and corporate identity to celebrate the company’s separation from its previous owners and the beginning of a new era. To support the company's next phase of growth, Novartis India has appointed Dr Vikas Gupta as the CEO and Managing Director. Further, Ramesh Ramadurai, Suchita Sharma and Shashank Sinha have joined as Independent Directors on the Board of Novartis India. ]]> https://biospectrumindia.com/news/86/28216/piramal-alternatives-exits-biodeal-pharmas-rs-110-cr-investment-with-20-irr.html https://biospectrumindia.com/news/86/28216/piramal-alternatives-exits-biodeal-pharmas-rs-110-cr-investment-with-20-irr.html Mon, 27 Jul 2026 16:07:34 +0530 Piramal Alternatives has announced the successful conclusion of the investment made by its fund, Piramal Structured Credit Opportunities Fund, in Biodeal Pharmaceuticals, achieving an internal rate of return (IRR) of over 20% following the full redemption of its Rs 110 crore investment. The successful exit marks the culmination of a value-creating partnership during which Biodeal delivered significant operational and financial progress, strengthening its manufacturing capabilities, governance framework, operational discipline, and laying a strong foundation for its next phase of growth. The Fund had invested Rs 110 crore in Biodeal in 2024 as part of its strategy of backing high-growth healthcare and pharmaceutical businesses with strong fundamentals and scalable business models. The investment has now been redeemed in full, delivering an internal rate of return (IRR) of over 20% for the Fund and reflecting the value created during the partnership. During the investment period, Biodeal delivered strong revenue growth, growing 45% year-on-year in FY25 and a further 60% in FY26, while also achieving a significant improvement in its EBITDA margin, reflecting stronger operational efficiencies alongside business expansion.  Beyond financial performance, the partnership strengthened Biodeal's institutional foundation — expanding manufacturing capabilities, enhancing governance frameworks and building the operational discipline needed to scale sustainably. The successful completion of the partnership marks an important milestone in Biodeal's journey as the company continues to strengthen its capabilities, expand its global footprint, and build a future-ready pharmaceutical business. As it enters its next chapter, Biodeal remains focused on strengthening its pharmaceutical formulation development and key operations through continued investments in manufacturing excellence, capabilities and innovation, while building long-term value for customers, partners and stakeholders. ]]> https://biospectrumindia.com/news/86/28195/temasek-backed-manipal-healths-ipo-of-rs-9275-cr-to-open-on-july-29.html https://biospectrumindia.com/news/86/28195/temasek-backed-manipal-healths-ipo-of-rs-9275-cr-to-open-on-july-29.html Fri, 24 Jul 2026 22:34:44 +0530 Manipal Health Enterprises has fixed the price band of Rs 560 to Rs 590 per Equity Share of face value Rs 2 each for its initial public offer (IPO). Investors can bid for a minimum of 25 Equity Shares and in multiples of 25 Equity Shares thereafter. The Rs 9275.22 crore Initial Public Offering of the company will open on Wednesday, July 29, 2026, for subscription and close on Friday, July 31, 2026. The IPO is a fresh issue of up to Rs 8000 crore, and an offer-for-sale of up to 21,613,834 equity shares by promoters - Imperius Healthcare Investments, and Manipal Education and Medical Group India. Investors selling shares include TPG SG Magazine, Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S and Phoenix Bear Investments. For Fiscal 2026, the company reported the second-highest revenue from operations of Rs 103,357.51 million among private hospital chains in India (Source: CRISIL Report). In its three key regions of Karnataka, Maharashtra and Goa and West Bengal, Odisha, Jharkhand, and Sikkim, the company had 6,404, 2,188 and 2,887 licensed beds, respectively, as of March 31, 2026.   Among private hospital chains in India, as of March 31, 2026, the company is the largest player in Karnataka, the largest player in Maharashtra and Goa region, and the largest player in select states of West Bengal, Odisha, Jharkhand, and Sikkim (Source: CRISIL Report).   The company is the only private hospital chain network in India to lead in three metro markets of Bengaluru, Kolkata and Pune by bed capacity (5,376) as of March 31, 2026 (Source: CRISIL Report). ]]> https://biospectrumindia.com/news/86/28196/chhattisgarh-draws-rs-992-53-cr-worth-pharma-investment-proposals-in-18-months.html https://biospectrumindia.com/news/86/28196/chhattisgarh-draws-rs-992-53-cr-worth-pharma-investment-proposals-in-18-months.html Fri, 24 Jul 2026 23:27:11 +0530 Riding on policy reforms that earned it the top rank among large states in NITI Aayog's Investment Friendliness Index 2026 for Regulatory Ease and Institutional Environment, Chhattisgarh has received pharmaceutical investment proposals worth Rs 992.53 crore over the past 18 months under its Industrial Development Policy 2024–30, with four projects worth Rs 216 crore already under implementation, signalling that investor interest is translating into on-ground manufacturing activity. The four projects, being developed by 9M India, Shankara Latex Industries, Avila Pharmaceuticals and Vitalis Health Services, are at various stages of implementation. Facilities by 9M India and Shankara Latex Industries are under construction and are expected to become operational soon, while projects by Avila Pharmaceuticals and Vitalis Health Services are also advancing rapidly. For pharmaceutical manufacturing, where investment decisions are cautious and project cycles can be long, this early movement is significant as it reflects progress from investment intent to execution. “Chhattisgarh is consciously diversifying its industrial landscape, and pharmaceuticals are among the new-age sectors we are ready to host at scale. The momentum we're seeing in Nava Raipur, reflected in the investment proposals and projects under implementation, reinforces the confidence investors are placing in Chhattisgarh's readiness for advanced manufacturing and validates our sustained focus on ease of doing business," Chief Minister Vishnu Deo Sai said. Under the Industrial Development Policy 2024–30, pharmaceuticals have been identified as a thrust sector. The policy offers capital assistance linked to investment size, reimbursement of net SGST for up to 12 years, exemptions on electricity duty and stamp duty, and additional benefits for pioneer investors. The objective is to strengthen project viability, support early investors and encourage long-term manufacturing investments in the state. The investment ecosystem has been further strengthened with the recent enactment of the Chhattisgarh Ease of Doing Business Act, 2026, making the state the first in the country to introduce a risk-based regulatory framework aimed at simplifying approvals, reducing compliance burden and enabling faster project implementation. The state's flagship Pharma Park at Nava Raipur is emerging as a key driver of this growth. Spread across nearly 142 acres, the park has been developed with plug-and-play infrastructure, common utilities and logistics connectivity to support pharmaceutical manufacturing. Within just over a year of opening plot allotments, the park has witnessed encouraging investor response, with seven plots already allotted, reflecting steady progress in the development of Nava Raipur's pharmaceutical manufacturing ecosystem. ]]> https://biospectrumindia.com/news/86/28197/carpl-ai-raises-10-m-led-by-ifc-to-accelerate-healthcare-ai-adoption-globally.html https://biospectrumindia.com/news/86/28197/carpl-ai-raises-10-m-led-by-ifc-to-accelerate-healthcare-ai-adoption-globally.html Fri, 24 Jul 2026 23:48:31 +0530 CARPL.ai, US and India-based radiology AI marketplace and enterprise platform, has announced a Series A round of $10 million led by International Finance Corporation (IFC), the private sector arm of the World Bank Group, with participation from Stellaris Venture Partners and other investors. The funding will accelerate CARPL’s mission to help healthcare providers adopt AI in a meaningful and safe manner. CARPL is being used by many governments, including Brazil, India, Singapore, Spain and the UAE.  Through a single integration with CARPL, healthcare providers gain access to the world's largest radiology AI marketplace with more than 300 AI applications from over 100 partners. In addition to this, the CARPL platform also enables its customers to build, test, deploy, and monitor AI across clinical workflows while remaining vendor-neutral and infrastructure-agnostic.  The investment will support continued product innovation, expansion of CARPL's global partner ecosystem, and commercial growth across North America, LATAM, Europe, Asia-Pacific, and emerging markets. The partnership also reflects a shared focus on advancing digital health innovation through CARPL’s model of building high-skill engineering, product development, and AI capabilities in India for deployment to healthcare providers around the world.  While CARPL has started in the domain of radiology, which has 1000s of AI applications waiting to be deployed, the goal is to become the integration, utilisation and procurement layer for all clinical AI that goes into healthcare organisations. “We will soon move beyond medical imaging into the domains of pathology, genomics and general medicine, and one day, if there is a robotic surgeon somewhere using AI to perform surgery, we hope that it will be running through CARPL,” said Dr Vidur Mahajan, Chief Executive Officer of CARPL.ai.    ]]> https://biospectrumindia.com/news/86/28182/indian-pharma-and-healthcare-deal-values-remain-resilient-at-13-9-b-in-q2-2026-grant-thornton-bharat.html https://biospectrumindia.com/news/86/28182/indian-pharma-and-healthcare-deal-values-remain-resilient-at-13-9-b-in-q2-2026-grant-thornton-bharat.html Thu, 23 Jul 2026 15:04:07 +0530 India's pharma and healthcare sector recorded 65 deals worth $13.9 billion in Q2 2026, with deal activity moderating to a four-quarter low as transaction volumes declined 17% quarter on quarter, according to Grant Thornton Bharat's latest Pharma and Healthcare Dealtracker. Despite lower activity, overall deal values remained resilient, led by Sun Pharmaceutical Industries' $11.8 billion acquisition of Organon & Co., the largest overseas acquisition by an Indian pharmaceutical company. Excluding this transaction, overall deal values still increased 12% over the previous quarter, reflecting healthy underlying investment activity and continued strategic interest across the sector. M&A activity strengthened during the quarter, recording 35 deals worth $13.2 billion, with transaction volumes increasing 17% quarter on quarter to their highest level in the last four quarters and values reaching an all-time high. Outbound transactions accounted for 96% of total M&A value, highlighting the growing global ambitions of Indian pharmaceutical companies as they expand specialty portfolios, strengthen innovation capabilities and increase their presence in regulated international markets. Inbound activity also revived with four transactions, while domestic deals continued to account for the majority of M&A volumes. PE/VC activity moderated during the quarter, with 26 deals worth $444 million, as deal volumes declined 42% while values remained broadly stable. Nearly 89% of disclosed PE transactions were below $50 million, reflecting continued investor preference for smaller, targeted growth investments.  Public market activity remained steady, with two IPOs raising $58 million and two QIPs raising $161 million. While fundraising values declined from the previous quarter due to the absence of larger issuances, capital raising was led by Krishna Institute of Medical Sciences' $156 million QIP and Sai Parenteral's $44 million IPO, demonstrating continued investor interest in established healthcare and pharmaceutical businesses. ]]> https://biospectrumindia.com/news/86/28149/st-minister-unveils-roadmap-to-take-indias-bioeconomy-to-700-b-by-2035.html https://biospectrumindia.com/news/86/28149/st-minister-unveils-roadmap-to-take-indias-bioeconomy-to-700-b-by-2035.html Sat, 18 Jul 2026 13:06:42 +0530 Union Minister of State (Independent Charge) for Science & Technology (S&T) Dr Jitendra Singh recently announced the launch of the roadmap for "Making India a Leading Bioeconomy Power by 2035". A central proposal of the roadmap is the creation of a Rs 50,000 crore BioEconomy Growth Fund (2026–2035) to close India’s most dangerous gap - the “valley of death” between proof-of-concept and manufacturing at scale. Anchored within the national RDI framework, this fund would deploy blended finance, catalytic equity and infrastructure support for biomanufacturing, advanced therapeutics, fermentation platforms, biomaterials, diagnostics and synthetic biology. NITI Aayog member Prof. Govardhan Das said that the roadmap aims to take India's bioeconomy to about $700 billion by 2035 with the help of the proposed Bioeconomy Development Fund of Rs 50,000 crore, improved talent pipeline and world-class bio-manufacturing capabilities. He appealed to the industry, researchers and investors to work together towards making India one of the top biotechnology powers in the world. The roadmap proposes a decisive shift from fragmented programmes to National BioMissions with time bound delivery. Flagship efforts being suggested are: GeneIndia - To make affordable gene and cell therapies and precision diagnostics available to Indian patients, built on population-scale genomic capabilities. AgriBio 2.0 - To deliver climate-resilient, farmer-owned crop varieties and quality-assured bio inputs that improve farm profitability and reduce chemical dependence. BioX Foundry - To turn India’s industrial biotech innovations into commercial-scale products, building a globally competitive base of synthetic-biology enterprises. One Health Grid - To enable AI-assisted disease detection and coordinated response to emerging infectious diseases, zoonotic threats and AMR across human, animal and environmental health. Marine Biotechnology - To grow India’s marine-derived exports and coastal bioeconomies through seaweed cultivation, marine bioproducts and blue-economy innovation. BioPharmaNext - To establish India as a global hub for affordable, next-generation biologics, biosimilars, vaccines, and cell and gene therapeutics. This roadmap has been prepared by NITI Frontier Tech Hub (FTH) in consultation with experts and stakeholders. ]]> https://biospectrumindia.com/news/86/28137/sharrp-ventures-leads-rs-100-cr-investment-in-naturis-cosmetics-first-institutional-funding-round.html https://biospectrumindia.com/news/86/28137/sharrp-ventures-leads-rs-100-cr-investment-in-naturis-cosmetics-first-institutional-funding-round.html Thu, 16 Jul 2026 17:05:34 +0530 Naturis Cosmetics, a CDMO specialising in the beauty & personal care (BPC) sector, has raised Rs 100 crore in its first external funding round. The investment was led by Sharrp Ventures, with participation from Mirabilis Investment Trust (Infosys Co-founder K. Dinesh Family Office), financial growth equity investors Anicut Capital and Niveshaay, D2C ecosystem leaders including Suyash Saraf (Hyperscale Ventures) and Yogesh Kabra, along with several prominent angel investors from pharma and specialty chemical ecosystems.  The Mumbai-based company has partnered with several pharmaceutical companies like Glenmark and Dr. Reddy’s Laboratories for new-age OTC and cosmeceuticals backed by unique technologies.  The fresh capital will enable Naturis Cosmetics to accelerate its vision of leading the next decade of innovation and growth in the BPC sector. It aims to become the platform of choice for beauty, personal care, and wellness brands across D2C, FMCG, and OTC pharma. The company also plans to expand its geographical presence across the country by establishing a new state-of-the-art production unit in Vapi, spanning 225,000 sq. ft, an experience centre in the NCR region, and a new R&D centre in Mumbai. Additionally, it will significantly scale its team across verticals.  Over the next five years, Naturis intends to diversify into high-growth categories, including men’s grooming, body care, colour cosmetics, fragrances, and exports, while strengthening its capabilities in OTC pharma. The company also plans to deepen its innovation funnels with both existing and new brands.    ]]> https://biospectrumindia.com/news/86/28128/warburg-pincus-buys-mumbai-based-pharma-firm-integrace-for-rs-1200-cr.html https://biospectrumindia.com/news/86/28128/warburg-pincus-buys-mumbai-based-pharma-firm-integrace-for-rs-1200-cr.html Wed, 15 Jul 2026 19:21:51 +0530 Warburg Pincus, the pioneer of global growth investing, has announced the acquisition of Integrace, a leading domestic formulations company focused on orthopaedics and gynecology, for Rs 1200 crore. Integrace has built a differentiated portfolio of more than 20 brands across attractive high-growth markets. Through its scientific marketing practices, the company has built trusted relationships with over 45,000 healthcare professionals across India, supported by a high-quality specialist prescriber base across orthopaedics and gynecologists. Industry veteran Rehan Khan, former Managing Director at MSD and Abbott India, will join Integrace as Chief Executive Officer to lead the company's next phase of growth in partnership with Warburg Pincus. As part of the transaction, existing shareholders True North and Temasek will fully exit their investment in the company. Warburg Pincus has been investing in India for three decades and, over time, has built one of the country's most established healthcare investment franchises. The firm has partnered with leading businesses across pharmaceuticals, medical technology, healthcare services and life sciences, including Metropolis, Laurus Labs, MedPlus, Meril Life Sciences and Appasamy Associates. The investment in Integrace builds on this long-standing track record of partnering with exceptional management teams to create scaled, market-leading healthcare businesses. ]]> https://biospectrumindia.com/news/86/28154/gennova-biopharma-sells-mrna-biz-to-immunoscript-life-science-for-rs-139-5-cr.html https://biospectrumindia.com/news/86/28154/gennova-biopharma-sells-mrna-biz-to-immunoscript-life-science-for-rs-139-5-cr.html Sun, 19 Jul 2026 14:29:52 +0530 Emcure Pharmaceuticals has announced that its subsidiary, Gennova Biopharmaceuticals, has entered into a Business Transfer Agreement (BTA) to divest its mRNA business to Immunoscript Life Science. The transaction will be executed for a lump sum cash consideration of Rs 139.5 crore. This strategic move allows Gennova to reorganise operations and focus on core areas such as research and development, manufacturing, and marketing of biotechnology-based products, including biosimilars and adjacent therapeutic platforms. During FY2025-26, Gennova reported a turnover of Rs 491.7 crore.   The buyer, Immunoscript Life Science, is a Pune-based company promoted by Dr Sanjay Singh, formerly a director of Gennova. The company is focused on precision immunology, combining biological engineering, artificial intelligence and scalable biomanufacturing to develop next-generation vaccines and advanced therapeutics. Immunoscript was incorporated in April 2026 and is not part of Emcure's promoter or group companies.    ]]> https://biospectrumindia.com/news/86/28093/avni-wellness-raises-rs-4-cr-to-scale-operations-in-femtech-and-womens-wellness-market.html https://biospectrumindia.com/news/86/28093/avni-wellness-raises-rs-4-cr-to-scale-operations-in-femtech-and-womens-wellness-market.html Thu, 09 Jul 2026 17:01:19 +0530 Mumbai-based startup Avni Wellness, a science-backed women's health brand building an integrated ecosystem across menstrual hygiene, cycle nutrition, and awareness-led care, has raised Rs 4 crore in a strategic funding round as it looks to scale its operations in India’s rapidly evolving femtech and women’s wellness market.The company operates in a category that is undergoing a structural shift, moving away from fragmented hygiene-led consumption toward lifecycle-based health models that integrate nutrition, preventive care, and long-term hormonal wellness. The feminine hygiene products market is projected to reach Rs 70.20 billion by 2025, reflecting steady category growth. However, women’s nutritional and hormonal wellness remains significantly underpenetrated in comparison, indicating a large whitespace for science-led brands to build more integrated and preventive health solutions. The round was led by Proteus Partners, Avni's earliest institutional backer, with the team playing an active role in building the ecosystem alongside the founder. Operator-investors Puru Gupta and Sreejith Moolayil (ex co-founders of True Elements) bringing direct D2C category expertise, while Dr A. Velumani (ex founder, Thyrocare) and impact investor Somya Nigam invested through Bharat ke Super Founders. Avni Wellness said the capital will be used to strengthen its digital commerce engine, expand its cycle nutrition portfolio, and scale its women led micro entrepreneur network to 10,000 entrepreneurs  across Bharat. Avni Wellness’ portfolio includes India’s first patented antimicrobial reusable pad and a liposomal iron supplement aimed at better nutrient absorption to address widespread iron deficiency among Indian women. The brand also offers solutions across PCOS care, calcium support, UTI and vaginal health, and seed-based hormonal nutrition, creating a comprehensive lifecycle approach to women’s health. ]]> https://biospectrumindia.com/news/86/28098/enlife-research-secures-rs-6-cr-to-advance-ai-powered-blood-biomarker-platform-for-detecting-alzheimers-disease.html https://biospectrumindia.com/news/86/28098/enlife-research-secures-rs-6-cr-to-advance-ai-powered-blood-biomarker-platform-for-detecting-alzheimers-disease.html Thu, 09 Jul 2026 18:54:47 +0530 eNLife Research, a Bengaluru-based deep tech startup incubated at Foundation for Science Innovation and Development (FSID), Indian Institute of Science, is building an affordable, AI-driven diagnostic platform for Alzheimer's disease (AD) and other neurodegenerative diseases. The company has raised Rs 6 crore in a seed funding round led by Piper Serica VC Fund. The capital will be deployed to build and validate eNLife's blood-based biomarker platform, expand its Bengaluru-based R&D team, and take the company's first diagnostic assay from prototype to clinical-grade validation. eNLife is working towards making early Alzheimer's detection accessible to patients in India years before conventional diagnostics can identify the disease. The startup is developing a blood test that screens for a panel of 5 to 7 biomarkers linked to onset of AD like amyloid beta and detrimental forms of tau, the two hallmark proteins associated with Alzheimer's pathology. It is also designing next-generation assays capable of simultaneously tracking 25 to 100 biological markers to identify multiple forms of dementia and other neurodegenerative diseases years before the onset of clinical symptoms. The company is currently collaborating with researchers associated with leading institutions, including the Indian Institute of Science (IISc), the National Institute of Mental Health and Neurosciences (NIMHANS), the Tata Institute of Fundamental Research (TIFR), Hyderabad, and the Centre for Brain Research (CBR), Bengaluru, to develop India-specific biomarker datasets. ]]> https://biospectrumindia.com/news/86/28100/fibroheal-raises-rs-14-cr-to-expand-advanced-wound-care-technology.html https://biospectrumindia.com/news/86/28100/fibroheal-raises-rs-14-cr-to-expand-advanced-wound-care-technology.html Thu, 09 Jul 2026 22:19:05 +0530 Bengaluru-based Fibroheal Woundcare has successfully raised Rs 14 crore in fresh capital to accelerate its next phase of growth and expand into developed global markets. Founded with a vision to transform wound care through silk protein-based biomaterial innovations, Fibroheal has emerged as one of India's promising MedTech companies. The fresh investment will enable the company to strengthen its commercial capabilities, expand internationally, and accelerate the development of breakthrough biomaterial-based healthcare solutions. This milestone reflects not only the confidence of its investors but also the strength of India's innovation ecosystem in creating globally competitive healthcare technologies. With plans to enter developed markets and launch next-generation biomaterial products, Fibroheal is well positioned to make a significant global impact in the MedTech sector. The company is working towards bringing two game changing products – Fibroplug ORC – a bioresorbable material to arrest internal bleeding post surgeries; and a bone regenerative solution for infected bone injuries and other complex orthopaedic recoveries and is expected to launch in FY 2027. ]]> https://biospectrumindia.com/news/86/28066/santaana-fertility-to-expand-network-across-bengaluru-with-investment-of-rs-50-cr.html https://biospectrumindia.com/news/86/28066/santaana-fertility-to-expand-network-across-bengaluru-with-investment-of-rs-50-cr.html Fri, 03 Jul 2026 03:12:04 +0530 Santaana Fertility is partnering with Magnet Hospitals, marking a new phase in the fertility chain’s journey. Under this partnership, an investment of Rs 50 crore will enable Santaana Fertility to scale into a network of 8 centres across Bengaluru. Founded on the clinical legacy of Dr Kamini Rao, Padmashri awardee, one of India’s pioneers in reproductive medicine, Santaana Fertility seeks to redefine fertility care by prioritising personalized & evidence-based treatment, and improved patient outcomes. This partnership allows Santaana Fertility to leverage Magnet Hospitals’ integrated, hospital-linked model to strengthen capabilities and expand patient access while building on its strong clinical foundation. The network will continue to follow a personalised and evidence based approach to IVF by identifying the root cause of infertility through comprehensive evaluations, including genetic testing, reproductive immunology, and male fertility diagnostics. This approach is designed to improve first cycle success rates while reducing unnecessary interventions, emotional burden, and long-term costs for patients. Santaana Fertility will retain complete clinical autonomy, with all medical decisions, ethical boundaries, and patient protocols driven exclusively by its clinical custodians. By institutionalising the multigenerational clinical competency of Dr Kamini Rao & Dr Vyshnavi Rao, the network aims to ensure consistent standards of care and outcomes across all centres. Recognising that fertility is both a medical and emotional journey, the network will continue to integrate counselling and financial guidance into its care model, helping patients navigate treatment with confidence and support. ]]> https://biospectrumindia.com/news/86/28063/age-care-labs-raises-rs-85-cr-in-series-b1-round.html https://biospectrumindia.com/news/86/28063/age-care-labs-raises-rs-85-cr-in-series-b1-round.html Thu, 02 Jul 2026 17:24:12 +0530 Gurugram-based startup Age Care Labs, India's most comprehensive elder care platform operating through its brands Emoha and Epoch Elder Care, has raised Rs 85 crore ($9 million) in its Series B1 funding round. The Series B1 is part of a larger Series B round of Rs 250 crore ($30 million), expected to be launched in the first quarter of 2027. The round saw participation from Rainmatter (Zerodha), Pegasus Finvest and several other prominent family offices, alongside Shrem Group.  The fresh capital will be used to strengthen Age Care Labs' integrated elder care platform, expand its service offering, invest in technology, strengthen healthcare capabilities and accelerate its next phase of growth across India.  Alongside its strategic investment, Shrem will also partner with Emoha to establish Shremoha, a premium senior independent living platform designed for India's rapidly growing senior population.  The partnership brings together Shrem Group's expertise across real estate, hospitality, infrastructure and long-term capital with Emoha’s operational experience and geriatric depth in elder care. Together, the two organisations aim to build integrated senior living communities that combine independent living, wellness, hospitality and access to professional care under one platform.  India's senior population is growing rapidly, accompanied by rising life expectancy, changing family structures and increasing demand for professionally managed senior living communities. As aspirations among older Indians evolve, there is growing demand for environments that offer independence, safety, community engagement and access to healthcare without compromising quality of life. The strategic investment by Shrem also strengthens Age Care Labs’ broader senior care platform and deepens alignment between Age Care Labs and Shrem’s hospitality and real estate initiatives. Together, the two groups aim to build an integrated platform that sits at the intersection of senior living, care, hospitality, and real estate. Cap Connect acted as the exclusive financial advisor on the Series B1 round and the strategic partnership.    ]]> https://biospectrumindia.com/news/86/28055/morepen-starts-commercial-supplies-under-rs-825-cr-cdmo-mandate.html https://biospectrumindia.com/news/86/28055/morepen-starts-commercial-supplies-under-rs-825-cr-cdmo-mandate.html Wed, 01 Jul 2026 17:08:21 +0530 Morepen Laboratories has issued an update on its recently announced Rs 825 crore CDMO mandate. The first commercial dispatch, valued at approximately Rs 50 crore, has already been completed by the company under the programme during Q1FY2026-27. This marks the successful transition of the mandate from validation and qualification stage to commercial execution stage. Commenting on the development, Sanjay Suri, Managing Director, Morepen Laboratories, said, “This is an important milestone in Morepen’s transition toward long-duration global manufacturing partnerships. Our teams have worked closely with the customer through validation, manufacturing readiness and supply-chain planning. Having started execution of commercial supplies, we are focused on scaling up, expanding capacity and building a stronger CDMO platform across additional customer and product opportunities.”  Having dispatched the first batch under the CDMO mandate, Morepen expects to scale the program further in the coming quarter, with additional supplies of approximately Rs 225 crore expected during Q2FY2026-27, subject to customer schedules and regulatory/commercial requirements. The company continues to strengthen its manufacturing infrastructure to support larger contract development and manufacturing organisation (CDMO) opportunities. Total reactor capacity is expected to reach approximately 600 KL by the end of Q2, followed by further expansion toward 800 KL and 1,000 KL in subsequent phases. The commencement of commercial supplies under this mandate reinforces Morepen’s strategy to build a scalable CDMO platform, deepen customer partnerships and participate in long-duration global manufacturing opportunities. ]]> https://biospectrumindia.com/news/86/28051/mykare-ai-raises-3-2-m-to-address-healthcare-accessibility-and-gaps.html https://biospectrumindia.com/news/86/28051/mykare-ai-raises-3-2-m-to-address-healthcare-accessibility-and-gaps.html Tue, 30 Jun 2026 18:52:51 +0530 Bengaluru-based startup Mykare.ai has raised a total of $3.2 million, including an additional $1 million in its latest funding round. The round included participation from Andrew and Alfredo, founders of Papa.com, and a leading family office from the Middle East. At a time when investors are pouring billions into AI startups promising to revolutionise healthcare with futuristic technologies, Mykare.ai is focused on a far more fundamental problem: helping clinics and hospitals improve patient access, engagement and overall experience through better operational efficiency.     The startup is building an AI-native healthcare operating system that helps clinics and hospitals grow by automating the entire patient journey, from patient acquisition and appointment booking to follow-ups, feedback, and retention. Founded by Senu Sam, Mykare.ai aims to help healthcare providers scale with a single intelligent AI layer that works across fragmented systems. Its AI agents can acquire new patients, identify patient intent, answer calls through voice agents, book appointments, manage follow-ups, collect feedback, and automatically update CRM records, creating a unified patient journey. Mykare has expanded across the United States, United Kingdom, Middle East, and India, and currently has a waiting list of more than 20 hospitals and healthcare providers. The new funding will be used to enhance Mykare’s AI capabilities, accelerate product development, and support global expansion. ]]> https://biospectrumindia.com/news/86/28036/strides-pharma-sells-stake-in-subsidiary-pivot-path-to-ascent-capital-for-rs-100-cr.html https://biospectrumindia.com/news/86/28036/strides-pharma-sells-stake-in-subsidiary-pivot-path-to-ascent-capital-for-rs-100-cr.html Sun, 28 Jun 2026 18:16:07 +0530 Bengaluru-based Strides Pharma Science has announced a strategic investment by a consortium led by Ascent Capital, along with co-investor Vintage Classic, in its wholly owned subsidiary, Pivot Path. The transaction values Pivot Path at ~Rs 230 crore on a post-money basis, enables Strides to realise Rs 100 crore while retaining a ~20% stake, and includes a primary capital infusion of Rs 50 crore to accelerate Pivot Path's next phase of growth. The transaction reflects Strides' strategy of creating, scaling and unlocking value from high-potential businesses while retaining participation in their future growth. It also strengthens the company's balance sheet and provides growth capital for Pivot Path to pursue its expansion strategy. Pivot Path originated within Arco Lab, Strides' Global Capability Centre (GCC), where it developed capabilities across life sciences consulting, digital transformation, quality and compliance, and technology-enabled operational services. As demand from external pharmaceutical and life sciences companies grew, the business evolved into an independent platform serving industry-leading customers. To support its next phase of growth, serve global customers effectively, build agentic-AI platforms, and enable access to external capital, the business was carved out into Pivot Path pursuant to a Scheme of Arrangement approved by the National Company Law Tribunal (NCLT) in May 2026. Following completion of the transaction Pivot Path shall be reclassified as an Associate of the Company. Pivot Path has established a profitable operating platform serving specialised, high-value segments within the life sciences industry. For FY26, the carved-out business reported revenue of Rs 144.7 crore (including revenues for services rendered to Strides) and EBITDA of Rs 16.9 crore, demonstrating its operating scale and growth trajectory.   ]]> https://biospectrumindia.com/news/86/28000/harley-of-london-india-and-gilada-launch-wellness-finance-venture.html https://biospectrumindia.com/news/86/28000/harley-of-london-india-and-gilada-launch-wellness-finance-venture.html Mon, 22 Jun 2026 15:44:41 +0530 As India's healthcare financing market moves towards an estimated $10.4 billion opportunity by 2030, a new partnership is seeking to bridge the gap between healthcare accessibility, wellness entrepreneurship and capital markets through what is being positioned as the country's first dedicated Wellness Finance ecosystem. HARLEY of LONDON INDIA (HOLI) and Gilada Finance & Investments, a BSE-listed and RBI-regulated Non-Banking Financial Company (NBFC), have announced a strategic joint venture backed by the Delamore & Owl Group to architect the HOLNESS Economy™, a framework that brings together health, wellness, lifestyle and innovation under a unified financial and delivery ecosystem. The partnership seeks to establish Wellness Finance as a new asset class in India, creating structured financing solutions for consumers, wellness-focused enterprises and investors at a time when healthcare affordability remains a pressing concern for millions of households. According to industry estimates, India's healthcare financing solutions market was valued at more than $6.5 billion in 2024 and is projected to reach $10.4 billion by 2030, growing at a CAGR of 8 percent. Despite this growth, out-of-pocket expenditure continues to account for nearly 62 percent of total healthcare spending, underscoring the need for more accessible and structured financing mechanisms. The venture will introduce a range of financing instruments including the HOLNESS CareCredit Fund, designed to provide affordable consumer finance for healthcare and wellness access; the HOLNESS SME Growth Fund, focused on supporting the growth of wellness-sector enterprises; and a Convertible Debenture Programme intended to facilitate business expansion while enabling investor participation. Beyond financing, the initiative is designed to unlock demand for preventive healthcare and lifestyle services, support wellness-focused SMEs, generate employment opportunities and strengthen local economies. The partners also intend to expand healthcare affordability through easy payment options for medical procedures and treatments, enabling more families to access quality healthcare without immediate financial burden. Looking beyond India, the partners have outlined plans to expand into GCC, UK and Singapore markets within the next 24 months, supported by analyst engagement and strategic stakeholder outreach. ]]> https://biospectrumindia.com/news/86/27993/healthquad-announces-first-close-commitments-for-fund-iii-of-rs-550-cr.html https://biospectrumindia.com/news/86/27993/healthquad-announces-first-close-commitments-for-fund-iii-of-rs-550-cr.html Sat, 20 Jun 2026 16:21:15 +0530 Quadria Group backed HealthQuad, India's leading early-growth healthcare investor, has announced first close commitments of Rs 550 crore for HealthQuad Fund III, at more than one-third of the target fund size of Rs 1700 crore. The contributors include existing LPs in prior funds, alongside new LPs spanning local and global fund of funds, institutions and family offices. The Fund has committed its first investment in Lifesigns, India’s leading AI powered remote patient monitoring platform and is actively pursuing other proprietary opportunities to build early portfolio visibility. Fund III, a successor to HealthQuad Fund I and Fund II, is managed by HealthQuad Advisors Private Limited, a vehicle 100% owned by Quadria Group, through Dr Amit Varma, Abrar Mir and Sunil Thakur. Following a mutual separation with KOIS in 2025, Quadria group has retained majority of the team that continues to manage the prior funds, Fund I and II. It has further expanded the leadership with the joining of Rahul Agarwal and Namit Chugh. Incubated in 2016, HealthQuad has been a pioneering initiative by the Quadria Group to create a distinct investment vehicle, focused on backing founders building scalable, technology-enabled and next generation healthcare businesses. Funds I and II backed over 18 companies including GoApptiv, Qure.ai, Redcliffe Labs, Cureskin, Strand Life Sciences, Medikabazaar, THB, Wysa, Ekincare, and many of which have gone on to become category leaders. Fund III will build on HealthQuad’s proven track record of identifying and scaling early-growth stage companies, across HealthTech, MedTech, Bio/Pharma Tech and Novel Healthcare Delivery, with established commercial scale and demonstrated potential to become category-leaders in India and globally. Bridging India's vast healthcare access gaps is estimated to require over 2x growth in beds, over 7x growth in clinical resources and $ 500 billion of investment. The Fund will advance the firm's mission of partnering with exceptional founders who build scalable, new-age healthcare businesses, harnessing technology, business-model and product-led innovation to improve access, affordability and quality of care and help close these gaps. According to various estimates, over 15 lakh digital healthcare transactions take place in India every day, and over 40% clinicians now use health-tech across their workflows. The fund is positioned to capitalise on the rapid structural transformation in healthcare, driven by rising demand for preventive and continuous care, the urgency to address capacity constraints in traditional healthcare systems, and growing adoption of technology and AI. ]]> https://biospectrumindia.com/news/86/27982/axis-bank-partners-with-bits-pilani-to-establish-rs-100-cr-industry-research-technology-innovation-park-in-hyderabad.html https://biospectrumindia.com/news/86/27982/axis-bank-partners-with-bits-pilani-to-establish-rs-100-cr-industry-research-technology-innovation-park-in-hyderabad.html Wed, 17 Jun 2026 16:31:28 +0530 Axis Bank, one of the largest private sector banks in India, has signed a Memorandum of Understanding (MoU) with Birla Institute of Technology and Science (BITS) Pilani, to establish the Axis Bank–BITS Industry Research, Technology & Innovation Park at the BITS Pilani Hyderabad Campus.  This collaboration, with a Rs 100 crore CSR grant, marks a significant step towards strengthening India’s deep-tech and translational research ecosystem by creating an integrated launchpad for facilitating deeper industry-academia collaboration, driving innovation and entrepreneurship. With a focus on Life Sciences, Biopharma, healthcare and medical devices, the proposed Axis Bank–BITS Industry Research, Technology & Innovation Park at the Hyderabad campus is being developed as a dedicated platform to strengthen India’s innovation ecosystem, with a focus on enabling cost-effective healthcare solutions that benefit the public at large.  The Park's location in Hyderabad places it at the heart of Telangana's thriving life sciences corridor, anchored by Genome Valley. By embedding academia-led biopharma and deep-tech capabilities within this ecosystem, the partnership supports national priorities for affordable healthcare, translational research, and self-reliance in critical technologies under the Government of India’s ‘Atmanirbhar Bharat’ and ‘Make in India’ initiatives. Under the partnership, BITS Pilani shall guide the Research Park’s governance and research agenda, while Axis Bank shall support its infrastructure development. Spread across approximately 120,000 sq. ft., the Axis Bank–BITS Industry Research, Technology & Innovation Park shall house laboratories, incubation spaces, and diverse shared facilities under one roof, especially supporting innovators from academia, startups and MSME domains through structured partnerships, co-design and co-creation of projects. This will support technology transfer and IP management, and provide ready access to BITS Pilani’s academic expertise and talent. ]]> https://biospectrumindia.com/news/86/27979/neuland-to-open-20-m-dedicated-process-development-facility-with-integrated-kilo-labs-in-hyderabad-.html https://biospectrumindia.com/news/86/27979/neuland-to-open-20-m-dedicated-process-development-facility-with-integrated-kilo-labs-in-hyderabad-.html Tue, 16 Jun 2026 19:11:25 +0530 Neuland Laboratories, a global contract development and manufacturing organisation (CDMO) specialising in complex APIs, will open a dedicated process development laboratory and integrated kilo lab at its Genome Valley campus in Hyderabad. The new 135,000 sq. ft. facility will see $20 million invested in a specialist fit-out and be operationalised in phases, with full completion expected by October 2026. Significantly, it has been designed as a purpose-built integrated scale-up laboratory dedicated exclusively to process development. Once completed, the site will take Neuland’s process development team to more than 500 scientists, making it one of the largest scale-up workforce in India. The centre will incorporate AI-driven route scouting, parallel synthesis, and Electronic Laboratory Notebooks (ELNs), enabling faster decision-making, reduced cycle times, and seamless data continuity. A centralised analytical wing will house a comprehensive suite of characterisation technologies, with the facility also including specialised zones for process engineering, polymorph studies, process safety, and advanced flow chemistry, alongside five peptide labs and three purification labs. The Kilo Lab will be equipped with 20–250 L all‑glass reactors, cryogenic capability, and multiple filtration systems. By bridging bench chemistry and plant operations, the Kilo Lab ensures processes are engineered with manufacturability in mind from the outset. ]]> https://biospectrumindia.com/news/86/27963/autovrse-raises-2-4-m-to-transform-ai-powered-training-for-global-pharma-and-medtech-sectors.html https://biospectrumindia.com/news/86/27963/autovrse-raises-2-4-m-to-transform-ai-powered-training-for-global-pharma-and-medtech-sectors.html Mon, 15 Jun 2026 15:56:24 +0530 Bengaluru-based AutoVRse, India’s fastest-growing industrial AI transformation platform, has announced a $2.4 million funding round, co-led by Singularity AMC's Large Value Fund III and Early Opportunities Fund, and existing investor Lumikai, India's leading interactive media, digital platforms and games VC. AutoVRse deploys VR-based training and smart-glasses-enabled field guidance across pharmaceuticals, medical devices and healthcare. The company serves 500,000+ users at more than 50 enterprise customers across North America, Europe, the GCC and India, including five out of the Top-12 pharmaceutical companies globally (by market cap), one of the largest medical device manufacturers in the world, and several other major companies such as Intas, Abbott, Panasonic etc.  The company's platform, VRseBuilder, works directly with an enterprise's own domain experts — QA leads, cleanroom technicians, clinical applications specialists — to capture their procedural knowledge in a structured, machine-readable format. Every module is authored, reviewed and validated by these subject-matter experts (SME), ensuring that the AI layer is grounded in verified expert knowledge rather than generalised data. The result is an enterprise-grade "AI Brain": a continuously enriched knowledge layer that converts siloed expertise into structured operational intelligence accessible to every technician, field service engineer and researcher — exactly when they need it, in context, and on the device they are using. The new capital raised will be used to fund compliance certifications — critical in regulated healthcare environments operating under GMP, QSR and ISO frameworks — and deepen integrations with customer infrastructure including learning management (LMS) and quality management (QMS) systems. The company also intends to scale its go-to-market in North America, where it is already running deployments with several Fortune 500 companies, and further expand its presence in Europe, the GCC and India. ]]> https://biospectrumindia.com/news/86/27958/ian-angel-fund-leads-rs-8-cr-funding-round-in-bengaluru-based-startup-biodimension.html https://biospectrumindia.com/news/86/27958/ian-angel-fund-leads-rs-8-cr-funding-round-in-bengaluru-based-startup-biodimension.html Sun, 14 Jun 2026 13:05:57 +0530 IAN Angel Fund, the evergreen fund of IAN Group, has led a Rs 8 crore funding round in Biodimension, a Bengaluru-based life sciences startup specialising in New Approach Methodologies (NAMs) and tissue engineering. Existing investor Campus Angels Network, Dr Sampath Srisailam, also participated in the round along with other angel investors like Aaryan Baid. The fresh capital will be utilised to accelerate product development, expand laboratory infrastructure, strengthen scientific and commercial teams, and drive product commercialisation in India and international markets. Founded by Manojkumar S., Ranjith Kumar Velusamy, and Pradeep Arunachalam, Biodimension is building biofabricated human tissue and organoid models as ethical, human-relevant alternatives to animal testing. The company’s solutions help pharmaceutical, biotechnology, and cosmetic companies generate more predictive human data, enabling faster and more reliable decision-making across research, safety testing, and product development. Despite being one of the world’s largest pharmaceutical manufacturing hubs, India remains dependent on imported human tissue models and testing systems. Biodimension is addressing this gap through locally developed and manufactured alternatives that align with emerging global regulatory standards while offering significantly lower costs and faster access for researchers and industry. BioDimension’s portfolio includes BioDEpi, a reconstructed human epidermis model for safety and toxicity testing; BioDFT, a full-thickness human skin model that closely replicates real skin biology; BioDPigma, a pigmented skin model designed for advanced dermatological and cosmetic research; the Pan-Cancer Tumour Microenvironment (TME) Biobank, which supports cancer drug discovery and translational research; and BaaS (Bioassay as a Service), enabling pharmaceutical, biotechnology, and cosmetic companies to access validated human-relevant testing solutions on demand. Biodimension has already established collaborations with pharmaceutical companies, biotechnology firms, research institutions, and contract research organisations across India and Singapore. Looking ahead, Biodimension plans to expand its Pan-Cancer Tumour Microenvironment Biobank, introduce additional oncology and immunotherapy research models, and strengthen its Bioassay-as-a-Service platform. The company also aims to expand across Southeast Asia while building partnerships in Europe, the United States, and Japan. ]]> https://biospectrumindia.com/news/86/27941/4basecare-announces-close-of-series-b-round-at-rs-128-cr.html https://biospectrumindia.com/news/86/27941/4basecare-announces-close-of-series-b-round-at-rs-128-cr.html Thu, 11 Jun 2026 16:34:55 +0530 Bengaluru-based startup 4baseCare has raised a total of Rs 128 crore ($13.3 million) in funding, co-led by investors Ashish Kacholia and Lashit Sanghvi, with participation from existing backers Yali Capital, Infosys & growX ventures.This helps spearhead plans to expand the startup's hospital-linked genomics lab network across India, the Middle East, Southeast Asia, Latin America, and Central Asia. A significant portion of the capital will be utilised to scale its AI-driven precision oncology platform OncoTwin, to help oncologists derive treatment insights using clinico-genomic and real-world patient data.    ]]> https://biospectrumindia.com/news/86/27943/qubehealth-pay-closes-series-a-at-rs-416-cr-valuation-.html https://biospectrumindia.com/news/86/27943/qubehealth-pay-closes-series-a-at-rs-416-cr-valuation-.html Thu, 11 Jun 2026 16:44:44 +0530 QubeHealth-Pay, the healthcare payments processing company, has closed its Series-A funding round at a valuation of Rs 416 crore, backed by a clutch of deep-tech, fintech, and impact-focused family office funds that see healthcare as fintech’s next defining category. Unicorn India Ventures, IA Growth Opportunities Fund, Brew Opportunities Fund, Finvolve Ventures, FirstPort Capital, Maithan Family Office, and others participated in the round. When QubeHealth-Pay last announced its funding, in late 2024, it had indicated it would raise its Series A at a valuation of around Rs 270 crore. The strength of investor demand for vertical fintech — in a market as ripe for disruption as Indian healthcare — saw the round close at a significantly higher valuation. Qube is a vertical fintech: a financial platform engineered for the specific workflows of a single industry (i.e. Healthcare) rather than a one-size-fits-all product. Through its app, Indians pay for their family’s healthcare bills — at any hospital, clinic, doctor, diagnostic centre or pharmacy, anywhere in the country, with no network restrictions — earning instant cash-backs, and accessing instant medical finance for expenses their insurance does not cover. It also embeds access to employer health benefits funds, a user’s mutual fund savings, and government direct benefit funds, while rewarding each healthcare payment. Qube processed Rs 100 crore of healthcare payments in FY2025-26, is on a run-rate to cross Rs 240 crore in FY2026-27, and is targeting more than $1 billion by FY2029-30. Over 15,000 hospitals, clinics, and speciality providers — spanning diagnostics, dental, eye, skin, mental health, and more — hold special partnerships with Qube. ]]> https://biospectrumindia.com/news/86/27940/hoola-health-raises-5-m-to-expand-child-first-paediatric-healthcare-across-india.html https://biospectrumindia.com/news/86/27940/hoola-health-raises-5-m-to-expand-child-first-paediatric-healthcare-across-india.html Wed, 10 Jun 2026 22:00:52 +0530 Bengaluru-based startup Hoola Health, formerly known as BabyMD, India’s first holistic paediatric healthcare brand, has raised $5 million in funding, led by Peak XV’s Surge, with participation from existing investor W Health Ventures, doubling down on its commitment to the company, and angel investors including Ashish Gupta, Abhishek Goyal, Bijou Kurien, and other individual investors. The capital will be used to support expansion into new markets, strengthen technology capabilities and scale Hoola Health’s integrated care model.   Paediatric care in India has remained largely unchanged for decades, even as expectations around accessibility, infrastructure and holistic support have evolved. Young families are increasingly navigating parenthood without traditional support systems and with limited trusted options for ongoing paediatric and developmental care. Hoola Health aims to address these gaps through paediatric care designed around children, with a focus on convenience, trust and long-term support for the parent. The company currently provides primary and developmental paediatric care spanning consultations, vaccinations, diagnostics, therapies and specialist support, with plans to expand into additional areas including paediatric dental care.  The announcement also marks the company’s transition from BabyMD to Hoola Health, reflecting a broader ambition to serve children across multiple stages of growth. Since launching its first clinic in 2024, Hoola Health has expanded to five clinics in Bengaluru and served over 20,000 families in just 18 months.  Over the next two years, the company plans to open 30 additional clinics across Bengaluru, Hyderabad and Delhi NCR, while continuing to invest in specialist services, technology infrastructure and parent-focused support systems. In the near term, Hoola Health aims to deepen its presence across Bengaluru before expanding into new markets.                 ]]> https://biospectrumindia.com/news/86/27916/haleon-announces-rs-2000-cr-investment-to-set-up-first-manufacturing-facility-in-india.html https://biospectrumindia.com/news/86/27916/haleon-announces-rs-2000-cr-investment-to-set-up-first-manufacturing-facility-in-india.html Mon, 08 Jun 2026 15:21:32 +0530 Haleon, a British healthcare company, has announced plans to establish its first manufacturing facility in India; a state-of-the-art greenfield site at Pithampur, Madhya Pradesh. Spread across more than 40 acres in the Smart Industrial Park, the facility marks a significant investment in India’s consumer health sector and reinforces Haleon’s long-term commitment to the country as a strategic growth market. The announcement was made in the presence of Dr Mohan Yadav, Chief Minister of Madhya Pradesh; Brian McNamara, Chief Executive Officer, Haleon; Kedar Lele, CEO India and President India Subcontinent, Haleon and Namrata Patel, Chief Supply Chain Officer, Haleon. The new manufacturing site will serve as a key enabler for Haleon’s growth in India, strengthening supply chain resilience, driving domestic value addition, and supporting export to wider Asia. Aligned with the Government’s ‘Make in India’ vision, the investment is expected to generate broad-based economic value over the next decade, enhancing export competitiveness, contributing to state revenues, and integrating India further into global supply chains. The facility is projected to create up to 500 jobs, along with indirect employment opportunities, with a strong focus on leveraging skill development, local talent, and supplier ecosystems. Haleon also aims to build a diverse and inclusive workforce, including an ambition of up to 30% women employees at the site. Announcing the investment, Brian McNamara, CEO, Haleon, said, “We aim to expand access to better everyday health for more than 300 million additional consumers in India. This will be key to achieving our broader ambition to reach one billion more consumers globally by 2030.” The facility is designed on Haleon’s new global advance blueprint and is set to feature future-ready automated manufacturing capabilities. It is expected to be operational by 2029–30, enabling Haleon to meet growing demand across domestic and international markets. ]]> https://biospectrumindia.com/news/86/27885/medielaj-raises-100k-to-bring-ai-powered-healthcare-kiosks-to-underserved-regions.html https://biospectrumindia.com/news/86/27885/medielaj-raises-100k-to-bring-ai-powered-healthcare-kiosks-to-underserved-regions.html Mon, 01 Jun 2026 16:42:34 +0530 India's healthcare technology landscape has taken a significant step forward with the official launch of MediElaj, an AI-powered healthcare app and smart diagnostic kiosk and mobile app platform developed by MedPredict. The Faridabad-based startup has raised approximately $100,000 from friends and family. In parallel, the founders have also bootstrapped and invested nearly $500,000 into building the company’s technology platform, AI healthcare ecosystem, kiosk infrastructure, and operational capabilities. The company is building a connected healthcare ecosystem that utilises smart healthcare kiosk and mobile app to deliver at-home, AI-assisted health screenings and non-invasive health measurements, provide conversational assistance for healthcare issues, and offer access to digital health records. The funds have enabled product development, kiosk prototyping, integrating healthcare devices and sensors, cloud architecture and software development, preparation for pilot deployments, and building a research and operational foundation for scalable growth. MediElaj's kiosks combine AI-assisted health screening, non-invasive diagnostics, conversational healthcare guidance, and digital health records, bringing intelligent healthcare support directly to communities in smaller towns and rural regions, without requiring patients to travel to urban centres. The company is now preparing to build its manufacturing capabilities for scalable production, establish nationwide deployment capacity, advance its AI technologies and cybersecurity infrastructure, and develop partnerships to form a healthcare ecosystem that reaches Tier 2, Tier 3, rural, and underserved markets. ]]> https://biospectrumindia.com/news/86/27847/hab-pharma-plans-to-achieve-rs-3000-cr-worth-revenue-by-2030.html https://biospectrumindia.com/news/86/27847/hab-pharma-plans-to-achieve-rs-3000-cr-worth-revenue-by-2030.html Mon, 25 May 2026 19:36:46 +0530 Mumbai-based HAB Pharma aims to scale its revenues to Rs 2,500-3,000 crore by 2030, driven by expanded manufacturing capacity, strengthened R&D capabilities, and a focus on off-patent molecules and complex dosage forms. The company continues to build on its legacy of providing affordable, high-quality medicines, particularly for general practitioners in India, while enhancing its presence in international markets. HAB Pharma and Signature Phytochemicals have completed a strategic merger through a slump sale, bringing both companies under a single consolidated entity. Finalised in March 2026, the merger was undertaken to streamline operations, harmonize corporate systems, and strengthen governance, positioning the combined company for future growth and operational efficiency. The consolidated turnover is approximately Rs 600 crore after accounting for intercompany sales. HAB Pharmaceuticals is commissioning two new manufacturing plants: a sterile facility focused on semaglutide, prefilled syringes, injectables, vials, and lyophilised products, and a fully automated closed-loop oral solid dosage (OSD) plant. Both plants are expected to commence commercial production by August 2026. These facilities will enhance the company’s capacity to meet growing demand, support regulatory approvals, and expand its presence in Southeast Asia, Latin America, and Africa, where it has already been audited by regulators in Uganda, Tanzania, and Iraq. ]]> https://biospectrumindia.com/news/86/27829/kotak-alts-invests-rs-20-cr-in-cellogen-therapeutics.html https://biospectrumindia.com/news/86/27829/kotak-alts-invests-rs-20-cr-in-cellogen-therapeutics.html Mon, 18 May 2026 13:37:03 +0530 Kotak Alternate Asset Managers Limited (Kotak Alts), through its Kotak Life Sciences Fund I (KLSF-I), which invests in early- to growth-stage life sciences and healthcare businesses, has made an investment of Rs 20 crore in Delhi-based startup Cellogen Therapeutics, a biotechnology company focused on cell and gene therapies. The investment will be used to advance Cellogen’s CAR‑T clinical programmes, expand its gene therapy pipeline, and strengthen its GMP‑compliant manufacturing and regulatory capabilities. Ashish Ranjan, Director, Kotak Alts, said, “India carries a high burden of blood cancers and genetic blood disorders, yet access to advanced therapies such as CAR‑T and gene therapy remains limited, largely due to cost. Cellogen is working to address this gap through an indigenous, IP‑led platform that brings together next‑generation science and cost‑efficient development. Its bispecific CAR‑T programme places the company among a small group working on advanced multi‑targeted CAR‑T approaches globally. We see the potential for meaningful clinical impact and for building scalable, affordable cell and gene therapy capabilities from India.” Founded in 2021, Cellogen Therapeutics works in advanced cellular engineering and gene therapy. The company is led by Dr Gaurav Kharya and Dr Tanveer Ahmad and is backed by NATCO Pharma. Its core platform focuses on next‑generation CAR‑T therapies, while early‑stage programs are being developed for beta thalassemia and sickle cell disease.  Cellogen’s lead asset is a bispecific, dual‑antigen CAR‑T therapy aimed at reducing relapse, one of the key challenges with current treatments. The company is working toward initiating Phase I human clinical trials, subject to regulatory approvals, in collaboration with CMC Vellore. Cellogen also operates an integrated, GMP‑compliant manufacturing facility in Noida, with in‑house capabilities in CAR design and lentiviral vector manufacturing, supporting significantly lower treatment costs compared to global benchmarks. ]]> https://biospectrumindia.com/news/86/27811/zydus-to-acquire-us-based-assertio-for-166-4-m-to-support-oncology-therapies.html https://biospectrumindia.com/news/86/27811/zydus-to-acquire-us-based-assertio-for-166-4-m-to-support-oncology-therapies.html Wed, 13 May 2026 21:11:53 +0530 Ahmedabad-based Zydus Lifesciences has announced that Zydus Worldwide DMCC, a subsidiary of the company, has signed a definitive agreement through  its wholly owned acquisition subsidiary Zara Merger Sub Inc. with Assertio Holdings, Inc. a US-based pharmaceutical company focused on specialty and oncology supportive-care therapies, to acquire all outstanding shares of Assertio for $23.50 per share in cash, representing total consideration of approximately $166.4 million on a fully-diluted basis, calculated using the treasury stock method. The acquisition provides Zydus with an established US specialty oncology commercial platform, anchored by Assertio’s presence in oncology supportive care. Assertio’s portfolio includes ROLVEDON® (eflapegrastim‑xnst), approved as a Biologics License Application (BLA) by USFDA for long‑acting G‑CSF biologic for the prevention of febrile neutropenia in adult cancer patients receiving myelosuppressive chemotherapy. ROLVEDON® is administered once per chemotherapy cycle in the oncology supportive‑care market. Zydus intends to leverage Assertio’s focused commercial infrastructure and oncology relationships to build and expand its specialty oncology presence in the US. Under the terms of the merger agreement, Zydus will commence a tender offer to acquire all outstanding shares of Assertio common stock.  The tender offer is expected to commence within five business days following the date of the merger agreement. The transaction is expected to close in the financial year 2026-27, subject to satisfaction of all closing conditions. Paul Weiss, Rifkind, Wharton & Garrison LLP is serving legal counsel to Zydus. Moelis & Company LLC is serving as financial advisor to Assertio and Gibson, Dunn & Crutcher LLP is serving as its legal counsel. ]]> https://biospectrumindia.com/news/86/27774/lakshmee-foundation-accelerates-healthcare-expansion-with-rs-90-cr-contribution-from-avantel-founder.html https://biospectrumindia.com/news/86/27774/lakshmee-foundation-accelerates-healthcare-expansion-with-rs-90-cr-contribution-from-avantel-founder.html Thu, 07 May 2026 22:22:10 +0530 The Founder, Chairman and Managing Director of Avantel Limited Dr Abburi Vidyasagar, has contributed 60 lakh equity shares of the company to Lakshmee Foundation, a philanthropic commitment currently valued at approximately Rs90 crore to strengthen healthcare infrastructure and expand access to affordable medical care in Andhra Pradesh and Telangana. The contribution will support the Foundation’s ongoing efforts to build a larger multi-specialty healthcare ecosystem in Vijayawada, bringing critical medical services closer to underserved communities. The planned expansion is expected to include advanced facilities across medicine, surgery, women and child healthcare, cardiac care, emergency medicine and intensive care, alongside integrated diagnostics and laboratory services. In 2024, he had donated 45 lakh shares of Avantel Limited, the realised value of which stood at approximately Rs 76.44 crore, helping support healthcare programmes, hospital operations and community outreach initiatives. The upcoming hospital expansion, envisaged as a 150+ bed multi-speciality facility, is expected to further strengthen healthcare infrastructure in the region by improving access to medical services across specialties under one roof. The initiative is also expected to help address the growing demand for healthcare services in Andhra Pradesh and Telangana, particularly for patients seeking access to diagnostics, emergency care, critical care, and long-term treatment facilities closer to their communities. ]]> https://biospectrumindia.com/features/86/27723/rs-4-51-lakh-crore-health-push-how-state-budgets-are-powering-indias-next-healthcare-leap.html https://biospectrumindia.com/features/86/27723/rs-4-51-lakh-crore-health-push-how-state-budgets-are-powering-indias-next-healthcare-leap.html Thu, 30 Apr 2026 00:00:00 +0530 India, now the world’s most populous country, hosts one of the largest and fastest-growing economies globally. With 28 states and 8 Union Territories, each sub-national government presents its own budget following the Union Budget announced on February 1 every year. These state budgets play a critical role in shaping sectoral priorities, particularly healthcare.  Health is primarily a state subject, placing the responsibility of healthcare financing, infrastructure development, and service delivery largely on state governments. As a result, individual states allocate substantial portions of their annual budgets toward healthcare, reflecting their unique demographic needs, disease burdens, and policy priorities. This decentralised approach leads to significant variation in health spending, outcomes, and innovation across states, making state budgets a key lens through which India’s healthcare landscape can be understood.   Major focussed states States such as Uttar Pradesh, Maharashtra, Rajasthan, Tamil Nadu, and Karnataka have made significant contributions to strengthening their healthcare sectors by allocating substantial funds in their respective state budgets. Among them, Uttar Pradesh has the highest allocation at Rs 37,956 crore, largely driven by its large population and corresponding healthcare needs. Maharashtra follows with an allocation of Rs 33,653 crore, with spending distributed across both urban and rural health infrastructure. Notably, Rajasthan stands out in terms of the highest percentage share of its total budget devoted to health.  In contrast, states like Kerala, Tamil Nadu, Rajasthan, and Chhattisgarh demonstrate a strong policy focus on healthcare by allocating a higher proportion of their overall budgets to the health sector, indicating a sustained emphasis on public health outcomes rather than just absolute spending levels.  The Union Budget 2026–27 marks a significant milestone in its ongoing efforts to strengthen India’s healthcare system, with a substantial enhancement in the allocation for the Ministry of Health & Family Welfare to Rs 1,06,530.42 crore. The state governments too allocated substantial amounts to the health sector during this year. Of the total state’s budgets amounting to over Rs 72.77 lakh crore the healthcare sector received over Rs 3.45 lakh crore during 2026-27 about over 4 per cent of the total state budgets. With this the overall healthcare as a sector got Rs 4.51 lakh crore receiving over 3 per cent of budget allocation from both central and state governments.     Budget utilisation efficiency  State-focused health budgets in India are undergoing a decisive shift from line-item accounting to strategic levers for systemic transformation.  Says Dr Ruchi Sogarwal, Country Head, Policy & Government Affairs, India, Danaher, “Today, they are emerging as true engines of transformation, shaping not just how funds are allocated, but how healthcare systems are designed and delivered. India’s overall health spending is on an upward trajectory, reflecting stronger policy intent. Yet, with most states still allocating only 5–7 per cent of their budgets to health, there remains significant headroom to deepen prioritisation and investments. From an industry perspective, this transition is significant. Investments in primary care, early and accurate diagnostics, laboratory systems and digital health are essential for timely clinical decision-making and efficient care pathways.” Sogarwal goes on to say, “Equally important is improving budget utilisation efficiency through timely fund flows, quality-driven procurement and performance-linked delivery. In large, high-burden states such as Uttar Pradesh, persistently high out-of-pocket expenditure of ~47 per cent underscores the need to strengthen financial protection and equitable access. Going forward, aligning state budgets with quality standards, innovation, and scalable partnerships will be key to translating higher allocations into measurable and equitable health outcomes.” Vineet Aggarwal, Group COO, Paras Health says, "States are increasingly investing in block-level infrastructure and integrated public health labs, bringing services closer to communities. This reduces dependence on urban hospitals and enables earlier detection of diseases, before they progress into serious conditions. At the same time, budgets are supporting initiatives like the Ayushman Bharat Digital Mission, helping build digital systems that make patient care more connected and efficient. Importantly, this investment goes beyond technology—it also focuses on training healthcare workers and building capacity to ensure these systems deliver real impact."   The impact Sudhakar Kancharla, Founder, Mr. Yoda, a diagnostics major, mentions that the Rs 1,06,530 crore Union health budget for 2026 is largely central spending, but a significant share flows to states through schemes like the National Health Mission, PM Ayushman Bharat Health Infrastructure Mission, and Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, making states the real drivers of healthcare delivery on the ground.  Kancharla further adds, “I believe budgets alone don’t change outcomes. What really matters is how these investments translate into earlier detection, better access to diagnostics, and simpler decision-making for families and doctors. For me, the real shift will happen when a person does not have to travel far or wait too long just to understand what is happening with their health. That is where state-focused budgets can quietly create the biggest impact.”   States' approach to budgets State health budgets are increasingly evolving from mere financial allocation documents into strategic instruments that actively shape healthcare delivery. The shift lies in how states are approaching expenditure—moving beyond a traditional focus on infrastructure creation to prioritizing systemic reforms, strengthening primary healthcare, and expanding access to essential services.  Dr Sandip Shah, Joint Managing Director, Neuberg Diagnostics opines that the budgets are ever more often connected with tangible results, such as detection of diseases at an early stage, enhanced monitoring of infectious diseases, and programmes of screening for non-communicable diseases.  In short, by incorporating innovation, prevention and accessibility into financial planning, state health budgets are revolutionising healthcare. Since diagnostics are becoming more easily accessible and technology-driven, budgets are enabling states to establish sturdy, data-oriented health systems that provide timely, fair, and patient-focused care.   Rethinking healthcare States are no longer just expanding outlays, they are rethinking how healthcare is planned, delivered, and accessed, with sharper focus on outcomes, efficiency, and last-mile reach.  As Himanshu Baid, Managing Director, Poly Medicure points out, “The transformation is evident in the growing emphasis on strengthening tertiary care infrastructure while simultaneously investing in preventive healthcare. However, there remains a strong case for increasing overall healthcare budgets to match the scale and complexity of India’s needs. Alongside this, a more streamlined and centralised regulatory framework, with single-window approvals, will be crucial to accelerate innovation and ensure faster access to quality healthcare solutions, especially as India aligns with global standards.”   Evolving strategic policy tools Over the years, there has been a noticeable shift in how state governments are approaching healthcare budgeting. Traditionally, state health budgets were largely viewed as instruments of allocation, focused on expanding infrastructure or supporting individual schemes. They are now evolving into strategic policy tools that can strengthen delivery models and improve healthcare outcomes at a state level. Talking on the same lines, Ramesh Kumar, Chief Operating Officer, Aster DM Healthcare cited examples of Kerala’s 2026–27 budget that has been earmarked around Rs 2,500 crore for the health sector, while continuing to prioritise community-centric healthcare through programmes such as the Aardram Mission and the expansion of Family Health Centres. Similarly, he also cited example of Karnataka’s recently announced state budget allocated approximately Rs 17,473 crore to the health and family welfare sector, with targeted investments aimed at strengthening maternal and neonatal care programmes, expanding digital health records, and filling over 2,500 healthcare positions.  Kumar goes on to mention, “Such initiatives reflect a broader shift toward outcome-oriented healthcare planning. Increasingly, state budgets are being used to strengthen primary care networks, integrate digital health systems, and improve referral pathways between public and private providers. Ultimately, the significance of these budgets will be measured not merely by the scale of allocations, but by how effectively they catalyse innovation and strengthen healthcare delivery across India.”   Strategic tools for systemic reform State health budgets in India are getting dynamic and evolving from static expenditure plans into strategic tools for systemic reform. Increasingly, states are using budgetary levers not just to expand spending, but to reshape healthcare delivery, access, and governance. This shift is evident in outcome-based allocations, where funding is tied to measurable improvements in primary care, maternal health, and disease surveillance. Says Tanya Kukade, Member, Nishith Desai Associates, “States are directing funds towards holistic care, Health and Wellness Centres, digital health infrastructure, and integrated data systems to enable real-time decision-making. Budgets are also being used to catalyse private sector participation through public-private partnerships, innovation pilots, and targeted funding mechanisms in diagnostics and telemedicine. This transformation is creating a more complex and opportunity-rich landscape. There is also a growing demand for support in structuring PPPs, navigating procurement and compliance frameworks, and addressing data protection and digital health regulations. Companies are focusing on structuring outcome-linked financing models and innovative contracting structures to ensure enforceability and appropriate risk allocation. Overall, state health budgets are becoming key instruments of accountability, innovation, and long-term system strengthening, while simultaneously reshaping the legal and regulatory contours of India’s healthcare sector.”   Gaps remain India is the world’s fifth-largest economy, yet the central health budget remains modest at around 2 per cent of GDP, compared with 17.6 per cent in the US. However, it is encouraging to see a clear shift from scheme-based funding to the systemic strengthening of public health systems. Dr Padma Venkat, Dean, School of Health Sciences and Technology, UPES mentions, “While budget allocations for training and capacity-building of personnel are increasing, gaps remain in both the quality and availability of the workforce needed to respond to health challenges, further complicated by climate change, natural disasters and significant lifestyle shifts. Most importantly, there is a need for young leaders and innovators to contribute to the transformation of India’s public health landscape.” The focus Health is a state subject and different states come out with various plans to progress healthcare in the respective states. Allocations vary differently for various states with every passing year a trend is being seen where state administrations have taken steps to promote healthcare. State governments take the lead in planning, allocating, and spending money on healthcare based on their own needs and priorities. The state health budgets are not just mere on how much is spent but how effectively it improves health outcomes. Sanjiv Dassanjiv.das@mmactiv.com ]]> https://biospectrumindia.com/news/86/27730/sun-pharma-signs-definitive-agreement-to-acquire-organon-for-11-75-b.html https://biospectrumindia.com/news/86/27730/sun-pharma-signs-definitive-agreement-to-acquire-organon-for-11-75-b.html Mon, 27 Apr 2026 00:00:00 +0530 Sun Pharmaceutical Industries and US-based Organon & Co. have entered into a definitive agreement under which Sun Pharma will acquire all outstanding shares of Organon for $ 14.00 per share in an all‑cash transaction with an enterprise valuation of $11.75 billion. Organon is a global healthcare company formed through a spinoff from Merck, known as MSD outside of the United States and Canada, in 2021. Organon has a legacy of deep trust and strong brand equity among HCPs, patients, regulators and other stakeholders. A global leader in women’s health, the company’s portfolio includes more than 70 products across Women’s Health and General Medicines, which includes biosimilars, commercialised across 140 countries, with the US, Europe, China, Canada, and Brazil among its largest markets. This global footprint is supported by six manufacturing facilities across the European Union and emerging markets, reinforcing its scale and reach. Together, Organon’s General Medicines and Women’s Health franchise reflect the company’s commitment to advancing access and affordability for communities around the world. The proposed acquisition of Organon is aligned with Sun Pharma’s strategy of growing its Innovative Medicines business. The combined company becomes a stronger player in Established Brands /Branded Generics business. The deal also enables Sun Pharma’s entry into biosimilars as a Top-10 global player. Organon’s portfolio, global footprint and strong stakeholder relationships shall complement Sun Pharma’s existing strengths and enhance long‑term value creation. Upon successful consummation of the transaction, Sun Pharma is poised to be among the top 25 global pharmaceutical companies with combined revenue of $12.4 billion; a leading player in Established Brands/Branded Generics; a top 3 company in global Women’s Health, creating a commercial platform for future growth. The transaction has been approved by the Boards of Directors of both Sun Pharma and Organon and is subject to customary closing conditions, including receipt of required regulatory approvals and approval by Organon stockholders. The transaction is expected to close in early 2027. Dilip Shanghvi, Executive Chairman of Sun Pharma, said, “This transaction represents a significant opportunity for Sun Pharma to build on its vision of Reaching People and Touching Lives. Organon’s portfolio, capabilities and global reach are highly complementary to our own, and we believe that bringing the two organizations together can create a stronger and more diversified platform.    ]]> https://biospectrumindia.com/news/86/27686/axten-hospitals-raises-rs-2-5-cr-from-pedalstart-to-expand-surgical-hospital-network-across-india.html https://biospectrumindia.com/news/86/27686/axten-hospitals-raises-rs-2-5-cr-from-pedalstart-to-expand-surgical-hospital-network-across-india.html Mon, 20 Apr 2026 00:00:00 +0530 Gurugram-based Axten Hospitals, a unit of TAH Global Healthcare, has raised Rs 2.5 crore in its first structured funding round led by PedalStart with participation from a group of angel investors. Founded by Gauttam Chhabra, Axten Hospitals operates at the intersection of standardised clinical delivery, operational efficiency, and transparent pricing. The funding comes on the back of the company’s strong early traction, proven unit economics, and a large underserved opportunity in India’s surgical care market. The company launched its pilot facility in East of Kailash, New Delhi in FY25, generating approximately Rs 9 crore in revenue in its first year, validating both demand and unit economics. The capital raised will be deployed to launch three new hospital facilities over the next 12 months, through a predominantly asset-light model, focusing on partnerships, branding, legal setup, and working capital rather than heavy infrastructure ownership. Each facility is expected to achieve break-even within 5–6 months, reinforcing the company’s capital-efficient, high-margin operating model. Over the next phase of growth, the company plans to introduce a technology-enabled patient journey platform, enabling seamless discovery, booking, and post-operative care. Patients will be able to select hospitals, doctors, rooms, and services with full pricing transparency, while also accessing structured follow-ups and care coordination. With expansion underway, the company plans to scale teams across facility operations, surgical coordination, and patient care, while strengthening central functions such as marketing, finance, and operations. The expansion strategy will focus mainly on metro cities with high surgical demand and limited access to quality, standardised care. Looking ahead, Axten Hospitals aims to build India’s first chain of specialised smart surgery hospitals with honest surgery prices, targeting Rs 250 crore in revenue within five years. This fundraise marks the company’s first external capital, following a fully bootstrapped journey, with plans to expand to 25+ facilities across the top 5 metros while providing the best-in-class patient experience. ]]> https://biospectrumindia.com/news/86/27546/temasek-backed-manipal-health-enterprises-files-drhp-for-ipo.html https://biospectrumindia.com/news/86/27546/temasek-backed-manipal-health-enterprises-files-drhp-for-ipo.html Tue, 24 Mar 2026 00:00:00 +0530 Manipal Health Enterprises has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise funds through Initial Public Offering (IPO). The IPO, with a face value of Rs 2, with fresh issue of Rs 8,000 crore and offer-for-sale of up to 43,227,668 equity shares by promoters - Imperius Healthcare Investments Pte. Ltd, Manipal Education and Medical Group India Private Limited. Investors include TPG SG Magazine Pte. Ltd, Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S, Phoenix Bear Investments, LLC. The proceeds from its fresh issuance worth Rs 5,378 crore will be utilised for repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by one of the company's Material Subsidiaries, Manipal Hospitals Private Limited, Rs 574 crore for acquisition of minority stake in the company's stepdown subsidiary, Sahyadri Hospitals Private Limited, and General corporate purposes. The company, in consultation with the book-running lead managers, may consider a pre-IPO Placement for up to Rs 1,600 crore. The pre-IPO placement if completed, the fresh issue size will be reduced. Manipal Health Enterprises operate a pan‑India network of multispecialty hospitals delivering a comprehensive range of care services—from outpatient services to complex tertiary and quaternary interventions. As of September 30, 2025, the company operated 38 hospitals (48 hospitals on a pro forma basis) with 10,761 licensed beds (12,367 licensed beds on a pro forma basis) across 14 states and union territories. The company have the widest footprint in terms of presence of hospitals among private hospital chains in India as of September 30, 2025. The company is also the largest pan-India multispecialty hospital network by bed capacity and the second largest hospital chain by number of hospitals as of September 30, 2025. In November 2025, the company commenced operations at our 49th hospital in Bengaluru (Karnataka), which increased licensed bed capacity to 12,631 licensed beds as of December 31, 2025.    ]]> https://biospectrumindia.com/news/86/27538/pacific-onehealth-commits-rs-300-cr-to-build-largest-micro-hospital-chain-in-north-india.html https://biospectrumindia.com/news/86/27538/pacific-onehealth-commits-rs-300-cr-to-build-largest-micro-hospital-chain-in-north-india.html Mon, 23 Mar 2026 00:00:00 +0530 Pacific OneHealth, a healthcare venture backed by the Pacific Malls Group, has announced a committed investment of Rs 300 crore to build the largest integrated community micro-hospital chain in North India. Pacific OneHealth’s phased rollout begins with Rs 100 crore investment to establish five micro-hospitals in Delhi NCR over two years, serving as proof-of-concept and referral hub for North and Central India. From year 3, expansion targets 10+ facilities nationwide, scaling to 20 over a decade, digitally integrated with EHR, telemedicine, and seamless care coordination. The initial deployment of Rs 100 crore will fund five units in Delhi NCR within the first two years, scaling to 10 or more micro-hospitals in five years and a long-term vision of 20 or more facilities during the ongoing decade, with a target of touching half a million lives by 2030. Pacific OneHealth’s model extends beyond hospitals with a six-programme ecosystem: SeniorCare Plus, POH Home Healthcare, neighbourhood and corporate clinics, corporate wellness, school health, and MyOneHealth digital platform. Together, these initiatives position Pacific OneHealth as a lifelong health partner. Pacific OneHealth’s micro-hospital model bridges the gap between under-equipped clinics and overcrowded large hospitals. Each 30–80 bed facility delivers 70% of surgeries as day-care or short-stay, covering specialties like gastroenterology, gynaecology, urology, ENT, and orthopaedics. Units also provide 24×7 emergency care, specialist OPDs, and advanced diagnostics, fostering continuous community engagement.  ]]> https://biospectrumindia.com/news/86/27539/somerset-indus-capital-partners-announces-fund-raising-of-fund-iii-at-288-m.html https://biospectrumindia.com/news/86/27539/somerset-indus-capital-partners-announces-fund-raising-of-fund-iii-at-288-m.html Mon, 23 Mar 2026 00:00:00 +0530 Somerset Indus Capital Partners has announced the successful fund raise of its third fund, Fund III, at ~$288 million, exceeding its initial target of $250 million. The oversubscribed close reflects strong conviction from both existing and new Limited Partners for Somerset’s differentiated healthcare-focused, impact-aligned investment strategy.   Fund III witnessed robust participation from a diverse group of global institutional investors, including Development Finance Institutions (DFIs), global investment firms, domestic financial institutions, insurance companies, funds of funds, family offices, and impact investors across Europe, the United States and South-East Asia. The high re-up rate from existing investors, alongside commitments from new marquee LPs underscores continued confidence in Somerset’s ‘Capital for Change’ philosophy.   With Fund III, Somerset will continue to focus on addressing healthcare access gaps across India’s “missing middle,” particularly in Tier II and Tier III markets. The fund will invest in scalable healthcare businesses delivering affordable, accessible quality care across healthcare delivery, pharmaceuticals, medical devices, diagnostics, and allied sectors.   Somerset typically invests between $15 million and $40 million per portfolio company. However, through co-investment syndication alongside its strong LP network, the firm has the flexibility to participate in significantly larger transactions in the range of $60–80 million.    Through fund III, Somerset has already made three investments, i.e. Cyrix Healthcare (MedTech servicing), Printmann Offset (pharmaceutical packaging), and NU Hospitals (a nephrology and urology focused single-specialty hospital chain) that are already demonstrating a positive performance track record.   ]]> https://biospectrumindia.com/news/86/27528/rymo-raises-rs-10-cr-seed-funding-led-by-ian-angel-fund.html https://biospectrumindia.com/news/86/27528/rymo-raises-rs-10-cr-seed-funding-led-by-ian-angel-fund.html Sat, 21 Mar 2026 00:00:00 +0530 IAN Group, the country’s single largest early-stage investment platform, has invested in Rymo Technologies, a robotic neuro-rehabilitation startup in its seed funding round of over Rs 10 crore through its evergreen fund, IAN Angel Fund, with participation from other angel investors. The fresh capital will be used to accelerate product innovation, expand manufacturing capabilities, and strengthen the company’s presence across India while scaling into international markets, including ASEAN and the Middle East. Founded by Chirag Shah (CEO) and Abhishek Rai (CTO), Mumbai-based Rymo Technologies is working to address a structural gap in neuro-rehabilitation. While the incidence of stroke and neurological disorders continues to rise globally, access to advanced rehabilitation remains limited due to a shortage of trained therapists and the high cost of robotic rehabilitation systems. As a result patients in Tier 1 and 2 cities, and smaller hospitals often lack access to advanced therapy solutions. The company has already demonstrated strong traction across the healthcare ecosystem, with more than 452 device installations and 354 clinical customers, including leading institutions such as AIIMS, Apollo Hospitals, and Manipal Hospitals. Rymo’s systems have supported over 7,500 patients, delivering more than 15,000 therapy hours, with studies indicating up to 25 percent faster recovery outcomes. Rymo’s approach focuses on bringing robotic and AI-assisted rehabilitation technology to mid-sized hospitals and physiotherapy clinics at an accessible price point, enabling healthcare providers beyond large metropolitan hospitals to deliver advanced rehabilitation services. The company has also made progress on regulatory and international expansion fronts. Rymo has received US FDA classification as a Class II medical device and has signed a distribution partnership with Fourier Rehab to expand into ASEAN markets.   ]]> https://biospectrumindia.com/news/86/27515/mave-health-raises-2-1m-to-launch-focus-and-stress-regulation-wearable.html https://biospectrumindia.com/news/86/27515/mave-health-raises-2-1m-to-launch-focus-and-stress-regulation-wearable.html Thu, 19 Mar 2026 00:00:00 +0530 Bengaluru-based neurotechnology startup Mave Health has raised $2.1 million (Rs 18 crore) in a seed funding round led by Blume Ventures. The round also saw participation from Inuka Capital, Stanford Angels, Founders of Groww, Raymond Russell, Aureolis Ventures and Juhi Bhatnagar (Forj Capital), with existing investors, including All In Capital, doubling down on their investment. The funding follows the company’s $750,000 pre-seed round raised in November 2023. Founded in 2023 by Dhawal Jain, Jai Sharma, and Aman Kumar, Mave Health is building a wearable headset that supports everyday mental health and cognitive performance in just 20 minutes a day. Its underlying technology, transcranial direct current stimulation (tDCS), has been studied for over 25 years, with more than 10,000 published papers globally.Mave debuted with over 500 beta customers ahead of its public release last month. Based on self-reported data collected after four weeks of use, 80% reported productivity gains exceeding 60%, 75% reported stress reductions above 50% and users reported an average mood improvement of 77%. The newly raised capital will be used to launch Mave’s wearable headset in the United States and India, and to expand manufacturing capabilities. The startup recently released three limited batches that sold out within 36 hours, and its launch video has generated over a million impressions across social platforms. The product has also drawn attention from multiple global technology leaders and athletes including UFC Fighter Max Griffin. Mave’s device is currently available for pre-order in the US and India. Shipping begins in April 2026. ]]> https://biospectrumindia.com/news/86/27494/agilisium-invests-rs-50-cr-to-transform-ai-based-life-sciences-enterprises-.html https://biospectrumindia.com/news/86/27494/agilisium-invests-rs-50-cr-to-transform-ai-based-life-sciences-enterprises-.html Tue, 17 Mar 2026 00:00:00 +0530 Agilisium, a leading life sciences domain-native AI services company, has announced a Rs 50 crore investment — close to $5.5 million — to fundamentally transform how pharmaceutical, biotech, and medtech enterprises operationalise AI. At the heart of this initiative is the development and deployment of FDX, Forward Deployment Experts, a new professional standard defined by Agilisium built across four dimensions: Domain, AI & Technology, Consultative Solutioning, and Systems & Process Thinking.  Unlike traditional AI services, FDX professionals are embedded directly inside Life Sciences organizations working alongside scientific, regulatory, and commercial teams not advising from the outside but driving transformation from within. The investment will reskill and deploy Agilisium's global workforce of more than 1,000 professionals as embedded AI transformation partners, making this the world's first forward deployment experts built exclusively for life sciences. Life sciences organisations worldwide are accelerating adoption of context-aware agentic AI across drug discovery, clinical trials, pharmacovigilance, regulatory operations, and commercial operations yet most enterprise AI initiatives stall not because the technology fails, but because the talent required to operationalise it does not exist at scale.   Unlike traditional consulting model, Agilisium’s forward-deployment model combines deep life sciences domain expertise with AI engineering and data science capability and then keeps both inside the client’s organisation for the duration of the transformation. Agilisium professionals sit beside scientists, clinical teams, regulatory leaders, and commercial stakeholders, designing, deploying, and continuously operating AI-driven capabilities rather than handing them over.   ]]> https://biospectrumindia.com/news/86/27424/kites-senior-care-to-invest-rs-40-cr-for-doubling-specialised-elder-care-capacity-by-march-2027.html https://biospectrumindia.com/news/86/27424/kites-senior-care-to-invest-rs-40-cr-for-doubling-specialised-elder-care-capacity-by-march-2027.html Tue, 03 Mar 2026 00:00:00 +0530 Bengaluru-based KITES Senior Care, a division of Lifebridge Group and an out-of-hospital senior care provider, has announced a Rs 40 crore investment plan to expand its specialised elder-care infrastructure across India. The investment will increase the company’s capacity from 450+ to 1,000 beds and double its footprint in specialised centres by March 2027. KITES currently operates dedicated geriatric care and specialised centres in Bengaluru, Chennai, Hyderabad, Coimbatore and Kochi, serving seniors who require post-hospitalisation rehabilitation, dementia care, palliative care and long-term assisted care. The company’s expansion will extend access to structured and clinically supervised geriatric care in new urban and emerging markets like Bangalore, Chennai, Hyderabad, and Pune where such services remain limited. The company has already deployed Rs 30 crore to establish its existing centres. The additional Rs 40 crore deployment will be directed towards doubling its India presence, strengthening the capabilities of clinical staffing, specialist training, and standardised care protocols to support its next phase of growth. The India geriatric healthcare market was valued at approximately $42.2 billion (Rs 3.5 lakh crore) in 2024 and is projected to nearly double to around $97.3 billion by 2033, growing at a CAGR of approximately 9% over the next decade. This growth is being driven by sharp demographic shifts, with India’s senior citizen population (aged 60+) expected to rise from around 100 million in 2011 to nearly 230 million by 2036, meaning almost one in seven Indians will soon be over the age of 60. These trends underscore the growing and immediate need for focused, structured, and clinically supervised geriatric care services beyond traditional hospital settings. ]]> https://biospectrumindia.com/news/86/27391/ian-alpha-fund-co-leads-rs-70-cr-series-a-funding-round-in-peptris.html https://biospectrumindia.com/news/86/27391/ian-alpha-fund-co-leads-rs-70-cr-series-a-funding-round-in-peptris.html Wed, 25 Feb 2026 00:00:00 +0530 IAN Alpha Fund, the 2nd in the series of IAN Group’s VC funds, along with Speciale Invest, has co-led a Rs 70 crore Series A funding round in Peptris, a Bengaluru-based AI-powered drug discovery startup. The round also saw participation from Tenacity Ventures, BYT Capital, and other investors. The investment strengthens Peptris’ proposition as one of the leading Indian AI drug discovery platforms progressing beyond molecule generation towards clinical-ready assets. Founded in 2019, Peptris has built an AI-led discovery engine that addresses one of the most persistent problems in healthcare: despite scientific advances, drug discovery remains slow, expensive, and failure-prone, leaving large unmet medical needs. This challenge is most acute in the pre-clinical stage, where time, capital, and scientific uncertainty often derail promising programs much before drugs reach the clinical stage. This fresh capital infusion will be used to advance its existing programmes toward clinical readiness and to significantly expand its pipeline over the next 24 months. The company plans to initiate several new NCE programmes, alongside multiple drug repurposing and rescue programs (shelved clinical stage drugs of other companies).The company will also expand teams across biology, chemistry, data science, and AI, while building dedicated business development capabilities in the US and Europe to deepen partnerships with global pharmaceutical and biotech companies. Peptris focuses on therapeutic areas including rare diseases, inflammation, oncology, and women’s health to deliver a durable impact for patients, caregivers, and healthcare systems globally. ]]> https://biospectrumindia.com/news/86/27345/kotak-alts-invests-rs-40-cr-in-zeroharm-sciences.html https://biospectrumindia.com/news/86/27345/kotak-alts-invests-rs-40-cr-in-zeroharm-sciences.html Wed, 18 Feb 2026 00:00:00 +0530 Kotak Alternate Asset Managers Limited (Kotak Alts), through its Kotak Life Sciences Fund I (KLSF-I), which invests in early to growth stage life sciences and healthcare businesses, has made an investment of Rs 40 crore in Zeroharm Sciences, in Telangana. The investment marks a pivotal growth milestone for Zeroharm, providing capital to accelerate scale up, enhancing brand visibility, strengthening customer loyalty, and driving expansion into new markets. Ashish Ranjan, Director at Kotak Alts, said, “The Indian nutraceuticals market is supported by favourable macroeconomic, demand, and supply side drivers. It remains in the early stages of adoption and is poised for exponential growth. Zeroharm is redefining preventive care and wellness by seamlessly integrating the timeless wisdom of Ayurveda with advanced technology, delivering solutions that are safe, effective, and scalable.” Founded in 2020 by Sachin Darbarwar, Zeroharm is a plant based nutraceutical D2C brand with fully integrated in-house capabilities across extraction, formulation R&D, and manufacturing. The company sells its products through its own website, major e commerce platforms, and quick commerce players in India, and is also building an international presence across the USA, UK, and the Middle East. Sachin Darbarwar, Co Founder & CEO of Zeroharm Sciences, said, “This investment represents an important milestone in Zeroharm’s evolution as we transition from a strong product market foundation to the next phase of scaled growth. The partnership with Kotak Alts and Alkemi Growth Capital brings not only growth capital but also long term partners with a deep understanding of the healthcare and life sciences ecosystem. Kotak Alts’ conviction in our fully integrated model—encompassing extraction, formulation, R&D, and manufacturing—strongly reinforces our vision of building a science led, trusted nutraceuticals brand from India for global markets.” ]]> https://biospectrumindia.com/news/86/27342/true-north-to-invest-rs-150-cr-in-acn-healthcare-to-revolutionise-healthcare-revenue-cycle.html https://biospectrumindia.com/news/86/27342/true-north-to-invest-rs-150-cr-in-acn-healthcare-to-revolutionise-healthcare-revenue-cycle.html Tue, 17 Feb 2026 00:00:00 +0530 True North Private Equity via its alternative investment platform, the Credit Opportunities Fund I, has entered into definitive agreements to invest Rs 150 crore in ACN Healthcare RCM, a leading Revenue Cycle Management (RCM) solutions provider with operations in India and a global client base. ACN Healthcare has demonstrated robust growth of over 68% CAGR over the last 3 years. The funds will be utilised towards growth and expansion of ACN Healthcare’s service portfolio, pursue strategic initiatives, and establish new delivery facilities, strengthening its ability to serve global healthcare providers. Wodehouse Capital Advisors acted as the exclusive financial advisor to ACN Healthcare for the transaction  and continues to advise the company on its ongoing fundraise and strategic initiatives. Sources indicate that several leading private equity funds are also in advanced discussions to participate and invest upto an additional $20 million in the current funding round. The company operates at scale with a workforce of over 3,000+ trained professionals across 4 state-of-the-art delivery centers. ACN’s offerings span RCM and healthcare-focused business process outsourcing services, serving large hospitals, specialty practices, emergency departments, and critical access facilities across the US.   The RCM industry that currently employs over approximately 300,000 workforce continues to attract strong interest from both financial and strategic investors, driven by rising healthcare complexity, regulatory intensity, labor shortages, and consolidation among providers. Demand for RCM services in India is accelerating on the back of rising global healthcare outsourcing, digital transformation, and complex payer ecosystems, positioning India as a critical delivery hub; the market is expected to grow at double-digit CAGR (~15–17%) over the next decade, supported by AI-led automation and sustained international demand. India now hosts over 50% of the global RCM workforce, reflecting the strong offshore shift from overseas healthcare providers. ]]> https://biospectrumindia.com/news/86/27326/w-health-ventures-announces-initial-close-of-fund-ii-at-rs-550cr-to-launch-and-scale-healthcare-companies-.html https://biospectrumindia.com/news/86/27326/w-health-ventures-announces-initial-close-of-fund-ii-at-rs-550cr-to-launch-and-scale-healthcare-companies-.html Fri, 13 Feb 2026 00:00:00 +0530 W Health Ventures has announced the initial close of Fund II at Rs 550 crore, aiming toward a target of Rs 630 crore. The firm will continue to double down on its company creation model by building and scaling healthcare companies from scratch in India and across the US-India corridor. W Health Ventures’ Fund I companies include Nivaan (chronic pain), BeatO (diabetes), ElevateNow (obesity), BabyMD (paediatrics), and Mylo (parenting) in India, along with cross-border companies like Wysa (AI mental health services) and Reveal HealthTech (AI transformation services). All Fund I companies have raised external growth capital. With Fund II, W Health Ventures expects to take larger, bolder bets on company creation. The firm plans to build and scale 8 to 10 new companies over the next four years, investing Rs 30 to 50 crore in each incubation. W Health Ventures has begun deploying capital from its second fund. Everhope Oncology, the first company from Fund II, is a national oncology platform founded with Narayana Health to reimagine cancer care in India. The company is integrating global advances in oncology into coordinated, patient-centered care from diagnosis through recovery. A stealth incubation is helping psychiatry clinics in the US to launch and scale advanced treatments for patients with treatment-resistant depression. The fund is currently exploring opportunities in spaces such as longevity and modern preventive health, geriatrics, and chronic pain management.  ]]> https://biospectrumindia.com/news/86/27290/govt-launches-first-rdi-fund-call-inaugurates-unique-initiative-of-innovation-financing.html https://biospectrumindia.com/news/86/27290/govt-launches-first-rdi-fund-call-inaugurates-unique-initiative-of-innovation-financing.html Thu, 05 Feb 2026 00:00:00 +0530 Dr Jitendra Singh, Minister of State with Independent Charge for Science & Technology, has launched the first Open Call of Technology Development Board (TDB) under the Research, Development and Innovation (RDI) Fund of the Anusandhan National Research Foundation (ANRF). It aims to strengthen India's innovation ecosystem by supporting the commercialisation of indigenous technologies through structured, long-term financing. Addressing the event, Dr Jitendra Singh said, this initiative represents a rare and significant deviation from traditional government funding models. He observed that while governments have traditionally encouraged philanthropy or CSR-led investment, direct government-backed financial support for private sector innovation has been limited. He said that the RDI Fund seeks to bridge this gap, allowing private enterprises to scale technologies in strategic sectors that were previously limited to the public sector. The Minister noted that the opening up of strategic sectors such as the space and nuclear sectors to private participation has changed long-standing traditions, and the RDI Fund is designed to support this same transition, reducing financial risk while ensuring accountability. He added that the fund provides long-term, affordable financing and incorporates equity-linked options for risk sharing, thereby supporting responsible commercialization. Dr Jitendra Singh informed that the total corpus of the RDI Fund is Rs 1 lakh crore and it provides financing at concessional interest rates of around 2–4 per cent, including long tenure and moratorium provisions of up to 15 years. He said that this structure is designed to make it easier for technology developers to access capital while maintaining financial discipline.   It was clarified during the event that TDB's first call under the RDI Fund focuses on supporting projects at the Technology Readiness Level (TRL) 4 and above. Funding support will be provided through Second Level Fund Managers (SLFMs) in the form of loans, equity, or hybrid instruments, depending on the project's requirements. The maximum funding support will be up to 50 percent of the total project cost, with equal contributions from companies or private investors. The funding framework provides unguaranteed financing, with no need for individual or corporate guarantees. The proposal evaluation will be conducted based on scientific, technological, financial, and business merit, with set timelines for evaluation and delivery. This initiative does not provide grant funding and focuses on enabling sustainable business deployment of technologies.   ]]> https://biospectrumindia.com/news/86/27252/biopeak-secures-investment-of-2-7-m-from-nikhil-kamath-to-scale-longevity-care.html https://biospectrumindia.com/news/86/27252/biopeak-secures-investment-of-2-7-m-from-nikhil-kamath-to-scale-longevity-care.html Thu, 29 Jan 2026 00:00:00 +0530 Biopeak, India’s first longevity and health optimisation brand, has raised 2.7 million in its latest funding round led by repeat investor Nikhil Kamath.  The follow-on investment reflects continued conviction in Biopeak’s work to build structured, preventive care systems for longevity in India. While India has made significant progress in acute and episodic care, organised clinical models focused on early detection, longitudinal tracking, and healthspan remain limited. Biopeak is addressing this gap by building multidisciplinary specialist-led programs that combine diagnostics, proprietary AI-driven insights, targeted clinical interventions, and sustained follow-up over time. Its approach is designed around Indian health profiles and disease patterns, enabling early risk identification, health optimisation, and supported recovery and regeneration.  The capital will be used to expand Biopeak’s presence and deepen capabilities across diagnostics, proprietary AI, research, and program development. This includes the launch of a new flagship centre in Bengaluru, continued investment in clinical longevity programs, and team expansion across clinical, research, product, and operations. Building on growing consumer acceptance, Biopeak is strengthening its network of global advisors and institutional partners to advance protocol development and clinical governance.   ]]> https://biospectrumindia.com/news/86/27236/modern-diagnostic-research-centre-concludes-ipo-raising-rs-36-89-cr.html https://biospectrumindia.com/news/86/27236/modern-diagnostic-research-centre-concludes-ipo-raising-rs-36-89-cr.html Tue, 27 Jan 2026 00:00:00 +0530 Gurugram-based Modern Diagnostic & Research Centre, a leading diagnostic chain, has successfully concluded its Initial Public Offering (IPO), raising Rs 36.89 crore, which received an exceptional response from investors across categories. The issue was oversubscribed by a staggering 350.49 times at the close of the oversubscription period, which shows the market’s confidence in the company’s growth strategy and business model. The IPO, which was open for subscription from Wednesday, December 31, 2025, closed on January 2, 2026, had its allotment of shares completed on Monday, January 5, 2026. The allotment status for the same was made available on the BSE website or on the registrar’s website, MUFG Intime India. The public issue consisted of a fresh issue of 4.1 million equity shares, aggregating Rs 38.49 crore, offered in a price band of Rs 85 to Rs 90 per equity share with a lot size of 1,600 equity shares. Modern Diagnostic shares also commenced trading on the BSE SME exchange on January 7, 2026. The company intends to use Rs 20.7 crore of the net proceeds to acquire sophisticated medical equipment for its diagnostic centers and laboratories, thus enhancing its capabilities. Another Rs 8 crore has been allocated to meet the working capital needs, while Rs 1 crore has been earmarked to repay part of the debt. The rest of the amount has been set aside for general corporate purposes.  With a robust subscription response and a plan in place for the use of funds, Modern Diagnostic & Research Centre has entered its next phase of growth with renewed momentum and poised to further enhance its presence and improve the standards of diagnosis across its network.   ]]> https://biospectrumindia.com/news/86/27209/kapiva-launches-rs-50-cr-innovation-fund-to-build-future-ready-ayurveda-ecosystem.html https://biospectrumindia.com/news/86/27209/kapiva-launches-rs-50-cr-innovation-fund-to-build-future-ready-ayurveda-ecosystem.html Wed, 21 Jan 2026 00:00:00 +0530 Bengaluru-based Kapiva, India’s first modern holistic Ayurvedic brand for millennials, has announced the launch of the Kapiva Innovation Fund (KIF), a commitment of up to Rs 50 crore to support research and innovation in Ayurveda. KIF will back projects across academia, labs and startups that focus on R&D in Ayurvedic science and create clinically validated solutions for real-world health problems. With this initiative, Kapiva aims to help build an Ayurveda research ecosystem that matches global pharmaceutical standards. KIF will support work in areas such as novel formulations, standardisation and phytochemistry, AI in Ayurveda, pre-clinical and clinical studies, new extraction technologies, bioactive enhancement, tech-enabled wellness models, etc. Applications will be invited from research institutions, PhD scholars, clinicians, hospitals, early-stage startups and incubators working in or adjacent to Ayurveda, plant-based therapeutics and integrative health.The fund is structured to nurture innovation throughout the entire development process. Whether a project is in the initial research phase or nearing commercialisation, KIF will offer the necessary capital, mentorship, and clinical resources. This support system ensures that high-potential scientific ideas are successfully translated into practical, real-world solutions. Kapiva already runs one of India’s most advanced Ayurveda R&D programmes, with clinical trials on flagship products and a dedicated in-house research team. The company collaborates with leading institutions like Translational Health Science and Technology Institute (Ministry of Science and Technology, GoI), Manipal College of Pharmaceutical Sciences (MCOPS, MAHE), Manipal Hospitals among others on various research projects. As part of this focus on scientific rigour and transparency, Kapiva follows stringent testing protocols across raw materials, packaging and finished products, with several Shilajit-based offerings like the Shilajit Gold Resin, already carrying Certificates of Analysis, and the same standards being progressively extended across its portfolio. ]]> https://biospectrumindia.com/news/86/27210/hannah-joseph-hospital-limited-ipo-opens-on-january-22-aiming-to-raise-rs-42-cr.html https://biospectrumindia.com/news/86/27210/hannah-joseph-hospital-limited-ipo-opens-on-january-22-aiming-to-raise-rs-42-cr.html Wed, 21 Jan 2026 00:00:00 +0530 Hannah Joseph Hospital Limited, a multi-specialty tertiary care hospital in Madurai with focus on Neurosciences and Trauma, proposes to open its Initial Public Offering (IPO) on January 22, 2026, aiming to raise Rs 42 crore (At Upper Price Band) by fresh issue of 60,00,000 equity shares, to be listed on the BSE SME platform. The issue size is 60,00,000 equity shares at a face value of Rs 10 each with a price band of Rs 67 - 70 Per Share. Equity Share Allocation Qualified Institutional Buyer – Not more than 28,46,000 Equity Shares Non-Institutional Investors – Not less than 8,58,000 Equity Shares Individual Investors – Not less than 19,96,000 Equity Shares Market Maker – 3,00,000 Equity Shares The net proceeds from the IPO will be utilised for funding of capital expenditure for establishing Radiation Oncology Centre and General Corporate Purposes. The anchor portion will open on Wednesday, January 21, 2026 and the issue will open on Thursday, January 22, 2026 and will close on Tuesday, January 27, 2026.  Dr Mosesjoseph Arunkumar, Chairman and Managing Director of Hannah Joseph Hospital Limited expressed, “Being a regional referral center for complex neurological, neurosurgical, cardiac, and trauma care, we have consistently strengthened our infrastructure and clinical capabilities to meet the growing healthcare needs of South Tamil Nadu. The proposed IPO is expected to support the company’s planned capacity and service expansion initiatives, enabling it to strengthen its clinical offerings and deliver more integrated, end-to-end care.”   ]]> https://biospectrumindia.com/news/86/27184/biocon-concludes-rs-4150-cr-equity-fundraise-through-ualified-institutions-placement.html https://biospectrumindia.com/news/86/27184/biocon-concludes-rs-4150-cr-equity-fundraise-through-ualified-institutions-placement.html Sun, 18 Jan 2026 00:00:00 +0530 Bengaluru-based Biocon has announced the successful completion of a Ǫualified Institutions Placement (ǪIP), raising Rs 4,150 crore (~$460 million) through the issuance of 112,664,585 equity shares of face value Rs 5 each to eligible qualified institutional buyers at the issue price of Rs 368.35 per Equity Share (including a premium of Rs 363.35 per Equity Share). The ǪIP, which opened on January 12, 2026, and closed on January 14, 2026, attracted strong investor interest from a broad mix of domestic and international participants, reflecting robust confidence in Biocon’s growth prospects. The proceeds from the ǪIP will be primarily utilised to meet the cash consideration payable to Mylan Inc. (Viatris) for buying out its shareholding in Biocon Biologics Limited, including repayment of debt availed in this regard. Biocon recently announced that its Board of Directors had approved a strategic corporate action to acquire all remaining minority shareholdings, including Viatris’ stake, thereby making Biocon Biologics a wholly owned subsidiary of the Company. This integration marks a pivotal step in Biocon’s journey to lead in the therapeutic areas of diabetes, oncology, and immunology through a differentiated portfolio of biosimilars, insulins, generics and peptides (GLP-1s). The integration process is expected to be completed no later than March 31, 2026. ]]> https://biospectrumindia.com/news/86/27156/leeford-healthcare-commits-rs-200-cr-for-expansion-of-ortho-mobility-aids-division.html https://biospectrumindia.com/news/86/27156/leeford-healthcare-commits-rs-200-cr-for-expansion-of-ortho-mobility-aids-division.html Fri, 09 Jan 2026 00:00:00 +0530 Punjab-based Leeford Healthcare has announced a strategic investment of Rs 200 crore in the next three years to rapidly scale its Orthopedic & Mobility Aids division, signalling a major push into India’s fast-growing preventive healthcare and rehabilitation market. As part of this expansion, the company has unveiled action superstar and fitness icon Tiger Shroff as the Brand Ambassador for its orthopedic and mobility aids division and launched its nationwide campaign, ‘Fit Raho, Hit Raho’. India’s orthopedic supports and mobility aids market is currently valued at Rs 2500 crore annually and is projected to grow to Rs 8000 crore by 2030, driven by rising lifestyle disorders, sports injuries, an ageing population, and growing awareness around preventive care. Leeford Healthcare’s strategic investment will focus on manufacturing upgrades, new product development, digital-first marketing, clinical engagement, and deeper retail penetration across both urban and rural markets. “From the total investment of Rs 200 crore, decent share of this investment will go for upgradation of our manufacturing facility for orthopaedic and mobility aids as we aim to strengthen the ‘Make in India’ initiative, with the remaining funds to be utilised for marketing, advertising & penetration in newer towns. We are also planning to expand our geographical spread across majority of pincodes in India,” said Neha Gupta, Director, Leeford Healthcare Limited.  The company sees strong growth opportunities across both rural and urban India, with urban demand driven by lifestyle-related issues and rural demand led by ageing populations and access to affordable care. Growth is expected across both online and offline channels, supported by Leeford Healthcare’s focus on expanding its digital footprint while leveraging its extensive offline sales and distribution network to outperform legacy players. The company continues to remain mass-market in pricing while delivering high-quality, clinically aligned products, ensuring access at scale. The company offers 32 clinically aligned products, including lumbar belts, posture correctors, cervical collars, knee caps, wrist and ankle supports, and sports recovery aids. The portfolio will expand to 50 products by end of financial year 26-27, with 20 new product launches planned, aligned to rehabilitation, prevention, and sports wellness.     ]]> https://biospectrumindia.com/news/86/27115/kashiv-biosciences-secures-rs-648-cr-financing-from-ubi-to-expand-manufacturing-facilities-in-gujarat.html https://biospectrumindia.com/news/86/27115/kashiv-biosciences-secures-rs-648-cr-financing-from-ubi-to-expand-manufacturing-facilities-in-gujarat.html Tue, 23 Dec 2025 00:00:00 +0530 Kashiv BioSciences, a biopharmaceutical company, has secured financing of Rs 648 crore from the Union Bank of India (UBI). The proceeds will be used to expand its state-of-the-art manufacturing facility in Pipan, near Ahmedabad, Gujarat. The new single-use commercial manufacturing facility will be one of India’s largest, equipped with cutting-edge technologies to support the production of high-quality biologics and specialty pharmaceuticals. At full capacity, Kashiv expects the facility to manufacture up to 50,000L. This milestone represents a major step forward in Kashiv’s mission to expand its global footprint and strengthen its position in India as a leading center for advanced biopharmaceutical manufacturing. “This funding marks a pivotal milestone in Kashiv’s journey to expand biomanufacturing capacity in India,” said Dr Sandeep Athalye, Global CEO of Kashiv BioSciences. “The new facility in Pipan will not only accelerate innovation and access to high-quality biologics but also reinforce our commitment to building world-class infrastructure that supports global healthcare needs. This infrastructure is being financed with the support of the Union Bank of India and is in alignment with the Biotechnology Policy and schemes implemented by GSBTM (Gujarat State Biotechnology Mission), a body of the state government, which continues to catalyze investment in advanced biopharmaceutical manufacturing.” ]]> https://biospectrumindia.com/news/86/27102/park-medi-world-to-acquire-kp-institute-of-medical-sciences-for-rs-245-cr.html https://biospectrumindia.com/news/86/27102/park-medi-world-to-acquire-kp-institute-of-medical-sciences-for-rs-245-cr.html Mon, 22 Dec 2025 00:00:00 +0530 Park Medi World Limited, North India’s second largest chain of hospitals, has agreed to acquire KP Institute of Medical Sciences (KPIMS), in an all-cash transaction amounting to Rs 245 crore. The transaction involves the acquisition of the entire existing shareholding of KPIMS. The acquisition adds a major tertiary-care healthcare facility with a total capacity of 360 beds and aligns perfectly with Park Medi World’s cluster-based growth strategy, which focuses on operational efficiencies and economies of scale by developing hospitals in close geographic proximity. The transaction further strengthens the Park Group's presence in key urban centres across North India. The Institute is expected to add immediate value following integration, with focused efforts planned to strengthen clinical programs, enhance efficiency and improve utilization in the coming years. Commenting on the acquisition, Dr Ankit Gupta, Managing Director, Park Medi World Limited, said: “The acquisition of the KP Institute of Medical Sciences (KPIMS) marks a significant step in expanding our footprint in North India, in line with the vision of our Chairman, Dr. Ajit Gupta, for 'wellness for all' to deliver accessible, high-quality and affordable healthcare for everyone. It will strengthen our regional presence and yield strong operational and financial results. Agra is a high-potential market with a growing need for dependable medical services; thus, we are focused on enhancing KPIMS’s capabilities to provide the community with advanced, modern care. The facility’s strategic location positions it as a critical hub for delivering consistent, patient-focused healthcare across the region, while supporting further growth opportunities.” ]]> https://biospectrumindia.com/news/86/27104/plasmagen-biosciences-raises-rs-150-cr-marking-strong-growth-trajectory-.html https://biospectrumindia.com/news/86/27104/plasmagen-biosciences-raises-rs-150-cr-marking-strong-growth-trajectory-.html Mon, 22 Dec 2025 00:00:00 +0530 PlasmaGen Biosciences, a leading biopharmaceutical company focused on blood plasma-derived therapeutics, has raised Rs 150 crore in a minority equity financing round at an Rs 1500+ crore valuation. The round was led by ViNS Bioproducts, a specialty biopharma company, with participation from prominent HNI family offices, pharmaceutical entrepreneurs and existing investors. The financing reflects strong investor conviction in PlasmaGen’s operating model, manufacturing infrastructure, and long-term potential as a differentiated plasma biopharmaceutical platform. Since commencing commercial operations at its state-of-the-art manufacturing facility in 2024 - India's first such facility by a pure-play company and only the fifth plasma fractionation facility in the country - PlasmaGen has delivered rapid revenue growth and is now preparing to enter international markets. Founded in 2010 and headquartered in Bengaluru, PlasmaGen has raised over Rs 600 crore in total funding to date. The fresh capital will be deployed towards scaling international operations, expanding the product portfolio and strengthening organizational capabilities. The company has identified distribution partners in key export markets and is advancing regulatory approvals to commence international operations. Domestically, PlasmaGen continues to strengthen its market presence with its portfolio of plasma-derived therapeutics addressing significant unmet medical needs. ]]> https://biospectrumindia.com/news/86/27105/symbiotec-pharmalab-files-drhp-with-sebi-for-ipo-aggregating-upto-rs-2180-cr.html https://biospectrumindia.com/news/86/27105/symbiotec-pharmalab-files-drhp-with-sebi-for-ipo-aggregating-upto-rs-2180-cr.html Mon, 22 Dec 2025 00:00:00 +0530 Indore-based Symbiotec Pharmalab, a research and development-driven, science-based pharmaceutical and biotechnology company with capabilities across three platforms- organic chemistry, biotechnology and complex injectables, has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI). The company plans to raise funds through offer of equity shares (face value Rs 2 each) through initial public offerings aggregating up to Rs 2,180 crore. The offer comprises of fresh issue of equity shares aggregating up to Rs 150 crore (The Fresh Issue) and offer for sale by Selling Shareholders aggregating up to Rs 2,030 crore (The Offer for Sale). The company plans to utilise fund raised through net proceeds on a.) Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company and b.) General corporate purposes. Symbiotec Pharmalab Limited has a global leadership position in corticosteroid and steroidal-hormone active pharmaceutical ingredients (APIs) in volume terms in Fiscal 2025, with a global volume market share of 36.2% in corticosteroid and 44.2% in steroidal-hormone APIs. (Source: F&S Report). It is the only Indian and global company to have a presence across the top 10 corticosteroid and steroidal-hormone APIs in Fiscal 2025, (Source: F&S Report) demonstrating the depth of company’s portfolio. The company manufactures these products using fermentation and multi-step complex chemical reactions. With over 30 years of industry experience, Symbiotec Pharmalab has evolved from a lab-scale steroidal-hormone API manufacturer in 1995 into an industrial-scale, backward-integrated platform with approvals from the United States Food and Drug Administration (US FDA), European Union Good Manufacturing Practices (EU-GMP), Ministry of Food and Drug Safety, Korea and other global organisations.   ]]> https://biospectrumindia.com/news/86/27107/motilal-oswal-alternates-invests-72-m-in-sensa-core-medical-instrumentation.html https://biospectrumindia.com/news/86/27107/motilal-oswal-alternates-invests-72-m-in-sensa-core-medical-instrumentation.html Mon, 22 Dec 2025 00:00:00 +0530 Motilal Oswal Alternates has announced a significant minority investment of $72 million in Sensa Core, an innovation driven medical devices’ company focused on advancing healthcare technology in India. Founded in Hyderabad in 2006, Sensa Core is engaged in design (IP-driven), development, manufacturing and distribution of specialised in-vitro diagnostic devices. Started as a fully bootstrapped venture, the company has evolved into a market leader in Electrolyte Analysers, achieving wide adoption across more than 40,000 hospitals/diagnostic labs in India and exports to over 78 countries. Sensa Core is also one of the leading Indian players in Glucometers, Haemoglobin meters and has recently forayed in Arterial Blood gas Analysers. The company operates a dedicated manufacturing facility in Hyderabad’s Export Promotion Industrial Park, Pashamylaram and will be commissioning a new manufacturing facility in Medical Device Park, Sultanpur, Hyderabad to augment capacity & build capability for new products. The investment will enable Sensa Core to accelerate product development and expand its footprint globally, further strengthening its position as one of the leading players in the IVD segment.   ]]> https://biospectrumindia.com/news/86/27099/fortis-acquires-people-tree-hospital-in-bengaluru-for-rs-430-cr.html https://biospectrumindia.com/news/86/27099/fortis-acquires-people-tree-hospital-in-bengaluru-for-rs-430-cr.html Sun, 21 Dec 2025 00:00:00 +0530 Fortis Healthcare Limited (FHL) has announced signing of definitive agreements for the acquisition of the 125-bedded People Tree Hospital in Yeshwanthpur, Bengaluru (PTHY) by way of a 100% acquisition of TMI Healthcare Private Limited, the entity under which the PTHY business operations reside. The said acquisition would be undertaken by FHL’s wholly-owned subsidiary International Hospital Limited (IHL). As part of the composite transaction, along with the acquisition of TMI Healthcare, IHL would also acquire the hospital building and the underlying land of PTHY from the promoters of TMI Healthcare and an adjacent land parcel from an independent third party; for a cumulative transaction value of Rs 430 crore (including debt residing with TMI Healthcare). The transaction shall be subject to customary closing adjustments as agreed in the definitive agreements. The acquisition of the adjacent land parcel of ~0.8 acres provides the company a potential to expand bed capacity to 300+ beds. An additional investment of Rs 410 crore is planned over the next 3 years in the facility to further augment bed infrastructure, medical equipment and clinical programmes including Radiation Oncology.  Basis the current hospital revenues of approx. Rs 74 crore (FY 25), the company believes it has an opportunity to strengthen existing operations; enhance revenues and profitability and simultaneously progress with the planned investment. The transaction is expected to be consummated by end of January 2026, subject to the completion of certain conditions precedent as stipulated in the definitive agreements.   ]]> https://biospectrumindia.com/news/86/27071/senores-pharmaceuticals-makes-rs-91-cr-acquisition-of-apnar-pharma-.html https://biospectrumindia.com/news/86/27071/senores-pharmaceuticals-makes-rs-91-cr-acquisition-of-apnar-pharma-.html Tue, 16 Dec 2025 00:00:00 +0530 Senores Pharmaceuticals has entered into a definitive agreement to acquire 100% equity stake in Apnar Pharma, along with the acquisition of five Abbreviated New Drug Applications (ANDAs), marking a significant milestone in Senores’ growth strategy across regulated pharmaceutical markets.   Apnar Pharma, incorporated on December 12, 2014, is a privately held pharmaceutical company engaged in the licensing, development, and manufacturing of generic formulations for regulated markets including the United States, the United Kingdom, and Canada. The company operates a dedicated manufacturing facility located in Jambusar, Gujarat, which is approved by the US Food and Drug Administration (USFDA), the UK Medicines and Healthcare products Regulatory Agency (MHRA), and Health Canada.   The total enterprise value of the transaction is approximately Rs 91 crore. Of this, around Rs 76 crore comprises total debt along with expected liabilities related to the manufacturing plant, which will be taken over by Senores.   The remaining balance of approximately Rs 15 crore will be paid in cash in two tranches, with 75% payable in the first tranche and 25% in the second tranche. The equity contribution of approximately Rs 15 crore will be funded partly from IPO proceeds earmarked for General Corporate Purposes and partly through internal accruals, and will also be paid in two tranches in the same proportion.   Swapnil Shah, Promoter and Managing Director of Senores Pharmaceuticals Limited, said, “Through this acquisition, we will broaden our reach across regulated markets, introduce new products, and leverage the facility to manufacture select US products from India. This will improve operating leverage and support margin expansion. The facility will also strengthen our manufacturing capabilities and deepen customer relationships, creating further opportunities in the CDMO and CMO segments".   In addition to the acquisition of Apnar Pharma, Senores’ wholly owned subsidiary, Senores Pharmaceuticals Inc., will acquire a basket of five ANDAs from Apnar Pharma’s parent company. Of these, three ANDAs are validated and qualified, with commercialisation expected to begin immediately. The first tranche of the transaction is expected to be completed within the current fiscal year by March 2026, while the second tranche is anticipated to close by the second quarter of FY 2027. The acquired facility is expected to ramp up operations within one to three months of acquisition. ]]> https://biospectrumindia.com/news/86/27065/balkrishna-industries-injects-rs-20-cr-to-build-sports-injury-and-rehabilitation-centre-at-kem-hospital-mumbai.html https://biospectrumindia.com/news/86/27065/balkrishna-industries-injects-rs-20-cr-to-build-sports-injury-and-rehabilitation-centre-at-kem-hospital-mumbai.html Mon, 15 Dec 2025 00:00:00 +0530 Balkrishna Industries Ltd. (BKT), a global leader in the Off-Highway Tyre (OHT) industry, through its CSR arm, The BKT Foundation, has partnered with King Edward Memorial (KEM) Hospital, Mumbai, to establish a state-of-the-art Sports Injury and Rehabilitation Centre, spanning over 15000 sq. feet within the hospital premises.   This landmark initiative marks a major advancement in public healthcare and provides advanced rehabilitation, demonstrating BKT’s commitment to supporting India's rapidly evolving sports ecosystem. The newly opened center is expected to provide world class rehabilitation services to athletes, enabling faster recovery, improved performance, and enhanced readiness for national and international competition. With the capacity to assist over 1000 athletes annually and enable more than 500 specialised surgeries. It will stand among one of the western India's most comprehensive rehabilitation hubs in the public healthcare system. The centre will be spearheaded by Dr Roshan Wade, sports specialist & additional professor at the Department of Orthopaedics, along with his team. It offers holistic care and brings together a multidisciplinary team of surgeons, therapists and nutritionists under one roof. Facilities include a 20-bedded ward, a modern operation theatre complex with three fully equipped operating rooms, ICU-supported postoperative care, and a comprehensive rehabilitation unit. The centre is equipped with advanced technologies such as Hyperbaric Oxygen Therapy, underwater and zero-gravity treadmills, virtual reality–based rehabilitation systems, and a dedicated gait laboratory. The OPD complex features consultation rooms and in-house radiography, including X-ray and scannogram facilities, along with a range of interventional therapies such as Tecar, laser, ultrasonic, shockwave, and electrotherapy. Through ‘The BKT Foundation’, BKT has spent around Rs 20 crore ($2.25 million) into building the centre and has entered a multi-year MoU with the equipment suppliers which includes long-term maintenance and infrastructure support. ]]> https://biospectrumindia.com/news/86/27036/lumov-raises-1-2-m-to-redefine-orthopaedic-recovery-and-rehabilitation-in-india.html https://biospectrumindia.com/news/86/27036/lumov-raises-1-2-m-to-redefine-orthopaedic-recovery-and-rehabilitation-in-india.html Mon, 08 Dec 2025 00:00:00 +0530 Bengaluru-based startup Lumov, an innovator in orthopaedic recovery and rehabilitation products space, has raised a Seed Round of Rs 10 crore/ $1.2 Million led by Incubate Fund Asia, with participation from QRG Investments and Holdings (Havells Family Office), IIMA Ventures, SIDBI, and several other noted angel investors, including Ashish Gupta (Helion Advisors), Saket Narang (Steinberg India), Abhishek Goyal (Tracxn), Arjun Vaidya, Indian Silicon Valley, Mapaex Family Office and others also participated in the round. The newly raised capital will fuel Lumov’s growth, expansion, and deepen its product development pipeline. Lumov designs and manufactures advanced orthopaedic products and orthoses that support post-surgical recovery, rehabilitation, and lifestyle-driven pain management. Lumov’s comprehensive range of products is engineered for clinical effectiveness, patient comfort, and India-specific anatomy and weather conditions, ensuring better compliance and improved recovery outcomes. The company develops its product with eminent orthopedic specialists at hospital chains such as Manipal, Apollo, Sakra, and AIG. The funding comes at a time when India is facing a quiet but fast-growing musculoskeletal (MSK) epidemic. With an ageing population, increasingly sedentary lifestyles, rising orthopaedic surgeries, fragmented product options, and low awareness about early MSK care, the demand for high-quality, clinically superior orthopedic products is expanding rapidly. While the Indian medical devices market is moving toward $50 billion by 2030, the orthotics and rehabilitation segment remains deeply under-innovated, sitting between low-quality mass market products and expensive global imports. Lumov aims to bridge this large gap by building India-first orthopedic solutions grounded in clinical expertise and modern design. The company will use the fresh capital to drive growth, deepen collaboration with top orthopaedic surgeons across India, and accelerate the development of the next generation of products. The fund will also support geographic expansion into Delhi NCR, Hyderabad, and Mumbai, scaling its sales operations and strengthening its manufacturing capabilities for post-surgical and rehab-focused bracing products. Lumov currently has a core team of 15 members, which will grow significantly as part of this expansion effort.  ]]> https://biospectrumindia.com/news/86/27041/specialty-surgical-oncology-secures-2-8-m-in-funding-to-accelerate-next-phase-of-growth.html https://biospectrumindia.com/news/86/27041/specialty-surgical-oncology-secures-2-8-m-in-funding-to-accelerate-next-phase-of-growth.html Mon, 08 Dec 2025 00:00:00 +0530 Specialty Surgical Oncology Hospital (SSO), a chain of surgical cancer hospitals in Western India, has secured $2.8 million in funding from the Everhope Oncology platform, founded and backed by Narayana Health, W Health Ventures and 2070 Health. This investment marks a pivotal moment in SSO’s journey to expand delivery of specialised, affordable cancer care. SSO was founded in 2021 by a team of 7 cancer surgeons led by Dr Sanket Mehta, a Tata-trained cancer surgeon, to address critical gaps in cancer surgery, particularly the challenges driven by overcrowded hospitals, long waiting times and procedures often performed by general surgeons with limited access to advanced care. SSO is pioneering organ-specific surgical teams that manage even complex cases in facilities dedicated solely to cancer surgeries. Since its inception, SSO has grown to five centres and a team of 20 surgeons, who have collectively performed over 20,000 complex oncology procedures. As SSO enters its next chapter, it remains anchored in its founding purpose – ensuring that no patient is left behind. With strong clinical leadership, aligned partners and committed capital, SSO is positioned to redefine the delivery of comprehensive cancer treatment at scale, expanding its presence across Western India, including Mumbai, Ahmedabad and major cities in Maharashtra and Gujarat. ]]> https://biospectrumindia.com/news/86/27032/biocon-to-fully-integrate-biocon-biologics-as-wholly-owned-subsidiary.html https://biospectrumindia.com/news/86/27032/biocon-to-fully-integrate-biocon-biologics-as-wholly-owned-subsidiary.html Sat, 06 Dec 2025 00:00:00 +0530 Biocon Limited has announced a strategic corporate action to fully integrate Biocon Biologics Limited (BBL) as a wholly owned subsidiary into Biocon Limited, subject to applicable approvals. Biocon Limited is constituting a Governance Council chaired by Kiran Mazumdar-Shaw and a Transition and Integration Management Committee, led by Shreehas Tambe, Chief Executive Officer and Managing Director of Biocon Biologics Limited, to ensure a seamless integration. The Strategy Committee, constituted in May 2025, undertook a comprehensive evaluation of multiple strategic options for Biocon Biologics Limited, including an IPO and a merger with Biocon Limited. After careful consideration of key parameters such as strategic alignment, sectoral dynamics, shareholder value creation, and other relevant data, the Committee concluded that full integration of Biocon Biologics Limited with Biocon Limited and making Biocon Biologics Limited a wholly owned subsidiary of Biocon Limited through the acquisition of minority stakes offers the most efficient and value-accretive path forward. Biocon Limited will acquire the remaining stake in Biocon Biologics Limited from Serum Institute Life Sciences, Tata Capital Growth Fund II and Activ Pine LLP through a share swap of 70.28 Biocon shares for every 100 Biocon Biologics shares, at a share price of Rs 405.78 per Biocon share; valuing Biocon Biologics Limited at $5.5 billion. Further, Biocon will acquire the residual stake held by Mylan Inc. (Viatris) for a total consideration of $815 million, of which $400 million will be payable in cash and $415 million through a share swap of 61.70 Biocon shares for every 100 Biocon Biologics shares at a share price of Rs 405.78 per Biocon share. The Board has also approved raising additional capital, of up to Rs 4500 crore ($500 million) through Qualified Institutional Placement (QIP). ]]> https://biospectrumindia.com/news/86/27007/alkemi-growth-capital-maps-indias-healthcare-boom-21-5-b-investments-and-2x-gdp-growth.html https://biospectrumindia.com/news/86/27007/alkemi-growth-capital-maps-indias-healthcare-boom-21-5-b-investments-and-2x-gdp-growth.html Thu, 27 Nov 2025 00:00:00 +0530 Alkemi Growth Capital, one of India’s leading healthcare focused growth investors, recently hosted a closed-door gathering with 15 portfolio company founders, senior venture capitalists, private equity investors, and healthcare operators to discuss sectoral shifts and emerging investment opportunities in India’s rapidly expanding healthcare industry. Between FY2019 and FY2025, India’s healthcare sector recorded 1,513 transactions amounting to $21.5 billion, highlighting strong investor confidence and sustained entrepreneurial activity. As India positions itself as a global economic force prioritizing population-wide wellbeing, the discussion centered on identifying the founders and companies that will define the next decade of healthcare innovation. An investor panel featuring Ritesh Chandra (Avendus), Dheeraj Jain (Founder – RedCliffe Labs & Angel Investor), Mayur Sirdesai (Somerset Indus Capital Partners), highlighted key investment patterns: Over the last decade, 40% of private equity investment in India has flowed into hospitals, pharmaceuticals, and RCM (Revenue Cycle Management) enablers. While GDP grows at 6.5%, healthcare is expanding at 13%, powered by higher disposable incomes, increased health awareness, demographic shifts, and chronic disease prevalence. 10% of all IPOs in the last five years have been healthcare companies, reflecting strong exit potential. Speaking about Alkemi’s investment philosophy, Alka Goel, Managing Partner at Alkemi, said, “We at Alkemi back founders who fuse courage with execution. Courage to reimagine what's possible in various sub-sectors, and the relentless bias to action required to outpace incumbents. In India's healthcare and wellness ecosystem, these aren’t aspirational values, they’re the defining line between building category leaders and blending into the noise.” Discussions highlighted that the definition of “health” in India has expanded sharply toward preventive wellness. India’s historical dependence on imports, where nearly 80% of medical devices are still imported is gradually shifting. As per IBEF, the Indian medical devices market is projected to reach $50 billion by 2030. Domestic innovators such as Datar Cancer Genetics and Medvital are driving progress in oncology diagnostics and medical devices. The government’s PLI scheme for medical devices (Rs 3,420 crore) is accelerating local manufacturing and technology development. Strong interest was observed in companies building backend infrastructure for hospitals and healthcare providers, including staffing solutions, laundry systems, and digital platforms. Alkemi portfolio companies such as Jobizo (healthcare staffing) and Quick Clean (hospital laundry services) represent this growing category of enablers critical to system-wide efficiency. ]]> https://biospectrumindia.com/news/86/26989/dpgu-wins-major-icmr-grant-of-rs-1-09-cr-for-diabetic-wound-care-innovation.html https://biospectrumindia.com/news/86/26989/dpgu-wins-major-icmr-grant-of-rs-1-09-cr-for-diabetic-wound-care-innovation.html Wed, 26 Nov 2025 00:00:00 +0530 In a significant boost to biomedical research in Maharashtra, a team from Dnyaan Prasad Global University School of Pharmacy and Research by Dr. D.Y. Patil Unitech Society has secured a prestigious ICMR Intermediate Grant (IIRPIG-2025-01-01082) worth Rs 1,09,93,437 for their work on developing an advanced biomaterial for diabetic wound care. The project, led by Dr Asha Thomas, Head of the Department of Pharmaceutical Chemistry, with co-investigators Dr Sanjeevani Deshkar (HOD, Pharmaceutics) and Dr Vinita Patole, focuses on creating a collagen–elastin composite scaffold supported by bioactive chicken-derived skin oil to accelerate healing in chronic diabetic wounds. The team also plans to explore co-culture techniques using keratinocyte and fibroblast cells to enhance tissue regeneration — an area that holds tremendous promise for patients with slow-healing ulcers. The innovation integrates electrospinning technology, bio-derived materials, and advanced coculture cell design, representing a truly translational approach to regenerative medicine. Chronic diabetic wounds remain one of the most critical unmet clinical needs in healthcare, and this research aims to deliver a next-generation, cost-effective biomaterial that can strengthen clinical outcomes and reduce healing time in high-risk patients.   ]]> https://biospectrumindia.com/news/86/26979/morphle-labs-secures-5-m-to-revolutionise-cancer-diagnostics-with-physical-ai.html https://biospectrumindia.com/news/86/26979/morphle-labs-secures-5-m-to-revolutionise-cancer-diagnostics-with-physical-ai.html Tue, 25 Nov 2025 00:00:00 +0530 Morphle Labs, a Bengaluru-based deep-tech healthcare automation startup building next-generation robotic and imaging systems for cancer diagnostics, has raised $5 million in a Series A round, by Inflexor Ventures. The funding will enable the company to accelerate global market expansion, scale manufacturing for its flagship products RoboTome® and MorphoLens, invest in global regulatory approvals, and deepen its technology and IP leadership as it expands into major international markets. Founded in 2017, Morphle Labs is addressing one of the most underserved but critical aspects of healthcare: automation in histopathology, the core of cancer diagnostics.  The company’s flagship platform, RoboTome®, is the first robotic microtome of its kind, capable of slicing biopsy blocks at over twice the speed of an experienced histotechnologist while delivering unmatched consistency in section quality, a critical requirement for downstream diagnostics. Its complementary platform, MorphoLens, is a high-throughput slide scanner that digitises 100+ slides per hour through robust optics and AI-driven imaging, enabling remote pathology and scalable diagnostic operations. Together, the platforms automate some of the most complex and historically manual steps in histology, forming an end-to-end workflow that improves speed, reliability, and clinical readiness. Morphle has filed 80+ patents across robotics, optics, embedded systems, and imaging, underscoring its deep R&D culture. Commenting on the fundraise, Rohit Hiwale, Founder & CEO, Morphle Labs, said, “With this funding we will also be expanding our team, while solving some extremely valuable problems for mankind, we are on a mission to improve talent density across Robotics & computer vision." With the newly secured funding, Morphle Labs will scale manufacturing to meet accelerating global demand for RoboTome® and MorphoLens, expand its IP portfolio across international jurisdictions, and push forward on global regulatory certifications essential for medical device commercialisation. The company also plans to grow its engineering, research, and product teams across robotics, vision systems, optics, hardware development, medical-grade software, and compliance.    ]]> https://biospectrumindia.com/news/86/26969/people-tree-hospitals-begins-exit-for-blackrocks-rs-210-cr-investment.html https://biospectrumindia.com/news/86/26969/people-tree-hospitals-begins-exit-for-blackrocks-rs-210-cr-investment.html Mon, 24 Nov 2025 00:00:00 +0530 Founder, Managing Director and CEO of People Tree Hospitals, Dr Jothi Neeraja, has begun facilitating an exit for BlackRock, which invested Rs 210 crore ($24 million) in the People Tree Hospital network in March this year. The investment supported People Tree’s expansion and enhanced super-specialty services, marking BlackRock’s first significant healthcare investment in India. Founded in 2013, People Tree Hospitals is a premier NABH-accredited multispecialty healthcare institution headquartered in Bengaluru, Karnataka. People Tree Hospitals operates multiple branches across Bengaluru including Tumkur Road, Dasarahalli, Banashankari, and extends its reach through outreach programmes across Karnataka. Recognised with awards such as the Big Bengaluru Pride Award (2022) and India Excellence Award (2020), the hospital is also ranked among Bangalore’s top neurosurgery centres. With People Tree’s transition underway, she is also focusing on Maarga Mind Care, scaling a 1,000-bed, 25-dedicated mental health hospital network a bold move to address India’s 70–90% mental health treatment gap. ]]> https://biospectrumindia.com/news/86/26924/kotak-alts-invests-rs-40-cr-in-mediversal-healthcare.html https://biospectrumindia.com/news/86/26924/kotak-alts-invests-rs-40-cr-in-mediversal-healthcare.html Thu, 13 Nov 2025 00:00:00 +0530 Kotak Alternate Asset Managers Limited (Kotak Alts), through its Kotak Life Science Fund I, which invests in early to growth-stage life sciences and healthcare businesses, has made an investment of Rs 40 crore in Mediversal Healthcare. The round also attracted additional funding from Asha Ventures, an impact focused fund. The funding will enable Mediversal to undertake both organic and inorganic expansion in the region of Eastern India. Founded in 2020 by Navneet Ranjan, Bhanu Pratap, and Jayant Gandhi, Mediversal has positioned itself as a trusted name in regional healthcare by combining clinical excellence with affordability. Headquartered in Patna, the multi-specialty hospital chain currently operates a 200+ bed facility and is eyeing expansion in other neighboring districts. With modern infrastructure, efficient systems, and a strong focus on patient-centric care, Mediversal is shaping an East India-centric healthcare ecosystem. The group holds prestigious accreditations, including Full NABH Certification, IDCCM & IDCCN Compliance, and CAHO ACE Accreditation—among the few in Eastern India to achieve these standards. Bhanu Pratap, Co-Founder & CEO of Mediversal Healthcare, said, “This investment accelerates our expansion across Bihar and Eastern India. We are opening new hospitals to serve underserved communities with dignified care closer to home. It also strengthens our technological backbone, enabling us to scale seamlessly and uphold consistent standards at every location. Clinical excellence with a human touch remains our defining strength, guided by values of Trust, Transparency, and Care.” Mediversal has already served over 60,000 patients in the last year across urban and rural towns in Eastern India, reflecting its growing impact and commitment to transforming healthcare access. ]]> https://biospectrumindia.com/news/86/26903/bandhan-mutual-fund-taps-into-indias-expanding-healthcare-opportunity.html https://biospectrumindia.com/news/86/26903/bandhan-mutual-fund-taps-into-indias-expanding-healthcare-opportunity.html Mon, 10 Nov 2025 00:00:00 +0530 Bandhan Mutual Fund has announced the launch of the Bandhan Healthcare Fund, an open-ended equity scheme investing across healthcare, pharma, and allied services. The fund seeks to capture opportunities within one of India’s fastest-growing sectors, healthcare, spanning hospitals and diagnostics, pharmaceuticals, biotechnology, wellness, health-tech, and more. The New Fund Offer (NFO) opened on Monday, 10 November 2025, and closes on Monday, 24 November 2025.  Vishal Kapoor, CEO, Bandhan AMC, while discussing the new offering, said, “Healthcare is not just a necessity; it is one of the most enduring growth themes of our time. As populations age and medical innovation accelerates, healthcare ecosystems globally and in India are expanding rapidly. With economic progress, healthcare expenditure naturally rises, and India is no exception. Despite strong growth, per-capita spending and infrastructure remain relatively low, while insurance coverage and incomes continue to improve, offering a long runway for sustained expansion. The Bandhan Healthcare Fund offers investors a disciplined and diversified way to participate in this structural transformation, capturing opportunities across the healthcare value chain with a long-term perspective.” Highlighting the investment strategy, Viraj Kulkarni, Fund Manager, Bandhan Healthcare Fund, said, “The healthcare universe is vast, and within it lie multiple growth engines. The Bandhan Healthcare Fund aims to capture this diversity through a structured, bottom-up approach. The portfolio will be thoughtfully diversified across four key healthcare themes, Hospitals & Diagnostics, Export Contract Development and Manufacturing Organisation (CDMO) Active Pharmaceutical Ingredients (API), Export Generics, and Domestic Branded Formulations, each contributing around 20–30% to the portfolio. Our focus is on identifying fundamentally strong companies with scalable business models, sound balance sheets, and consistent profitability.”  ]]> https://biospectrumindia.com/news/86/26896/pb-health-onboards-marquee-investors-in-218-m-round-acquires-fitterfly.html https://biospectrumindia.com/news/86/26896/pb-health-onboards-marquee-investors-in-218-m-round-acquires-fitterfly.html Thu, 06 Nov 2025 00:00:00 +0530 Gurugram-based PB Healthcare Services, a transformative healthcare venture incubated by PB Fintech (parent of Policybazaar), has announced the full roster of investors in its $218 million seed round, first unveiled in May 2025. The round saw participation from Faering Capital, Bay Capital, Think Investments, Avataar, Select Group, and select angel investors, led by global investment firm General Catalyst.PB Health is building a fully integrated healthcare ecosystem that brings hospitals, doctors, insurers, and patients under one roof. The goal is to bridge the trust gap between hospitals and insurers and make care more connected, cashless, and prevention-first. It is starting with a 1,200-bed network in Delhi NCR over the next couple of years, including a 270-bed hospital in Noida and two upcoming facilities in Gurgaon. PB Health has strengthened its leadership with the addition of senior healthcare professionals Rajeev Bhandari (Former Evercare Hospitals, Fortis Hospitals), Dr Mohit Mathur (Former Max Hospitals), and Air Mshl Dr Rajesh Vaidya (Former Director General Medical Services, Indian Air Force). Their combined experience and diverse expertise in hospital operations, clinical management, and healthcare administration will drive PB Health’s next phase of growth and operational excellence. The company is integrating AI deeply into its health information systems to enable voice-to-text documentation, smart clinical reports, and AI-assisted support for doctors. Expanding beyond hospitals, the company is also growing its out-of-hospital network through partnerships and strategic acquisitions. Its recent acquisition of Mumbai-based Fitterfly, a digital health platform offering diabetes reversal, obesity management, and heart health programmes, strengthens its push towards preventive care. ]]> https://biospectrumindia.com/news/86/26872/inviga-healthcare-fund-acquires-21-stake-in-forus-health.html https://biospectrumindia.com/news/86/26872/inviga-healthcare-fund-acquires-21-stake-in-forus-health.html Mon, 03 Nov 2025 00:00:00 +0530 Inviga Healthcare Fund (IHF), the private equity platform founded by Dr. B. S. Ajaikumar of HCG, has acquired a 21% stake in Bengaluru-based Forus Health, an ophthalmic diagnostics pioneer whose devices have screened over 22 million patients across 75+ countries. Forus Health’s comprehensive digital platform integrated with artificial intelligence (AI) for Ocular & Oculomics has helped deliver last mile comprehensive eye diagnostics to over 5M+ patients across the world. The secondary transaction signals Inviga’s intent to back world-class, AI-driven diagnostic solutions designed and built in India, and deployed globally at scale. This marks Inviga’s second major investment following its backing of Mynvax in 2024. Founded by Dr. B. S. Ajaikumar, a doctor-preneur and Chairman of HealthCare Global Enterprises (HCG), Inviga Healthcare Fund invests in high-impact healthcare ventures and champions Indian healthcare entrepreneurial talent. Its mission is to build sustainable, accessible, and outcome-driven healthcare platforms that blend clinical excellence with scalable innovation. Forus Health is founded by K. Chandrasekhar, an industry veteran with exceptional experience in health-tech & semiconductor industries. The company is best known worldwide for its 3nethra series of ophthalmic screening devices that have improved access to affordable eye care across the world. In 2025, Forus Health was listed among TIME Magazine’s World’s Top 400 HealthTech Companies for its significant impact on making vision care more widely accessible through technology. The Forus platform now offers an integrated digital solution for managing comprehensive eye health. Its latest product, 3nethra specto, is the world’s first wearable digital refractor controlled by a smartphone, enabling remote and tele-optometry services. The global burden of preventable blindness underscores the importance of scalable eye-care innovation. It is estimated that over 270 million Indians live with some form of visual impairment, a majority of which is preventable through early detection. With around 100 million diabetics, nearly one in five are at risk of diabetic retinopathy (DR), while 3.5 million preterm births annually place nearly 2 million infants at risk of retinopathy of prematurity (ROP)—both leading causes of avoidable blindness. Globally, over 2.2 billion people suffer from vision impairment or blindness, of which more than 1 billion cases are preventable or treatable. The challenge extends even to high-income countries, where aging populations and diabetes continue to drive incidence despite advanced health systems. Forus Health’s advancements have helped bridge these diagnostic gaps worldwide, improving access to affordable, portable, and early-stage eye screening solutions across both emerging and developed markets.   ]]> https://biospectrumindia.com/news/86/26862/bessemer-venture-partners-leads-rs-125-cr-series-a-funding-in-fertility-startup-pluro.html https://biospectrumindia.com/news/86/26862/bessemer-venture-partners-leads-rs-125-cr-series-a-funding-in-fertility-startup-pluro.html Fri, 31 Oct 2025 00:00:00 +0530 Pluro Fertility and IVF, a healthcare partnership platform, has raised Rs 125 crore in Series A funding round led by Bessemer Venture Partners at a valuation of Rs 1,000 crore. The round marks a key milestone in Pluro's mission to partner with India's most accomplished fertility specialists and help millions of Indian women and men realize their dream of parenthood. Prominent angels such as Vikram Chatwal (MediAssist), Dharmil Sheth & Hardik Dedhia (PharmEasy/All Home), Salil Musale (Astarc Ventures), Shalibhadra Shah and Niket Shah (Motilal Oswal), Karan Kapur (K Hospitality), also participated in this round. Founded in 2025 by Dr Jaydeep Tank, Dr Parikshit Tank, and Dr Bhaskar Shah, Pluro partners with successful independent IVF specialists across India through a clinical partnership model that preserves doctor autonomy while offering centralized operational support. This enables clinicians to focus entirely on patient outcomes while scaling their practices sustainably.  Pluro plans to have 25 fertility centres pan-India by March 2026, each in partnership with a leading fertility specialist with at-least a decade of exceptional clinical expertise.  Pluro also plans to have a pan-India presence with the initial 25 fertility partners scaling up to 100+ clinics within 3 years. The startup will use the fresh capital to expand its network presence, invest in technology, and deepen clinical capabilities in advanced reproductive science.   ]]> https://biospectrumindia.com/news/86/26863/helex-raises-3-5-m-to-advance-targeted-gene-therapies-for-kidney-diseases.html https://biospectrumindia.com/news/86/26863/helex-raises-3-5-m-to-advance-targeted-gene-therapies-for-kidney-diseases.html Fri, 31 Oct 2025 00:00:00 +0530 Helex, a US and India based therapeutics startup developing a new class of targeted medicines for genetic kidney diseases, has announced its oversubscribed $3.5 million Seed round, led by pi Ventures. Others participating in this round include Bluehill Capital, SOSV, and a global syndicate of investors. With this round, Helex has raised over $6 million in total funding to date.  With its recent funding, the company will accelerate preclinical development of its lead programme, advance its proprietary kidney-tropic LNP delivery system and Epic-Cure™ 3D genome-based drug design platform, and expand into additional kidney indications to build a robust pipeline to deliver transformative impact for patients. Incubated at ASPIRE-BioNEST, University of Hyderabad, Helex is pioneering a paradigm shift in the treatment of chronic and rare kidney disorders by developing programmable, non-viral LNP therapeutics that deliver genetic payloads directly to kidney cells - a feat long regarded one of the greatest challenges in drug delivery. The company’s platform is powered by data-driven deep-learning modeling using its own genomics data, bioinformatics and high throughput sequencing data from gene-edited target cells, to create, verify, and deliver disease-specific gRNA. By solving for kidney-targeted delivery, Helex opens the door to a new class of targeted, curative medicines for millions of patients who currently have no effective treatment options.  The company’s lead programme targets Autosomal Dominant Polycystic Kidney Disease (ADPKD), a progressive inherited disorder affecting more than 12 million people globally and nearly 5%1 of Chronic Kidney Disease (CKD) patients in India. Today, patients with ADPKD face a devastating trajectory, often culminating in dialysis or kidney transplant. Helex aims to change that with a single dose non-viral gene editing based therapy that could halt or significantly slow disease progression.   ]]> https://biospectrumindia.com/news/86/26829/superhealth-and-united-imaging-ink-rs-2500-crore-partnership.html https://biospectrumindia.com/news/86/26829/superhealth-and-united-imaging-ink-rs-2500-crore-partnership.html Fri, 24 Oct 2025 00:00:00 +0530 Superhealth, India’s first zero wait time, zero commission hospital network, has announced a landmark strategic agreement with global imaging innovator United Imaging Healthcare. Valued at over Rs 2,500 crore, the multi-year pact will see United Imaging supply, install, and lifecycle-manage a full suite of advanced radiology systems across 100 upcoming Superhealth hospitals, enabling the doctors at Superhealth to deliver incredible care.  “This is a pivotal moment for Indian healthcare. Partnering with United Imaging on a deal of this scale allows us to compress decades of progress into the next five years—so every Superhealth patient can access world class imaging leading to better outcomes. It turbo-charges our mission to deliver exceptional and honest healthcare to every Indian, said,” Varun Dubey, Founder & CEO, Superhealth.   Key Highlights Rs 2,500 crore+ total contract value—the largest radiology procurement in Indian history 100 hospitals to be equipped over the next 5 years End-to-end programme includes AI-ready MRI, 160-slice CT, full-body Cardiac CT, Digital Mammography, Digital X Ray systems and more United Imaging will establish a dedicated India service hub and parts depot, creating 1,000+ high-skill jobs. Commenting on the partnership, Xue Min, Chairman & Co-CEO of United Imaging Healthcare said, "We are certain that our advanced medical imaging and radiotherapy equipment can significantly improve people's lives in India. At United Imaging, our dedication to technological innovation drives our goal of Equal Healthcare for All™, a mission that perfectly complements Superhealth's commitment to delivering quality care. With our products currently utilized in over 10,400 hospitals and research facilities globally, including a strong and growing presence in India, we are focused on ensuring that superior diagnostic and therapeutic capabilities are accessible to all of Superhealth's valued customers."  Superhealth’s 100-hospital pipeline with 5,000 beds aims to generate 50,000 healthcare jobs by 2030. The new imaging system fits in seamlessly with Superhealth’s electronic medical records and AI platforms. This enables the company to collate data on a national scale for research and population health initiatives.   Image caption- L-R- Xue Min Chairman & Co CEO, United Imaging Healthcare & Varun Dubey Founder & CEO Superhealth ]]> https://biospectrumindia.com/news/86/26803/massachusetts-institute-of-technology-and-affiliates-invest-rs-198-cr-in-medi-assist-healthcare.html https://biospectrumindia.com/news/86/26803/massachusetts-institute-of-technology-and-affiliates-invest-rs-198-cr-in-medi-assist-healthcare.html Mon, 13 Oct 2025 00:00:00 +0530 Bengaluru-based Medi Assist Healthcare Services has announced an investment from Massachusetts Institute of Technology (MIT) and 238 Plan Associates LLC (an affiliate of MIT). The aggregate investment of Rs 198 crore was secured through a preferential allotment on a private placement basis. Under the preferential allotment, Medi Assist has issued 37,01,000 fully paid-up equity shares with a face value of Rs 5 each, at an issue price of Rs 535 per share, for a total consideration of Rs 198 crore. The issue of shares under preferential allotment received unanimous approval from the Board of Medi Assist at their meeting held on August 7, 2025, and was strongly supported by shareholders in an Extra-ordinary General Meeting (EGM) held on September 4, 2025, with an overwhelming 99.15% of votes cast in favor of the transaction. This capital infusion closely follows acquisition of Fairfax-owned Paramount Health Services & Insurance TPA Private Limited in July 2025 by Medi Assist Insurance TPA, a wholly owned subsidiary of Medi Assist and Medi Assist’s strategic collaboration for technology solutions in June 2025 with Star Health Insurance and Allied Services, India’s leading private and retail segment health insurer. With this successful capital raise, the company further solidifies its commitment to maintaining a robust capital structure, thereby fueling innovation-led growth. ]]> https://biospectrumindia.com/news/86/26795/everstone-capital-backed-integris-medtech-files-drhp-with-sebi-for-ipo.html https://biospectrumindia.com/news/86/26795/everstone-capital-backed-integris-medtech-files-drhp-with-sebi-for-ipo.html Fri, 10 Oct 2025 00:00:00 +0530 Integris Medtech has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI). The IPO comprises of a fresh issue of equity shares of face value Re 1 each aggregating up to Rs 925 crore and an offer for sale of up to 21,674,531 equity shares of face value Re 1. The offer for sale by promoter selling shareholders comprises of up to 15,174,251 equity shares by Evercure Holdings, up to 3,250,140 equity shares by Gurmit Singh Chugh and up to 3,250,140 equity shares by Punita Sharma. In consultation with the BRLMs, the company may consider a pre IPO placement of Rs 185 crore prior to the filing of the RHP with ROC. The company plans to use the funds raised from the net proceeds to repay or prepay certain loans, along with any interest and prepayment charges amounting to Rs 696.39 crore taken by its wholly owned subsidiaries as well as by its step-down subsidiaries. A portion of the funds will also be used for general corporate purposes. Co-founded by Gurmit Singh Chugh and Punita Sharma, Integris’s journey began with the sales of cardiology products and it has steadily transitioned into advanced manufacturing with introduction of technologies such as Yukon drug eluting stent. Recently the company onboarded Probir Das as its CEO.  As of June 30, 2025, Integris had partnered with over 2,000 hospitals and Cath labs and worked with 9,500 laboratories globally, offering 22,000 SKUs across more than 200 brands. Its lab solutions segment represents over 200 global manufacturers, including Euroimmun, Biorad, bioMérieux, and MGI, serving clinical and scientific labs across India and Southeast Asia. Over 60% of its revenues comes from international markets due to its global portfolio across the cardiovascular, scientific lab solutions and clinical diagnostic verticals. Integris Medtech’s total income grew 23.85% to Rs 1,959.58 crore in FY25 from Rs 1582.25 crore in the previous year. Additionally, while the restated profit showed a positive turnaround from a Rs 4.8 crore loss in FY24 to Rs 70.6 crore profit in FY25, the adjusted PAT stood at Rs 103 crore in FY25 from Rs 21.4 crore in FY24.     ]]> https://biospectrumindia.com/news/86/26785/rubicon-research-raises-rs-619-09-cr-from-32-anchor-investors.html https://biospectrumindia.com/news/86/26785/rubicon-research-raises-rs-619-09-cr-from-32-anchor-investors.html Thu, 09 Oct 2025 00:00:00 +0530 Rubicon Research, leading specialty pharmaceutical company focused on innovative product development and differentiated generic formulations, has allotted 1,27,64,691 equity shares to 32 anchor investors, comprising marquee domestic and global anchor and raised Rs 619.09 crore ahead of the company’s proposed IPO at the upper end of the price band at Rs 485 per equity share with the face value of Rs 1 per equity share. Out of the total allocation of 1,27,64,691 equity shares to the anchor investors 49,56,750 equity shares were allocated to 8 domestic mutual funds through a total of 18 schemes. The anchor book witnessed strong participation from a diversified set of high-quality domestic and global investors. Participation came from leading domestic mutual funds such as HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, Canara Robeco Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund, and Bajaj Finserv Mutual Fund, along with HDFC Life Insurance Company. Global interest was equally notable, with significant participation from marquee foreign institutional investors and sovereign funds including Fidelity Funds – India Focus Fund, Nomura Funds Ireland – India Equity Fund, Goldman Sachs Funds – India Equity Portfolio, Aranda Investments Pte. Ltd., Amansa Holdings Private Limited, Aionios Alpha Fund, Al Mehiwar Commercial Investments L.L.C. (Wanda), GP Emerging Markets Strategies, LP, Think Investments Master Fund LP, University of Notre Dame Du Lac, and Valoquest India Inflexion Fund, among others. The company’s initial public offering comprises a fresh issue of up to Rs 500 crore and an offer for sale aggregating up to Rs 877.5 crore on by the promoter selling shareholder, General Atlantic Singapore RR. The company proposes to utilise the net proceeds from the fresh issue offer towards prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the company, funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes. The proceeds from the offer for sale shall be received by the selling shareholder, General Atlantic Singapore RR. ]]> https://biospectrumindia.com/news/86/26756/gaudium-ivf-and-women-health-limited-re-files-drhp-with-sebi.html https://biospectrumindia.com/news/86/26756/gaudium-ivf-and-women-health-limited-re-files-drhp-with-sebi.html Tue, 30 Sep 2025 00:00:00 +0530 Delhi-based Gaudium IVF and Women Health has re-filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company operates through a hub-and-spoke model comprising 7 hubs and 28 spokes across multiple states, making it one of the largest IVF networks in the country. The offer comprises a fresh issue of up to 1,13,92,500 equity shares and an offer for sale of up to 94,93,700 equity shares by promoter Dr Manika Khanna, aggregating to a total of 2,08,86,200 equity shares of face value Rs 5 each. In its previous filing, the company had proposed a larger fresh issue of 1,83,54,400 equity shares and a smaller offer for sale of 25,31,700 equity shares, together amounting to 2,08,86,100 equity shares. Compared to the earlier structure, while the overall offer size remains broadly the same, the composition has shifted significantly with the Offer For Sale (OFS) portion increasing from 25.32 lakh shares to 94.94 lakh shares—an addition of nearly 69.62 lakh shares, indicating a higher promoter dilution in the current filing. The net proceeds from the fresh issue are proposed to be utilised towards funding capital expenditure for establishing 19 new IVF centres across India (Rs 50 crore), repayment/pre-payment of certain outstanding borrowings (Rs 20 crore) and for general corporate purposes. Gaudium IVF plans expansion to reach underserved regions with affordable IVF services, supported by strong brand recall driven by its founder’s expertise. The Indian IVF market is projected to grow at a CAGR of 13.1% from $1.32 billion in 2024 to $4.54 billion in 2034, presenting significant growth opportunities. For the financial year ended March 31, 2025, Gaudium IVF reported revenue from operations of Rs 70.72 crore, EBITDA of Rs 28.63 crore and a Profit After Tax (PAT) of Rs 19.13 crore. ]]> https://biospectrumindia.com/news/86/26757/somerset-indus-capital-partners-exits-from-apex-hospitals-delivering-4x-return.html https://biospectrumindia.com/news/86/26757/somerset-indus-capital-partners-exits-from-apex-hospitals-delivering-4x-return.html Tue, 30 Sep 2025 00:00:00 +0530 Somerset Indus Capital Partners has announced its full exit from Apex Hospitals, a leading multispecialty hospital group in Rajasthan renowned for advancing high-quality healthcare in the region.  Since Somerset’s investment in May 2019, Apex Hospitals has delivered remarkable growth-tripling its revenue, achieving 4x returns and a 4.0x+ increase in EBITDA. During the same time, the group also doubled its workforce, affirming its commitment to scaling operations and widening access to quality healthcare across Rajasthan. From the outset, Somerset played an active role in shaping Apex’s strategic direction. By engaging early on for key go-to-market decisions, Somerset helped guide the company toward scalable, high-impact initiatives, most notably the launch of tele-health and E-ICU platforms to reach underserved regions with critical care services. Somerset was also instrumental in the development of Apex’s Cancer Care Centre of Excellence, the first of its kind in the region. This strategic focus not only enhanced patient outcomes in cancer care but also strengthened Apex’s overall care delivery capabilities, significantly improving the company’s right to win across its markets.   ]]> https://biospectrumindia.com/news/86/26725/poly-medicure-announces-acquisition-of-citieffe-group-for-rs-324-cr.html https://biospectrumindia.com/news/86/26725/poly-medicure-announces-acquisition-of-citieffe-group-for-rs-324-cr.html Wed, 24 Sep 2025 00:00:00 +0530 Delhi-based medtech firm Poly Medicure has announced signing of definitive agreement to acquire 100% stake in Medistream SA (Group) consisting of Citieffe SRL and its step-down subsidiaries in USA & Mexico, at an Enterprise Value of Rs 324 crore (EUR 31 Million). Citieffe is an Italy based manufacturer specialising in the orthopaedic trauma and extremities segment with a direct presence in Italy, USA, and Mexico, and distribution across 25+ countries. The company generated revenue of EUR 17.3 million and EBITDA of EUR 3.1 million in CY 2024, reflecting year-on-year growth of 15% and 14% respectively.  This strategic acquisition provides Poly Medicure with an entry point into the large global orthopaedics market, particularly in the trauma and extremities segment, which is the fastest growing and most resilient category within orthopaedics. Strategic rationale for acquisition provides platform for expanding into attractive orthopaedics segment specifically focused in the fastest-growing extremities sub-segment; platform to build a global orthopedic business. Commenting on the acquisition, Himanshu Baid, Managing Director, Poly Medicure Limited stated, "This acquisition marks another step in our journey to become a comprehensive healthcare solutions provider. Citieffe’s strong R&D capabilities and diverse trauma & extremity portfolio aligns with our mission to deliver innovative, patient-centric technologies. Together, we will be able to accelerate the expansion into orthopaedics adjacencies and expand reach to more patients globally. Citieffe has direct sales operations in the U.S., Italy, and Mexico providing us a deeper foothold in these key markets. We see synergies in combining Citieffe’s innovation pipeline with Polymed’s manufacturing scale and commercial reach—this is about creating long-term value for healthcare providers, patients, and our stakeholders."   ]]> https://biospectrumindia.com/news/86/26704/timf-holdings-360-one-funds-invest-rs-140-cr-in-rubicon-research-ahead-of-ipo.html https://biospectrumindia.com/news/86/26704/timf-holdings-360-one-funds-invest-rs-140-cr-in-rubicon-research-ahead-of-ipo.html Mon, 22 Sep 2025 00:00:00 +0530 In a pre-IPO round, General Atlantic Singapore RR, one of Mumbai-based Rubicon Research’s promoters, has transferred 28.89 lakh equity shares to TIMF Holdings and 360 ONE funds at Rs 484.47 per share, aggregating to Rs 140 crore. Prior to the transaction, General Atlantic held 8.37 crore equity shares, representing a 54.01% stake; post-transfer, it continues to remain the majority shareholder with 8.08 crore equity shares, or 52.15% of the company. General Atlantic Singapore RR held 83,727,262 equity shares (54.01%) earlier (at the time of previous pre-ipo placement in August 2025) and will continue to hold 80,837,506 equity shares (52.15%) in the company post the pre-IPO deal. The other promoters of the company are Pratibha Pilgaonkar, Sudhir D. Pilgaonkar, Parag S. Sancheti, Surabhi P. Sancheti and Sumant S. Pilgaonkar.  Last month, as part of the transaction, General Atlantic Singapore RR transferred 51.60 lakh equity shares to Amansa Investments at Rs 484.47 per share, amounting to Rs 250 crore. The company had earlier filed its DRHP with SEBI for a proposed IPO comprising a fresh issue of equity shares aggregating up to Rs 500 crore and an offer for sale aggregating up to Rs 585 crore. The revised issue size will be detailed in the Red Herring Prospectus (RHP) at the IPO launch. Rubicon’s total revenue from operations more than doubled from Rs 313.57 crore in Fiscal 2022 to Rs 853.89 crore in Fiscal 2024, growing at a CAGR of 62.5%, which, according to Frost & Sullivan, was five times higher than the average of 11 assessed peers, making Rubicon the fastest-growing Indian pharmaceutical formulations company among the assessed peers.   ]]> https://biospectrumindia.com/news/86/26693/qms-medical-allied-services-to-raise-rs-12-5-cr-for-healthcare-expansion.html https://biospectrumindia.com/news/86/26693/qms-medical-allied-services-to-raise-rs-12-5-cr-for-healthcare-expansion.html Wed, 17 Sep 2025 00:00:00 +0530 QMS Medical Allied Services Ltd, a leading holistic healthcare management solutions company, has opened its Rights Issue on September 12, 2025, to raise Rs 12.5 crore. The Issue comprises 14,87,500 equity shares of face value Rs 10 each, offered at an Issue Price of Rs 81 per share (including a premium of Rs 71 per share). The proceeds from the Rights Issue will be strategically utilised to strengthen QMS Medical Allied Services’ growth trajectory. A significant portion, amounting to Rs 10 crore, will be invested towards acquiring an additional 25% stake in its subsidiary, Saarathi Healthcare Private Limited, thereby increasing QMS Medical Allied Services’ holding to 76%. The balance funds will be deployed to meet working capital requirements and for general corporate purposes, ensuring enhanced operational flexibility and sustained business expansion. Mahesh Makhija, Founder, Chairman and Managing Director, QMS Medical Allied Services Ltd., said, “The Rights Issue will support our planned acquisition of an additional 25% stake in Saarathi Healthcare Private Limited, further consolidating our position in the value-added segment of the healthcare industry. This strategic investment reinforces our commitment to expanding QMS Medical Allied Services’ footprint in high-growth verticals, enhancing operational synergies, and unlocking long-term value for all stakeholders. ]]> https://biospectrumindia.com/news/86/26670/somerset-indus-capital-partners-powers-ahead-as-fund-iii-nears-250-m-close.html https://biospectrumindia.com/news/86/26670/somerset-indus-capital-partners-powers-ahead-as-fund-iii-nears-250-m-close.html Fri, 12 Sep 2025 00:00:00 +0530 Somerset Indus Capital Partners has announced that Fund III is in the final stages of its close, nearing ~$250 million, with documentation completion underway. The Fund has attracted strong participation from both existing and new Limited Partners, reflecting continued confidence in Somerset’s ‘Capital for Change’ investment philosophy. With Fund III, Somerset remains firmly focused on addressing healthcare needs across India’s “missing middle” by backing innovative businesses that deliver affordable, accessible, and quality healthcare to Tier II and Tier III markets. This differentiated strategy has resonated strongly with global investors, and led to several impact-aligned LPs recognising the demographic transformation underway in India’s underserved regions. The Fund has seen commitments from a diverse set of institutional investors including: Development Finance Institutions (DFIs): several DFIs from Europe and the US Global Institutions: A global investment company and marquee European institutions  Domestic Anchors: One of India’s largest financial banks Other Investors: Insurance companies, funds of funds, family offices, and impact investors from Europe and Southeast Asia   Looking ahead, the Fund remains on track to achieve a potential final close by October 2025, potentially exceeding its target. A large existing investor is also expected to join at the final close, further strengthening the Fund’s base of Marquee Limited Partners. Fund I and Fund II have demonstrated strong performance. Fund I has achieved a ~4.0x DPI, while Fund II is now approaching exits. Notable investments include Ujala Cygnus Hospitals, which expanded affordable care across North India, and Krsnaa Diagnostics, a 12x investment that has grown into India’s largest provider of affordable diagnostic services. Fund III builds on this foundation, targeting India’s vast “missing middle.” ]]> https://biospectrumindia.com/news/86/26634/poly-medicure-acquires-pendracare-group-for-rs-188-5-cr.html https://biospectrumindia.com/news/86/26634/poly-medicure-acquires-pendracare-group-for-rs-188-5-cr.html Wed, 03 Sep 2025 00:00:00 +0530 Poly Medicure, a Delhi-based medical device company, has announced signing of definitive agreements to acquire 90% stake in PendraCare Group consisting of PendraCare Holdings and Wellinq Medical from Wellinq Holdings B.V. at an Enterprise value of Rs 188.5 crore (Euro 18.3 million). The balance 10% stake to be acquired in 2030 basis actual EBITDA for CY 2029. PendraCare Group develops, manufactures and sells innovative cardiology catheter solutions and provides design, development and manufacturing services to other global OEM’s. This “bolt-on” acquisition provides Polymed with an opportunity to scale its cardiology business globally with immediate access to world’s most regulated markets of Europe and the US. The acquisition is subject to customary closing conditions and approvals and is expected to be closed in next 4-8 weeks. The acquisition determines a potential to generate EUR 3-4 million of annual synergies in next 3-4 years, leveraging Polymed’s engineering, R&D and manufacturing capabilities to drive innovation and cost efficiencies; and expansion of distribution network through Polymed’s global relationships. Himanshu Baid, Managing Director, Poly Medicure Limited stated, "This move brings us a valuable, ‘made-in-Europe’ cardiology consumables business with FDA and CE-marked products and long-term relationships with global OEMs. By combining Pendracare Group’s European presence and customer relationships with Polymed’s strong engineering, R&D, manufacturing and distribution capabilities, we believe we will deliver significant synergies for the combined business. Most importantly, it deepens our presence in Europe – a key market for Polymed. This acquisition helps in furthering our vision of “Serving people through innovative healthcare solutions”. ]]> https://biospectrumindia.com/news/86/26536/amansa-investments-puts-in-rs-250-cr-in-ipo-bound-rubicon-research.html https://biospectrumindia.com/news/86/26536/amansa-investments-puts-in-rs-250-cr-in-ipo-bound-rubicon-research.html Fri, 15 Aug 2025 00:00:00 +0530 Amansa Investments Ltd. has invested Rs 250 crore in IPO-bound Mumbai-based Rubicon Research Limited in a pre-IPO placement. Corporate Promoter General Atlantic Singapore RR Pte Ltd. transferred 51,60,278 equity shares (of face value of Re. 1 each) to Amansa Investments Ltd. for cash at a price of Rs 484.47 per equity share (including a share premium of Rs 483.47 per equity share), aggregating to Rs 250 crore (Pre-IPO Placement). Rubicon Research Limited is a pharmaceutical formulations company with an expanding portfolio of specialty and drug-device combination products, exclusively focused on regulated markets, particularly the United States. Rubicon’s total revenue from operations more than doubled from Rs 313.57 crore in Fiscal 2022 to Rs 853.89 crore in Fiscal 2024, growing at a CAGR of 62.5%, which, according to Frost & Sullivan, was five times higher than the average of 11 assessed peers, making Rubicon the fastest-growing Indian pharmaceutical formulations company among the assessed peers. ]]> https://biospectrumindia.com/news/86/26537/laborate-pharma-to-increase-international-revenue-by-100-m-over-next-5-years.html https://biospectrumindia.com/news/86/26537/laborate-pharma-to-increase-international-revenue-by-100-m-over-next-5-years.html Fri, 15 Aug 2025 00:00:00 +0530 Laborate Pharmaceuticals, one of India’s leading pharmaceutical manufacturing and export companies, is currently in advanced discussions with partners in the EU and UK for the co-development and commercial supply of finished formulations, with projected international revenue growth of over $100 million over the next five years. The company recently announced that its manufacturing site in  Laborate Pharmaceuticals India Ltd, 111, Paonta Sahib, ( HP) has been granted the EU-GMP (European Union - Good Manufacturing Practice) certification from the relevant European regulatory agency. The facility certification provides a path to filing regulatory dossiers for multiple products in the EU market. The company intends to file 20 dossiers over the next 5 months to obtain approvals in Europe, UK, Australia and South Africa. The company is also exploring additional certifications via authorities such as GCC, EAEU to enhance its presence in regulated markets. "We are focused on establishing longer-term partnerships with global companies that value reliable and scalable manufacturing at a cost-effective and compliant basis," said Parag Bhatia, Director,  Laborate Pharmaceuticals. ]]> https://biospectrumindia.com/news/86/26522/asian-institute-of-nephrology-urology-invests-rs-150-cr-to-open-new-hospitals-in-hyderabad.html https://biospectrumindia.com/news/86/26522/asian-institute-of-nephrology-urology-invests-rs-150-cr-to-open-new-hospitals-in-hyderabad.html Tue, 12 Aug 2025 00:00:00 +0530 Asian Institute of Nephrology and Urology (AINU), India’s largest single-speciality chain focused on Uro-Nephro care, marks a new milestone with the expansion of its flagship hospital in Banjara Hills, Hyderabad. The flagship hospital has a combined capacity of 150 beds, 4 Operating Rooms, 34 dialysis beds, and new-generation robotic technology for complex Urology and Nephrology surgeries, making it the largest corporate hospital in this single speciality across India.  With an outlay of Rs 150 crore earmarked for growth-related capital expenditure this year, AINU is set to accelerate its expansion footprint, enhance operational capabilities, and reinforce the foundation for its next phase of growth. The burden of urological diseases is rising rapidly in developing nations, with India at the forefront due to increasing lifestyle disorders such as hypertension, obesity, and diabetes, along with higher life expectancy. Urological conditions - from bladder and kidney diseases to cancers - affect men, women, and children alike. In India, 50–60% of men over 60 have benign prostatic enlargement (BPH), while prostate cancer, now the country’s second most common cancer in men, is growing at 2.5% annually. Vishal Bali, Executive Chairman at Asia Healthcare Holdings, said, “The rising incidence of Urology & Nephrology issues in the Indian subcontinent requires a specialised approach to meet the growth opportunity in this speciality. Through the Asian Institute of Nephrology and Urology we are building India’s leading single-speciality hospital network in this speciality, backed by highly qualified clinicians and state-of-the-art technology. With an outlay of Rs 150 crore capital expenditure earmarked for growth in FY 26-27, AINU is set to open 3-4 new urology and nephrology hospitals across India. This strategic investment will accelerate the company’s national expansion, strengthen its current infrastructure, and reinforce its position as a leader in single-speciality healthcare.”   ]]> https://biospectrumindia.com/news/86/26526/celcius-logistics-enters-pharma-cold-supply-chain-with-rs-50-cr-investment.html https://biospectrumindia.com/news/86/26526/celcius-logistics-enters-pharma-cold-supply-chain-with-rs-50-cr-investment.html Tue, 12 Aug 2025 00:00:00 +0530 Mumbai-based startup Celcius Logistics, India’s leading tech-driven 3PL and cold supply chain solutions provider, has announced the launch of Celcius+, a specialised logistics arm dedicated exclusively to the seamless management of the pharmaceutical supply chain. Designed to meet the sector’s stringent requirements for temperature control, compliance, and real-time visibility, Celcius+ ensures medicines, vaccines, and other sensitive products are transported with maximum safety and efficiency. In its initial phase, Celcius will invest Rs 50 crore to create a dedicated pharma fleet and support infrastructure, with a goal of achieving Rs 100 crore in Annual Recurring Revenue (ARR) from this segment within the next 18 months. Of this, Rs 35 crore will be allocated towards deploying 100 new reefer vehicles for Celcius+ along key pharmaceutical corridors across India. A further Rs 10–15 crore is being earmarked to build a robust pharma courier system tailored to serve high-demand urban and semi-urban markets. To support this rapid expansion, Celcius will add 30–40 specialised team members with expertise in pharma logistics, operations, and regulatory compliance. Leveraging its advanced technology platform, Celcius+ will offer real-time tracking, continuous temperature monitoring, and AI-enabled route optimisation, ensuring every shipment adheres to the industry’s most stringent quality and compliance standards. With this specialised vertical, Celcius plans to partner with leading pharmaceutical companies and extend its reach to more than 100 cities across India by the end of 2025. Earlier this year, Celcius Logistics raised Rs 250 crore in an oversubscribed Series B funding round to accelerate technology upgrades and expand its network. Currently operating in over 600 cities, the company aims to scale its footprint to 1,000+ cities in the coming years—further strengthening capabilities across all verticals, including the newly launched Celcius+ for pharmaceutical logistics. ]]> https://biospectrumindia.com/news/86/26505/gvfl-invests-rs-3-cr-in-qrl-bioscience-for-treating-chronic-degenerative-diseases.html https://biospectrumindia.com/news/86/26505/gvfl-invests-rs-3-cr-in-qrl-bioscience-for-treating-chronic-degenerative-diseases.html Sat, 09 Aug 2025 00:00:00 +0530 QRL Bioscience, a cutting-edge biotechnology startup dedicated to developing personalised, cell-based therapies for chronic degenerative diseases, has raised Rs 3 crore in its latest funding round from GVFL, one of India’s pioneering venture capital firms.  Founded initially with a vision to transform the treatment of  (DFU) and Osteoarthritis, Ahmedabad-based QRL Bioscience is spearheading a new era of regenerative medicine in India. The fresh capital infusion from GVFL will be utilised to accelerate the clinical trial phase of its DFU therapy and support the preclinical development of its osteoarthritis treatment. QRL previously raised a seed fund from Tie India Angel investors. QRL Bioscience plans to deploy the capital strategically over the next 22 months. The majority of the funds will support the ongoing DFU clinical trial, while the remainder will be allocated to advancing the osteoarthritis treatment product, including formulation development and regulatory preparations. Dr Senthil Natesan, Co-founder of QRL Bioscience, said, “We are building an Indian company with a global vision by creating truly novel solutions to improve human health worldwide. Our pioneering personalised medicine using living cell-based therapies will address long-standing health challenges. This funding will bring our DFU product closer to market readiness and advance our osteoarthritis therapy to its next major milestone. We are grateful for the confidence GVFL has placed in us and look forward to welcoming additional strategic partners in this round.” QRL Bioscience has made significant progress since its last funding round. These include initiating clinical groundwork for DFU therapy and achieving key research milestones in osteoarthritis treatment. The company has also laid a strong foundation for market readiness by engaging doctors, identifying distribution channels, and strengthening its supply chain capabilities. The company is also exploring co-development and co-marketing partnerships in the orthopaedic space to accelerate its go-to-market strategy.   ]]> https://biospectrumindia.com/news/86/26495/healthcare-ai-platform-nprep-raises-funding-to-address-nursing-education-crisis.html https://biospectrumindia.com/news/86/26495/healthcare-ai-platform-nprep-raises-funding-to-address-nursing-education-crisis.html Thu, 07 Aug 2025 00:00:00 +0530 NPrep, a placement-focused company which is building an artificial intelligence (AI)-powered skilling platform for nursing students and professionals, has raised an undisclosed amount in a pre-seed funding round led by All In Capital. The round also saw participation from IIMA Ventures, Chegg’s founder Aayush Phumbhra (American educational technology company) as an investor, and several family offices and angel investors. One of the most significant early-stage raises in India’s nursing and healthcare skilling industry. NPrep will use the capital to expand its course offerings, strengthen and build its AI-driven learning platform, and deepen its placement partnerships with hospitals and healthcare institutions across India. The startup also plans to invest in growing its regional language support to better serve students from Tier 2 and Tier 3 cities. The startup aims to address this by offering an AI-powered skilling and placement platform tailored to the specific needs of nursing students and professionals. The platform aims to use generative AI to personalize learning paths based on a student’s strengths and weaknesses, simulate real-world clinical scenarios for Simulate real world clinical scenarios for superior skill training, and provide instant feedback. It will also support students through mock interviews, resume building, and automated assessment tools that help improve their job readiness. By combining technology with tailored support, the startup aims to strengthen the nursing workforce and improve healthcare delivery across the country. Looking ahead, the company plans to expand its placement services domestically in FY26 and internationally by FY27, building on its foundation of medical and technological expertise.   ]]> https://biospectrumindia.com/news/86/26498/medistep-healthcare-eyes-rs-16-09-cr-fundraise-to-acquire-new-plant-machinery.html https://biospectrumindia.com/news/86/26498/medistep-healthcare-eyes-rs-16-09-cr-fundraise-to-acquire-new-plant-machinery.html Thu, 07 Aug 2025 00:00:00 +0530 Medistep Healthcare is set to raise approximately Rs 16.09 crore through its upcoming fixed-price Initial Public Offering (IPO), with the primary objective of strengthening its manufacturing infrastructure through the acquisition of advanced plant and machinery. A significant portion of the IPO proceeds will be allocated toward the acquisition and installation of state-of-the-art equipment at the company’s existing manufacturing facility in Kheda, Gujarat. At the core of this investment is a fully automated, high-speed sanitary pad production line, capable of producing up to 500 pads per minute. This integrated line features raw material feeding, embossing, adhesive application, and inline quality inspection within a single, streamlined workflow. Additionally, the company will commission a twin‐shaft ribbon blender with vacuum‐sealed hoppers and an integrated volumetric filler from DEF Tech Industries. This system will enable precise and hygienic blending and packaging of energy powder sachets at speeds of up to 200 units per minute. To enhance the secondary packaging process, three modular tri‐axis flow‐wrap machines will also be installed. These machines are equipped for automatic bag feeding, sealing, date-coding, and stacking, thereby increasing throughput and significantly reducing manual processes. The capital expenditure also covers plant-floor modifications, utility installations, operator training, and warranty support. All systems are expected to be fully operational and certified within three months of their scheduled delivery in Q4 FY26. This strategic infrastructure upgrade is projected to increase overall manufacturing capacity by approximately 30% over the next 12 months, markedly improving production efficiency, product quality, and the company’s responsiveness to growing market demand. A portion of the funds will also go toward bolstering working capital to ensure uninterrupted raw material procurement and optimal inventory levels. Remaining proceeds will be used for general corporate purposes and expenses related to the IPO.  Founded in June 2023, Medistep Healthcare has quickly established a pan-India distribution network for a diversified portfolio of pharmaceutical, nutraceutical, surgical, and intimate-care products. The company reported revenue of ₹4,965.48 lakh in FY25, up from ₹3,907.19 lakh in FY24. ]]> https://biospectrumindia.com/news/86/26467/maxivision-super-speciality-eye-hospitals-invests-rs-100-cr-to-expand-network-across-chennai.html https://biospectrumindia.com/news/86/26467/maxivision-super-speciality-eye-hospitals-invests-rs-100-cr-to-expand-network-across-chennai.html Fri, 01 Aug 2025 00:00:00 +0530 Maxivision Super Speciality Eye Hospitals, one of India's fastest-growing eye care providers, has announced its strategic expansion in Chennai with the launch of 10 eye hospitals/vision centres across Chennai. With an investment of Rs 100 crore, Maxivision aims to expand its network across Chennai, starting with this launch. Maxivision already operates eye hospitals in Trichy, Madurai, Salem, Tanjore, Kumbakonam, Perambalur, and wishes to expand into all districts/towns across Tamil Nadu to fulfil its mission to deliver advanced, affordable, and community-centric eye care across Chennai & Tamil Nadu. MS Dhoni also launched SiLK Elita- Chennai’s first flapless, blade-free laser vision correction procedure- offering a pain-free experience, next-day recovery, and minimal dry-eye risk at its Anna Nagar premises. Dr GSK Velu, Chairman & Managing Director of Maxivision Super Speciality Eye Hospitals, said, “It is long-term overdue for us, and we are pleased to arrive in Chennai, where Maxivision’s corporate headquarters is based. Today marks a strategic step forward in expanding our footprint in the high-demand, high-potential market of Chennai. Our Chennai grand launch by MS Dhoni is aligned with our long-term vision to build a strong, decentralised ophthalmic infrastructure that can effectively address the growing burden of cataract, retina, glaucoma, and several other vision disorders. It also strengthens our talent ecosystem by creating avenues for ophthalmologists, optometrists, and allied professionals to thrive within their local communities. With this expansion, Maxivision reinforces its commitment to shaping the future of eye care delivery in Chennai and Tamil Nadu.” Dr Shibu Varkey, Regional Medical Director of Maxivision Super Speciality Eye Hospitals, added, “Our mission is to bring advanced, accessible eye care to underserved and middle-income communities across Tamil Nadu. With state-of-the-art technology and a strong focus on early diagnosis and preventive care, we aim to reduce the region’s long-term disease burden and establish Tamil Nadu as a hub for clinical excellence and ophthalmic skill development. The centres will serve as the first point of contact for early diagnosis of conditions like diabetic retinopathy, cataract, and glaucoma, helping reduce the long-term disease burden through timely intervention and education.” Prof Dr B Ganesh, Clinical & Academic Director, Maxivision Eye Hospitals, said, “The launch of 10 Super Speciality Eye Hospitals across Chennai marks a significant milestone in our mission to make world-class eye care accessible to every corner of the Greater Chennai region. We will start several academic initiatives to train Ophthalmologists, Optometrists , Counsellors & Para medical professionals as part of CSR initiatives across Tamil Nadu." ]]> https://biospectrumindia.com/news/86/26447/sahajanand-medical-technologies-files-drhp-for-ipo.html https://biospectrumindia.com/news/86/26447/sahajanand-medical-technologies-files-drhp-for-ipo.html Sat, 26 Jul 2025 00:00:00 +0530 Mumbai-based Sahajanand Medical Technologies (SMT) Limited, a Class III and Class C/D medical devices company with a portfolio of technologically advanced medical devices across vascular and structural heart intervention, has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise funds through Initial Public Offering (IPO). The IPO, with a face value of Re 1, is entirely an offer-for-sale up to 27,644,231 equity shares by promoters, and investor selling shareholders. The offer also includes a subscription reservation with a discount to eligible employees in the employee reservation portion. Samara Capital Markets Holding Limited, Kotak Pre-IPO Opportunities Fund, Plutus Wealth Management LLP, and Ashish Kacholia are the major shareholders in the company. Offer for sale consists of shareholders up to 2,700,000 Equity Shares by Shree Hari Trust, up to 2,700,000 Equity Shares by Dhirajkumar Savjibhai Vasoya, up to 12,958,126 Equity Shares by Samara Capital Markets Holding Limited, up to 2,615,750 Equity Shares by Kotak Pre-IPO Opportunities Fund, and up to 6,670,355 Equity Shares by NHPEA Sparkle Holding B.V. The offer is being made through the book-building process, wherein not more than 50% of the offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the offer is assigned to non-institutional and retail individual bidders respectively. It is a R&D-driven company engaged in the development of Class III and Class C/D medical devices, with an emphasis on Vascular Intervention (VI) and Structural Heart (SH).  It has built a strong clinical foundation for its flagship products – Supraflex Cruz, Hydra, Pipit and Cocoon, supported by 72 clinical studies (comprising 60 completed studies and 12 ongoing studies) across diverse geographies and patient populations. SMT Limited's revenue from operations increased by 13.67% to Rs 1,024.88 crore in Fiscal 2025 from Rs 901.60 crore in Fiscal 2024 primarily due to an increase in the sale of devices driven by higher sales in Europe and the rest of the world, primarily led by the structural heart vertical. Profit for the year stood at Rs 25.15 crore in Fiscal 2025 compared to a loss after tax of Rs 7.35 crore in Fiscal 2024.     ]]> https://biospectrumindia.com/news/86/26421/kilitch-drugs-to-raise-around-rs-50-cr-via-rights-issue.html https://biospectrumindia.com/news/86/26421/kilitch-drugs-to-raise-around-rs-50-cr-via-rights-issue.html Tue, 22 Jul 2025 00:00:00 +0530 Kilitch Drugs Limited, BSE and NSE listed, a leading pharmaceutical company specialising in the manufacturing and distribution of high-quality Parenteral, Injectables, Oral Solids, and Effervescent formulations, has received approval from board to raise around Rs 49.92 crore via rights issue. In its board meeting, the Board of Directors finalised the Rights Issue of 13,98,463 fully paid-up equity shares of face value Rs 10 each at an issue price of Rs 357 per share (including a premium of Rs 347 per share). Under this Rights Issue, eligible shareholders will receive 2 Rights Equity Shares for every 23 fully paid Equity Shares held. The issue is expected to raise Rs 4,992.51 lakh (Rs49.92 crore), which will be utilised to strengthen the company’s balance sheet, support growth initiatives - the upcoming greenfield project at Pen, Maharashtra, and meet general corporate purposes. The Issue will open on Wednesday, July 23, 2025, and close on Thursday, August 21st, 2025, with the last date for market renunciation on Monday, August 18th, 2025. Mukund Prataprai Mehta, Managing Director, Kilitch Drugs, said, “This Rights Issue is designed to reward our loyal shareholders with an attractive opportunity to participate in the company’s growth journey. The proceeds will help us expand our pharmaceutical offerings, enhance operational efficiencies, and unlock greater value for our stakeholders. With our greenfield project expansion and entry into regulated markets, we are confident of scaling our operations towards achieving our revenue targets in the coming years.”   ]]> https://biospectrumindia.com/news/86/26410/medgenome-raises-series-e-funding-of-47-5-m-to-expand-access-to-genomics-offerings-in-india.html https://biospectrumindia.com/news/86/26410/medgenome-raises-series-e-funding-of-47-5-m-to-expand-access-to-genomics-offerings-in-india.html Mon, 21 Jul 2025 00:00:00 +0530 Bengaluru-based genomic diagnostics and research services company MedGenome has raised $47.5million in its Series E funding round, co-led by Maj Invest, a private equity firm joining as a new investor, along with existing investor Novo Holdings. The round also saw participation from Sofina, an existing shareholder in the company. This funding will enable the company to broaden access to its genomics and integrated diagnostics solutions across India and other emerging markets. The announcement also reiterates MedGenome’s mission to help reduce India’s disease burden through early detection and targeted disease management using genetic and integrated diagnostics tools with high affordability. Speaking about this funding aligning with the company’s vision, Dr Vedam Ramprasad, CEO of MedGenome, said, "India's healthcare ecosystem is increasingly recognizing the transformative potential of genomics, driving innovation and enhancing the country’s healthcare capabilities. This fundraise also reflects the growing adoption of genomics in personalized and preventive healthcare in India as well as other emerging economies. At MedGenome, we combine cutting-edge science with real-world application, bringing advanced omics solutions that bridge the unmet need in disease diagnosis and management. Early genomics-led intervention not only helps the patient but also helps families manage the economic and emotional burden of a disease." Dr Amit Kakar, Managing Partner and Head of Asia at Novo Holdings, and Chairman of the Board of MedGenome, commented, “Our reinvestment in MedGenome reflects our belief in the company’s potential to transform the landscape of genetic and integrated diagnostics in India and beyond. MedGenome stands out as a science-led platform with strong fundamentals, and this investment aligns with our conviction in the growing importance of genomics and personalised healthcare across emerging markets." "With its robust genomics portfolio, commitment to science and the transformative impact it has had on healthcare, MedGenome has consistently demonstrated its ability to drive innovation and precision diagnostics. We’re proud to support their next phase of growth, expanding their solutions to more markets in India and worldwide" Jannick Dam Mortensen, Partner, Maj Invest Minorities, added. ]]> https://biospectrumindia.com/news/86/26400/corona-remedies-acquires-7-brands-in-cardiology-womens-healthcare-from-bayer.html https://biospectrumindia.com/news/86/26400/corona-remedies-acquires-7-brands-in-cardiology-womens-healthcare-from-bayer.html Thu, 17 Jul 2025 00:00:00 +0530 Corona Remedies has announced the acquisition of seven brands from the pharmaceutical division of Bayer in India. Effective July 16, 2025, the acquisition encompasses several brands within the cardiology segment (NOKLOT) and the women’s healthcare portfolio (FOSTINE, LUPROFACT, MENODAC, OVIDAC, SPYE, and VAGESTON) for the Indian market. This strategic move strengthens Corona Remedies position in both the cardiology and women's healthcare segments. These products propose to offer growth under CORONA Remedies stewardship going forward. Integrating these acquired brands into its portfolio marks Corona Remedies entry into the anti-platelet market, which is valued at Rs 1507 crore with an 8% growth rate. Furthermore, it aims to strengthen Corona Remedies portfolio in women's healthcare by enhancing its presence in the Gonadotrophin & Progesterone Hormone Market, which stands at Rs 1862 crore as per MAT June’25. This portfolio is primarily utilised for infertility treatment and pregnancy management. Corona Remedies sales & marketing team and extensive distribution network will work to ensure that this newly acquired portfolio reaches patients across metro, semi-metro, urban, semi-urban, and rural areas. The acquisition of these brands is expected to enhance Corona Remedies market presence and expand its portfolio. GCV Life acted as the advisor for this transaction. ]]> https://biospectrumindia.com/news/86/26371/equity-360-facilitates-2-5-m-investment-in-avis-hospital.html https://biospectrumindia.com/news/86/26371/equity-360-facilitates-2-5-m-investment-in-avis-hospital.html Fri, 11 Jul 2025 00:00:00 +0530 Avis Hospital, India’s leading specialty centre dedicated to the treatment of varicose veins, has successfully raised $2.5 million in a strategic growth capital round from NABVENTURES, the venture capital arm of the National Bank for Agriculture and Rural Development (NABARD). The investment was strategically facilitated by Equity 360, a boutique private market investment banking firm led by Sumeet Seraf. Founded by Dr Rajah V. Koppala, a US- trained Vascular and Interventional Radiologist, Avis Hospital was established to address a silent but widespread health crisis in India, chronic venous insufficiency, commonly known as varicose veins. This condition severely impacts millions, especially in rural regions where daily-wage workers and farmers often suffer in silence due to limited access to specialised care. The capital raised will enable Avis Hospital to expand its footprint to more than 15 Tier 2 and Tier 3 cities, strengthening its capacity to provide specialised care to underserved communities. The hospital also plans to invest in technology-driven diagnostics and set up mobile screening camps to identify and treat patients in remote rural areas. These initiatives reflect Avis Hospital’s long-term vision of building a nationwide network for vein health, grounded in a rural-first healthcare delivery model that prioritises access, affordability, and awareness. ]]> https://biospectrumindia.com/news/86/26309/torrent-pharma-buys-controlling-stake-in-jb-pharma-from-kkr-for-rs-25689-cr-valuation.html https://biospectrumindia.com/news/86/26309/torrent-pharma-buys-controlling-stake-in-jb-pharma-from-kkr-for-rs-25689-cr-valuation.html Mon, 30 Jun 2025 00:00:00 +0530 Ahmedabad-based Torrent Pharmaceuticals and global investment firm KKR have announced that Torrent has entered into definitive agreements to acquire controlling stake in Mumbai-based J. B. Chemicals and Pharmaceuticals (JB Pharma) from KKR at an Equity Valuation of Rs 25,689 crore (on fully diluted basis), followed by a merger of the two entities. The transaction marks a significant step in Torrent’s ambition to create a future-ready, diversified healthcare platform combining a deep chronic segment heritage with emerging international contract development and manufacturing organisation (CDMO) capabilities. The transaction will be executed in 2 phases: (1) Acquisition of 46.39% equity stake (on a fully diluted basis) through a Share Purchase Agreement (SPA) at a consideration of Rs 11,917 crore (Rs 1,600 per share) followed by a mandatory open offer to acquire up to 26% of JB Pharma shares from public shareholders at an open offer price of Rs 1,639.18 per share. In addition to the above, Torrent has also expressed its intent to acquire up to 2.80% of equity shares from certain employees of JB Pharma at the same price per share as KKR. (2) Merger between Torrent and JB Pharma through a scheme of arrangement. As per the approval given by the Board of Directors of both companies, upon merger of JB Pharma with Torrent, every shareholder holding 100 shares in JB Pharma shall receive 51 shares of Torrent. Samir Mehta, Executive Chairman, Torrent, commented, “Torrent’s deep India presence and JB Pharma’s fast growing India business, combined with the CDMO and international footprint offers immense potential to scale both revenue and profitability. This strategic alignment furthers our goal of strengthening our presence in the Indian pharma market, and build a larger diversified global presence. Moreover, the CDMO platform provides a new long-term avenue of growth for Torrent.” ]]> https://biospectrumindia.com/news/86/26296/astrazeneca-invests-rs-166-cr-to-expand-global-hub-in-bengaluru.html https://biospectrumindia.com/news/86/26296/astrazeneca-invests-rs-166-cr-to-expand-global-hub-in-bengaluru.html Fri, 27 Jun 2025 00:00:00 +0530 AstraZeneca, a global, science-led biopharmaceutical company, has announced the expansion of its state-of-the-art Global Hub in Bengaluru, strengthening its presence in India. The new facility will house nearly 1300 employees, including 400 new jobs, supporting the company's capabilities in artificial intelligence (AI)-powered innovation across Research and Development, Global Business Services, IT, and Digital Health operations. This announcement represents AstraZeneca's second major investment in India within a year, following the expansion of its Global Innovation and Technology Centre (GITC) in Chennai. The combined workforce now at AstraZeneca India Private Limited (AZIPL) will reach close to 4,000 employees, strengthening company's capability to deliver life-changing medicines to patients worldwide. The new facility will serve as a dynamic hub dedicated to advancing AstraZeneca's critical priorities: Advanced clinical research supporting AstraZeneca's global therapeutic areas Development of AI-powered healthcare solutions and digital health technologies Centralized data analytics to enhance clinical trial efficiency and patient outcomes Specialized support for global regulatory compliance and pharmacovigilance "AstraZeneca's investment reaffirms India's leadership in science, technology, and healthcare, and is a testament to Karnataka's robust life sciences ecosystem. This expansion aligns perfectly with our vision to create high-value employment opportunities while fostering innovation in critical sectors, making Bangalore a global hub for biotechnology and R&D," said Dinesh Gundu Rao, Minister of Health & Family Welfare, Government of Karnataka. ]]> https://biospectrumindia.com/news/86/26295/gujarat-based-sudeep-pharma-files-drhp-for-ipo.html https://biospectrumindia.com/news/86/26295/gujarat-based-sudeep-pharma-files-drhp-for-ipo.html Thu, 26 Jun 2025 00:00:00 +0530 Gujarat-based Sudeep Pharma, a technology led manufacturer of excipients and specialty ingredients for the pharmaceutical, food and nutrition industries, has filed its draft red herring prospectus (DRHP) with capital market regulator Securities and Exchange Board of India (SEBI) to mop up funds through an initial public offering (IPO).  The IPO, with a face value of Re 1 each, combines fresh issuance of Rs 95 crore with an offer for sale of up to 1,00,76,492 equity shares by the Promoter Selling Shareholder. The offer for sale consists of up to 35,67,670 equity shares by Sujit Jaysukh Bhayani, up to 5004622 equity shares by Sujeet Jaysukh Bhayani HUF, up to 7,50,000 equity shares by Shanil Sujit Bhayani, and up to 7,54,200 equity shares by Avani Sujit Bhayani. The company, in consultation with the book-running lead managers, may consider an issue of specified securities, aggregating to Rs 19 crore as pre-IPO placement shall not exceed 20% of the size of the fresh issue. If such placement is completed, the fresh issue size will be reduced.  The offer is being made through the book-building process, wherein not more than 50% of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the offer shall be available for allocation to non-institutional bidders, and not less than 35% of the offer shall be available for allocation to retail individual bidders. The proceeds from its fresh issuance to the extent of Rs 75.81 crore for capital expenditure towards procurement of machinery for its production line located at Nandesari Facility I; and general corporate purposes.  The company operates three Manufacturing Facilities in Vadodara, Gujarat, with a combined annual manufacturing capacity of 65,579 MT. Sudeep Pharma’s revenue from operations increased by 7.12% from Rs 428.74 crore in Fiscal 2023 to Rs 459.28 crore in Fiscal 2024, primarily on account of increase in sale of calcium carbonate and an increase in volume of products for speciality ingredients segment. Profit after tax increased from Rs 133.15 crore in Fiscal 2024 as compared to Rs 62.32 crore in Fiscal 2023. For the nine-month period ended December 31, 2024, revenue from operations and profit after tax stood at Rs 344.45 crore and Rs 94.54 crore respectively.     ]]> https://biospectrumindia.com/news/86/26284/rubicon-research-completes-acquisition-of-alkems-pithampur-manufacturing-unit-for-rs149-cr.html https://biospectrumindia.com/news/86/26284/rubicon-research-completes-acquisition-of-alkems-pithampur-manufacturing-unit-for-rs149-cr.html Tue, 24 Jun 2025 00:00:00 +0530 Rubicon Research has completed the acquisition of Alkem Laboratories’ formulations manufacturing facility in Pithampur, Madhya Pradesh in an all-cash deal for Rs 149 crore. The acquired facility, located in the Special Economic Zone at Pithampur, Madhya Pradesh, is equipped to manufacture steroids, hormones, and high-potency products, including immunosuppressants and oncology medications. The facility was inspected by the US Food and Drug Administration (US FDA) in 2022. With a built-up area of more than 16,000 sq. m. and total plot area of more than 1,25,000 sq. m., the site has potential for future expansion. Besides capacity expansion, the addition of a third formulations manufacturing location strengthens Rubicon’s supply chain and adds new manufacturing capabilities for Rubicon in segments like steroids, hormones, and high-potency products. Parag Sancheti, Chief Executive Officer of Rubicon Research Limited highlighted the importance of this acquisition saying, “This acquisition supports our strategy of expanding our US market presence and complements our development efforts to grow our portfolio of specialty products and drug device combination products. The Pithampur facility increases our ability to manufacture products for regulated markets at scale through a resilient supply chain.” ]]> https://biospectrumindia.com/news/86/26275/hyderabad-based-startup-utopia-therapeutics-secures-1-5-m-for-obesity-treatment.html https://biospectrumindia.com/news/86/26275/hyderabad-based-startup-utopia-therapeutics-secures-1-5-m-for-obesity-treatment.html Fri, 20 Jun 2025 00:00:00 +0530 Utopia Therapeutics, a Hyderabad-based biotech startup developing next-generation vaccines for chronic metabolic diseases, has secured a $1.5 million investment from Whale Tank, a leading early-stage venture firm focused on breakthrough life science innovations, at BIO International Convention 2025. The funding will accelerate the preclinical development of UT009, Utopia’s lead immunotherapeutic candidate targeting obesity. UT009 is a novel vaccine designed to modulate the immune system to reduce fat accumulation and improve metabolic health by targeting lipid-associated antigens. This investment supports the advancement of UT009 toward regulatory toxicology studies, IND-enabling milestones, and Phase I human clinical trials. Whale Tank Biocatalyst Fund has committed over $1.5 million in cumulative investment toward Utopia’s therapeutic and consumer health pipeline. The collaboration includes full development funding for UT009, a first-in-class preventive vaccine for obesity and fatty liver disease. The partnership also supports global scale-up and commercialisation of Utopia’s UT018 based regenerative product line, built on GRAS-qualified, non-pharmaceutical applications. The announcement was made in the presence of Dr Jitendra Kumar (Managing Director, BIRAC), Narayanan Suresh (COO, ABLE), Dr Balasubramanya S (GM, ABLE), and senior representatives from the Indian biotech community. Dr Jitendra Kumar, MD, BIRAC, said, “This partnership reflects the strength of India’s translational biotech ecosystem. A vaccine for metabolic disorders and a regenerative product pipeline coming out of India and entering global markets demonstrates the scientific depth and entrepreneurial maturity that BIRAC has consistently fostered." ]]> https://biospectrumindia.com/news/86/26255/quadria-group-takes-control-of-healthquad-for-launching-fund-iii-with-corpus-of-300-m.html https://biospectrumindia.com/news/86/26255/quadria-group-takes-control-of-healthquad-for-launching-fund-iii-with-corpus-of-300-m.html Tue, 17 Jun 2025 00:00:00 +0530 Quadria Group, Asia’s leading healthcare-focused private equity platform, has announced the launch of HealthQuad Fund III, with a proposed raise of up to $300 million (target corpus of $200 million with a $100 million greenshoe option). As a successor to Funds I and II, the third fund seeks to build on a proven track record of identifying and scaling pioneering healthcare ventures that have significantly expanded access, affordability, and quality of care across India. The launch is part of Quadria’s long-term vision to build India’s most integrated healthcare investment platform, offering capital solutions from early-stage innovation to scaled growth across the healthcare value chain. Incubated in 2016, HealthQuad was a pioneering initiative by the Quadria Group to create a distinct investment vehicle, separate from its flagship fund, focused on backing disruptive, tech-enabled healthcare models at the early-growth stage. Funds I and II backed over 18 companies including Qure.ai, Medikabazaar, THB, Wysa, Ekincare, Redcliffe Labs, GoApptiv, and Strand Life Sciences, many of which have gone on to become category leaders. With Fund III, the Quadria Group takes a decisive step toward building India’s largest and most influential healthcare investment franchise. As part of this next chapter, Quadria group, through Dr. Amit Varma, Abrar Mir and Sunil Thakur will assume full ownership and control of the platform following its separation from KOIS. Quadria group has retained a large part of existing investment and investment committee team members who will continue to be involved in the existing portfolio investments. Further, Quadria group will be strengthening the team through addition of seasoned investing, operating and clinical team that will be shortly announced.   Through this new fund, Quadria Group intends to combine its pan-Asian network, institutional investor base, and operational expertise to deliver scaled impact and value. The Group recently closed Quadria Capital Fund III at $1.07 billion, with strong backing from leading global institutions. ]]> https://biospectrumindia.com/news/86/26249/life-circle-health-services-receives-grant-worth-rs-3-cr-to-scale-tech-enabled-elder-care-.html https://biospectrumindia.com/news/86/26249/life-circle-health-services-receives-grant-worth-rs-3-cr-to-scale-tech-enabled-elder-care-.html Mon, 16 Jun 2025 00:00:00 +0530 Life Circle Health Services, a Hyderabad-based social enterprise, has been named one of four global winners of the DBS Foundation Impact Beyond Award 2024. Launched last year, the award aims to supercharge impactful businesses that are addressing urgent needs in ageing societies. As part of the recognition, Life Circle will receive SGD 500,000 (~Rs 3 crore) in grant funding, along with access to DBS Foundation’s broader ecosystem of support — including expert mentorship, capacity building, and partnership/networking opportunities. It is one of four enterprises collectively awarded SGD 3 million (~Rs 20 crore) by DBS Foundation. In addition to the funding, winners receive ongoing support from the bank to drive their next phase of growth, including new product development, operational scaling, and capacity building.  Life Circle is addressing this gap through a tech-enabled marketplace that connects trained caregivers with families based on individual health and personal care needs. It is India’s only full-stack eldercare company combining training, certification, placement, and managed home care under one brand. Life Circle’s hybrid (phygital) model — which includes a mobile app, caregiver training, and quality checks — helps improve the overall quality of home-based eldercare in India. With this award, it will expand to Tier 2 and 3 cities that are seeing heightened demand, launch new training academies, roll out digital learning tools, and upgrade its technology to better manage onboarding and quality assurance for caregivers.   ]]> https://biospectrumindia.com/news/86/26236/ipv-leads-iom-bioworks-rs-4-cr-funding-to-revolutionise-healthcare-through-gut-microbiome-science.html https://biospectrumindia.com/news/86/26236/ipv-leads-iom-bioworks-rs-4-cr-funding-to-revolutionise-healthcare-through-gut-microbiome-science.html Thu, 12 Jun 2025 00:00:00 +0530 Bengaluru-based startup Iom Bioworks, a deep science company pioneering microbiome-focused healthcare, has secured Seed Round funding in their Rs 4 crore Seed Round led by Inflection Point Ventures (IPV). The capital will be leveraged for marketing, secure intellectual property claims, strengthen core infrastructure and scale scientific and commercial teams. Founded in 2022, Iom Bioworks personalises health by identifying key bacteria in the gut and modulating them in a targeted manner for enhanced, improved  overall health and well-being. Their patented platform combines large-scale knowledge graphed mined through Artificial Intelligence (AI)  and advanced modelling techniques that ensures Iom achieves precise and personalised recommendations for its users. Iom Bioworks reached more than 500 customers in just the first year and have 2 patents granted and 2 in advanced stages. They have key scientific publications in leading scientific journals. Iom Bioworks have Pan India logistics and have established digital access established for personalised microbiome services. “Lifestyle diseases have been on the rise due to multiple reasons like poor diet, stress, lack of sleep and are intimately linked to poor gut health and microbial composition. The gut microbiome plays a huge role in your digestion, immunity, metabolism, and even mood. Understanding it can help prevent a myriad of these diseases and also provide a better quality of life. Iom Bioworks is making this cutting-edge science accessible, personalised and importantly, actionable. With their vision and science, they make a compelling bet in preventive and therapeutic healthcare”, says Vinay Bansal, Founder, IPV. At a compound annual growth rate (CAGR) of 28%, the worldwide market for health tests, subscriptions, and wellness platforms is expected to reach $900 billion by 2030. Iom Bioworks is well positioned to lead this transformation to personalised accessible gut health with its scalable approach, user focus and the foundation of deep science and research.   Image caption- L-R, Samik Ghosh, Co-Founder & Chief of Science & Technology; Dr Hiroaki Kitano, Co-Founder & Chief of Research & Collaboration; Bipin Pradeep Kumar, Co-Founder and CEO, Iom Bioworks ]]> https://biospectrumindia.com/news/86/26211/healthkois-launches-with-300-m-fund-to-transform-indias-healthcare-landscape-.html https://biospectrumindia.com/news/86/26211/healthkois-launches-with-300-m-fund-to-transform-indias-healthcare-landscape-.html Fri, 06 Jun 2025 00:00:00 +0530 HealthKois, India’s premier healthcare transformation fund, has launched with a target corpus of $300 million, and an additional green shoe option of $100 million. The fund has been established by the key leadership team behind HealthQuad—Charles Janssen (Managing Partner), Ajay Mahipal (Partner), and Dr. Pinak Shrikhande (Partner). As a successor fund to HealthQuad, HealthKois will accelerate India’s healthcare evolution by investing in technology-enabled, scalable, and high-impact enterprises. HealthKois aims to deliver top-tier risk-adjusted financial returns alongside measurable societal impact. Over the next four years, the firm will invest between $7 million to $25 million per company in early growth-stage businesses operating across HealthTech, Life Sciences, MedTech, Healthcare Delivery and Climate Health. The fund is focused on supporting companies that offer robust operational scalability, demonstrable clinical outcomes, and sustainable infrastructure solutions. “HealthKois will back technology-led and innovative healthcare companies that address critical gaps in accessibility, affordability, and quality of care. Our goal is to transform care delivery by enabling early-growth ventures that bring real-world impact,” said Charles Janssen, Managing Partner, HealthKois. “With access to over 75% proprietary deal flow, we’re well-positioned to leverage our deep networks and operational expertise to deliver both superior financial returns and societal outcomes.” “HealthKois represents our deep belief that meaningful change in healthcare can only be achieved by scaling enterprises that blend purpose with performance,”,” said Ajay Mahipal, Partner, HealthKois. “At HealthKois, we’re not just capital providers, we are long-term collaborators with founders, bringing strategic direction, global networks, and deep sector knowledge to help unlock their full potential. We invest in ventures that revolutionize healthcare delivery while also strengthening infrastructure resilience in India and other LMIC markets.” “Our experience has taught us that true innovation in healthcare is born out of empathy, evidence, and execution,” said Dr. Pinak Shrikhande, Partner, HealthKois. “We look for companies that go beyond intent to deliver real clinical and operational impact. Transformation doesn’t happen in silos, it requires a blend of clinical insight, practical know-how, and the conviction to back bold ideas. At HealthKois, we bring a hands-on, collaborative approach rooted in trust and deep sector expertise, enabling founders to build scalable, outcome-driven solutions that truly move the needle for patients and health systems alike.”   ]]> https://biospectrumindia.com/news/86/26198/agenus-and-zydus-lifesciences-enter-141-m-strategic-collaboration-for-biologics-manufacturing-in-us.html https://biospectrumindia.com/news/86/26198/agenus-and-zydus-lifesciences-enter-141-m-strategic-collaboration-for-biologics-manufacturing-in-us.html Tue, 03 Jun 2025 00:00:00 +0530 US-based Agenus Inc., a leader in immuno-oncology innovation, has signed definitive partnership agreements with Ahmedabad-based Zydus Lifesciences, including its subsidiaries/affiliates, designed to accelerate clinical development, scale global manufacturing, and expand patient access to botensilimab and balstilimab (BOT/BAL). The strategic collaboration includes an exchange of Agenus’ state-of-the-art biologics CMC facilities in Emeryville, CA and Berkeley, CA for upfront consideration of $75 million; Agenus to receive up to an additional $50 million in contingent payments triggered by BOT/BAL production orders. Zydus, an India-based multinational pharmaceutical company with over 27,000 employees and operations in 55 countries, will launch a BioCDMO business using the facilities as their flagship US sites to provide biologics contract manufacturing services to biopharmaceutical companies globally. Agenus will become Zydus’ first BioCDMO customer through an exclusive manufacturing agreement for BOT/BAL to ensure the combination regimen’s BLA and launch readiness needs. This collaboration enables Agenus to unlock the value of its manufacturing assets and secure strategic capital to drive BOT/BAL toward global regulatory engagement and commercialisation. Agenus will also grant Zydus an exclusive license to develop and commercialize BOT and BAL in India and Sri Lanka, capitalizing on Zydus’ established local market presence and infrastructure. Zydus will pay Agenus a 5 percent royalty on net sales in those countries. ]]> https://biospectrumindia.com/news/86/26178/shivtek-spechemi-industries-invests-rs-600-cr-to-set-up-new-chemical-manufacturing-unit-in-hazira-gujarat.html https://biospectrumindia.com/news/86/26178/shivtek-spechemi-industries-invests-rs-600-cr-to-set-up-new-chemical-manufacturing-unit-in-hazira-gujarat.html Thu, 29 May 2025 00:00:00 +0530 Leading speciality chemicals manufacturer, Shivtek Spechemi Industries Ltd, a flagship company of the Shiva Group of Industries, focusing on innovation, sustainability, and high-quality solutions for pharmaceuticals, agrochemicals, and industrial coatings, has announced the finalisation of a new manufacturing facility near Hazira, spread across 1 million+ square feet. The new facility being build with an investment of Rs 600 crore, to be operational from 2027, will add to the production capacity of 2,50,000 MTPA by 2027-28 and offers cost-effective logistics and seamless connectivity to both domestic and international markets. The location offers easy access to major ports including Hazira, Dahej, Kandla, and Mundra, ensuring seamless connectivity for both imports and exports. Its proximity to the dedicated freight corridor further enhances the efficient and cost-effective movement of raw materials and finished goods. Additionally, being just 70 kilometers from the Dahej plant significantly reduces logistics costs, making it a strategic advantage for streamlined supply chain operations. The expansion is further supported by a 5000 KL storage facility and a dedicated warehousing space of 1,50,000 square feet for export orders and products from the Dahej plant. The new Hazira plant will pioneer the production of oil additives, Proteogenic to Aprotic solvents, and specialty petrochemicals.   ]]> https://biospectrumindia.com/news/86/26128/curebay-raises-21-m-to-lead-equitable-healthcare-movement.html https://biospectrumindia.com/news/86/26128/curebay-raises-21-m-to-lead-equitable-healthcare-movement.html Tue, 20 May 2025 00:00:00 +0530 Bhubaneshwar-based startup CureBay, a tech-first hybrid healthcare platform, has raised $21 million in its Series B funding round led by Bertelsmann India Investments. The round saw participation from existing investor Elevar Equity, reaffirming its commitment to Curebay’s mission along with British International Investment, the UK’s development finance institution and impact investor. This marks a significant milestone in CureBay’s journey to build India’s trust infrastructure for rural health by driving equity, access, and innovation across underserved geographies.  Launched in 2021, CureBay has developed a scalable eClinic network powered by a best-in-class tech stack and a dedicated community workforce of trained and active Swasthya Mitras. It provides quality, accessible and affordable services for doctor consultation, diagnostics, pharmacy and tertiary care for rural households through its network of 150+ eClinics operational across Odisha and Chhattisgarh. Its preventive health programme boasts 90,000 active members with a renewal rate exceeding 60%. The latest capital infusion will be deployed to strengthen CureBay’s in-house, proprietary technology stack, expansion across India, while building the right teams to drive its next phase of growth. The company is utilising its AI and data capabilities for improving predictive care and operational efficiency and aims to expand its footprint to new states, including Jharkhand, Bihar, Uttar Pradesh and Madhya Pradesh. It will also invest in platform upgrades, proprietary algorithms and rural-first workflow automation tools that can one day be adapted for global health contexts.    ]]> https://biospectrumindia.com/news/86/26114/sanofi-to-invest-at-least-20-b-in-the-us-through-2030-for-rd-and-manufacturing.html https://biospectrumindia.com/news/86/26114/sanofi-to-invest-at-least-20-b-in-the-us-through-2030-for-rd-and-manufacturing.html Thu, 15 May 2025 00:00:00 +0530 French pharmaceutical firm Sanofi has announced its intention to invest at least $20 billion in the United States (US) through 2030. The expected investment includes a significant increase in research and development (R&D) spending and the allocation of billions of dollars to US manufacturing. The announcement comes as Sanofi prepares for the potential launch of numerous new first- or best-in-class medicines across many indications in the coming years, aiming to improve the health of countless Americans. Work being done within the United States by Sanofi and by the hundreds of companies it supports is anticipated to contribute to job creation and innovation in numerous communities that are home to Sanofi and its partners, while also helping to enhance the US supply chain. Paul Hudson, Chief Executive Officer said, "Sanofi's 13,000 US-based employees are pioneering the research and development of first- and best-in-class medicines across numerous therapeutic areas. Our expected investments in the US will be substantial and will help ensure the production of key medicines in the US." Of the total investment, Sanofi will substantially increase spending in the US on R&D to accelerate its science. The company also plans to expand its US manufacturing capacity, both through direct investments in Sanofi sites, as well as through partnerships with other domestic manufacturers, to help ensure the production of medicines in the US. While Sanofi's investment decisions will be adjusted as the external environment continues to evolve, the planned investments are expected to create a significant number of high-paying jobs in multiple states in the coming years. ]]> https://biospectrumindia.com/news/86/26115/maverick-simulation-solutions-plans-to-invest-rs-50-cr-in-rd-to-advance-medical-training-simulators.html https://biospectrumindia.com/news/86/26115/maverick-simulation-solutions-plans-to-invest-rs-50-cr-in-rd-to-advance-medical-training-simulators.html Thu, 15 May 2025 00:00:00 +0530 Delhi-based Maverick Simulation Solutions has announced an investment of Rs 50+ crore into its research and development division. The investment will be used to enhance product innovation in areas such as Task Trainers, High End Simulators, CPR Trainers, etc. and to integrate advanced technologies like Artificial Intelligence (AI), Augmented Reality, and Virtual Reality into its training solutions. The funds will also support the creation of new prototypes and the strengthening of in-house capabilities across engineering, clinical integration, and content development. The R&D work will be carried out in India, with testing and feedback from academic institutions. Maverick began with 3D scanning and printing services and entered into the medical simulation domain in 2019, with manufacturing of its simulators starting in 2021, with the focus on made in India products. The company develops various medical simulators and works with institutions like AIIMS, DRDO, and IITs. Its mission is to improve healthcare skills and reduce errors through practical training tools. The objective behind this R&D investment is to support better clinical education by developing practical, realistic, re-usable training tools. The company aims to expand its R&D capabilities to meet the growing demand for hands-on training in medical, nursing, and paramedical education. Maverick has crossed a revenue of Rs 100+ crore in FY 2024-25, reflecting the increasing adoption of its solutions across institutions. Anuj Chahal, Founder & CEO of Maverick Simulation Solutions, said, “The future of healthcare education depends on how well today’s students are trained for real clinical challenges. Our goal is to change how training is delivered. We are not only making tools but also making them accessible to institutions across India. With this R&D investment, we want to improve product design, introduce new technologies like AR and VR, and make training more realistic and repeatable. Our aim is to impact more than 250 institutions and reach Rs 300 crore in revenue in the coming year. This is a step toward building strong foundations in healthcare learning.” ]]> https://biospectrumindia.com/news/86/26094/pb-healthcare-services-announces-first-tranche-of-seed-funding-round-of-218-m.html https://biospectrumindia.com/news/86/26094/pb-healthcare-services-announces-first-tranche-of-seed-funding-round-of-218-m.html Fri, 09 May 2025 00:00:00 +0530 Gurugram-based startup PB Healthcare Services has announced that global investment and transformation company, General Catalyst, was the lead investor in the first tranche of its seed funding round of $218 million. PB Fintech Limited also participated in the round, along with other external investors. The investment will be used to establish PB Health’s initial hospital network in the Delhi NCR region and to accelerate product development and technological innovation. As part of its broader vision, PB Health is building an end-to-end healthcare platform that seamlessly integrates care and insurance. By operating its own hospitals and leveraging technology, analytics, and a preventive-care approach, the company aims to improve long-term health outcomes, reduce avoidable surgeries, and deliver a more predictable, full-stack patient experience. Commenting on the development, Yashish Dahiya, Chairman & Group CEO of PB Fintech, said, “ Our vision is to create a truly integrated healthcare ecosystem where patients can experience frictionless, high-quality care. Our focus remains on building a tech-first healthcare platform that improves outcomes, enhances trust, and redefines the care journey for millions across India.” Neeraj Arora, Managing Director at General Catalyst said, "We believe India has a unique opportunity to leapfrog legacy models and build a resilient, inclusive health assurance system—one that makes care more proactive, affordable, and accessible. Yashish has already built one of India’s largest insurance platforms, and is uniquely positioned to deliver impact at scale for the country's middle class.” PB Health is building a next-generation healthcare platform that delivers seamless, cashless, and patient-centric care through an integrated hospital network. Its vision is to bridge the gap between insurance and healthcare delivery, making high-quality care more accessible and predictable for patients across India. ]]> https://biospectrumindia.com/news/86/26089/aster-dm-healthcare-to-invest-rs-480-cr-in-new-facility-in-bengaluru.html https://biospectrumindia.com/news/86/26089/aster-dm-healthcare-to-invest-rs-480-cr-in-new-facility-in-bengaluru.html Wed, 07 May 2025 00:00:00 +0530 Aster DM Healthcare, one of the largest integrated healthcare providers in India, has announced the signing of a lease agreement to establish its 4th Multispecialty Hospital in Bengaluru. This 430-bed state-of-the-art facility to come up in Sarjapur is set to revolutionise healthcare in the region with its comprehensive and specialised medical services.  Aster DM Healthcare will be making an investment of around Rs 480 crore in this facility spreading over 4 lakh sq ft. The first phase of the project with 300 beds will be operational by the second half of FY27 and the remaining 130 beds in FY29. With the establishment of its fourth hospital in Bengaluru, Aster will strategically achieve a city-wide presence, covering all major zones and solidify its position among the top three hospital chains in the city. Sarjapur Road is rapidly emerging as Bengaluru’s next major IT hub, driven by robust infrastructure development and strategic location advantages. The Karnataka Industrial Areas Development Board (KIADB) has announced plans to develop a state-of-the-art IT hub spread across 1,050 acres. This development is complemented by a surge in approved residential and commercial projects, positioning Sarjapur as a high-growth corridor. Dr Azad Moopen, Founder & Chairman, Aster DM Healthcare said, “This state-of-the-art facility is being designed to deliver world-class, patient-centric care and will cater to the rapidly growing healthcare needs of the region. As part of our broader vision to strengthen our footprint in key urban centers, the upcoming hospital reinforces our commitment to enhancing access to advanced medical services. Notably, this will be a comprehensive multi-specialty hospital in the South-East Bengaluru micro market, with a focus on cancer care, establishing a strong oncology footprint from inception."   ]]> https://biospectrumindia.com/news/86/26081/celcius-logistics-raises-rs-250-cr-in-series-b-funding-to-expand-cold-chain-network.html https://biospectrumindia.com/news/86/26081/celcius-logistics-raises-rs-250-cr-in-series-b-funding-to-expand-cold-chain-network.html Tue, 06 May 2025 00:00:00 +0530 Mumbai-based startup Celcius Logistics has closed its oversubscribed Series B round, raising a substantial amount of Rs 250 crore through a combination of equity investment, debt financing, and secondary transactions.  Leading equity investors Eurazeo and Omnivore co-led the round, which saw participation from existing investors IvyCap Ventures, along with debt partners including Trifecta Capital, Lighthouse Canton, BlackSoil, UCIC, and GetVantage, among others. Celcius Logistics’ proprietary tech solutions address critical industry needs, such as food safety, temperature control, and end-to-end monitoring of sensitive shipments, all while reducing wastage and maintaining quality. This funding will help the company expand its network to more than 1000 cities in India and enhance its technology platform to meet the growing demand for temperature-sensitive logistics across multiple sectors. Recently, Celcius has made significant inroads into pharmaceutical logistics, ensuring safe and efficient transportation of critical medical supplies nationwide. “The funding comes at a pivotal time as we scale our operations and strengthen our capabilities across all verticals, said Swarup Bose, Founder & CEO of Celcius Logistics. We are focused on expanding our reach, deepening customer partnerships, and delivering seamless, reliable, and efficient temperature-sensitive logistics using our tech-driven cold chain solutions. This support enables us to bridge critical industry gaps and drive meaningful transformation in the ecosystem.” Earlier in May last year, the end-to-end cold chain solutions provider raised Rs 40 crore in a pre-series B round. Till date, the company has raised around Rs 390 crore to expand its cold chain network and capabilities. Established in 2020, the company currently operates in 600+ cities with a network of 4,000+ vehicles and 150+ cold storage and distribution facilities. Celcius has shown consistent top line growth of 2.5x YoY since 2021.    ]]> https://biospectrumindia.com/news/86/26082/tpg-acquires-35-stake-in-schott-poonawalla-from-serum-institute-of-india.html https://biospectrumindia.com/news/86/26082/tpg-acquires-35-stake-in-schott-poonawalla-from-serum-institute-of-india.html Tue, 06 May 2025 00:00:00 +0530 Schott Pharma, a pioneer in drug containment and delivery solutions, has announced that TPG, a leading global alternative asset management firm, has entered into a binding agreement to acquire a 35% stake in its joint venture Schott Poonawalla from Serum Institute of India (SII).  Schott Poonawalla is a joint venture of Schott Pharma and SII, part of the Cyrus Poonawalla Group and a global leader in vaccine manufacturing, dedicated to providing affordable vaccines worldwide. TPG Growth, TPG’s middle market and growth equity platform, is funding the investment, along with Novo Holdings as a co-investor. Following the transaction, SII will retain a minority stake in the company. With deep healthcare investing experience and local expertise in India, having TPG join the partnership alongside Schott Pharma and Serum Institute of India represents a significant milestone in Schott Poonawalla’s growth, equipping the company with additional resources and strategic insight to support its long-term global ambitions. Schott Poonawalla designs advanced drug containment and delivery solutions for pharmaceutical and biotechnology customers. The company’s portfolio features a large range of products including cartridges for auto-injector pens, prefillable syringes for a wide variety of biologics, vials, ampoules, as well as regulatory services for biotech and pharmaceutical companies, and Contract Development and Manufacturing Organisations (CDMOs).   The transaction is subject to customary closing conditions and is expected to close within the first half of 2025. ]]> https://biospectrumindia.com/news/86/26065/shashvi-remedies-secures-rs10-lakh-grant-from-maharashtra-state-innovation-society.html https://biospectrumindia.com/news/86/26065/shashvi-remedies-secures-rs10-lakh-grant-from-maharashtra-state-innovation-society.html Thu, 01 May 2025 00:00:00 +0530 Mumbai-based Shashvi Remedies, a pioneer in healthcare innovation, has received a grant of Rs ten lakh for international patents from the Maharashtra State Innovation Society (MSINS) under the Government of Maharashtra's Skill Development and Entrepreneurship Department (SDED). This acknowledgement is the demonstration of Shashvi Remedies’ persistent endeavour to identify pharma solutions for critical cancer disease that contributes to making a difference. With breast cancer affecting over 670,000 women worldwide each year and one woman diagnosed every four minutes in India, the need for breakthrough treatments has never been more urgent. Shashvi Remedies’ patented innovation offers new hope by targeting and eliminating cancerous cells while preserving healthy tissue, representing a major step forward in patient-centered treatment options. As the global pharmaceutical industry braces for the upcoming patent cliff of 2030, which will see the expiration of several major drug patents, Shashvi’s patented innovation is poised to capture attention. Industry analysts predict that pharmaceutical giants will be investing heavily in patented oncology solutions, with over $500 billion in reserves for acquisitions and pipeline growth. Shashvi’s patented breast cancer treatment is a highly valuable asset, with both Indian and global pharmaceutical companies recognizing its potential. A recent example of this trend is the acquisition of a US-based R&D firm by a leading Indian pharmaceutical company, securing a derma-oncology product for approximately $355 million—demonstrating the industry’s keen interest in breakthrough, early-stage oncology solutions.   ]]> https://biospectrumindia.com/news/86/26060/hexahealth-closes-series-a-fund-raise-of-12-m-to-redefine-surgical-care-journey-across-india.html https://biospectrumindia.com/news/86/26060/hexahealth-closes-series-a-fund-raise-of-12-m-to-redefine-surgical-care-journey-across-india.html Wed, 30 Apr 2025 00:00:00 +0530 Gurugram-based startup HexaHealth, a leading tech-enabled surgery care platform, has successfully closed its $12 million Series A funding round. The round was led by Orios Venture Partners and 3one4 Capital, with participation from new investors Enzia Ventures and ITI Growth Opportunities Fund, along with existing backers Chiratae Ventures and Omidyar Network India. This milestone funding will accelerate HexaHealth’s mission to reshape how surgical care is delivered and experienced across India. The new funds will be strategically deployed to drive HexaHealth’s next phase of growth. Key initiatives include expanding into new surgical specialities, entering additional geographies across India, building an artificial intelligence (AI)-powered platform to further personalise and enhance patient care, and strengthening the senior leadership team to accelerate innovation and impact. To date, HexaHealth has facilitated over 30,000 surgeries across India’s key cities, offering patients not just procedures but peace of mind through compassionate, end-to-end care. In FY25 alone, HexaHealth facilitated nearly 15,000 surgeries, valued at approximately Rs 150 crore, and achieved positive contribution margins, signalling strong unit economics. The company is now expanding into new cities, bringing its patient-first approach to millions in need.   By seamlessly integrating advanced technology, clinical expertise, transparent pricing, hospital partnerships, financing solutions, and compassionate support, HexaHealth — founded by Ankur Gigras, Vikas Chauhan, and Dr Aman Priya Khanna — is shaping the future of surgical care in India. The platform’s holistic approach ensures that every patient’s journey is not only safe and efficient but also grounded in trust and empathy.  ]]> https://biospectrumindia.com/news/86/26037/pharma-healthcare-deals-in-q1-2025-shift-focus-to-scalable-global-models-.html https://biospectrumindia.com/news/86/26037/pharma-healthcare-deals-in-q1-2025-shift-focus-to-scalable-global-models-.html Fri, 25 Apr 2025 00:00:00 +0530 According to the Grant Thornton Bharat Pharma & Healthcare Dealtracker, Q1 2025 recorded 71 deals amounting to $2.6 billion, reflecting a slight 5% dip in volumes and a significant 69% drop in values compared to Q4 2024. Despite the moderation in deal values, investor interest in the healthcare and pharmaceutical sector remains resilient. M&A activity contributed 57% of the total deal value, while private equity drove 59% of the overall volume. Excluding IPOs and QIPs, the quarter saw 67 deals valued at $2.1 billion—a marginal 3% decline in volumes and a 70% drop in values, primarily due to the absence of the $5 billion Aster DM Healthcare–Quality Care India merger that skewed the previous quarter’s numbers. Adjusting for this outlier, Q1 2025 saw a 15% increase in deal values. On a year-on-year basis, volumes rose by 34% and values surged by 326%. The quarter also saw a rise in high-value deals (≥ $100 million), with six such transactions—double that of the previous quarter—indicating robust investor confidence and a continued appetite for scale investments. The largest M&A deal of the quarter was Intas Pharmaceuticals’ $558 million acquisition of Udenyca from Coherus Biosciences, accounting for nearly 27% of total sector values and signaling India’s growing ambitions in the US biosimilars space.  Sun Pharma’s $355 million acquisition of Checkpoint Therapeutics further emphasized ongoing consolidation in oncology. Private Equity (PE) activity remained concentrated in early-stage (≥ Series A) funding, with health tech leading the charge, followed by the wellness segment, particularly in sexual wellness and nutritional products. The top five PE deals accounted for 74% of total PE value, with the largest being Kotak Alternate Asset Managers’ $121 million investment in Tirupati Medicare Pvt Ltd.  Q1 2025 saw three IPOs raising $503 million and one QIP worth $74 million, spanning hospitals, medical devices, and pharma. ]]> https://biospectrumindia.com/news/86/26027/hearzap-unveils-rs-8-cr-esop-plan-aims-to-double-growth-by-fy28.html https://biospectrumindia.com/news/86/26027/hearzap-unveils-rs-8-cr-esop-plan-aims-to-double-growth-by-fy28.html Wed, 23 Apr 2025 00:00:00 +0530 Hearzap, a Hyderabad-based provider of complete hearing care solutions in India, has announced its Employee Stock Ownership Plan (ESOP), representing a significant step in Hearzap’s journey of collective growth and success. With this programme, eligible employees will have the opportunity to become shareholders of the company and share in Hearzap's long-term vision of making hearing care accessible and affordable throughout India. The company recently approved the ESOP programme, through which stock options worth approximately Rs 8 crore will be granted to eligible employees. With an overall revenue growth of 20% in FY 24-25, this initiative offers team members a chance to build personal wealth and grow alongside the company, reinforcing a sense of ownership and belonging. Raja S., Managing Director, Hearzap commented on the scheme, “By implementing our ESOP, we aim to demonstrate our commitment to value and appreciate the adaptability and loyalty of our team. It is more than a financial incentive it is a new era of empowerment, acknowledging that what we achieve is a shared accomplishment. We intend to build a culture of ownership and shared prosperity. Hearzap is more than a workplace It is a place to be an individual and grow personally and financially.” Hearzap has grown to more than 150 hearing experience stores in India and served over 1.2 million clients. The company plans to expand to 250 stores by FY26, and 500 stores thereafter targeting 2X growth in the next three years.   ]]> https://biospectrumindia.com/news/86/26020/brain-health-startup-ivory-raises-1m-in-fresh-funding.html https://biospectrumindia.com/news/86/26020/brain-health-startup-ivory-raises-1m-in-fresh-funding.html Tue, 22 Apr 2025 00:00:00 +0530 Mumbai-based Ivory, an early-stage brain health startup, has announced the successful close of its latest $1million funding round. The round was co-led by IIM-A Ventures, the entrepreneurship center at IIM Ahmedabad that incubates, accelerates and invests in early-stage technology startups, and Capital-A, a fund known for backing innovative early-stage startups, which had previously backed Ivory in the pre-seed stage.The funding round saw additional backing from 1Crowd, and Stanford Angels, along with eminent angel investors such as Dr. Sanjay Arora, Adarsh Narahari and Juhi Bhatnagar.According to various researches, 90% of cognitive impairment remain underdiagnosed. With no definitive cure for neurodegenerative conditions like dementia, prevention is the only real defense. Ivory is on a mission to shift the focus from late-stage diagnosis to proactive brain health solutions. Through neuroscience-based digital assessments, it enables early detection of cognitive decline—empowering individuals to take action long before symptoms escalate.With this new capital, Ivory plans to strengthen the technology for its clinical grade assessments and scale distribution to reach more individuals across India.Rahul Krishnan, Co-founder and CPO, Ivory said “With this capital, we aim to further invest in our technology—enhancing the accuracy, depth and reach of our cognitive assessments. As conversations around longevity and preventive health gain momentum, Ivory stands at the intersection of technology, healthcare and aging to reshape how we approach long-term brain wellness.”In the past year, apart from being directly available to consumers through its app, Ivory has also built a robust pipeline of clinicians, psychologists, insurance and corporate partners, like Ather Energy, WeWork and PUMA, who are relying on Ivory to power their Cognitive Risk Screenings.The startup recently garnered national attention with the release of India’s first-of-its-kind Brain Health Report, offering valuable insights into the state of cognitive well-being in the country. Ivory also gained national visibility through its appearance on Shark Tank India Season 4.Looking ahead, the team plans to expand its footprint across new geographies, deepen AI capabilities to personalise assessments further, and invest in longitudinal research to build benchmarks for cognitive health specific to Indian populations. ]]> https://biospectrumindia.com/news/86/26004/zydus-invests-in-feldan-therapeutics-to-drive-innovation-in-intracellular-drug-delivery.html https://biospectrumindia.com/news/86/26004/zydus-invests-in-feldan-therapeutics-to-drive-innovation-in-intracellular-drug-delivery.html Thu, 17 Apr 2025 00:00:00 +0530 Zynext Ventures USA LLC, the venture capital arm of Ahmedabad-based Zydus Lifesciences, has announced its investment in Feldan Therapeutics, a Canada-based early clinical-stage pharmaceutical company pioneering the development of treatments based on intracellular delivery of therapeutics. Feldan's proprietary Shuttle peptide technology enables the efficient and targeted delivery of biomolecules into cells, unlocking new therapeutic possibilities. The company's lead candidate, FLD-103, is administered directly into basal cell carcinoma (BCC) lesions, where the Shuttle peptide facilitates the delivery of a Hedgehog inhibitor to its target within BCC cells. This innovative approach aims to provide BCC patients with a non-surgical treatment option that improves outcomes and significantly enhances their quality of life. Additionally, Feldan is advancing a pulmonary programme that leverages the Shuttle's unique ability to transport biomolecules into hard-to-deliver lung cells to address the unmet and growing medical needs of patients with respiratory diseases. Jay Kothari, Director of Zynext Ventures, highlighted, "Feldan's platform has the potential to transform intracellular delivery and pioneer next-generation therapeutics, aligning with the disruptive innovations we aim to add to our portfolio." ]]> https://biospectrumindia.com/news/86/26012/srv-hospitals-secures-rs-140-cr-from-invascent-to-augment-critical-care-backed-model.html https://biospectrumindia.com/news/86/26012/srv-hospitals-secures-rs-140-cr-from-invascent-to-augment-critical-care-backed-model.html Thu, 17 Apr 2025 00:00:00 +0530 SRV Hospitals has raised Rs 140 crore from InvAscent, a life sciences private equity (PE) fund. This investment marks a pivotal moment for SRV, enabling the group to strengthen and amplify its multispecialty critical care-focused healthcare model. It is a bold step forward in The New Possible—SRV’s mission to redefine how accessible tertiary care is imagined, delivered, and experienced. The funding positions SRV for its next chapter, setting new benchmarks in the healthcare sector, while deepening its commitment to advanced critical & surgical care, empowered clinicians, and elevated patient experience. Founded in 2015, SRV Hospitals has rapidly evolved into a benchmark in high-acuity neighbourhood healthcare, operating five advanced tertiary care hospitals across Mumbai, Nashik, and Bengaluru with a combined capacity of 500+ beds. The group has earned deep trust across patients, clinicians, and healthcare professionals alike, driven by a model built on consultant-led care, robust critical care systems & protocols, superior clinical outcomes, and a relentless focus on patient experience.InvAscent’s decision to back SRV follows the PE fund’s successful investments in top-tier healthcare brands like HCG Hospitals and Dr. Agarwal’s Eye Hospital. The firm brings not only capital, but deep sector insights and long-term strategic vision. With this partnership, SRV will accelerate its presence, invest in cutting-edge technology, and further strengthen the systems that make its current institutions stand out. ]]> https://biospectrumindia.com/news/86/25958/kashiv-biosciences-secures-150-m-debt-financing-from-goldentree-asset-management.html https://biospectrumindia.com/news/86/25958/kashiv-biosciences-secures-150-m-debt-financing-from-goldentree-asset-management.html Tue, 08 Apr 2025 00:00:00 +0530 Kashiv BioSciences, a fully integrated biopharmaceutical company based in India and the US, has entered into a senior secured credit agreement with GoldenTree Asset Management as the sole lender. The $150 million credit facility supports Kashiv BioSciences in advancing its world-class infrastructure, enabling the company to pursue its research, development, and manufacturing strategy in both the US and India. Kashiv is expanding its state-of-the-art manufacturing facilities in Piscataway, New Jersey (8,500L capacity) and Pipan, India (37,000L capacity), dedicated to monoclonal antibody (mAb) drug substance manufacturing. The new facility in Pipan, Ahmedabad, will be one of India’s largest single-use commercial manufacturing facilities of monoclonal antibodies, serving customers in the US, Europe, and rest-of-world markets. The new credit facility will also support working capital requirements, research and development (R&D), and other business purposes. Dr Sandeep Athalye, Global CEO of Kashiv Biosciences said, “The favourable structure of this debt facility will allow Kashiv to confidently expand its manufacturing capabilities in India and the U.S. and advance its pipeline of biosimilar candidates. This financing comes at a pivotal time of growth and will allow the company to have the financial flexibility to execute on our near- and long-term growth objectives.” ]]> https://biospectrumindia.com/news/86/25947/steris-healthcare-announces-rs-50-cr-expansion-ipo-plans.html https://biospectrumindia.com/news/86/25947/steris-healthcare-announces-rs-50-cr-expansion-ipo-plans.html Mon, 07 Apr 2025 00:00:00 +0530 Steris Healthcare, a Mumbai-headquartered pharma startup with operations in Navi Mumbai, has announced a Rs 50 crore multi-pronged growth strategy, including a major expansion into South India, a doubling of production capacity, and plans to launch its Initial Public Offering (IPO) in FY 2026-27. The company, which recently crossed Rs 100 crore in annual sales, aims to solidify its national presence and enhance its ability to deliver innovative, affordable healthcare solutions. As part of its strategic expansion, Steris Healthcare will establish a state-of-the-art manufacturing facility in South India, targeting key markets in Kerala, Tamil Nadu, Hyderabad (Telangana), and Bengaluru (Karnataka). This move is designed to streamline supply chains and strengthen the company's reach in high-demand regions. The new plant will double Steris' production capacity by 100%, adding (XX) units to its existing infrastructure, enabling the company to meet growing domestic and international demand while adhering to stringent quality standards. In addition to scaling operations, Steris Healthcare will launch new medications and healthcare products aimed at addressing critical therapeutic needs. This initiative reflects the company's unwavering commitment to innovation and bridging gaps in medical care. The expansion is also expected to generate 800 new jobs across manufacturing, R&D, sales, and logistics, fostering economic growth in South India. The proposed IPO, slated for FY 2026-27, will support Steris' growth objectives, including infrastructure development, R&D advancements, and market diversification. The company is collaborating with financial advisors to ensure compliance with regulatory frameworks and to align with investor expectations for a successful public listing. ]]> https://biospectrumindia.com/news/86/25952/metropolis-healthcare-buys-dehraduns-dr-ahujas-pathology-imaging-centre-for-rs-35-cr.html https://biospectrumindia.com/news/86/25952/metropolis-healthcare-buys-dehraduns-dr-ahujas-pathology-imaging-centre-for-rs-35-cr.html Mon, 07 Apr 2025 00:00:00 +0530 Metropolis Healthcare Limited has announced that its wholly owned subsidiary, Metropolis Histoxpert Digital Services Private Limited, has entered into a business transfer agreement to acquire Dehradun’s leading diagnostic chain - Dr. Ahujas’ Pathology and Imaging Centre (DAPIC). DAPIC n operates two laboratories accredited by NABL and NABH, 11 patient service centres, and nine hospital-based centres. It offers a comprehensive range of pathology and soft radiology services, including ultrasound, ECG, and X-ray. In FY 2024-25, DAPIC recorded an estimated annual revenue of Rs 11.5 crore (unaudited), with pathology services contributing 73% and radiology services 27%. With 80 percent of its revenue coming from walk-in patients, the chain has built a strong B2C presence, making it a valuable addition to Metropolis' growing network in North India. Under the agreement, Metropolis’ wholly owned subsidiary Metropolis Histoxpert Digital Services Private Limited, will acquire 100% ownership of DAPIC in an all-cash deal valued at Rs 35.01 crore. To ensure a seamless transition, DAPIC's founders Dr Alok Ahuja and Dr Alka Ahuja will continue their association with the business post-acquisition. Commenting on the acquisition, Ameera Shah, Promoter and Executive Chairperson, Metropolis Healthcare Limited, said, “Together with the acquisition of Core Diagnostics, a leader in oncology testing, Scientific Pathology, the dominant chain in Agra, and now DAPIC, the leading diagnostic chain in Dehradun, we are further strengthening our ‘String of Pearls’ strategy—aimed at building a robust and regionally diverse diagnostic network across North India. These strategic moves have expanded the North India contribution to our overall revenues from 8% to an estimated 14–15%. Building on this momentum, we aim to accelerate our expansion across Uttar Pradesh and Uttarakhand—two high-growth markets with significant potential." ]]> https://biospectrumindia.com/news/86/25934/eureka-analytical-services-acquires-majority-stake-in-teena-biolabs-.html https://biospectrumindia.com/news/86/25934/eureka-analytical-services-acquires-majority-stake-in-teena-biolabs-.html Fri, 04 Apr 2025 00:00:00 +0530 Eureka Analytical Services, a subsidiary of the GBA Group, has acquired a majority stake in Teena Biolabs, a leading pharmaceutical analytics service provider in India. The acquisition is another important step in the GBA Group's global expansion strategy. Through the merger with Teena, Eureka will become a leading service provider for pharmaceutical analysis in India with a total of two US-FDA approved sites. With its current ~200 employees across the main site in Hyderabad and the second laboratory in Panchkula, Teena has built up long-standing customer relationships and a very good reputation in the market over the last few years. Teena laboratory at Hyderabad has a US-FDA inspected status and can therefore support pharmaceutical companies both for the local Indian market and for export to the USA or Europe. “India is one of the most dynamic pharmaceutical markets in the world. Against this background, the merger with the Teena team is an important step towards positioning the GBA Group as a global life science service provider in this market.”, says Steffen Walter, CEO GBA Group, “The expanded portfolio resulting from the merger of Eureka and Teena and the cooperation with our laboratories in Europe provides the GBA Group with an excellent basis for supporting internationally oriented pharmaceutical companies in their development and approval activities.” Dr Gouri Satpathy and Sanjeev Khatri, founders and owners of Eureka said, “In addition to services in the food sector, pharmaceutical analysis is the second strategically important mainstay in Eureka's service portfolio. The merger with Teena therefore represents a further milestone in significantly expanding the range of services in this area, serving the Indian pharmaceutical market holistically and establishing Eureka and the GBA Group as the leading address in the field of laboratory analysis in India.” ]]> https://biospectrumindia.com/news/86/25931/nbec-2025-offers-rs-15-cr-in-cash-prizes-and-investment-opportunities-for-biotech-sector.html https://biospectrumindia.com/news/86/25931/nbec-2025-offers-rs-15-cr-in-cash-prizes-and-investment-opportunities-for-biotech-sector.html Thu, 03 Apr 2025 00:00:00 +0530 The National Bio Entrepreneurship Competition (NBEC), India’s largest and most prestigious bio-entrepreneurship platform, was officially launched on 3rd April 2025 at Startup Maha Kumbh, marking the opening of applications for its 8th edition. Organised by the Centre for Cellular and Molecular Platforms (C-CAMP), NBEC 2025 offers Rs 15 crore in cash prizes and investment opportunities, providing an unparalleled platform for innovators to scale their ideas and build transformative solutions for the biotechnology sector. Reflecting on the impact of the competition, Dr Taslimarif Saiyed, CEO and Director of C-CAMP, said: “As NBEC enters its 8th edition, we are thrilled to witness an overwhelming response from bio-entrepreneurs across the country. This platform has become a catalyst for innovation, nurturing visionary thinkers who are shaping the future of biotechnology in India. Our mission is to empower these entrepreneurs with the right resources, mentorship, and investment opportunities to bring their groundbreaking ideas to life.” Over the past seven editions, NBEC has created a strong pipeline for more than 100 pioneering technologies, addressing critical challenges in digital health, maternal and child health, antimicrobial resistance, water and sanitation, and sustainability. With approximately 18,000 applications received from 35 states and UTs, NBEC has emerged as India’s most expansive innovation showcase, fostering entrepreneurship beyond metro cities into Tier II and Tier III regions. NBEC 2025 features several unique opportunities for participants: Dual-track competition: Open to startups/individuals, and aspiring student teams. Exciting prizes: Up to Rs 10 lakh for student teams and Rs 15 crore in cash prizes and investment opportunities for startups. Mentorship from industry leaders: Winners will gain insights from top experts in the biotechnology sector. Entrepreneurship Development Boot Camp: Shortlisted finalists will receive specialized training from academic and industry mentors. Key focus areas: Healthcare, therapeutics, vaccines, medical devices, diagnostics, AI & ML in digital health, maternal & child nutrition, antimicrobial resistance (AMR), agritech, food & nutraceuticals, clean energy, environmental biotech, sustainability, and more. For more details and to apply, visit www.nationalbioentrepreneurship.in   ]]> https://biospectrumindia.com/news/86/25919/ankura-hospitals-secures-rs-165-cr-funding-from-asian-development-bank.html https://biospectrumindia.com/news/86/25919/ankura-hospitals-secures-rs-165-cr-funding-from-asian-development-bank.html Tue, 01 Apr 2025 00:00:00 +0530 Hyderabad-based Ankura Hospitals, a leading healthcare provider specialising in super-specialty tertiary and quaternary care services for women and children, has secured Rs 165 crore in funding from the Asian Development Bank (ADB). This strategic investment will support Ankura's ambitious expansion plans and is aligned with its long-term vision to strengthen its market presence and enhance healthcare accessibility across India.   As part of its expansion strategy, Ankura Hospitals is focused on establishing new state-of-the-art facilities in key cities across India. Ankura Hospitals specialises in providing world-class care in maternity and gynecology, offering services such as normal deliveries, cesarean sections, fertility treatments, high-risk obstetrics, and comprehensive prenatal and postnatal care. The hospital also features advanced surgical solutions in gynecology, including laparoscopic surgeries and treatment for various gynecological conditions. Also, Ankura Hospitals is providing world-class services, including advanced neonatal intensive care, all paediatric subspecialties, pediatric surgery, child development, and behavioral health for children. With the support from ADB, Ankura Hospitals is poised to enhance its facilities, broaden its impact, and continue delivering exceptional care across India.   ]]> https://biospectrumindia.com/news/86/25889/kotak-alts-invests-rs-1050-cr-in-tirupati-medicare-to-support-expansion-plans.html https://biospectrumindia.com/news/86/25889/kotak-alts-invests-rs-1050-cr-in-tirupati-medicare-to-support-expansion-plans.html Thu, 27 Mar 2025 00:00:00 +0530 Kotak Alternate Asset Managers Limited (Kotak Alts) has announced an investment of Rs 1,050 Crore in Himachal Pradesh-based Tirupati Medicare Limited. This investment will facilitate a complete exit for the existing investor and support Tirupati's expansion plans. Founded in 2005, Tirupati is a leading player in the nutraceutical, pharmaceutical, and Ayush contract development and manufacturing sectors in India. The company boasts of long-standing relationships with global industry leaders such as Herbalife, Glanbia, Abbott, Haleon, Cipla, Dr. Reddy’s, Torrent, Macleods, Pfizer, Lupin, Dabur, and others. Tirupati manufactures renowned brands including Optimum Nutrition, PediaSure, Centrum, Endura Mass, Montair LC, Azee, Softovac, and others. It holds the distinction of having the largest installed capacity for oral solids and powders among Indian nutraceutical contract manufacturers. Eshwar Karra, Managing Partner at Kotak Alts, said, “With its marquee customer base and extensive manufacturing capabilities across various dosage forms, Tirupati is well-positioned to capitalize on the growth opportunities in the Indian nutraceutical market.” Ashok Goyal, Director and CEO at Tirupati said, “At a stage where the business was growing at an unprecedented rate, we received strong support from Affirma Capital in setting up corporate governance and bringing in efficiencies in overall management. Now, since our growth drivers have shifted to innovation and excellence in our products and services, we look forward to leveraging the deep industry knowhow that “Kotak Alts” brings to the table.”   ]]> https://biospectrumindia.com/news/86/25872/dcdc-kidney-care-raises-rs-150-cr-from-abc-impact.html https://biospectrumindia.com/news/86/25872/dcdc-kidney-care-raises-rs-150-cr-from-abc-impact.html Mon, 24 Mar 2025 00:00:00 +0530 DCDC Health Services, which operates dialysis centres under the DCDC Kidney Care brand, has secured a significant investment of Rs 150 crore from Singapore-based ABC Impact, the Asia-focused impact investor backed by Temasek. Founded in 2009, DCDC operates more than 200 centres across India and is one of the foremost operators of dialysis clinics, both under public-private partnerships (PPP) and company-owned standalone clinics. The investment from ABC Impact will support Delhi-based DCDC’s expansion plans, facilitating the rollout of over 150 new clinics across the country in the coming months. On average, patients in India must travel up to 50 kilometres to access a dialysis centre. This expansion will help address the growing need for accessible, affordable dialysis services for those with ESRD inline with the Ayushman Bharat Yojna. It is estimated that over 1.5 million people in India are living with end-stage renal disease and require dialysis three times a week. However, many face barriers to access due to high treatment costs, a lack of available facilities, and inconsistent quality of care. These challenges disproportionately affect low-income families, who often struggle to afford the cost of treatment or are forced to stop treatment altogether. Aseem Garg, Founder and CEO of DCDC, said, “This investment from ABC Impact will help enhance our efforts to transform kidney care in India. With this investment, we plan to expand our network of company-owned centers, ensuring last-mile connectivity and making high-quality dialysis care accessible closer to patients’ homes. We also plan to address this challenge and extend our solutions to countries beyond India” Sugandhi Matta, Chief Impact Officer, ABC Impact, said, "With the growing burden of kidney disease in India, increasing access to quality dialysis is both a healthcare and economic necessity. DCDC’s proven model of expanding affordable dialysis services aligns with our commitment to improving healthcare outcomes while ensuring long-term sustainability. By supporting DCDC’s growth, we aim to help more patients receive life-saving treatment closer to home, reducing the financial and logistical barriers they currently face." DCDC counts IFU, a Danish government owned investment fund and ADB (Asian Development Bank) among its existing shareholders. IFU’s investment is made through the Danish SDG Investment Fund, which is backed by the Danish State, large Danish pension funds and other private and institutional investors.     ]]> https://biospectrumindia.com/news/86/25868/narayana-health-w-health-ventures-and-2070-health-launch-everhope-oncology-with-10-m-investment.html https://biospectrumindia.com/news/86/25868/narayana-health-w-health-ventures-and-2070-health-launch-everhope-oncology-with-10-m-investment.html Sat, 22 Mar 2025 00:00:00 +0530 Everhope Oncology is a joint venture between Narayana Health, India’s leading hospital system; W Health Ventures, a pioneering healthcare venture capital firm; and 2070 Health, India’s first healthcare-focused venture studio. The venture has secured $10 million in seed funding to establish medical and surgical cancer care facilities in Delhi and Mumbai, with plans to expand to 10 cities over the next three years. These medical and surgical cancer care facilities will provide diagnosis, treatment, and supportive care for cancer patients, including chemotherapy, radiation, surgery, and palliative care. Oncologists in India are overburdened, with just one oncologist for every 2,000 cancer patients—compared to 1 per 100 in the US.  Everhope Oncology seeks to address challenges by establishing dedicated chemotherapy facilities and specialised surgical centers. These centres will offer a modern, comfortable, and infection-free environment, ensuring personalized attention, minimal wait times, and an enhanced patient experience. A clinical board comprising experienced oncologists, in close collaboration with Narayana Health, will implement comprehensive globally validated protocols to ensure best-in-class clinical outcomes. Additionally, Everhope will provide holistic care services, including mental health counseling, nutritional consultations, and pain management. A 24/7 care concierge service will support patients between treatment sessions, providing guidance and assistance during this critical phase of their journey. In recent years, cancer care has emerged as one of the fastest-growing specialties within multi-specialty hospitals. At the same time, there is a significant opportunity for the expansion of dedicated cancer facilities. This growth is driven by rising patient volumes, the strong economic viability of single-specialty oncology centers, increasing entrepreneurial ambitions among oncologists, and greater patient awareness, enabling patients to seek the best treatment options upon diagnosis. ]]> https://biospectrumindia.com/news/86/25864/indias-bioeconomy-hits-165-7-b-in-2024-with-moderate-decline-in-growth-momentum.html https://biospectrumindia.com/news/86/25864/indias-bioeconomy-hits-165-7-b-in-2024-with-moderate-decline-in-growth-momentum.html Fri, 21 Mar 2025 00:00:00 +0530 The India Bioeconomy Report 2025, developed by the Association of Biotechnology Led Enterprises (ABLE), was unveiled by Union Minister of State (Independent Charge) Science & Technology Dr Jitendra Singh, at the 13th Foundation Day celebration of Biotechnology Industry Research Assistance Council (BIRAC), in New Delhi on 21 March, 2025. According to the report, India's Bioeconomy continues to expand reaching $165.7 billion in 2024. In 2023, the bioeconomy registered a 10% growth, while in 2024, it has registered 9.7% growth. The report reveals that the BioIndustrial segment has contributed nearly half of the total bioeconomy (47.2%), followed by biopharma standing at 35.2%. In terms of States contribution to the bioeconomy, Maharashtra again takes the lead with $35.45 billion, followed by Karnataka ($32.4 billion) and Telangana ($19.9 bilion). "In just 10 years, India's bioeconomy has expanded from a modest $10 billion to $165.7 billion, far surpassing our initial target of $150 billion by 2025," Dr Jitendra Singh stated quoting IBER 2025. The report highlighted the progress made by the bioeconomy sector and as per the report, the sector is contributing 4.25% to the overall GDP. The sector has shown a CAGR of 17.9% over the past four years, showcasing India’s potential as a global biotech powerhouse. ]]> https://biospectrumindia.com/news/86/25804/sun-pharma-to-acquire-checkpoint-therapeutics-for-355-m.html https://biospectrumindia.com/news/86/25804/sun-pharma-to-acquire-checkpoint-therapeutics-for-355-m.html Mon, 10 Mar 2025 00:00:00 +0530 Mumbai-based Sun Pharmaceutical Industries Limited and US-based Checkpoint Therapeutics, Inc. have entered into an agreement by which Sun Pharma will acquire Checkpoint, an immunotherapy and targeted oncology company. Checkpoint is a Nasdaq-listed commercial-stage company focused on developing novel treatments for patients with solid tumour cancers. Checkpoint has received approval from the US Food & Drug Administration (FDA) for UNLOXCYT (cosibelimab-ipdl) for the treatment of adults with metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC who are not candidates for curative surgery or curative radiation. The transaction is expected to be completed in the second calendar quarter of 2025. The deal involves an upfront cash payment of $4.10 per share of common stock, representing aggregate upfront consideration of up to $355 million. cSCC is the second-most common type of skin cancer in the United States, with an estimated annual incidence of approximately 1.8 million cases according to the Skin Cancer Foundation. Important risk factors for cSCC include chronic ultraviolet exposure and immunosuppressive conditions. While most cases are localized tumors amenable to curative resection, each year approximately 40,000 cases become advanced and an estimated 15,000 people in the United States die from this disease. ]]> https://biospectrumindia.com/news/86/25777/vegen-labs-secures-birac-funding-of-rs-3-76-cr-to-advance-kras-inhibitor.html https://biospectrumindia.com/news/86/25777/vegen-labs-secures-birac-funding-of-rs-3-76-cr-to-advance-kras-inhibitor.html Mon, 03 Mar 2025 00:00:00 +0530 Hyderabad-based biotechnology startup VeGen Labs LLP has been awarded Rs 3.765 crore Royalty-based financial support from Biotechnology Industry Research Assistance Council (BIRAC), a Government of India enterprise set-up by Department of Biotechnology. This funding will support Investigational New Drug (IND)-enabling toxicology studies for IND126, a novel KRAS inhibitor, marking a significant step toward clinical development for Non-Small Cell Lung Cancer (NSCLC) patients in India.  Lung cancer remains one of the leading causes of cancer-related deaths in India, with NSCLC accounting for approximately 85% of all lung cancer cases. Each year, India reports over 70,000 new lung cancer cases, with many patients diagnosed at advanced stages where targeted therapies, such as KRAS inhibitors, could provide life-changing treatment options. With increasing awareness, early diagnosis, and access to advanced therapies, the Indian NSCLC market is poised for significant growth, creating a strong demand for innovative cancer treatments.  The BIRAC funding will enable comprehensive toxicology assessments, a critical step in preparing for IND submission with regulatory agencies. Upon successful completion, VeGen Labs will be positioned to initiate first-in-human clinical trials, further strengthening India’s role in cutting-edge drug discovery and precision oncology.  As the first Indian biotech company developing a KRAS inhibitor for both domestic and global markets, VeGen Labs is setting new benchmarks for Indian-led breakthroughs in oncology drug discovery. VeGen Labs extends its sincere gratitude to BIRAC and Department of Biotechnology, Government of India for their invaluable support, particularly at a time when private and venture funding for biotech innovation in India remains scarce. This backing plays a crucial role in advancing groundbreaking research and fostering innovation.   ]]> https://biospectrumindia.com/news/86/25778/arva-health-raises-1m-in-pre-seed-round-to-build-indias-next-gen-fertility-clinics.html https://biospectrumindia.com/news/86/25778/arva-health-raises-1m-in-pre-seed-round-to-build-indias-next-gen-fertility-clinics.html Mon, 03 Mar 2025 00:00:00 +0530 Bengaluru-based fertility care startup Arva Health has raised $1 million in pre-seed funding, led by All In Capital, with participation from iSeed, Bharath Founders Fund, and Galaxy.The first flagship clinic in Whitefield, Bengaluru will provide fertility testing, consultations, egg freezing, and IVF in a modern, judgment-free setting.A New Model for Fertility Care in India Unlike traditional fertility centres, Arva offers comprehensive, patient-first reproductive care. From at-home fertility testing and expert consultations to IVF, egg freezing, and fertility coaching, Arva supports individuals and couples at every stage of their fertility journey—whether they are trying to conceive, freezing their eggs, or exploring options for the future.The clinic is designed to redefine the fertility experience, moving beyond cold, clinical settings to create a warm, welcoming space where patients feel comfortable, supported, and in control of their reproductive choices.The funding will fuel the launch of India’s first network of tech-enabled fertility clinics, beginning in Bengaluru. The aim is to make reproductive care affordable, accessible, and free from stigma. The company plans to open clinics in ten locations, including Mumbai and Delhi, by 2027. Additionally, the company intends to expand into men's fertility services and develop a digital platform to offer continuous support for fertility. ]]> https://biospectrumindia.com/news/86/25748/startup-mahakumbh-unveils-startup-maha-rathi-for-entrepreneurs-with-a-prize-pool-of-upto-rs-30-cr.html https://biospectrumindia.com/news/86/25748/startup-mahakumbh-unveils-startup-maha-rathi-for-entrepreneurs-with-a-prize-pool-of-upto-rs-30-cr.html Thu, 27 Feb 2025 00:00:00 +0530 The Department for Promotion of Industry and Internal Trade (DPIIT), in collaboration with Avaana Capital, LetsVenture, Karnataka Digital Economy Mission (KDEM), IVCA, HDFC, among others, announced the launch of the Startup Maha Rathi challenge as part of the second edition of Startup Mahakumbh. A flagship initiative aimed at empowering Indian startups through every nook and corner of the country with funding, mentorship, and strategic guidance, this challenge aligns with India’s long-term vision of becoming a developed economy (Viksit Bharat) by 2047. The challenge is set to provide access to up to a Rs 30 crore fund, mentorship from industry experts, and networking opportunities with global investors. In addition, it will also entail special awards for innovative startups from emerging states and union territories through a dedicated program. Startup Maha Rathi – Rising towards Viksit Bharat – is designed to open doors for budding entrepreneurs across 11 key sectors, including AI & DeepTech, BioTech & Healthtech, Gaming & Sports, Fintech, Incubators & Accelerators, Mobility, Agritech, B2B & Precision Manufacturing, D2C, ClimateTech, and Defence & SpaceTech. The programme would be awarded by Minister of Commerce and Industry and is aimed at equipping startups with the necessary resources to scale their operations and contribute to India's technological and economic advancement. Startups selected through this initiative will gain exposure to global markets through Startup India, access to mentorship from industry veterans, investor networking opportunities, and national-level recognition by DPIIT. The competition will follow a structured, multi-phase selection process, beginning with the application launch on February 26, 2025, and culminate after a 4-step process in an exclusive live pitching finale from April 3-5, 2025, at Bharat Mandapam, New Delhi. While each startup shortlisted for the grand jury round receive a guaranteed Rs 1 Lakh, top two startups from each sector will be awarded ₹10 lakh respectively, while the next five will receive Rs 5 lakh each. Next 5 startups in each track will gain access to Rs 3 lakh each in addition to financial grants, participating startups will receive expert guidance and investor access through a jury comprising 100+ leading VCs, angel investors, and domain specialists from Starup India and organizations such as Avaana Capital, LetsVenture, KDEM, IVCA, HDFC among many others. Applications for Startup Maha Rathi 2025 opened on February 26, 2025, with a deadline of March 7, 2025.   ]]> https://biospectrumindia.com/news/86/25742/moc-cancer-care-research-centre-raises-18-m-in-growth-capital-led-by-elevation-capital.html https://biospectrumindia.com/news/86/25742/moc-cancer-care-research-centre-raises-18-m-in-growth-capital-led-by-elevation-capital.html Wed, 26 Feb 2025 00:00:00 +0530 M|O|C Cancer Care & Research Centre, India’s largest network of community cancer centres, has raised $18 million in funding led by Elevation Capital. Over the past 7 years M|O|C has successfully treated over 4.5 lakh cancer patients with a highly qualified team of 47 oncologists while scaling operations to 24 centres in Mumbai, Pune, Rest of Maharashtra, Ahmedabad, Indore and Chhattisgarh. Previously, M|O|C had raised $10 million from Tata Capital Healthcare Fund in 2023 to expand their operations and technological capabilities.  India faces a growing cancer burden with 1.5 million new cases annually. However, the cancer care delivery for most patients is woefully inadequate. Current healthcare infrastructure has several limitations in terms of availability of bed-per-patient, distance that patients travel to the hospitals, hygiene and quality of care and lack of personalised care. Additionally, accessing higher-quality care often comes at a premium, especially in private facilities. While surgery and radiotherapy are local treatments that are primarily effective in the early stages of cancer, medical management is an inescapable necessity irrespective of stage of the disease. M|O|C addresses these challenges by setting up high quality, safety-equipped community cancer centres, that deliver 20-30% savings to patients, while helping them save a great deal of time. Their comprehensive care model offers services like nutrition guidance, physiotherapy, and genetic counseling that are essential for improving quality of life for cancer patients.  In May 2024, the company expanded its services by joining hands with Hemato Oncology Clinic (HOC), which was the second largest independent chain of community cancer care centres in India. This merger has allowed the company to expand its operations in the state of Gujarat. M|O|C shall soon expand their operations in Delhi NCR and other parts of India and develop a molecular oncology lab and preventive oncology services to expand their scope of services.     ]]> https://biospectrumindia.com/news/86/25733/motilal-oswal-alternates-invests-rs-460-cr-in-megafine-pharma.html https://biospectrumindia.com/news/86/25733/motilal-oswal-alternates-invests-rs-460-cr-in-megafine-pharma.html Tue, 25 Feb 2025 00:00:00 +0530 Motilal Oswal Alternate Investment Advisors Private Limited (MO Alts) has agreed to invest upto Rs 460 crore for a majority stake in Mega Fine Pharma Private Limited. The Sanghvi Family, one of the founding-promoter groups, has also participated in this transaction, increasing their stake in the company. Megafine is a Mumbai based export focused API company with two USFDA approved manufacturing facilities in Nashik and Vapi. The company specialises in the manufacture and sale of a diverse range of high-value, low-volume niche Active Pharmaceutical Ingredients (APIs) for chronic therapies. Established in 1995, Megafine is backward integrated to manufacture its own intermediates while also offering contract manufacturing services for APIs and Intermediates to third-party customers. The company has long-standing relations with leading global pharmaceutical companies and has achieved global market leadership in some of its key APIs.  Shailesh Sanghvi, Founder, Promoter and now Managing Director of Megafine stated, “Our focus remains on delivering high-quality products as an independent API supplier in specialized and niche segments. With our manufacturing facilities approved by all major global regulatory authorities, we are committed to excellence. We look forward to partnering with the MO Alts’ team as we embark on the next stage of growth." Rohit Mantri, Managing Director and Co-Head of Private Equity at MO Alts commented, “India’s API industry is witnessing a double-digit growth, driven by increased outsourcing, lower costs and de-risking of global supply chains from China. This is our first sole control investment as MO Alts and we would focus on further strengthening R&D and manufacturing capabilities and creating a platform for further inorganic opportunities." Megafine and its shareholders were advised by Deloitte (financial advisor), JSA (legal) & Pioneer (legal) on the Transaction. Quillon Partners (legal), Alvarez and Marshall (financial), PWC (tax) & MP Advisors (commercial) advised MO Alts. ]]> https://biospectrumindia.com/news/86/25723/kkr-acquires-controlling-stake-in-healthcare-global-enterprises-for-400-m.html https://biospectrumindia.com/news/86/25723/kkr-acquires-controlling-stake-in-healthcare-global-enterprises-for-400-m.html Mon, 24 Feb 2025 00:00:00 +0530 KKR, a leading global investment firm, and Bengaluru-based Healthcare Global Enterprises have announced the signing of definitive agreements with CVC, a leading global private markets manager, under which funds managed by KKR will become the largest shareholder in HCG and assume sole control of HCG’s operations. Dr BS Ajaikumar, Founder of HCG, will take on the role of Non-Executive Chairman and be focused on driving clinical, academic and research and development excellence. As part of the transaction, KKR will acquire up to 54% of equity in HCG from CVC Asia V at a purchase price of Rs 445 per share. Pursuant to the Securities and Exchange Board of India’s (SEBI) Takeover Regulations, an open offer will be conducted by KKR to purchase additional equity shares in HCG from public shareholders. Upon completion of the transaction, KKR is expected to hold an equity stake of between 54-77%. KKR makes its investment from its Asia Fund IV. This transaction marks KKR’s latest investment in India’s healthcare space. Past investments in this sector have included Baby Memorial Hospital, a leading regional multi-specialty hospital chains in India; Healthium, a leading Indian medical devices company; Infinx, a tech-enabled healthcare revenue solutions provider; Max Healthcare, one of India’s largest hospital networks; JB, a leading branded formulations pharmaceutical company in India and Gland Pharma, a leading Indian pure-play generic injectable pharmaceutical products company. ]]> https://biospectrumindia.com/news/86/25718/aster-dm-healthcare-to-invest-rs-850-cr-in-kerala-in-next-3-years-.html https://biospectrumindia.com/news/86/25718/aster-dm-healthcare-to-invest-rs-850-cr-in-kerala-in-next-3-years-.html Sun, 23 Feb 2025 00:00:00 +0530 Aster DM Healthcare, one of India’s leading integrated healthcare providers, has reinforced its deep-rooted commitment to Kerala with a strategic vision for expansion and long-term investment. Aligned with the state's efforts to attract and facilitate high-impact investments under the ‘Invest Kerala Global Summit’ initiative held in Kochi, Dr Azad Moopen, Founder and Chairman, and Anoop Moopen, Director at Aster DM Healthcare met Kerala Chief Minister Pinarayi Vijayan and P Rajeev, Minister of Law, Industries, and Coir to discuss the current healthcare landscape and explore opportunities for growth and innovation. As part of the engagement, Aster has said that it plans to invest around Rs 850 crore in the next 3 years towards scaling up its infrastructure, medical services, and employment generation in the region. This commitment builds on the Rs 500 crore Aster has already invested in Kerala during the last 3 years, further solidifying its leadership in the state’s healthcare landscape. Looking ahead, Aster has an aggressive investment plan in Kerala that will result in a significant increase in bed capacity, bringing the total number of beds in the state to 3,453 by FY27. Aster currently operates seven hospitals in Kerala, with a total capacity of 2,635 beds, contributing to 53% of the company’s India revenue (9M FY25). Aster DM Healthcare’s expansion in the state will be driven by two greenfield projects that are coming up namely Aster Capital Trivandrum with a 454-bed facility and Aster MIMS Kasargod with 264 beds. The flagship hospital Aster Medcity will expand to 962 beds by FY27 as well. In Q3FY25, 100 beds were added to Aster Medcity’s existing capacity, further cementing Aster’s leadership in Kerala’s healthcare sector. Anoop Moopen, Director, Aster DM Healthcare said, “With our expansion plans, we anticipate creating an additional 4200 jobs, further strengthening Kerala’s healthcare workforce and economy."     ]]> https://biospectrumindia.com/news/86/25708/ordi-launches-crowdfunding-platform-savemylife.html https://biospectrumindia.com/news/86/25708/ordi-launches-crowdfunding-platform-savemylife.html Fri, 21 Feb 2025 00:00:00 +0530 The Organization for Rare Diseases India (ORDI), a national umbrella organization representing the collective voice of all patients with rare diseases in India has launched Savemylife, a crowdfunding platform to raise funds. Savemylife strives to improve the lives of individuals suffering from rare diseases.  The platform supports ORDI's mission to advocate for rare disease patients in India. Through collaboration, it promotes rare diseases as a human rights priority, influence public policy, and connect with advocacy organizations globally. It also accelerates diagnosis and treatment through public-private partnerships and support newborn screening, clinical trials, research, and orphan drug development. Sharing details on the platform Prasanna Shirol, Co-founder and Board Director, ORDI, said “Our foremost aim is to support the patients find monetary assistance for their treatment programmes. We typically support individuals in dire financial need suffering from a rare/chronic/genetic disorder given the financial burden of extended treatment, supportive care, medical equipment’s, therapy etc.” Having a vision of ‘Nobody in this world loses life due to lack of financial support,’ Shirol said “We believe in equal opportunity to avail funding and do not discriminate on the basis of religion, caste, class, gender or age. We believe every individual has a right to medical treatment and thereby do our best to support.” ]]> https://biospectrumindia.com/news/86/25680/fortis-to-acquire-228-bedded-shrimann-superspecialty-hospital-in-jalandhar-for-rs-462-cr.html https://biospectrumindia.com/news/86/25680/fortis-to-acquire-228-bedded-shrimann-superspecialty-hospital-in-jalandhar-for-rs-462-cr.html Sat, 15 Feb 2025 00:00:00 +0530 Fortis Healthcare Limited (FHL) has signed definitive agreements for the acquisition of Shrimann Superspecialty Hospital in Jalandhar, Punjab from inter alia Shriman Enterprises (a partnership firm) by way of a slump sale. The acquisition would be undertaken by Fortis' wholly-owned subsidiary Fortis Hospotel Limited (FHTL) and is subject to FHL shareholder approval. As part of the transaction, FHTL would acquire the entire business operations, hospital building of Shrimann Hospital, as well as the underlying hospital land. In addition, an adjunct land parcel for possible future expansion is also being acquired. The transaction will be an all-cash deal for an overall purchase consideration of approx. Rs 462 crore (excluding stamp duty and other regulatory costs) and shall be subject to customary closing adjustments as agreed in the definitive agreements.   The acquisition is in line with the company’s cluster-focused inorganic growth strategy and further bolsters Fortis’ network in the state of Punjab. Shrimann Hospital, Jalandhar adds to the company’s existing presence in the key cities of Punjab including Mohali, Amritsar and Ludhiana. The acquisition will enable the company to scale up and further deliver quality healthcare services to patients in Jalandhar as well as in surrounding catchment areas. Shrimann Hospital, is amongst the leading multi-specialty hospitals in Jalandhar, commissioned in 2018. The facility is NABH accredited and offers a complete range of super specialties including the key specialties such as Cardiac Sciences, Nephrology, General and Laparoscopic Surgery, Oncology, Neuro Sciences and Gastroenterology. For FY 2024-25 (basis annualized 9-month FY numbers) the hospital is expected to generate revenues of ~Rs 154 crore with an EBITDA of ~Rs 36 crore. The transaction is estimated to be consummated by end of March 2025, subject to the completion of certain customary conditions precedent as stipulated in the definitive agreements.   ]]> https://biospectrumindia.com/news/86/25671/nivaan-care-raises-4-25-m-in-seed-funding-from-endiya-partners-and-w-health-ventures.html https://biospectrumindia.com/news/86/25671/nivaan-care-raises-4-25-m-in-seed-funding-from-endiya-partners-and-w-health-ventures.html Thu, 13 Feb 2025 00:00:00 +0530 Delhi-based startup Nivaan Care, India’s first multidisciplinary chronic pain management clinic chain, has secured $4.25M in seed funding led by Endiya Partners. The round also saw participation from existing investor W Health Ventures. Approximately 270 million people in India suffer from chronic pain, and over 25 million new patients get added to this statistic each year. Chronic pain remains a significant, overlooked health issue in India. Nivaan Care was founded in 2023 to address a significant gap that exists in the pain management space. Musculoskeletal pain is a complex issue, and the cause and treatments vary significantly in each case, requiring a holistic treatment protocol. However, current solutions take a unimodal approach, focusing on a single modality of care, leading to a patient journey riddled with uncertainty, frustration, and the persistence of chronic pain. To address this issue, Nivaan focuses on providing multidisciplinary care through a biopsychosocial approach, which has proven to be over nine times more effective than traditional methods. Nivaan offers comprehensive care plans and minimally invasive procedures to its patients through its seven clinics.  At Nivaan Care, patients get a team of pain management specialists, physiotherapists, psychologists, nutritionists, and care managers who create a comprehensive and personalized treatment plan. Nivaan Care has already created significant impact, treating over 10,000 patients and performing 1,400 procedures in just one and a half years. This funding will enable Nivaan Care to expand its reach to 10 new clinics across two cities, moving closer to its vision of making India pain-free. Expanding its offerings, Nivaan Care plans to incorporate evidence-based regenerative medicine modalities, like autologous cell therapies and bioactive scaffolds, to promote tissue repair, reduce pain, and improve function. ]]> https://biospectrumindia.com/news/86/25661/ixp-launches-maiden-rs-200-cr-fund-to-fuel-biotech-innovation.html https://biospectrumindia.com/news/86/25661/ixp-launches-maiden-rs-200-cr-fund-to-fuel-biotech-innovation.html Tue, 11 Feb 2025 00:00:00 +0530 IXP, a Lifesciences VC backed by JV Ventures, has announced the launch of it’s first fund to invest in early-stage companies. The fund aims to build a portfolio of B2B companies ranging from Pre-seed to Series A stages. The IXP Lifesciences Catalyst Fund is targeting a corpus of Rs 200 crore with a greenshoe option of Rs 100 crore. The fund plans to create a portfolio of 20-25 companies addressing gaps in the market for both services and products. Within the lifesciences sector, the fund will invest across innovation in areas such as pharma, biotechnology, medical technology, speciality chemicals, agrotechnology and nutraceuticals. Ketki Tulpule, Ph.D., CIO at IXP said, “IXP was born out of a need we saw in the Indian startup ecosystem. In fact, we conducted a pan-India survey to understand the pain points of biotech’s for an outside-in perspective. The sector is nuanced, and requires investors with scientific expertise, industry knowledge, and operational experience to help biotech’s succeed. We are glad to have onboarded industry veterans as council members and advisors who add to the scientific heft of the fund”. Vishal Goel, Partner at IXP and Co-founder of JV Ventures commented, “The Indian Lifesciences industry is dynamic with large untapped potential. Through IXP Venture Studio, we will co-create companies along with scientists for ideas addressing unmet needs in the market. Unlike traditional VCs, IXP has a hands-on approach through active participation from concept to scale. The Ventureprenuer Program has been designed to transform scientists into founders”. Jasmeet Chhabra, Partner at IXP and Co-founder of JV Ventures added, “The success of biotech’s hinges on many factors, not just capital. These early-stage companies require access to larger ecosystems for laboratories, networks and R&D services which we provide through PoweRx, the Lifesciences vertical of JV Ventures. This differentiates IXP from other funds as it leverages synergies within the group to create a winning proposition for portfolio companies.” ]]> https://biospectrumindia.com/news/86/25646/sigachi-industries-invests-1-m-to-establish-state-of-the-art-rd-centre-in-hyderabad.html https://biospectrumindia.com/news/86/25646/sigachi-industries-invests-1-m-to-establish-state-of-the-art-rd-centre-in-hyderabad.html Fri, 07 Feb 2025 00:00:00 +0530 Sigachi Industries Limited, a leading player in the pharmaceutical industry, is strengthening its research and development (R&D) capabilities with a $1 million investment in a state-of-the-art R&D centre in Hyderabad. This initiative aims to bring API development and analytical efforts under one roof, optimising production processes and driving innovation. The new facility will play a crucial role in enhancing API synthesis, streamlining the pharma product portfolio, and ensuring adherence to stringent global regulatory standards. Sigachi is intensifying its R&D investments to drive high-value innovation, with plans to fuel additional 6 CEP (Certification of Suitability) filing over the next six months. The centre will also house a team of 15-20 experienced R&D scientists dedicated to accelerating product development for regulated markets. By allowing synergies for manufacturing cutting-edge APIs and regulatory filings under the same roof, Sigachi is positioning itself for sustained growth, increased efficiency, and market leadership. This investment aims to reinforce Sigachi’s commitment to innovation and long-term profitability, ensuring the company remains at the forefront of pharmaceutical advancements. The project is set to commence immediately.   ]]> https://biospectrumindia.com/news/86/25641/apex-kidney-care-secures-9-m-investment-from-blue-earth-capital-ag.html https://biospectrumindia.com/news/86/25641/apex-kidney-care-secures-9-m-investment-from-blue-earth-capital-ag.html Thu, 06 Feb 2025 00:00:00 +0530 Mumbai-based Apex Kidney Care (AKC) has received $9 million in Foreign Direct Investment (FDI) from investment vehicles of Blue Earth Capital AG (BlueEarth), a Switzerland-based global impact investment firm, for an undisclosed equity stake. This investment was facilitated by Tata Capital Healthcare Fund (TCHF), the healthcare-focused private equity fund of Tata Capital Ltd., reinforcing their collective commitment to enhancing accessible, high-quality kidney care in India. Last year, TCHF invested an equivalent amount in AKC, through a similar equity investment. Speaking on the partnership, Visalakshi Chandramouli, Managing Partner at Tata Capital Healthcare Fund II said “This collaboration highlights our shared commitment to meeting the growing need for accessible, high-quality dialysis care in India. Co-investments remain a vital part of TCHF’s strategy, providing portfolio companies with enhanced access to growth capital and opportunities.” “We are delighted to welcome BlueEarth as our Investor Partner. Together with TCHF and BlueEarth, we will continue our mission to expand and strengthen our comprehensive ecosystem for kidney disease patients. BlueEarth’s and TCHF’s confidence in our business ethics and philosophy is a great source of motivation for our team. We remain committed to driving growth by enhancing accessibility, with a strong focus on automation and quality. We will achieve this by collaborating with like-minded clinicians and hospitals, as well as partnering with government through PPP programs," said Dr Shrirang Bichu, co-founder of AKC. Rohan Ghose, Director of Private Equity Partnerships at BlueEarth, commented, “By focusing on semi-urban and rural areas in India, AKC addresses a critical gap in healthcare delivery. What sets AKC apart is its commitment to clinical excellence and patient safety. Through this investment, we are partnering with mission-driven organisation, while creating meaningful social impact by improving access to life-saving dialysis treatment for underserved populations.” ]]> https://biospectrumindia.com/news/86/25644/health-tech-startup-babynama-raises-700k-to-advance-digital-pediatric-solutions.html https://biospectrumindia.com/news/86/25644/health-tech-startup-babynama-raises-700k-to-advance-digital-pediatric-solutions.html Thu, 06 Feb 2025 00:00:00 +0530 With an aim to help new parents with their countless questions for their newborn, Gurugram-based Babynama, India’s first digital pediatric care platform, has raised a seed fund of $700K, led by Good Capital to accelerate its mission of delivering accessible, affordable, and expert pediatric care to parents across the country. The round also saw participation from Amplify and prominent angels, including Abhishek Sharma (Founder, Fashinza), Ankit Gupta (Founder, Bicycle Health), Akshay Saxena (Founder, Avanti), Dhruv Dhanraj Bahl (Ex-COO, BharatPe), along with other founders from the IIT Bombay network.   The fresh funds will be used to advance its technology infrastructure, scale its team of expert pediatricians and support staff, and amplify its marketing efforts to connect with millions of parents across India, ensuring that every family has access to trusted and timely child healthcare. Babynama offers access to expert pediatricians through a chat-first platform. With over 1.5 million queries resolved and an average response time of under two minutes, Babynama ensures parents receive timely, reliable, and personalised care. The platform’s key focus areas include 24/7 Paediatric Support, Dedicated Doctors Team, Parent Education, Community Engagement, Technology-Driven Care.   ]]> https://biospectrumindia.com/news/86/25604/lytus-technologies-launches-subsidiary-lytus-healthtech-with-investment-plans-of-rs-250-cr.html https://biospectrumindia.com/news/86/25604/lytus-technologies-launches-subsidiary-lytus-healthtech-with-investment-plans-of-rs-250-cr.html Tue, 28 Jan 2025 00:00:00 +0530 Lytus Technologies, a leader in platform services and next-generation technology, has officially launched its fully owned subsidiary, Lytus HealthTech, as part of its mission to help transform the healthcare landscape in India. The newly formed entity is designed to address the growing challenges in the country’s healthcare system by integrating advanced technologies with personalised patient care solutions.   India’s healthcare system, projected to grow at a 22% CAGR, faces challenges in terms of accessibility, speed, and integration across the patient care journey. Lytus' healthtech platform will bring a personalised patient experience, where care is adapted to individual needs, alongside optimised clinical workflows that empower doctors and healthcare professionals to deliver faster, more efficient care. The platform’s AI-powered analytics and real-time data insights are designed to enable healthcare providers to make informed, data-driven decisions that may lead to better patient outcomes.   Speaking about the newly unveiled plans for the platform, Mr. Dharmesh Pandya, CEO of Lytus Technologies, stated, “The need for a unified, integrated healthcare system in India is more urgent than ever. Patients often suffer from long wait times and inefficient service delivery due to outdated healthcare infrastructure. India has long needed a comprehensive healthcare solution to address inefficiencies in service delivery, particularly in rural and underserved regions. We aim to close these gaps by launching a unified healthtech platform that connects patients, doctors, and healthcare institutions. We believe this will improve access to care, streamline workflows, and reduce wait times, directly saving lives and easing pressure on the country’s healthcare system. We believe that Lytus HealthTech will ensure that both patients and doctors have the tools they need for timely, accurate, and efficient medical care. Our goal is to help elevate the standard of healthcare in India, bringing it in line with global best practices.”   By providing personalised care pathways from diagnosis to treatment and recovery, the Lytus HealthTech Ecosystem is designed to make it easier for patients to receive timely care, reduce unnecessary delays, and improve overall healthcare outcomes.   The Ecosystem’s seamless platform is designed to provide doctors and healthcare providers benefits such as enhanced decision-making, reduction in manual errors, and speeding up clinical processes, to improve both the patient experience and operational efficiency. The platform is also designed to drive economic benefits by increasing productivity and reducing operational costs for healthcare providers, enabling them to serve more patients without sacrificing care quality. Scalable and adaptable, the system is designed to grow alongside India's expanding healthcare needs. Lytus is actively recruiting talent in healthcare technology, operations, and AI to support the successful rollout of the Lytus Healthcare Ecosystem within the next two years, setting a new benchmark in HealthTech innovation for India.   Sai Guna Ranjan Puranam, COO of Lytus HealthTech, also added, "We believe our healthtech platform is a game-changer for India’s healthcare professionals and patients alike. By integrating real-time data, our platform is designed to empower doctors with the insights they need to provide more precise and timely care, ultimately benefiting the patients who need it the most. We plan to roll out the ecosystem over the next two years, and we are expanding our teams to meet the anticipated demands of this ambitious project."   ]]> https://biospectrumindia.com/news/86/25597/invascent-invests-rs-110-cr-in-geri-care-health-services.html https://biospectrumindia.com/news/86/25597/invascent-invests-rs-110-cr-in-geri-care-health-services.html Mon, 27 Jan 2025 00:00:00 +0530 Geri Care Health Services, India’s first integrated senior citizen-focused healthcare services provider, based in Chennai, has announced that healthcare and life sciences focused private equity investor InvAscent, through its India Life Sciences Fund IV (ILSF IV), has infused Rs 110 crore for a minority stake in the company in its first institutional fundraise. Founded in 2018 by renowned geriatrician, Dr Lakshmipathy Ramesh, Geri Care offers a comprehensive 360-degree continuum care model for senior citizens, with a network of multi-speciality hospitals, assisted living centres, home care, and clinics, exclusively for senior citizens.  As pioneers of integrated geriatric care and leaders in the space with over 50 years of combined geriatric practice expertise, Geri Care is a trusted name in eldercare, serving tens of thousands of elders in South India, particularly in Chennai. The startup intends to utilise the funds to expand its services across key cities in Southern India, including Bengaluru, Hyderabad, Kochi, and Coimbatore. The company is gearing up to launch  its newest assisted living facilities this quarter in Ulsoor in Bengaluru, and Velachery in Chennai. The company is also building first of its kind speciality centres of excellence in Geriatric Oncology, Geriatric Urology, Geriatric Cardiology and Ortho-Geriatrics through its chain of multi-speciality hospitals exclusively for elders.     Veda Corporate Advisors served as the exclusive financial advisor to Geri Care for this transaction.  ]]> https://biospectrumindia.com/news/86/25573/biotech-startup-exsure-raises-rs-3-cr-in-seed-round-led-by-unicorn-india-ventures.html https://biospectrumindia.com/news/86/25573/biotech-startup-exsure-raises-rs-3-cr-in-seed-round-led-by-unicorn-india-ventures.html Wed, 22 Jan 2025 00:00:00 +0530 Bhubaneswar based biotech startup Exsure has raised Rs 3 crore in a seed round led by Unicorn India Ventures. The funds raised will be used to complete the milestones of non-clinical study with its exosome-based drug delivery vehicle and will also support Exsure’s global expansion plan with its in-house manufactured R&D products and promote Exosure, Leucosure, PlantExosure & Dr Berries. Founded in 2021 by Swastika Paul and Abhishek Dutta, Exsure is a biotech startup working to reduce side-effects and toxicity of anti-cancer drugs by its patented exosomal drug-delivery platform that targets both cancer and cancer-stem cells. With its cutting-edge technology, the company aims at reducing the toxic effects of chemotherapy and chances of cancer relapse improving the quality of lives of patients suffering from cancer. In the last 12 months, Exsure has initiated the non-clinical study in India in collaboration with a CRO and completed one of its milestones in the preclinical study using its patented technology. The company also reported a 5 fold growth last fiscal year and is on track to service more than 50 clients this year with its R&D products, Exosure (3-in-1 exosome isolation reagent),  Leucosure (PBMC isolation reagent) and PlantExosure (India’s 1st Plant exosome isolation reagent). It has also been selected for the OIST Innovation Accelerator programme in Japan for business expansion and conducting clinical trials. In the coming 12 months, Exsure will finish the non-clinical study and work on team building. The company also plans to present its data for CDSCO approval, strengthen the team size along with expanding its product marketing and sales at a global level. The company has launched its first in-house manufactured products and gained collaborators/partners Pan India for its products and services. Exsure has also signed contracts with distributors to expand the market for products at global level.   ]]> https://biospectrumindia.com/news/86/25542/aragen-secures-100-m-investment-from-quadria-capital-.html https://biospectrumindia.com/news/86/25542/aragen-secures-100-m-investment-from-quadria-capital-.html Mon, 13 Jan 2025 00:00:00 +0530 Aragen, a globally renowned Contract Research, Development and Manufacturing Organisation (CRDMO), has secured a $100 million investment from Quadria Capital, an Asia healthcare-focused Private Equity fund. The investment will result in Quadria acquiring a minority stake in Aragen, at an approximate valuation of $1.4 billion, primarily through a fresh capital infusion, with a small portion from the sale of shares by existing investors. This funding will support Aragen’s strategic expansion of its capabilities and infrastructure, enabling the company to meet the growing demand for outsourcing services from innovators in the US and Europe With this investment, Quadria joins Goldman Sachs as the second strategic investor in Aragen. This partnership further solidifies Aragen's reputation for delivering high-quality “concept to clinic” and “concept to commercial” services to its global customer base comprising all sectors of health – Human, Animal and Plant. The announcement comes ahead of JPM Week 2025, where Aragen is expected to secure additional outsourcing partnerships. Manni Kantipudi, CEO, Aragen Life Science said, “Our expanded capabilities will allow us to support the rising demand for integrated discovery and manufacturing services, and, most importantly, help our customers accelerate their programs to market faster and more efficiently.” ]]> https://biospectrumindia.com/news/86/25539/neuberg-diagnostics-secures-rs-940-cr-from-kotak-alt.html https://biospectrumindia.com/news/86/25539/neuberg-diagnostics-secures-rs-940-cr-from-kotak-alt.html Fri, 10 Jan 2025 00:00:00 +0530 Neuberg Diagnostics has secured Rs 940 crore from Kotak Alt in the largest-ever primary fund-raise in the Indian diagnostics sector.  Founded in 2017 and headquartered in Chennai, Neuberg Diagnostics has rapidly emerged as the fastest-growing, largest integrated diagnostics player in the country and one of the top 4 largest diagnostics providers of Indian origin. With an extensive network spanning over 10,000 touch points and 250+ labs across 250 cities, the company is well on its way to transforming the healthcare landscape in India. It boasts a highly skilled team of clinical pathologists, oncopathologists, biochemists, geneticists, and other certified lab professionals, giving it the capability to perform over 5,000 types of tests.  Speaking about the fundraise, Dr GSK Velu, Founder and MD of Neuberg Diagnostics, said, “This funding will enable us to enhance our capabilities in the areas of personalised medicine, integrated diagnostics and inorganically expand our footprint across the country. As we prepare for an IPO, we remain committed to making high-quality diagnostics accessible to all, ensuring that our services continue to meet the evolving needs of clinicians and patients.” Rahul Shah, Partner at Kotak Alt said, “We are confident that this strategic investment will play a key role in increasing the scale of Neuberg Diagnostics and help the company get ready for their upcoming IPO."  o3 Capital acted as the exclusive financial advisor to Neuberg Diagnostics for their fundraise from Kotak Alt. ]]> https://biospectrumindia.com/news/86/25526/integris-health-raises-primary-capital-ahead-of-planned-ipo.html https://biospectrumindia.com/news/86/25526/integris-health-raises-primary-capital-ahead-of-planned-ipo.html Thu, 09 Jan 2025 00:00:00 +0530 Integris Health, a leading medical devices company, has raised primary capital from a consortium of prominent investors, including Mukul Agarwal and India SME Fund.  This funding will support the company’s expansion into multiple therapeutic areas such as in-vitro diagnostics and laboratory solutions through strategic acquisitions and in-house product development initiatives. The investment marks a significant milestone for Integris Health, which aims to become one of India's largest and most diversified medical devices players. In 2024, the company appointed Probir Das as CEO to lead its growth strategy.  The company intends to list publicly by year-end 2025 and has commenced IPO preparations. Avnish Mehra, Vice Chairman of Everstone Capital, said, "This funding combined with the company’s proven product development capabilities, consistent organic growth and acquisition track record reinforces its position as a transformative  med-tech devices business serving hospitals and laboratories globally." Gurmit Singh Chugh, Co-Founder and Chairman of Integris Health, added, "The Indian med-tech devices industry is experiencing an unprecedented growth phase akin to the transformative opportunities witnessed by the Indian pharmaceutical sector in the early 2000s. Integris Health is poised to spearhead this global evolution, leveraging its cutting-edge R&D, strategic partnerships, robust distribution capabilities, and the cost-efficiency of Indian manufacturing." Probir Das, CEO of Integris Health, commented, “The interest and support from prominent investors reflects the confidence in our vision to create India’s leading med-tech devices business. As we plan for our IPO, we remain committed to building Integris into a diversified business in this space. This market, particularly in developing economies is poised for significant growth due to low penetration levels, and Integris is well-positioned to capitalize on this opportunity.” ]]> https://biospectrumindia.com/news/86/25530/tata-capital-healthcare-fund-ii-leads-20-m-investment-in-harsoria-healthcare.html https://biospectrumindia.com/news/86/25530/tata-capital-healthcare-fund-ii-leads-20-m-investment-in-harsoria-healthcare.html Thu, 09 Jan 2025 00:00:00 +0530 Tata Capital Healthcare Fund II (TCHF II), the healthcare focused private equity fund of Tata Capital, has led a $20 million investment in Harsoria Healthcare, a Gurugram-based manufacturer of single-use medical devices in the country, for an undisclosed equity stake. The funding round also saw participation from marquee investors, including Utpal Sheth, Ashish Kacholia and associates, and the LNB Group. Harsoria Healthcare plans to utilise the capital to expand manufacturing capacities, enhance R&D efforts, and drive business development. The Indian medical devices industry is the 4th largest in Asia and ranks among the top 20 globally. It is projected to grow at a CAGR of 13% over the next five years, reaching an estimated value of $22 billion. Within the medical consumables segment, Indian companies have historically excelled at low value, commoditized product categories but they are now shifting focus towards high-value segments. Candle Partners acted as the exclusive financial advisor to Harsoria Healthcare and its shareholders on this transaction. Speaking on the partnership, Visalakshi Chandramouli, Managing Partner at Tata Capital Healthcare Fund II said, “Under the leadership of first-generation entrepreneurs Neeraj and Nitin Gupta, the company has thrived over two decades by focusing on product innovation and manufacturing high-quality medical consumables. Harsoria exemplifies the ethos of ‘Make in India for the World,’ with its products achieving success in markets like the US and Western Europe. We believe in the company’s potential and look forward to being a part of its growth journey.” Neeraj Gupta, Managing Director, Harsoria Healthcare said, “We look forward with great excitement to accelerating our growth trajectory, while remaining committed to developing high-quality, innovative and cost-effective medical devices for global and Indian healthcare providers.”   ]]> https://biospectrumindia.com/news/86/25507/anthem-biosciences-limited-files-drhp-for-rs-3395-cr-ipo.html https://biospectrumindia.com/news/86/25507/anthem-biosciences-limited-files-drhp-for-rs-3395-cr-ipo.html Sun, 05 Jan 2025 00:00:00 +0530 Bengaluru-based Anthem Biosciences Limited, an innovation-driven and technology-focused Contract Research, Development and Manufacturing Organization (CRDMO) with fully integrated operations spanning across drug discovery, development and manufacturing has filed the draft red herring prospectus (DRHP) with capital markets regulator, SEBI to raise funds through an initial public offering (IPO). Ajay Bhardwaj (Chairman, MD & CEO), Ishaan Bhardwaj (Vice President), Ganesh Sambasivam (Executive Director), and K Ravindra Chandrappa (Executive Director) are the Promoters of the company. The IPO of the Bangalore based company comprises an Offer for Sale (OFS) of equity shares aggregating up to Rs 3,395 crore by the Selling Shareholders. The OFS comprises of:- Equity Shares aggregating up to Rs 350 crore each by Ganesh Sambasivam and K Ravindra Chandrappa (Promoter Selling Shareholders); Equity Shares aggregating up to Rs 1,325 crore by Viridity Tone LLP and up to Rs 320 crore by Portsmouth Technologies LLC (Investor Selling Shareholders); Equity Shares aggregating up to Rs 320 crore each by Malay J Barua, Rupesh N Kinekar, Satish Sharma, up to Rs 80 crore by Prakash Kariabettan and up to Rs 10 crore by K Ramakrishnan (Other Selling Shareholders) The company which was incorporated in 2006, has two operational manufacturing facilities in India, Unit I (Bommassandra) and Unit II (Harohalli), both in Karnataka, with an aggregate annual custom synthesis capacity and fermentation capacity of 270 kL and 142 kL, respectively, as of September 30, 2024. The third manufacturing facility - Unit III in Harohalli is under construction and is expected to be fully operational in the first half of 2025. Anthem’s business comprises of CRDMO services and the manufacture and sale of Specialty Ingredients. Its revenue from operations increased by 34.3% to Rs 1,419 crore in Fiscal 2024 from Rs 1,056 crore in Fiscal 2023. The PAT for the year ended March 31, 2024 was Rs 367 crore.   ]]> https://biospectrumindia.com/news/86/25482/gangagen-secures-additional-7-9-m-from-carb-x-to-address-infections-caused-by-mdr-klebsiella-pneumoniae.html https://biospectrumindia.com/news/86/25482/gangagen-secures-additional-7-9-m-from-carb-x-to-address-infections-caused-by-mdr-klebsiella-pneumoniae.html Mon, 23 Dec 2024 00:00:00 +0530 GangaGen has secured the third instalment of its phased funding grant from CARB-X (Combating Antibiotic-Resistant Bacteria Biopharmaceutical Accelerator), the global initiative led by Boston University to support the development of antibacterial products aimed at diagnosing, preventing, and treating drug-resistant infections. The grant follows GangaGen's successful completion of Lead Optimisation milestones within its ongoing CARB-X partnership for its "Klebicin programme," which is designed to address infections caused by multidrug-resistant Klebsiella pneumoniae. CARB-X has already committed $7.9 million to support the Pre-clinical development of GangaGen's Klebicin project. Contingent of meeting specific milestones and subject to availability of funds, further funding may be available to advance the pre-clinical phase and demonstrate safety in human volunteers.Tanjore S Balganesh, President of GangaGen Biotechnologies, said, "Klebicins are protein antibacterials that specifically kill Klebsiella pneumoniae, a hard-to-treat pulmonary pathogen that is highly resistant to current antibiotics." "This would be a big step forward for the company and we are extremely grateful to CARB-X for the continued partnership and support to develop klebicins for the treatment of pneumonia" added Vivek Daniel Paul, CSO of GangaGen Biotechnologies. ]]> https://biospectrumindia.com/news/86/25475/tpg-backed-asia-healthcare-holdings-receives-further-150-m-investment-from-gic.html https://biospectrumindia.com/news/86/25475/tpg-backed-asia-healthcare-holdings-receives-further-150-m-investment-from-gic.html Fri, 20 Dec 2024 00:00:00 +0530 Asia Healthcare Holdings (AHH), the single specialty hospitals focused healthcare platform backed by GIC and TPG, has announced that GIC, Singapore’s sovereign wealth fund, will invest an additional $150 million in AHH. This follows GIC’s first investment of $170 million in AHH in February 2022. AHH, one of South Asia’s largest healthcare delivery platforms, has a unique approach to investing in and growing different single speciality healthcare companies under one enterprise. To date, AHH has invested approximately $300 million across hospital chains in Oncology, Mother & Childcare, Urology & Nephrology, and IVF & Fertility under daycare specialty. AHH’s platform today includes Motherhood Hospitals, Nova IVF, and Asian Institute of Nephrology & Urology (AINU) hospitals. Motherhood is a pan-India chain of mother and childcare hospitals offering comprehensive services from pre-conception to post-birthing care for women and a wide range of services under pediatric care, including the largest network of Neonatal Intensive Care Units (NICU). Nova is a leading fertility solutions provider offering best-in-class IVF services across South Asia. AINU is India’s only Urology & Nephrology specialty hospital network recognized for its advanced urological care, including robotic surgery and high-end nephrology procedures. Under AHH, these entities have established market leadership in their respective verticals and regions. “Looking ahead, we continue to see huge growth opportunities in single specialty healthcare delivery enterprises. AHH’s distinct operating model, and the synergies we can leverage from the scale of the platform will enable us to replicate our success across new specialties we bring under our fold. GIC and TPG Growth’s long-term commitment to AHH is the catalyst to accelerate our growth,” said Vishal Bali, Executive Chairman, AHH. ]]> https://biospectrumindia.com/news/86/25469/supriya-lifescience-invests-rs-120-cr-in-new-api-production-block.html https://biospectrumindia.com/news/86/25469/supriya-lifescience-invests-rs-120-cr-in-new-api-production-block.html Tue, 17 Dec 2024 00:00:00 +0530 Supriya Lifescience Liimited (SLL), a leader in the pharmaceutical industry, has taken another significant step on its ambitious growth trajectory with the inauguration of its new multipurpose Active Pharmaceutical Ingredients (APIs) production block, Module E, at the Lote Parshuram site, in Maharashtra. The facility, developed with an investment of approximately Rs 120 crore, adds a substantial capacity of 335 kiloliters to the company’s operations. This expansion boosts the Lote Parshuram capacity by over 55%, increasing it from 597 KLPD kilo liters per day) to 932 KLPD. The new production block is designed to support SLL’s strategic focus on expanding its R&D capabilities and scaling up its pipeline of innovative products. Several new products in niche therapeutic areas are nearing the commercialisation stage, reinforcing SLL’s commitment to achieving a leadership position in these markets through efficient processes and backward integration. The facility is tailored to support the company’s backward integration model, ensuring economies of scale and a competitive edge. It is spread across 5,000 square meters and structured over four levels, the facility enables efficient operations and safe workflows. The facility houses 33 reactors, comprising stainless steel and glass-lined varieties, with capacities ranging from 1.6 KL to 16 KL. The design leverages gravity-based process flows to enhance safety, maintain product integrity, and optimize efficiency. Incorporating closed-system handling at critical stages, the facility is equipped with process control automation systems and material handling systems to ensure compliance with the latest quality standards. The facility is equipped to handle a variety of unit processes and operations, making it adaptable to future needs. ]]> https://biospectrumindia.com/news/86/25462/maxivision-super-speciality-eye-hospital-commits-rs-200-cr-for-gujarat-expansion.html https://biospectrumindia.com/news/86/25462/maxivision-super-speciality-eye-hospital-commits-rs-200-cr-for-gujarat-expansion.html Sat, 14 Dec 2024 00:00:00 +0530 Maxivision Super Speciality Eye Hospital, one of India's leading eye care networks, is gearing up for a major expansion in Gujarat. With an extensive presence across Telangana, Andhra Pradesh, Tamil Nadu, Kerala, and Gujarat, the group aims to strengthen its footprint in the state significantly within the coming year. The ambitious plan includes an investment of Rs  200 crore and the establishment of 25 hospitals, generating over 300 employment opportunities within the next year. Having entered Gujarat in 2023 with four hospitals in Rajkot, one in Jamnagar, and one in Morbi, Maxivision Super Speciality Eye Hospital has partnered with Dr. V.V. Sapovadia, a reputed ophthalmic practitioner and the leader of the largest eye care group in the Saurashtra region. The expansion plan includes new facilities in Bhuj, Surendranagar, Porbandar, Upleta, Bhavnagar, and Junagadh. In 2024, Maxivision Super Speciality Eye Hospital expanded to Surat in partnership with Dr. R.K. Sachdev, a leading ophthalmologist in the region, establishing two hospitals. Plans are underway to add two more units in Surat and extend operations to Navsari and Bharuch. The group also aims to collaborate with prominent practitioners in Vadodara, Himmatnagar, and Mehsana. A state-of-the-art super specialty centre is planned in Ahmedabad as a Greenfield project. This facility will feature cutting-edge technology and provide a platform for local surgeons to cater to advanced eye care needs. Speaking on the occasion, Dr GSK Velu, Chairman of Maxivision Super Speciality Eye Hospital, said ,“Our entry into Gujarat began with a reputed partnership in Saurashtra, which has grown from four to six hospitals and will expand further. Similarly, in Surat, we are building on the strong reputation of Dr. R.K. Sachdev. Our vision is to establish a network of 25 hospitals across Gujarat within three years, leveraging a successful partnership model and a mix of Greenfield projects in key cities like Ahmedabad.”   ]]> https://biospectrumindia.com/news/86/25452/piramal-alternatives-fund-invests-rs-185-cr-in-healthcare-provider-3gen-consulting-.html https://biospectrumindia.com/news/86/25452/piramal-alternatives-fund-invests-rs-185-cr-in-healthcare-provider-3gen-consulting-.html Fri, 13 Dec 2024 00:00:00 +0530 Piramal Alternatives Fund has entered into definitive agreements to invest upto Rs 185 crore via convertible instruments in 3Gen Consulting, a leading healthcare consulting and revenue cycle solutions provider with presence in India and across USA. The growth capital from the Piramal Alternatives Fund will be strategically utilised to expand 3Gen Consulting's service offerings across both existing and new customer segments, elevate brand recognition, strengthen market positioning, and explore inorganic growth opportunities. Wodehouse Capital Advisors’ acted as the exclusive financial and strategic advisor for the transaction. Revenue Cycle Management (RCM) solutions and healthcare consulting are garnering significant interest from both financial and strategic investors. The overall RCM industry in India is currently valued at approximately $4 billion and is projected to experience robust growth at a double-digit compound annual growth rate (CAGR), with expectations to reach $14 billion by 2032. Additionally, the integration of artificial intelligence (AI) in RCM processes has surged, driving innovation in service delivery and enhancing efficiencies across the spectrum of RCM services. Some of the recent transactions include Global PE Fund, TA Associates investment in Vee Healthtek, EQT Private Capital Asia’s acquisition of GeBBS from Chrys Capital. ]]> https://biospectrumindia.com/news/86/25442/jagat-pharma-dr-basu-group-endeavours-for-rs-250-cr-revenue-by-fy-2027.html https://biospectrumindia.com/news/86/25442/jagat-pharma-dr-basu-group-endeavours-for-rs-250-cr-revenue-by-fy-2027.html Wed, 11 Dec 2024 00:00:00 +0530 Jagat Pharma, a trusted name in Ayurvedic wellness, is poised for remarkable growth as it targets revenue exceeding ₹250 crore by the financial year 2027. Renowned for its expertise in Ayurvedic eye care and wellness products, the company has steadily expanded its reach across India and beyond, combining a legacy of over 42 years with innovative strategies. The company has an impressive reach in the offline space also, with over 200 distributors across 17+ states. This includes a strong presence in South India with 50+ distributors for a territory that is embracing Ayurvedic solutions in increasing folds.  With yearly 200% growth its online space dominance gives it a 60% market share in the Ayurvedic eye care segment as well. Jagat Pharma’s ambitious expansion plans extend far beyond Indian borders. The company is actively preparing to enter the lucrative markets of the Middle East and African countries, tapping into regions with a rising demand for holistic healthcare solutions. A significant milestone in its international journey is its imminent entry into the United States, with exports slated to begin in December 2024. This step is backed by Jagat Pharma’s commitment to quality and compliance, as evidenced by its recent USFDA certification. Combined with its existing WHO-GMP certification, the company is well-positioned to meet the stringent global standards required to compete in international markets. Domestically, Dr. Basu Group is increasing infrastructure growth by expanding its presence in metropolitan cities, including Mumbai, Noida Gurugram. It is a prudent move by the company to bring Ayurvedic solutions closer to the minds of people who are seeking natural alternatives for health and wellness in urban settings. In alignment with market needs, the infrastructure growth of Jagat Pharma aims to further solidify its leadership in the Ayurvedic wellness space.   ]]> https://biospectrumindia.com/news/86/25431/metropolis-healthcare-acquires-core-diagnostics-for-rs-246-8-cr.html https://biospectrumindia.com/news/86/25431/metropolis-healthcare-acquires-core-diagnostics-for-rs-246-8-cr.html Tue, 10 Dec 2024 00:00:00 +0530 Metropolis Healthcare has announced that its Board of Directors has approved the acquisition of Delhi NCR headquartered Core Diagnostics, a prominent player in India’s specialised diagnostics sector. This strategic acquisition will enhance Metropolis’ capabilities in advanced cancer testing, while deepening its presence in Northern and Eastern India and driving market share expansion in the specialised segment across the country. Metropolis will acquire a 100% stake in Core Diagnostics through a combination of cash and stock, financing 55% of the transaction in cash and 45% through an equity swap, totalling Rs 246.8 crore. Core Diagnostics registered revenue of Rs 110 crore in FY 2023-24. The equity issuance is subject to shareholder approval, and the acquisition is expected to be completed within 60 days. Core Diagnostics offers over 1,300 high-end tests, with a primary focus on cancer, serving more than 6,000 specialty prescribers, including 1,600+ top cancer specialists. The company has achieved ~ 22% revenue CAGR over the past three years and is led by a professional team. Core Diagnostics was formerly owned by private equity companies. Commenting on the acquisition, Ameera Shah, Promoter and Executive Chairperson, Metropolis Healthcare Limited, said, “We recognise the significant potential of the rapidly growing Indian Oncology (cancer) market, which is expected to expand at a CAGR of 17.5% from 2023 to 2028. This growth, driven by rising cancer incidences, technological advancements, improved healthcare access, and increased awareness, presents a substantial opportunity for Metropolis to truly support the Indian patients with access to world class diagnostics. With approximately 1.4 million new cancer cases and nearly a million deaths annually in India, there is a critical need for advanced cancer testing nationwide. By integrating Core’s expertise and infrastructure with Metropolis' established strengths, we aim to reinforce our leadership in advanced cancer testing and establish a Centre of Excellence in Cancer Diagnostics."   ]]> https://biospectrumindia.com/news/86/25429/bajaj-finserv-amc-launches-healthcare-fund.html https://biospectrumindia.com/news/86/25429/bajaj-finserv-amc-launches-healthcare-fund.html Wed, 04 Dec 2024 00:00:00 +0530 Bajaj Finserv AMC has announced the launch of the Bajaj Finserv Healthcare Fund, an open-ended equity scheme that seeks to create long-term growth by investing in health and wellness-linked sectors. The fund opens for subscription on December 6th, and the New Fund Offer period ends on December 20th, 2024. The Bajaj Finserv Healthcare Fund is suitable for investors seeking wealth creation potential over the long term by investing predominantly in equity and equity-related instruments of companies engaged in pharmaceuticals, hospitals, diagnostics and wellness. It is suitable for an investment horizon of five years or more. The scheme is benchmarked against the BSE Healthcare Total Return Index (TRI). The fund aims to capitalise on the dynamic growth of the Indian healthcare sector. The industry is undergoing a significant transformation driven by shifting demographics, rising private healthcare expenditures, technological advancements, and other factors. This fund provides investors with an opportunity to benefit from the health and wellness boom and tap into emerging megatrends in this space. Its portfolio will span a range of sectors, including pharmaceuticals, medical research and manufacturing, diagnostics, medical equipment, hospitals, healthcare facilities, and more. The Scheme will invest atleast 80% in companies which belong to sectors forming part of BSE Healthcare Total Return Index (TRI). Ganesh Mohan, CEO, Bajaj Finserv AMC, says, "The Bajaj Finserv Healthcare Fund is a strategic pathway for investors to leverage the robust growth in the healthcare and wellness space. With a low correlation to the broader market, the healthcare fund has been strategically positioned to align with the global healthcare boom." Speaking about the healthcare fund, Nimesh Chandan, CIO at Bajaj Finserv AMC, says, “The healthcare sector offers immense opportunities and potential for long-term wealth creation. By targeting companies poised to lead future profit pools and investing in key mega trends, we aim to uncover the industry’s growth stories." ]]> https://biospectrumindia.com/news/86/25427/mestastop-solutions-receives-rs-2-66-cr-worth-grant-from-birac.html https://biospectrumindia.com/news/86/25427/mestastop-solutions-receives-rs-2-66-cr-worth-grant-from-birac.html Mon, 02 Dec 2024 00:00:00 +0530 Mestastop Solutions, a Bengaluru-based biotech company focused on stopping the spread of cancer, has been awarded Rs 2.66 crore grant by the Biotechnology Industry Research Assistance Council (BIRAC) under the focused call of "establishment of preclinical models for drug discovery". Mestastop will use the funds to develop both in vitro and in vivo models for metastasis-focused drug discovery, focusing on triple-negative breast and oral cancer.  The grant in aid will complement Mestastop's contribution of 1.21 Cr. This grant comes at an exciting time for Mestastop, which plans to start its first Ph 2A clinical trial in India next year and is also working on MoUs with European hospitals. The biotech startup is progressing with drug discovery programmes, with its first hit series against a novel-first-in-class target showing a 100% efficacy against metastasis in high-throughput in vivo models. Dr Arnab Roy Chowdhury, the Founder and Director of Mestastop, said, "We have established groundbreaking technology for using actual colorectal cancer patient data to identify high-risk patients for personalised metastasis treatment and therefore offer a paradigm shift in cancer treatment, with a first-in-a-lifetime chance to cure the disease.  We thank BIRAC for recognising the potential of this technology and funding us to enable this technology for both oral and triple-negative breast cancers, the two most common cancers in the Indian population". ]]> https://biospectrumindia.com/news/86/25418/quadria-capital-report-reveals-3-b-annual-investment-opportunity-in-climate-health-adaptation-for-india.html https://biospectrumindia.com/news/86/25418/quadria-capital-report-reveals-3-b-annual-investment-opportunity-in-climate-health-adaptation-for-india.html Fri, 29 Nov 2024 00:00:00 +0530 Quadria Capital, in association with HealthQuad and PwC India, has released a critical new report titled 'Financing the Climate-Health Frontier: Emerging Opportunities.' This comprehensive study highlights the urgent need for enhanced investment in climate-resilient healthcare systems to address the significant health risks posed by climate change in India. The report reveals that over 90% of India's population is at extremely high risk from heat stress and that climate-sensitive diseases are escalating. Despite these pressing challenges, the current investment in climate-health initiatives is critically low, with less than 2% of global climate adaptation funding directed towards health.   The report also presents significant data-driven insights: Global climate action in 2022 come to $1.4 trillion, with 91% dedicated to mitigation and a mere 0.5% to enhancing health outcomes. India's climate action reached $22.5 billion in 2022, with about $ 1 billion (4%) dedicated to climate-health projects. Debt-based instruments accounted for 80% of this funding, highlighting a significant gap in equity financing. An estimated $16 billion annually is required through 2030 to fund adaptation and mitigation investments in India's healthcare sector to address climate-related challenges. Our projections suggest a $3 billion annual market potential for private investments in adaptation-focused strategies on climate and health. The report further lays emphasis on the five key-enablers for advancing climate health solutions: Innovative financing mechanisms Enhanced data availability and evidence generation Strategic partnerships Impact measurement frameworks Research advancement and human development The report serves as a call to action for policymakers, investors, and the healthcare industry to collaborate and prioritize climate resilience in healthcare infrastructure. By addressing these challenges head-on, India can mitigate the health impacts of climate change and build a sustainable future for all its citizens. ]]> https://biospectrumindia.com/news/86/25419/aster-dm-healthcare-and-quality-care-india-ink-definitive-agreements-for-merger-.html https://biospectrumindia.com/news/86/25419/aster-dm-healthcare-and-quality-care-india-ink-definitive-agreements-for-merger-.html Fri, 29 Nov 2024 00:00:00 +0530 Aster DM Healthcare, one of India’s largest and fastest growing integrated healthcare service providers, and Quality Care India Limited (QCIL), backed by Blackstone and TPG, one of the largest privately held hospital chains in India with a focus on emerging cities, have signed definitive agreements for a merger. The merger has been approved by the Board of Directors of the respective companies and is subject to regulatory, corporate and shareholders’ approvals. The merged listed entity will be named Aster DM Quality Care Limited. Aster DM Quality Care Limited will have a combined portfolio of four leading brands: Aster DM, CARE Hospitals, KIMSHEALTH and Evercare. The combined entity will have a of network of 38 hospitals and 10,150+ beds spread across 27 cities making it one of the top 3 hospital chains in India. Aster is valued at a multiple of 36.6x on FY24 adjusted post IND AS EV/ EBITDA. In comparison, QCIL is valued at a multiple of 25.2x based on FY24 adjusted post IND AS EV/ EBITDA. Based on the swap ratio recommended in the valuation report, the resultant shareholding of the Merged Entity will be 24.0% and 30.7% held by Aster Promoters and Blackstone respectively, with the balance 45.3% being held by public and other shareholders. Ahead of this merger, Aster shall purchase 5.0% stake in QCIL from Blackstone and TPG in consideration of primary share issuance by Aster for 3.6% stake (“Initial Share Acquisition”). Post the Initial Share Acquisition, QCIL will be merged into Aster by way of a scheme of amalgamation. The transaction is subject to shareholder & regulatory approvals, and other customary conditions to closing. Aster expects the merger transaction to close by Q3 FY26. The ratio for the Initial Share Acquisition is the same as proposed for the merger. ]]> https://biospectrumindia.com/news/86/25395/indian-healthcare-market-projected-to-reach-638-b-by-2025-bajaj-finserv-amc.html https://biospectrumindia.com/news/86/25395/indian-healthcare-market-projected-to-reach-638-b-by-2025-bajaj-finserv-amc.html Wed, 27 Nov 2024 00:00:00 +0530 The Indian healthcare sector is growing rapidly and is projected to reach $638 billion by 2025, according to a recent study by Bajaj Finserv AMC. Valued at $110 billion in 2016, the Indian healthcare market reached $372 billion in 2023, marking a 22.5% CAGR growth during this period. Overall, the sector has seen a 17.5% CAGR growth over the past 10 years, primarily driven by large-scale innovation in hospitals, pharmaceuticals, diagnostics and other industries. Speaking about this boom, Sorbh Gupta, Senior Fund Manager - Equities, Bajaj Finserv AMC, says: “The sector has experienced a massive surge in private healthcare spending during and post-COVID-19, with the hospital market size growing from $62 billion in 2020 to $132 billion in 2023. In pharmaceuticals, India emerged as a global vaccine hub, led by organizations like the Serum Institute and Bharat Biotech. In diagnostics, a core shift occurred towards digital diagnostics, while demand for home testing kits accelerated post pandemic. Additionally, the functional foods and personalized nutrition market is growing at a 16% CAGR and is expected to reach $12 billion by 2027. Meanwhile, the fitness and wellness industry are projected to grow at a 27% CAGR, reaching $12 billion by 2025”. There has also been a marked improvement in healthcare infrastructure in India, driven by rising investments in Tier 2-6 cities. Medical education has significantly expanded and the number of medical colleges has increased by 1.8 times, reaching 758 in FY24 (over 8 years). The number of doctors has increased by 1.1 times over the past 4 years and the number of hospital beds is expected to increase by 12 times by 2045. However, the sector still has a long runway for growth. Three million beds are needed to meet the 3 per 1,000 targets by 2025, and 1.54 million doctors and 2.4 million nurses are required to meet the rising demand. Medical tourism contributes approximately 10-12% of overall healthcare revenue and is expected to grow at around 2 times the current rate in the near to medium term. Currently, the Indian medical tourism market stands at $7.69 billion in 2024 and is likely to reach $14.31 billion by 2029. ]]> https://biospectrumindia.com/news/86/25396/oncology-company-beta-drugs-raises-rs-117-cr-from-healthquad-and-others-to-accelerate-growth-plans.html https://biospectrumindia.com/news/86/25396/oncology-company-beta-drugs-raises-rs-117-cr-from-healthquad-and-others-to-accelerate-growth-plans.html Wed, 27 Nov 2024 00:00:00 +0530 Beta Drugs, a leading vertically integrated oncology focused formulations company in Himachal Pradesh, has raised primary capital worth Rs 117 crore from HealthQuad Fund II, and other investors including a Singapore-based investment fund and a private wealth management firm for a minority stake in the Company. As one of the few vertically integrated manufacturers in the country, Beta Drugs has established a robust position within the country and has also expanded its footprint to over 46 countries, holding accreditations from regulatory bodies such as ANVISA Brazil, INVIMA, PICS, and EAEU.  HealthQuad is India's largest healthcare transformation fund that backs innovative models to radically improve healthcare access, affordability, and quality of care. Rahul Batra, Chairman & Managing Director of Beta Drugs said, “HealthQuad's investment and expertise will play a pivotal role in accelerating our growth journey, as we strive to position ourselves among the top five oncology companies in India over the next five years. By leveraging HealthQuad’s global network and deep knowledge of the pharmaceutical industry, we are confident in our ability to drive innovation, expand our reach, and enhance patient care.” Ajay Mahipal, Partner at HealthQuad Capital said, “HealthQuad has a strong focus on improving healthcare outcomes, especially for the underserved communities and has a positive outlook towards the future of curative oncology in India, which is echoed in Beta Drugs’ mission. Beta Drugs, with its strong manufacturing and R&D capabilities, is poised to improve affordability in the middle- and lower-income segment, and accessibility in tier II and tier III cities in the country. We believe in the transformative potential of their new product launches, expanding export markets, and experienced management team, all of which position the company for substantial growth and value creation.” ]]> https://biospectrumindia.com/news/86/25384/assure-clinics-raises-rs-15-cr-in-seed-round-to-strengthen-aesthetic-dermatological-services.html https://biospectrumindia.com/news/86/25384/assure-clinics-raises-rs-15-cr-in-seed-round-to-strengthen-aesthetic-dermatological-services.html Mon, 25 Nov 2024 00:00:00 +0530 Noida-based Assure Clinics, an innovative healthcare provider revolutionising the dermatological and hair restoration landscape, has raised Rs 15 crore in a seed round from India’s leading integrated incubator Venture Catalysts, Sathish Subbiah, Founding Partner of Fiducia Capital LTD, DIFC, Dubai, and Indresh Shah of Honor's Group UAE. The company offers a comprehensive range of services, including advanced hair transplantation techniques, skin treatments, and specialized hair and skincare products, serving a growing patient base with a team of over 250 employees. The company's comprehensive service offerings include advanced hair transplantation techniques such as Follicular Unit Extraction (FUE) and Direct Hair Implantation (DHI), alongside innovative treatments like Platelet-Rich Plasma (PRP) therapy and mesotherapy. Their skin treatment portfolio encompasses acne treatment, anti-ageing solutions, laser treatments, and various other specialised procedures. Assure Clinics is positioned in a rapidly expanding market with significant growth potential. The hair transplant market in India, estimated at $180 million in 2022, is projected to reach $560 million by 2032, growing at a CAGR of 12%. The global haircare market is expected to reach $211.1 billion by 2032, with a CAGR of 10.4%, while the skincare market is anticipated to grow at a CAGR of 6.68% during the same period. Moreover, India's medical tourism industry is expected to reach $35 billion by 2027, driven by cost-effective treatments and state-of-the-art facilities.   The seed funding will enable Assure Clinics to further expand its presence in key markets, enhance its innovative service offerings, and strengthen its position as a leader in the dermatological and hair restoration industry. The company plans to focus on technological advancement and geographical expansion while maintaining its commitment to personalised patient care.   ]]> https://biospectrumindia.com/news/86/25367/pgim-india-mutual-fund-launches-healthcare-fund.html https://biospectrumindia.com/news/86/25367/pgim-india-mutual-fund-launches-healthcare-fund.html Tue, 19 Nov 2024 00:00:00 +0530 PGIM India Mutual Fund has announced the launch of PGIM India Healthcare Fund, an open ended equity scheme investing across equity and equity related securities of healthcare and pharmaceutical companies. The fund is benchmarked against BSE Healthcare TRI. The New Fund Offer (NFO) opens for subscription on November 19, 2024 and closes on December 03, 2024. The scheme re-opens for continuous sale and repurchase on December 11, 2024. “PGIM India Healthcare Fund provides a compelling opportunity for investors to capitalise on India’s burgeoning healthcare sector which benefits from low cost, innovation, growing awareness for health insurance, rising FDI inflows and growing medical tourism and more. We believe the best investment one can make is in one’s own health. The next best investment is protecting yourself and your family with  health/life insurance and investing into healthcare as a segment which is a structural theme,” said Ajit Menon, CEO, PGIM India Asset Management.    “We expect healthcare sector to be a structural beneficiary of the India growth story. The sector is likely to witness multiple tailwinds like stable and growing domestic demand, strong pricing power, superior exports potential due to India's competitive advantage and China +1 strategy being pursued by global pharma," said Vinay Paharia, CIO, PGIM India Asset Management. The scheme will invest a minimum of 80% in stocks of pharmaceutical and healthcare companies, up to 20% in other equities, debt and money market (up to 20%), REITs & InvITs (up to 10%) and foreign securities including overseas ETFs up to 20%). The fund may consider investing in various sectors within the healthcare industry, including healthcare services and healthcare manufacturing. Healthcare services include, pharmacy, diagnostics, hospitals and health insurance. Healthcare manufacturing encompasses CRAMS (Contract Research and Manufacturing Services), medical devices, specialty chemicals, formulations and API (Active Pharmaceutical Ingredient), among others. The portfolio will be built utilising a combination of top-down and bottom-up portfolio construction process, focusing on the fundamentals of each stock, including quality of management. The equity portion of the scheme will be managed by Anandha Padmanabhan Anjeneyan, Vivek Sharma, and Utsav Mehta while the debt portion will be managed by Puneet Pal.    ]]> https://biospectrumindia.com/news/86/25359/molbio-diagnostics-makes-30-m-investment-in-optrascan-to-advance-digital-pathology.html https://biospectrumindia.com/news/86/25359/molbio-diagnostics-makes-30-m-investment-in-optrascan-to-advance-digital-pathology.html Fri, 15 Nov 2024 00:00:00 +0530 Molbio Diagnostics, a molecular diagnostics solutions company, has announced its investment of $30 million in OptraSCAN, a San Jose-based global diagnostics company. This strategic partnership underscores Molbio's commitment to democratising healthcare by making advanced diagnostics accessible to underserved communities and healthcare providers worldwide. It enables OptraSCAN to accelerate the development and accessibility of digital pathology solutions powered by artificial intelligence. These solutions, which include cloud-based systems for slide scanning, image analysis, and secure data storage, aim to facilitate faster, more accurate diagnoses. This initiative aligns with Molbio's goal of providing advanced diagnostics to every healthcare provider, regardless of location or resource limitations. OptraSCAN's solutions are designed for various healthcare environments, from small laboratories to large medical facilities. With this partnership, OptraSCAN can expand its product portfolio and increase availability, making life-saving diagnostic technology accessible to facilities in rural and under-resourced regions in India. In addition to improved access to diagnostic tools, this collaboration will support AI-driven pathology solutions that aim to empower healthcare professionals to diagnose diseases more efficiently, leading to better patient outcomes. The strategic investment will further OptraSCAN's research and development, strengthen its global presence, and bring quality diagnostics to regions historically lacking access to advanced healthcare technology.   ]]> https://biospectrumindia.com/news/86/25360/telangana-emerges-as-global-life-sciences-hub-with-rs-36000-cr-in-investment-creating-51000-jobs.html https://biospectrumindia.com/news/86/25360/telangana-emerges-as-global-life-sciences-hub-with-rs-36000-cr-in-investment-creating-51000-jobs.html Fri, 15 Nov 2024 00:00:00 +0530 In a remarkable testament to Telangana’s growing prominence on the world stage, the state government announced unprecedented progress in the life sciences sector, securing over Rs 36,000 crore in investments from over 140 projects over the last year. These investments are set to create 51,000 direct jobs and an estimated 1,50,000 indirect jobs, solidifying Telangana's status as a powerhouse in the global life sciences industry. Duddilla Sridhar Babu, Minister of Industries and Commerce, Government of Telangana said, “We have witnessed a surge of investments from several international and domestic companies, who have chosen Telangana as their gateway to India's rapidly growing life sciences ecosystem. From pharmaceutical manufacturing and R&D centres to global capability centres (GCC) innovation hubs, these investments across the life sciences value chain make Telangana an undisputed leader in this space globally. This momentum not only includes significant investments from new entrants but also additional investments by companies that have already seen the value in expanding in Telangana. This is a strong indicator of their trust in present Government’s business friendly approach that we have championed over the last one year and the strong ecosystem built over the last 2-3 decades.” "We are also happy to share that we will shortly introduce a dedicated life sciences policy, which will further streamline processes, attract  investments, foster innovation, and drive sustainable growth across this critical sector,” he said. This upcoming policy is designed to address the evolving needs of the life sciences industry, ensuring Telangana consolidates its position as an important node in the global life sciences value chain. The past year has seen notable investments / expansions in and around Genome Valley-     European company KrKA and Laurus Labs announced a joint investment of Rs 2000 crore in Genome Valley to establish pharmaceutical finished products and biopharmaceutical manufacturing in the cluster. Additionally, Laurus inaugurated a  State-of-the-Art R&D centre with Rs 250 crore. Both these investments have a combined employment potential of 2800 people.     Japanese pharmaceutical major Takeda announced a partnership with Biological E to manufacture 5 Crore Dengue vaccine doses annually from Genome Valley. With this investment, Hyderabad will lead the global fight back against dengue, further cementing our position as the vaccine capital of the world.     Rx  Propellant  and  Terminus  Group’s  Rs  2000  crore  investment  in Genome Valley will create world class lab space infrastructure to the extent of 20 Lakh sft to support innovation and R&D, which has potential to create 10,000 new jobs across multiple functions     Government and Thermo Fisher have partnered together to establish the country’s first scale-up biological manufacturing facility and bioprocess design center in Genome Valley.      Germany based Milteyni Biotec is setting up a world-class Cell and Gene Therapy facility in Genome Valley.      Aragen – One of India’s leading CRO/CDMO announced a Rs 2000 crore expansion plan in Nacharam thereby doubling down on their strengths in Telangana and creating 1000 new jobs.   The state has seen massive success in attracting some of the most renowned global life sciences companies to Hyderabad-     World’s leading biotechnology company – Amgen is establishing an innovation centre, which is one of their largest centres worldwide, in Hyderabad. This centre can accommodate 3000 people and the company has very aggressive expansion plans.     Zoetis, the world’s largest animal health company inaugurated the technology and innovation centre     One of the world’s leading medical technology companies, Olympus headquartered in Japan, is establishing their engineering and R&D centre in Hyderabad with about 500 people.     Medtronic’s first IT center outside of USA, here in the city, with an investment of about Rs 500 crore. Companies like Sanofi, BMS, Providence, etc. are further expanding their already significant presence in Hyderabad. ]]> https://biospectrumindia.com/news/86/25341/tech-enabled-fertility-platform-india-ivf-secures-1-25-m-investment-from-tomorrow-capital.html https://biospectrumindia.com/news/86/25341/tech-enabled-fertility-platform-india-ivf-secures-1-25-m-investment-from-tomorrow-capital.html Tue, 12 Nov 2024 00:00:00 +0530 India IVF, a pioneering fertility provider founded by Dr Richika Sahay and Dr Somendra Shukla, has secured $1.25 million in pre-Series A funding from Tomorrow Capital, a $100 million venture capital fund dedicated to supporting early-stage, transformative consumer healthcare businesses. This investment represents India IVF's first external funding since its inception, following a decade of profitable operations across its five North Indian centres, which include clinics in Delhi NCR and Srinagar. This new funding from Tomorrow Capital will drive India IVF's expansion across North India, enabling the company to bridge critical gaps in fertility care access. With the goal of making advanced fertility solutions accessible to underserved communities, India IVF has established India's first tech-enabled fertility platform, offering comprehensive, 360-degree fertility care through advanced technology and a dedicated team of experts. Tomorrow Capital's investment follows its recent support of VitusCare and IndiShreshtha, further reinforcing its commitment to specialized healthcare ventures. From its beginnings as a single-room clinic in Gurugram, India IVF has grown into one of North India's leading fertility providers. The IVF market in India, valued at $793.27 million in 2020, is projected to reach $3.72 billion by 2030, with growth driven by rising infertility rates, increased adoption of IVF, and regulatory advancements such as the ART Act, which is establishing higher standards for clinic infrastructure. However, IVF remains under-penetrated in many regions, requiring patients from smaller towns to travel to major cities for treatment. ]]> https://biospectrumindia.com/news/86/25327/qubehealth-raises-pre-series-a-funding-from-unicorn-india-ventures-and-canbank-vc.html https://biospectrumindia.com/news/86/25327/qubehealth-raises-pre-series-a-funding-from-unicorn-india-ventures-and-canbank-vc.html Wed, 06 Nov 2024 00:00:00 +0530 Deep-Tech focused, early-stage venture fund, Unicorn India Ventures and CanBank Venture Capital Fund, from VI Fund “Empower India Fund” led an undisclosed investment into the Mumbai-based healthcare payments company, QubeHealth, as part of its Pre-Series-A round, setting up the company for its upcoming Series-A round at a valuation of Rs 270 crore. Funds raised will be used for further investment in technology and new feature launches like embedded insurance, gen-AI led recommendation engine and a healthcare marketplace; prior to its Series-A round later this financial year. Qube is looking to raise about $9 Million in its upcoming Series-A. QubeHealth-Pay’s app helps Indians pay for their family’s healthcare bills, using multiple fund sources, at any hospital, clinic, doctor or pharmacy, offering an instant discount cash-back on every bill paid, and access to instant medical finance, if the bill is not covered through your health insurance. Qube’s Users are employees and their families, of large Indian corporates like Flipkart, Tata-Teleservices and 300 other employers, who use the QubePay mobile app, to scan and pay at any health or medical merchant in India.   Indians spend over $50 billion every year, paying for healthcare from their pockets. These payments are for expenses that are not covered through any health insurance, leading to a high out-of-pocket expenditure or OoPE on healthcare. As India rapidly moves towards digital payments through technologies like UPI, companies like QubeHealth-Pay are leading the wave of friction-free healthcare payments. ]]> https://biospectrumindia.com/news/86/25315/yatharth-hospitals-acquires-majority-stake-for-rs-91-2-cr-in-400-bedded-hospital-in-faridabad.html https://biospectrumindia.com/news/86/25315/yatharth-hospitals-acquires-majority-stake-for-rs-91-2-cr-in-400-bedded-hospital-in-faridabad.html Fri, 01 Nov 2024 00:00:00 +0530 Yatharth Hospital and Trauma Care Services has entered into a strategic collaboration agreement for the acquisition of a ~60% stake in a ~400 bedded-hospital in Faridabad, Haryana. The hospital, built on approximately 2 acres of land, has completed its structure and is expected to be operational by start of the next fiscal year. This acquisition will enhance Yatharth Hospitals positioning as the leading healthcare provider, with the largest bed capacity in the Faridabad region. Under the terms of the agreement, Yatharth Hospitals will acquire 60% stake in MGS Infotech Research & Solutions Private Limited for a cash consideration of Rs. 91.20 crore (for 60% stake), thereby making it a subsidiary of the company. The acquisition valued the hospital at an enterprise value of Rs. 152 crore. The company plans to invest an additional Rs 100 crore in the new facility to equip it with the latest advanced medical equipment. This will enable the hospital to provide high-end super specialty services, including a full suite of oncology treatments and robotic surgeries, ensuring the highest standards of patient care in the region. Yatharth Hospitals has also announced a successful bid of super specialty hospital located in Delhi, under the SARFAESI Act 2002 through e-auction. The said hospital is a well-established hospital based out of Model Town, New Delhi offering all the high-end super specialty services. With an expandable capacity of 300 plus beds, the said hospital caters to a large catchment of residential and institutional client base. ]]> https://biospectrumindia.com/news/86/25282/medprime-technologies-secures-pre-series-a-funding-to-propel-growth-and-ai-innovations-in-health-tech.html https://biospectrumindia.com/news/86/25282/medprime-technologies-secures-pre-series-a-funding-to-propel-growth-and-ai-innovations-in-health-tech.html Mon, 21 Oct 2024 00:00:00 +0530 Medprime Technologies, a leading medical device company at the forefront of developing cutting-edge healthcare solutions in diagnostics, has announced the successful closing of its Pre-series A funding, with investment from renowned investor Ashish Kacholia, Co-founder of Hungama Digital and one of India's top 10 investors. The funds will drive Medprime’s growth, with a particular focus on establishing an international market for CILIKA. Additionally, the investment will accelerate the launch of advanced AI modules to enhance its MICALYS platform in India. The funding will also enable significant improvements in Medprime’s manufacturing capabilities, boosting both efficiency and production capacity to meet rising global demand. Medprime has established a strong presence in digital microscopy, with its devices already being utilized by leading medical colleges and research institutions across India. Renowned institutions such as the All-India Institute of Medical Sciences (AIIMS), Maulana Azad Medical College, Grant Medical College, Banaras Hindu University, IIT Delhi, IIT Madras, Dr. Lal Path Labs, Apollo Diagnostics, and Dr. Rajendra Prasad Central Agricultural University have adopted Medprime's cutting-edge digital microscopes, underscoring the company’s commitment to excellence. Medprime’s MICALYS is a pioneer in AI-driven healthcare solutions, and the soon-to-be launched AI modules will further accelerate the company’s mission to enhance medical diagnostics through advanced technology. "The future of healthcare lies in the convergence of technology and medicine. With Medprime’s approach and their commitment to improving lives, I believe this partnership will lead to significant advancements in medical diagnostics,” said Ashish Kacholia. Beyond AI innovations, Medprime is focused on upgrading its manufacturing processes to increase efficiency and scale production. This strategic shift will allow the company to expand its operations and meet the growing needs of healthcare providers worldwide. Founded in 2014 by four biomedical engineering postgraduates from IIT Bombay, Medprime has grown with the support of prominent Indian and global entities. The company is backed by USAID-supported SAMRIDH, managed by IPE Global, and has received BIG and SBIRI grants from BIRAC. Medprime also benefits from a robust support network, including government agencies such as MeitY and industry associations like NASSCOM. Its growth has been further bolstered by partnerships with academic institutions like IIT Bombay, incubators such as SINE and Venture Centre, and organizations like Social Alpha. Venture capital firms such as Lavni Ventures, Riso Capital, Mumbai Angels, and Keiretsu Forum have also recognized and invested in Medprime’s potential. ]]> https://biospectrumindia.com/news/86/25269/cdmo-onesource-receives-equity-commitments-of-rs-801-cr-from-marquee-investors.html https://biospectrumindia.com/news/86/25269/cdmo-onesource-receives-equity-commitments-of-rs-801-cr-from-marquee-investors.html Wed, 16 Oct 2024 00:00:00 +0530 Strides Pharma Science has announced that its associate company, OneSource Specialty Pharma (formerly known as Stelis Biopharma), Group’s Specialty Pharma CDMO (contract development and manufacturing organisation), has received confirmed commitments for fundraising of Rs 8010 crore (~$95 million) from marquee domestic and foreign institutional investors and family offices, in the pre-listing round. The share subscription agreements are being executed at a pre-money equity value of $1.65 billion, delivering to Strides’ shareholders an embedded value of Rs 663 per share of Strides’ holding in OneSource representing an ~82% premium over the previous embedded value of Rs 364 per share as per the Scheme of Arrangement announced earlier in September 2023. The strong interest from leading investors reflects growing confidence in our capabilities and the immense potential of the CDMO sector emerging out of India. This fundraise is in line with the Scheme of Arrangement announced in September 2023 and the investment is subject to customary closing conditions, including receipt of necessary regulatory approvals. DSK Legal acted as the legal counsel for OneSource and Transaction Square was the advisor to the Scheme.   On 25th September 2023, Strides announced the creation of OneSource, India’s first specialty pharma pure-play CDMO player by integrating Stelis’ Biologics CDMO, SteriScience's Complex Injectables, and Strides' Soft Gelatine businesses in a single entity by way of Scheme of Arrangement.   ]]> https://biospectrumindia.com/news/86/25255/bain-capital-backed-360-one-asset-management-invests-in-a4-hospitals.html https://biospectrumindia.com/news/86/25255/bain-capital-backed-360-one-asset-management-invests-in-a4-hospitals.html Fri, 11 Oct 2024 00:00:00 +0530 360 ONE’s Healthcare Opportunities Fund has entered into definitive agreements to invest in A4 Hospitals, a prominent integrated women’s healthcare chain based in Tamil Nadu, with a robust presence in Chennai. Founded by experienced healthcare professionals Dr Ashok Kumar and Dr Aruna Ashok, A4 Hospitals offers a wide range of comprehensive services, including fertility treatments (IVF), maternity care, and gynaecological services. The growth capital from 360 ONE’s Healthcare Opportunities Fund will be strategically invested to enhance their service offerings, elevate brand recognition, market positioning and further bolster A4 Hospitals’ presence in Tamil Nadu as well as other newer geographies. Wodehouse Capital Advisors’ was the sole financial and strategic advisor for the transaction. A4 Hospitals’ unique model, anchored in rigorous clinical protocols and a patient-centric philosophy, has propelled it to prominence as one of Chennai's leading women's healthcare brands. With eight state-of- the-art centres in Chennai and a dedicated team of over 500 professionals, A4 Hospitals has firmly established itself as a key player in the region. In 2024, 360 One Asset has also invested in Vastu Housing Finance, hearing solutions provider HearZap, D2C lifestyle and design brand DailyObjects. According to the annual report, 360 ONE manages Alternative Investment Funds (AIF) with an AUM close to $5 billion. ]]> https://biospectrumindia.com/news/86/25169/aster-dm-healthcare-to-invest-rs-220-cr-to-build-largest-exclusive-women-childrens-hospital-in-hyderabad.html https://biospectrumindia.com/news/86/25169/aster-dm-healthcare-to-invest-rs-220-cr-to-build-largest-exclusive-women-childrens-hospital-in-hyderabad.html Sun, 22 Sep 2024 00:00:00 +0530 Aster DM Healthcare, one of the largest integrated healthcare providers in India, will be launching the largest Women & Children Hospital in Hyderabad. This 300-bed state-of-the-art facility will cater to the unique healthcare needs of children and women of all ages.  Aster DM Healthcare will be making an investment of around Rs 220 crore in this facility spreading over 3 lakh sq ft. Phase 1 of the project is expected to be completed and fully functional by mid - FY26. The Aster Women & Children Hospital will offer specialised medical services such as obstetrics, gynecology, pediatrics, neonatal care, and reproductive health. It will feature 100 critical care beds and 10 modular operating theatres, along with luxury birthing suites. To provide advanced maternal and pediatric care, the hospital will incorporate high-end technology for specialty services, including a Cath lab, CT, MRI, ECMO, IVUS, EBUS, and ERCP. Additionally, it will offer 24/7 emergency care. The company plans to add ~2000 beds by FY27 taking the total bed tally in India to 6800+ through the organic route and will further look for expansion through the inorganic route as well to achieve its aim of becoming the top 3 integrated healthcare providers in India along with a strong presence of labs and pharmacies in the geographies that Aster has a presence in. The plan encompasses a mix of brownfield and greenfield projects, including the upcoming Aster Capital in Trivandrum, and Aster MIMS Kasargod and adding bed capacity to the existing hospitals. The company will also be eyeing potential markets such as Maharashtra and Uttar Pradesh. The capital allocation for this expansion is in the range of Rs 1200 crore. ]]> https://biospectrumindia.com/news/86/25152/neovantage-innovation-parks-secures-rs-300-cr-for-life-sciences-real-estate-portfolio.html https://biospectrumindia.com/news/86/25152/neovantage-innovation-parks-secures-rs-300-cr-for-life-sciences-real-estate-portfolio.html Tue, 17 Sep 2024 00:00:00 +0530 Neovantage Innovation Parks, South Asia’s largest private owner and operator of life sciences-focused real estate, has secured its inaugural green loan of Rs 300 crore from HSBC India. This is HSBC’s first green loan facility in the life sciences real estate sector in India. It was awarded on the back of Neovantage Innovation Parks’ commitment to eco-innovation and sustainable operations across its properties. Neovantage Innovation Parks has achieved this by maintaining for all its operating buildings a prestigious Gold or higher rating under the LEED for Operations and Maintenance (O+M) - Existing Buildings certification, awarded by the US Green Building Council. Neovantage Innovation Parks, located in Genome Valley in Hyderabad, is home to leading Pharma and Life Sciences Research and Development (R&D) companies and is South Asia’s leading privately operated life sciences real estate portfolio. The portfolio is setup as a joint venture (JV) between Ivanhoé Cambridge, the real estate group of CDPQ, and Lighthouse Canton, a global investment institution. Refinancing of existing debt with the green loan facility is aligned with the company’s ongoing initiatives to maintain an environmentally responsible and operationally efficient real estate portfolio. The portfolio consists of 8 world class, Grade ‘A’ facilities with premier multi-national and large Indian companies as tenants.  The portfolio consists of buildings which have been additionally awarded the LEED Platinum and Gold Certifications for Building Design and Construction - Core and Shell Development, demonstrating excellence and leadership in sustainable design in addition to sustainable operations. Neovantage Innovation Parks has incorporated a forward-thinking approach towards development of environment friendly life sciences innovation infrastructure and has reiterated its commitment in its new projects - Building 9900 and Building 4500 in Genome Valley. Both projects have been awarded the LEED Gold Precertification for Building Design and Construction - Core and Shell Development. Building 9900 was completed earlier this year and has been fully leased to a large Indian contract research company. Building 4500 is targeted to be ready for occupancy by October 2024.      ]]> https://biospectrumindia.com/news/86/25141/sanofi-consumer-healthcare-india-limited-gets-listed-of-bse-and-nse.html https://biospectrumindia.com/news/86/25141/sanofi-consumer-healthcare-india-limited-gets-listed-of-bse-and-nse.html Fri, 13 Sep 2024 00:00:00 +0530 Sanofi Consumer Healthcare India Limited (SCHIL) has announced its successful listing on BSE Limited (BSE- formerly known as Bombay Stock Exchange) and National Stock Exchange of India Limited (NSE). The milestone was marked with the ringing of the opening bell at BSE by Himanshu Bakshi, Managing Director, Sanofi Consumer Healthcare India Limited, signifying the listing of the company’s Equity Shares. Himanshu Bakshi, Managing Director, Sanofi Consumer Healthcare India Limited said, “India’s consumer healthcare market has vast potential. SCHIL getting listed on BSE and NSE marks a critical milestone for us; one that is further expected to strengthen our position and drive sustainable growth within the Indian market. By evaluating our business needs, capitalising on emerging consumer trends in the healthcare space and encouraging a culture of digital innovations, we seek to address unmet consumer needs. For this, we aim to enhance our customer experience with our products." SCHIL has emerged as a distinct legal entity following its demerger from Sanofi India Limited. This demerger, executed under the Scheme of Arrangement, was sanctioned by the Mumbai bench of the National Company Law Tribunal and became effective on 1st June 2024. In alignment with Sanofi's global strategy, SCHIL is now operating independently, with a dedicated focus on the Consumer Healthcare sector. Leveraging its global experience in consumer healthcare, it aims to enhance customer wellbeing through its portfolio of products which encompasses Allergy, Digestive Wellness, Pain Care, and Multivitamins and Herbal/Traditional Dietary Supplements.  ]]> https://biospectrumindia.com/news/86/25143/max-healthcare-institute-partners-with-lakshdeep-group-to-acquire-controlling-stake-in-jaypee-healthcare-for-rs-1660-cr.html https://biospectrumindia.com/news/86/25143/max-healthcare-institute-partners-with-lakshdeep-group-to-acquire-controlling-stake-in-jaypee-healthcare-for-rs-1660-cr.html Fri, 13 Sep 2024 00:00:00 +0530 Max Healthcare Institute Limited (MHIL) has entered into a strategic collaboration agreement with Lakshdeep Group, the ultimate promoter group of Jaypee Healthcare Limited (JHL), which is undergoing a Corporate Insolvency Resolution Process (CIRP). This strategic collaboration and proposed acquisition will give MHIL a controlling stake in JHL, including its flagship asset, the renowned 500-beds Jaypee Hospital, Noida. Under the agreement, MHIL shall organise debt for repayment of admitted claims of the financial creditors of JHL and proposes to simultaneously acquire ~64% stake in the company, with call and put option for the remaining stake. The acquisition is based on an enterprise value of Rs 1,660 crore, reflecting JHL's strong market position, which includes two operational hospitals i.e. 500-beds Jaypee Hospital, Noida and 200-beds Jaypee Hospital Bulandshahr, built on land parcel of 18 acre and 5.75 acre respectively. Further JHL also owns a 100-beds hospital spread over 2.35 acres at Anoopshahar, which is currently non-operational. JHL reported revenue of Rs 421 crore and EBITDA of Rs 70 crore for the year 2023-24. Jaypee Hospital Noida is recognised for its exceptional medical care and commitment to patient wellbeing, making it a trusted healthcare destination for residents of Noida and surrounding region. This acquisition will significantly enhance MHIL’s network and strengthen its leadership position in NCR.   ]]> https://biospectrumindia.com/news/86/25105/centre-for-sight-aims-to-invest-rs-300-500-cr-in-next-few-years-to-support-expansion-plans.html https://biospectrumindia.com/news/86/25105/centre-for-sight-aims-to-invest-rs-300-500-cr-in-next-few-years-to-support-expansion-plans.html Wed, 04 Sep 2024 00:00:00 +0530 Centre For Sight, a leading network in Ophthalmology nationwide, renowned for its cutting-edge technology, and trusted medical expertise, has announce a strategic collaboration with Laxmi Eye Hospital, a distinguished eye care provider with a legacy of over three decades. This partnership marks a significant milestone in Centre For Sight’s expansion strategy, enhancing its presence in Maharashtra to 9 centres. Centre For Sight is looking to invest Rs 300-500 crore over the next few years to support its expansion plans.  Presently, Centre For Sight serves over a million patients annually, at 82 centres across 40 cities from 15 states of India with over 350 expert doctors and ~2700 professional staff onboard collectively. Laxmi Eye Hospital, established in 1989, has been serving over 2.5 million patients across four locations - Panvel, Khargar, Dombivili, and Kamothe. It is equipped with the latest infrastructure and technology (including FEMTO for bladeless cataract) to provide comprehensive eye care services.  Over the past 12 months, Centre For Sight has added 10 brownfield centres with strategic collaborations, such as Srinagar (Fazili Eyecare), Sikar (I Max Eye Care Hospital), Warangal (Kakathiya Eye Hospital), Badlapur (Drishti Eye Hospital), Chembur (Rushabh Eye Hospital & Laser Centre) and the latest one in Mumbai (Laxmi Eye Hospital). On the other hand, Centre For Sight has also launched six greenfield centres - Bhiwani, Palwal, Jammu, Gorakhpur, Prayagraj, and Gurugram; further strengthening presence in Northern India. Centre For Sight will continue to look for more collaboration opportunities in the region, which is a key focus area of expansion, to deepen its presence in Western India. Further, it aims to add 15-20 centres annually, targeting to reach 150 centres in the next 4 years with our commitment to the 'Go Deep and Go Wide' strategy. The recent strategic investment from ChrysCapital in Centre For Sight has further amplified its growth journey, enabling it to reach even more communities with advanced ophthalmic care.    ]]> https://biospectrumindia.com/news/86/25097/35north-india-discovery-fund-ii-invests-3-m-in-global-care.html https://biospectrumindia.com/news/86/25097/35north-india-discovery-fund-ii-invests-3-m-in-global-care.html Tue, 03 Sep 2024 00:00:00 +0530 Non-hospital medical tourism startup Global Care, a unit of Gurugram-based Lavanya Medicare Solutions, has announced a funding of $3 million as a strategic investment by 35North India Discovery Fund -II (IDF-II) and its affiliates. This is the first-ever partnership of its kind in this domain.    Rajeev Taneja, MD & Founder and a first-gen entrepreneur, founded Global Care with a strategic vision to become a multi-country company catering to medical patients from multiple countries. The company is focused on Eastern Africa, Francophone Africa, the Middle East, Central Asia, SAARC nations, and South-East Asia, as well as the Middle East, North Africa.   Ashwani Singh, Managing Director at 35North, commented, "We strongly believe in both the company and the sector. The sector is benefiting from cutting-edge medical care across specialties in India, Turkey, Dubai, Egypt, Germany, and Thailand. This is coupled with the availability of high-end medical equipment and the time and price competitiveness of these destinations."   Rajeev Taneja, Founder and CEO of Global Care, shared, "The company is now at the forefront of expanding healthcare services internationally and creating a global ecosystem of clinical services as healthcare consultants covering both aspects - building clinical corridors while supporting patients who cannot be treated in their home country.”   With this investment, 35North IDF-II will support Global Care’s aim to bridge healthcare divides worldwide, building clinical excellence through strategic consulting and facilitating convenient access to world-class patient care.   ]]> https://biospectrumindia.com/news/86/25087/sunfox-secures-additional-rs-15-cr-in-pre-series-funding-to-scale-global-cardiac-innovations.html https://biospectrumindia.com/news/86/25087/sunfox-secures-additional-rs-15-cr-in-pre-series-funding-to-scale-global-cardiac-innovations.html Fri, 30 Aug 2024 00:00:00 +0530 Dehradun-based startup Sunfox Technologies has raised an additional Rs 15 crore in a pre-series funding round. The round was led by existing investor Venture Catalyst, alongside new investors such as Finvolve through the IA Growth Opportunities Fund I and Brew Opportunities Fund, as well as Universal Group, KP Singhvi Group, and several high-net-worth individuals (HNIs).   This funding builds on a previous Rs 5 crore investment from USAID through SAMRIDH Health and LetsVenture, bringing the total raised in this round to Rs 20 crore.With this new capital, Sunfox is set for rapid expansion in India and globally, focusing on scaling its flagship innovation, Spandan- a smartphone-based portable ECG device that provides clinically accurate 12-lead ECG readings, empowering users to detect heart attacks and monitor cardiac health in real time.   Used by over 30,000 individuals across 20 countries, Spandan has already saved more than 10,000 lives through early detection of heart conditions. This technology is proving critical as India confronts a surge in heart attacks post-COVID-19."This capital injection will enable us to scale rapidly, both in India and internationally," said CEO Rajat Jain. "It will fuel our growth and bring Spandan into homes and clinics worldwide. We envision a future where heart attacks are as preventable as fevers, with Spandan becoming as ubiquitous as a household thermometer."Sunfox, operating from Dehradun, a Tier 2 city, is defying the norm that high-impact health tech innovations emerge only from metro cities. The company has established an advanced in-house R&D and manufacturing facility in the hilly state, capturing global attention from prestigious institutions such as Oxford and Wharton. Sunfox first gained widespread recognition when all five sharks—Namita Thapar, Peyush Bansal, Anupam Mittal, Vineeta Singh, and Ghazal Alagh—invested during its Shark Tank India debut.       ]]> https://biospectrumindia.com/news/86/25022/healthcred-secures-1-2-m-in-seed-funding-to-revolutionise-b2b-healthcare-financing-in-india.html https://biospectrumindia.com/news/86/25022/healthcred-secures-1-2-m-in-seed-funding-to-revolutionise-b2b-healthcare-financing-in-india.html Mon, 12 Aug 2024 00:00:00 +0530 New Delhi-based HealthCRED, India’s first B2B healthcare financing startup, has raised $1.2 million in a seed funding round. The round was led by Antler India, TRTL VC, DeVC, iSeedVC and Angel List India. The round also saw participation from prominent angel investors including Dr Subho Ray (President, IAMAI), Nitin Gupta (CEO, Uni Cards), Amit Lakhotia (CEO, ParkPlus) and founders of InsuranceDekho and SEA-based Docquity. The infusion of capital will be strategically utilised to enhance customer relationships and expand operations to the Southern and Western parts of the country. It will also be channelised to hire fresh talents and develop state-of-the-art B2B loan onboarding and loan management systems, creating an end-to-end digitised B2B healthcare lending framework.  Founded in 2022 by Shrey Jain and Arpit Jangir, HealthCRED is poised to become India’s first healthcare-focused Small Finance Bank (SFB). The company provides swift, comprehensive, and adaptable financing solutions tailored for the healthcare sector. HealthCRED’s collaborative approach involves partnering with Hospitals, specialised Healthcare Service Providers (HSPs across nephrology, oncology, and diagnostics), Insurers, and Pharmaceutical and Consumable Supply Chain partners to deliver intelligent and efficient financing solutions.   HealthCRED is addressing a burgeoning working capital gap in hospitals and the healthcare supply chain, targeting the needs of India's rapidly growing $300 billion+ healthcare industry. With ambitious growth targets, the company aims to disburse over $1 billion over the next 5 years through digital means, basis alternate data driven underwriting. ]]> https://biospectrumindia.com/news/86/25018/sigtuple-raises-4-m-led-by-sidbi-venture-capital-to-drive-geographical-expansion.html https://biospectrumindia.com/news/86/25018/sigtuple-raises-4-m-led-by-sidbi-venture-capital-to-drive-geographical-expansion.html Sat, 10 Aug 2024 00:00:00 +0530 Bengaluru-based SigTuple has raised Rs 33 crore ($4 million) led by SIDBI Venture Capital, with participation from existing investors including Endiya Partners, and a few strategic leaders from the healthcare sector. The team will use this new capital to drive geographical expansion, expand its product portfolio and support regulatory clearances. Since 2020, SigTuple has focused on its core product, AI100, which is now gaining significant traction in the Indian market with major diagnostics industry players as customers. Partnering with Horiba Medical as its South Asia distribution channel, SigTuple has also expanded into Southeast Asia, the Middle East, and North Africa, and is poised to enter Europe and the Americas. In September 2023, AI100 received US FDA 510(k) approval, making SigTuple the third company globally, and the first in India, to achieve this for AI-assisted digital hematology. SigTuple's robust product roadmap has significant developments ahead. The company is set to launch a next-generation product that automates all manual microscopy in clinical labs, surpassing the AI100. Additionally, SigTuple is entering the point-of-care market with microfluidic technology and imaging to process essential tests in minutes, promoting decentralization and making quality diagnostics accessible. With new funding, SigTuple is poised to design and produce innovative, high-end medical devices in India for a global audience, turning its vision into reality.     ]]> https://biospectrumindia.com/news/86/24997/morepen-labs-raises-rs-200-cr-through-qualified-institutional-placement.html https://biospectrumindia.com/news/86/24997/morepen-labs-raises-rs-200-cr-through-qualified-institutional-placement.html Tue, 06 Aug 2024 00:00:00 +0530 Morepen Laboratories Limited has announced the successful subscription of a Qualified Institutional Placement (QIP) for Rs 200 crore. This strategic move underscores Morepen's commitment to accelerating growth, enhancing institutional participation, increasing market presence, and improvement in its financial position on the way to fortifying its leadership in the field of Medical Devices and APIs. The issue was subscribed 1.68 times with bids of Rs 335 crore against the Rs 200 crore offering, demonstrating strong confidence reposed by institutional investors. Marquee global investors like Bank of America Securities Europe (BOFA), Samsung India, Citigroup, Societe Generale, Nomura, BNP Paribas, Morgan Stanley and Eminence are some of the select names that have partnered with Morepen, paving the way for a promising future. Motilal Oswal Investment Advisors Limited was the book running lead manager (BRLM) for the issue. The company has been growing consistently at 19.6% CAGR based only on the robust internal accruals and has focused on the maximising the revenue and EBITDA margins. Now, the additional fund raise of Rs 200 crore through this QIP, would accelerate the growth journey and help build large capacities and backward integration, cementing the company's leadership position in Glucometers and BP Monitors markets feeding directly to the consumers. In API segment also, Morepen has created a niche for itself in six products where is commands leadership and has recently created extra capacities to accommodate the increasing market demand of its key products. With additional capex to be funded through the QIP fundraise the company will establish capacities for new molecules for which it has developed a strong pipeline with its relentless R&D efforts. The company clocked a Gross Revenue of Rs 1704 crore, EBITDA of Rs 172.60 crore and PAT of Rs 96.62 in FY24 registering an increase of 20% in revenue, 101% in EBITDA and 150% in PAT as compared to FY23 wherein the company has secured a Gross Revenue of Rs 1424 crore, EBITDA of Rs 85.67 crore, and PAT of Rs 38.68 crore. ]]> https://biospectrumindia.com/news/86/24968/invicta-diagnostics-aims-for-rs-60-cr-revenue-by-2027-plans-ipo-for-expansion.html https://biospectrumindia.com/news/86/24968/invicta-diagnostics-aims-for-rs-60-cr-revenue-by-2027-plans-ipo-for-expansion.html Tue, 30 Jul 2024 00:00:00 +0530 Invicta Diagnostics Limited, a leading diagnostic services provider under the brand name ‘PC Diagnostics’, has announced ambitious plans to achieve a revenue target of Rs 60 crore by the financial year (FY) 2027. The Mumbai-headquartered company intends to raise capital through an initial public offering (IPO) to support its strategic expansion efforts. Socradamus Capital Private Limited has been appointed as the book running lead manager for the IPO. In FY24, Invicta reported a total revenue of Rs 15.83 crore and a profit (PAT) of Rs 3.80 crore, a significant increase from the Rs 6.84 crore revenue and Rs 0.23 crore profit (PAT) recorded in FY23. The company projects a revenue of Rs 25 crore for FY25. Invicta operates a robust network of diagnostic centres using a hub-and-spoke model. Its flagship centre in Thane, along with three hubs in Bhayandar, Byculla, and Marol, provides comprehensive diagnostic services, while four spokes in Lower Parel, Sewri, Mazgaon, and Kalwa offer specialised support and sample collection. Over the next 12-18 months, the company plans to open 10 more diagnostic centres across Maharashtra. Rohit Prakash Srivastava, Promoter and CFO of Invicta Diagnostics Limited, emphasised the company's commitment to quality and affordability since its inception in 2021. "We have made significant investments in hiring experienced radiologists and technicians to offer uncompromising services to our customers. Exploring funding opportunities through an IPO will allow us to invest in advanced machinery and further our expansion plans to improve service quality," he stated. The company's larger diagnostic centres are equipped with advanced testing machinery, including CT scans and MRIs, while smaller centres offer basic tests like sonography and X-rays and function as sample collection points. Founded by Dr Ketan Jayantilal Jain and Dr Sanket Vinod Jain, along with Promoter and CFO Rohit Prakash Srivastava, Invicta Diagnostics has grown under their leadership and vision. The addition of Investor Promoters Badal Kailash Naredi and Jayesh Prakash Jain has further bolstered the company's growth strategy and operational execution. ]]> https://biospectrumindia.com/news/86/24941/mankind-pharma-acquires-100-stake-in-bharat-serums-and-vaccines-for-rs-13630-cr.html https://biospectrumindia.com/news/86/24941/mankind-pharma-acquires-100-stake-in-bharat-serums-and-vaccines-for-rs-13630-cr.html Thu, 25 Jul 2024 00:00:00 +0530 Mankind Pharma has entered into a definitive agreement to acquire a 100% stake in Bharat Serums and Vaccines Limited (BSV) from Advent International (Advent), one of the world’s largest and most experienced private equity investors, for an enterprise value of approx. Rs 13,630 crore, subject to closing related adjustments.  This strategic move marks a significant leap for Mankind Pharma, positioning it as a market leader in the Indian women's health and fertility drug market alongside access to other high entry barrier products in critical care with established complex R&D tech platforms. With over five decades of leadership in biopharmaceuticals, BSV has developed recombinant and niche biologic products in-house, demonstrating its strong R&D capabilities and boasts of a robust branded product portfolio across Women's Health, Fertility and Critical Care, with a few of its marque brands enjoying a strong leadership position in their respective therapy areas. BSV has a niche portfolio offering in Women's Health, encompassing the entire lifecycle, from fertility to post-pregnancy. BSV has one of the most comprehensive portfolio in fertility segment to scale in both India and international markets amid increasing IVF penetration. Rajeev Juneja, Vice-chairman and Managing Director, Mankind Pharma shared “BSV's established Specialty R&D Tech Platforms with complex portfolio across Women’s health, Fertility, critical care and Immunoglobulin segment perfectly aligns Mankind Pharma's strategic vision to expand its footprint in high entry barrier portfolio. We are also delighted to welcome BSV’s 2,500+ members to our Mankind family." BSV reported revenue of Rs 1,723 crore in FY24, delivering robust 20% y-o-y growth with adjusted EBITDA Margins of 28%. The business has grown at ~21% revenue CAGR over the last 3 years.   ]]> https://biospectrumindia.com/news/86/24929/deep-tech-vc-unicorn-india-ventures-announces-partial-exit-from-medtech-startup-sascan-with-6x-returns.html https://biospectrumindia.com/news/86/24929/deep-tech-vc-unicorn-india-ventures-announces-partial-exit-from-medtech-startup-sascan-with-6x-returns.html Sun, 21 Jul 2024 00:00:00 +0530 Unicorn India Ventures (UIV), a deep tech focused fund house, which is currently raising its third fund of Rs 1,000 crore, has announced a partial exit from neo diagnostics startup Sascan Meditech. UIV had invested Rs 2 crore spread across 2 rounds. The first investment was made in 2020.  The partial exit from Sascan has generated 6X returns for the Fund as UIV continues to hold a substantial stake in the company. Thiruvananthapuram-based Sascan Meditech is an emerging healthcare innovation company founded in 2015 by Dr Subhash Narayanan, a laser scientist with interest in the development of Biophotonics products. The primary objective of the company is to develop affordable healthcare products and solutions for cancer care based on Biophotonics and allied technologies. The focus is to make these products available through sustainable business models and create impact among the population at the base of the pyramid. Sascan has two distinct products: OralScan (the first multimodal image capturing device that uses multi-spectral imaging technology at its core for non-invasive and real-time screening of oral cancer and biopsy guidance) and  CerviScan (a  product developed to replace the conventional digital colposcopy). Unicorn India Ventures has invested in the company in 2020 and was the first only institutional investor. The Fund invested in Sascan again in 2021.    ]]> https://biospectrumindia.com/news/86/24917/sanofi-healthcare-to-invest-rs-3600-cr-in-hyderabad-gcc-by-2030.html https://biospectrumindia.com/news/86/24917/sanofi-healthcare-to-invest-rs-3600-cr-in-hyderabad-gcc-by-2030.html Thu, 18 Jul 2024 00:00:00 +0530 Sanofi Healthcare India has announced a significant expansion of its Global Capability Centre (GCC) in Hyderabad, with a planned investment of Rs 3600 crore by 2030. This move is expected to bolster innovation, research, and development in the healthcare sector while substantially increasing its workforce. The announcement was made during the inauguration of the facility at Hitec City, attended by Telangana Minister for Industries D Sridhar Babu, Secretary of the Department of Pharmaceuticals Arunish Chawla, and Special Chief Secretary for IT Jayesh Ranjan. Sanofi's expansion in Hyderabad aligns with the Telangana government's vision to establish the state as a leading hub for healthcare innovation. The investment will enhance the GCC's capabilities, making it the largest of Sanofi's four global hubs within two years, with the workforce growing from 1,000 to 2,600 employees. Emmanuel Frenehard, Sanofi’s Executive Vice President and Chief Digital Officer, emphasised the company's commitment to leveraging Artificial Intelligence (AI) across its value chain, from drug discovery to market deployment. He highlighted Sanofi's goal to become the first biopharma company powered by AI, ensuring ethical and safe AI use to accelerate drug development and improve productivity. Madeliene Roach, Executive Vice President of Business Operations at Sanofi, stated that the investments would focus on acquiring talent and building new capabilities to support the large-scale operation, in addition to developing state-of-the-art facilities in Hyderabad. ]]> https://biospectrumindia.com/news/86/24908/lupin-divests-us-commercial-womens-health-specialty-biz-to-evofem-for-84-m.html https://biospectrumindia.com/news/86/24908/lupin-divests-us-commercial-womens-health-specialty-biz-to-evofem-for-84-m.html Mon, 15 Jul 2024 00:00:00 +0530 Global pharma major Lupin has divested its US Commercial Women's Health Specialty Business to Evofem Biosciences, Inc., a US biopharmaceutical company focused exclusively on Women's Health. Lupin's US Commercial Women's Health Specialty Business is primarily focused on commercialising SOLOSEC (secnidazole) 2g oral granules. This US FDA-approved single-dose antimicrobial agent provides a complete course of therapy for the treatment of bacterial vaginosis (BV) and trichomoniasis, two common sexual health infections.  Under the terms of the deal, Lupin can receive a potential total consideration of up to $84 million based on future contingent milestones.  Dr Fabrice Egros, President - Global Corporate Development, Lupin, said, "This divestment is another step in aligning our US specialty business with our strategic plan to build our specialty business in therapeutic areas where we have building blocks of synergy. These include respiratory and neurological diseases." "The acquisition of this commercial business aligns with and advances our mission to improve access to innovative and differentiated options that impact women's daily lives. SOLOSEC is a commercially attractive, single-dose oral antibiotic that addresses two pervasive sexual health infections. We can now fully leverage our commercial infrastructure, maximise our strong physician relationships, and re-launch an asset with tremendous growth potential," said Saundra Pelletier, Chief Executive Officer, Evofem. ]]> https://biospectrumindia.com/news/86/24867/astrazeneca-to-invest-rs-250-cr-to-grow-global-innovation-and-technology-centre-in-india.html https://biospectrumindia.com/news/86/24867/astrazeneca-to-invest-rs-250-cr-to-grow-global-innovation-and-technology-centre-in-india.html Thu, 04 Jul 2024 00:00:00 +0530 AstraZeneca India has announced an investment of Rs 250 crore ($30 million) to expand its Global Innovation and Technology Centre (GITC) in Chennai, Tamil Nadu, which includes close to 1,300 roles focused on driving innovation, enhancing efficiency, and streamlining operations across the company globally. The expanded facility was inaugurated in a ceremony officiated by Minister of Industries Tamil Nadu, Dr T.R.B. Rajaa, British Deputy High Commissioner to India, Christina Scott CMG, AstraZeneca Vice President for Asia Area Ms Sylvia Varela, as well as AstraZeneca’s leadership team in the country. The investment marks a significant milestone in AstraZeneca’s growth story in India as it celebrates its 45th year in the country this month. With the highly skilled roles to be brought in by 2025, the expanded GITC will propel company’s vision to leverage technologies such as enterprise platforms, artificial intelligence, machine learning, data science, and supply chain analytics to shape healthcare outcomes. Thiru. MK Stalin, Chief Minister of Tamil Nadu said, "Technology is the driving force behind innovation and we are committed to make Tamil Nadu an epicentre of technology and research. This collaboration with AstraZeneca aligns perfectly with our vision to foster innovation and create high-value opportunities for the people of Tamil Nadu."    ]]> https://biospectrumindia.com/news/86/24861/hcg-buys-mahatma-gandhi-cancer-hospital-research-institute-in-vizag-for-rs-414-cr.html https://biospectrumindia.com/news/86/24861/hcg-buys-mahatma-gandhi-cancer-hospital-research-institute-in-vizag-for-rs-414-cr.html Wed, 03 Jul 2024 00:00:00 +0530 Bengaluru-based HealthCare Global Enterprises Limited (HCG), one of the largest cancer care networks in India, has announced the acquisition of Mahatma Gandhi Cancer Hospital & Research Institute (MGCHRI) in Vizag, Andhra Pradesh, for an Enterprise Value of Rs 414 crore. HCG will have initial 51% stake in MGCHRI, with plans to complete the acquisition of the additional 34% stake over the next 18 months. This strategic move entails leadership in a highly attractive micro-market with high quality primary catchment supported by large draining secondary catchment from neighbouring states. This acquisition is poised to significantly bolster HCG's annual EBITDA by Rs 3 per share and gain a leadership position with a dominant share in Vizag Region. The hospital boasts 196 operational beds and features advanced medical infrastructure, including 2 LINAC machines, 1 PET CT scanner, 1 Robotics Surgery System, and a dedicated Bone Marrow Transplant (BMT) unit. Its clinical team comprises 31 doctors, including 12 Surgical, 6 Radiation, and 4 Medical oncologists.  This expansion strengthens HCG's presence in the region, enhancing their capabilities and reinforcing their commitment to providing high-quality treatment and support for cancer patients.  The partnership aims to address the significant demand-supply gap in radiation therapy equipment, which has a penetration rate of less than 0.6 per million in Andhra Pradesh and Orissa. Mahatma Gandhi Cancer Hospital & Research Institute, located in a robust primary catchment area, also benefits from substantial secondary demand from neighbouring states. Its clinical standards closely align with HCG's rigorous cancer care protocols, ensuring seamless integration post-acquisition.   ]]> https://biospectrumindia.com/news/86/24851/cornerstone-ventures-conquest-global-invest-5-m-in-mumbai-based-startup-watch-your-health.html https://biospectrumindia.com/news/86/24851/cornerstone-ventures-conquest-global-invest-5-m-in-mumbai-based-startup-watch-your-health.html Tue, 02 Jul 2024 00:00:00 +0530 Mumbai-based startup Watch Your Health has announced the completion of a $5 million funding round led by Cornerstone Ventures from India and Conquest Global from Singapore. This capital raise will help the company scale operations and expand the user base both domestically and internationally by growing its sales teams while also enabling new investments in enhancing the company's technological infrastructure and platform capabilities. Founded in 2015 and headquartered in Mumbai, Watch Your Health helps insurers, and pharmaceutical companies enhance the experience and improve the engagement with their customers. Operating as a B2B platform, it augments capabilities of consumer apps of insurers and pharma cos., and provides insights based on  data collected from devices like fitness trackers and health records. The platform’s advanced analytics helps provide personalised recommendations for customers on how to improve health, guidance on diet management, appropriate exercise regimes, and suggests lifestyle changes - eventually leading to higher persistency ratios and lower claim ratios for insurers. Beyond these tangible benefits, the platform also fills a significant gap in the healthcare industry by enabling preventive care, continuous monitoring of high risk / chronically ill patients, and personalised wellness strategies to enable better well being of end customers.  The company has partnered with several leading healthcare providers to integrate their services into the Watch Your Health platform. Notable partnerships include Watania Takaful and Shalina Healthcare in the UAE, marking a significant step in international market expansion. Additionally, the company has made significant headway in enhancing the platform’s AI capabilities to further improve the quality of health insights. ]]> https://biospectrumindia.com/news/86/24835/dr-reddys-buys-nicotine-replacement-therapy-business-from-haleon-for-rs-5276-cr.html https://biospectrumindia.com/news/86/24835/dr-reddys-buys-nicotine-replacement-therapy-business-from-haleon-for-rs-5276-cr.html Wed, 26 Jun 2024 00:00:00 +0530 Hyderabad-based Dr. Reddy’s Laboratories has announced that its subsidiary Dr. Reddy's Laboratories SA has signed a definitive agreement with Haleon plc, a leading consumer healthcare company, for purchase of shares of Northstar Switzerland SARL, a Haleon group company, to acquire Haleon’s global portfolio of consumer healthcare brands in the Nicotine Replacement Therapy (NRT) category outside of the United States. The portfolio to be acquired consists of Nicotinell, a global leader in the NRT category with an extensive footprint in over 30 countries spanning Europe, Asia including Japan, and Latin America, and local market-leading brand names of the product – Nicabate in Australia, Thrive in Canada, and Habitrol in New Zealand and Canada. The proposed acquisition will be inclusive of all formats such as lozenge, patch, gum as well as pipeline products, in all applicable global markets outside of the United States. Nicotinell ranks among the top 15 biggest brands among all OTC brands in Europe (excluding Russia, Italy), and ranks 32 among all OTC global brands (excluding the U.S.). In CY’23, the portfolio generated approximately GBP 217 million in revenue. Dr. Reddy’s will acquire the share capital of Northstar Switzerland SARL for a total consideration of GBP 500 million (Rs 5276 crore) with an upfront cash payment of GBP 458 million and performance-based contingent payments of up to GBP 42 million, payable in 2025 and 2026.  Upon closing of the transaction, Dr. Reddy’s will acquire the NRT business in all countries outside of the United States. However, operations will transition to Dr. Reddy’s in a phased approach to ensure successful integration of the business.   ]]> https://biospectrumindia.com/news/86/24820/ai-health-startup-cloudphysician-raises-10-5-m-funding-led-by-peak-xv-partners.html https://biospectrumindia.com/news/86/24820/ai-health-startup-cloudphysician-raises-10-5-m-funding-led-by-peak-xv-partners.html Tue, 25 Jun 2024 00:00:00 +0530 Bengaluru-based AI health startup, Cloudphysician, has raised $10.5 million in a Series A funding round led by Peak XV Partners, with participation from Elevar Equity and venture debt firm Panthera Peak. Cloudphysician is a full-stack artificial intelligence (AI) and operations company that partners with hospitals to manage patients in their ICU and Emergency departments. Its seamlessly integrated tech, world-class treatment protocols, and best-in-class medical teams improve patient outcomes.  The fresh capital infusion will be used to propel Cloudphysician’s growth and operations within India and expand into multiple emerging markets and established markets such as the US. Additionally, the funds will be used to further enhance its innovative AI platform, RADAR, to improve its co-pilot features using data. With this latest funding, Cloudphysician is well-equipped to lead the charge in revolutionising the delivery of critical care, ensuring that high-quality care is acessible, scalable, and cost-effective for hospitals everywhere.  Dr Dhruv Joshi and Dr Dileep Raman, both intensivists trained in the US, founded Cloudphysician in 2017 to ensure delivery of high-quality critical care to all. Cloudphysician has now extended its partnership to over 200 hospitals across 23 states in the country, caring for over 1 lakh patients.      ]]> https://biospectrumindia.com/news/86/24791/iit-madras-sudha-gopalakrishnan-brain-centre-receives-rs-41-cr-grant-to-support-research.html https://biospectrumindia.com/news/86/24791/iit-madras-sudha-gopalakrishnan-brain-centre-receives-rs-41-cr-grant-to-support-research.html Tue, 18 Jun 2024 00:00:00 +0530 Fairfax Financial Holdings, a leading Canadian financial company founded by Indian Institute of Technology (IIT) Madras Alumnus Prem Watsa, is going to support the research activities of IIT Madras’ Sudha Gopalakrishnan Brain Centre through a research grant of $5 million (approximately Rs 41 crore). The Sudha Gopalakrishnan Brain Centre was launched in March 2022 to power an ambitious Global Project to image the human brain at the cellular levels by generating unprecedented human brain data, scientific output and technology tools. Commending the research underway at this Centre, Prem Watsa, Founder, Chairman, and Chief Executive Officer of Fairfax Financial Holdings, said, “The quality of work and the team’s commitment at IIT-M’s Sudha Gopalakrishnan Brain Centre is truly outstanding. The technology platform they have developed that generates high-resolution image volumes of human brains is very unique. It has far reaching impact in advancing our knowledge of human brains, developing insights that will lead to solutions for highly challenging brain diseases.” The IIT Madras Sudha Gopalakrishnan Brain Centre has developed a world-class high-throughput histology pipeline that processes whole human brains into high-resolution digital images at petabyte-scale. These unique first-in-class data sets of human brains of different types and ages provide an unprecedented high-resolution view of human brains that reveal cellular level details across the entire brain. This data is being studied by globally leading neuroscience experts for new knowledge and discovery. The donation was facilitated by the Canadian Friends of IIT-Madras (CFIITM), a Canadian Revenue Agency (CRA) registered charity that seeks to advance the cause of IIT-Madras among its Canadian alumni and Canadian society at large.   ]]> https://biospectrumindia.com/news/86/24747/sabine-hospitals-gets-50-m-pe-funding-led-by-cx-partners.html https://biospectrumindia.com/news/86/24747/sabine-hospitals-gets-50-m-pe-funding-led-by-cx-partners.html Tue, 11 Jun 2024 00:00:00 +0530 Sabine Hospital and Research Centre has secured $50 million in funding from CX Partners, a private equity (PE) fund in the Indian mid-market with a long track record of delivering returns through cycles and a consortium of investors. CX partners works in the healthcare, financial services, consumer products and services and IT/outsourced service. With 29 portfolio companies and $1 billion of assets under management across its funds and co-investors, CX partners is positive about Sabine Hospital’s potential to immense growth. Commenting on the investment, Vivek Chhachhi, Managing Partner, CX Partners said, “Sabine Hospital and Research Centre provides accessible healthcare at affordable costs. Their world-class fertility treatments cater to the growing medical needs of people. While upholding the utmost ethical standards and clinical excellence, the organisation has demonstrated remarkable growth, with a CAGR of 25% over the last three years. We see the potential in further expanding Sabine Hospitals to adjacent markets, drawing upon our experience investing in healthcare, attracting high quality professional leadership, and putting in place systems to manage growth."  Singapore-based Tanas Capital, a growth stage private equity firm, is part of the investor consortium. Sabine Hospital and Research Centre was incorporated in 2016 as a single facility near Kochi. Now it operates 300 beds including 60 NICU beds across 2 facilities in Kerala. Sabine Hospital has an integrated model through which it offers mother and child healthcare services including IVF and other fertility treatments, birthing, newborn care and other gynaecological procedures.  Conducting more than 6,000 IVF cycles and 3,000 deliveries every year, Sabine Hospital attracts patients from Maldives, Oman & Bangladesh besides Kerela. The hospital utilises cutting edge equipment to make high-end procedures like IVF more accessible. Upholding highest ethical standards, Sabine Hospital and Research Centre records the highest success rates.   ]]> https://biospectrumindia.com/news/86/24753/kotak-alt-invests-rs-1445-cr-for-acquisition-of-api-business-of-viatris-by-matrix-pharma.html https://biospectrumindia.com/news/86/24753/kotak-alt-invests-rs-1445-cr-for-acquisition-of-api-business-of-viatris-by-matrix-pharma.html Tue, 11 Jun 2024 00:00:00 +0530 Kotak Alternate Asset Managers (Kotak Alt) has announced an investment of Rs 1445 crore for acquisition of API business of Viatris by Matrix Pharma. The acquisition has been consummated by the Kotak Strategic Situations Fund II. Post this acquisition, Matrix will be the 2nd largest Indian active pharmaceutical ingredients (API) player with global leadership in antiretroviral (ARV) APIs. Matrix will gain access to strong R&D capabilities, including 185+ scientists and 600+ DMF filings. With regulatory approvals for the US and EU, it will be able to leverage its long- standing relationships with global pharma majors. Kotak Alt will enable Matrix to consolidate its leadership in the API business by strengthening its third-party sales and will selectively evaluate inorganic opportunities in the pharma contract development and manufacturing organization (CDMO) space. Srini Sriniwasan, Managing Director, Kotak Alternate Asset Managers Limited said, “This Buy-out of a significant business along with key incumbent management coming on board, demonstrates Kotak Alt strong deal sourcing and structuring capabilities." Eshwar Karra, CEO, Kotak Strategic Situations Fund at Kotak Alternate Asset Managers said, “India is the 3rd largest API manufacturer in the world given its chemistry capabilities and cost- competitive manufacturing."   ]]> https://biospectrumindia.com/news/86/24703/tata-capital-healthcare-fund-ii-invests-upto-20-m-in-orbicular-pharma-technologies.html https://biospectrumindia.com/news/86/24703/tata-capital-healthcare-fund-ii-invests-upto-20-m-in-orbicular-pharma-technologies.html Fri, 31 May 2024 00:00:00 +0530 Tata Capital Healthcare Fund II (TCHF II), the healthcare focused private equity fund of Tata Capital Ltd., has invested an amount of $ 20 million in Orbicular Pharmaceutical Technologies for an undisclosed equity stake. Orbicular, a Hyderabad-based specialty pharmaceutical company, excelling in developing complex generics for global pharmaceutical markets, will utilise the capital for accelerating the development of product pipeline. The specialty generics industry (market size $ 60+ billion) is rapidly expanding, driven by increasing demand for cost-effective alternatives to complex and high-cost branded medications. Orbicular has developed a robust pipeline of niche products in the specialty generics space positioning them as an ideal partner for global generic players targeting regulated markets. Speaking on the partnership, Visalakshi Chandramouli, Managing Partner, Tata Capital Healthcare Fund said, “Under the able leadership of Dr M.S. Mohan, Orbicular has developed a strong product pipeline for the regulated markets. We are proud to support the dynamic team at Orbicular and be a part of their growth story. This investment reinforces our fund’s core philosophy of identifying the big shifts in the industry and being a “capital plus” partner to our companies.  ]]> https://biospectrumindia.com/news/86/24660/nephro-care-india-plans-to-raise-rs-3540-cr-from-upcoming-ipo.html https://biospectrumindia.com/news/86/24660/nephro-care-india-plans-to-raise-rs-3540-cr-from-upcoming-ipo.html Sat, 25 May 2024 00:00:00 +0530 Nephro Care India, a leading multi-speciality healthcare provider in East India, is planning to raise Rs 35-40 crore through an initial public offering (IPO), subject to NSE Emerge approval. This strategic move will allow Nephro Care to expand its operations across India. The company plans to use the net proceeds from the IPO to establish a multi-speciality hospital named 'Vivacity Multi Speciality Hospital' in Madhyamgram, Kolkata, West Bengal. The remaining capital will be used for general corporate purposes. The new hospital, a unit of Nephro Care, will reportedly include 100 inpatient beds, including a 30-bed critical care unit with ICU, HDU, RTU, and NICU facilities. Vivacity will offer treatment services in various disciplines, including cardiology, medical oncology, gastroenterology, gynecology, and an advanced renal transplant unit, making it the most advanced facility of its kind in East India. The IPO will consist of a fresh issuance of 45.84 lakh equity shares with a face value of Rs 10 each. Nephro Care's financial performance is on the rise. The company posted a revenue of Rs 19.90 crore and a profit (PAT) of Rs 3.4 crore in the first nine months of FY 2023-24, compared to a revenue of Rs 17.09 crore and a profit (PAT) of Rs 1.94 crore in FY 2022-23.   ]]> https://biospectrumindia.com/news/86/24644/kkr-invests-in-mumbai-based-healthcare-revenue-solutions-provider-infinx.html https://biospectrumindia.com/news/86/24644/kkr-invests-in-mumbai-based-healthcare-revenue-solutions-provider-infinx.html Tue, 21 May 2024 00:00:00 +0530 KKR, a leading global investment firm, and Infinx Services, an artificial intelligence (AI)-driven healthcare revenue cycle solutions provider, have announced the acquisition of a significant minority stake in Infinx by a KKR-managed fund. Through this investment, KKR will leverage its extensive experience in the global healthcare and technology sectors to accelerate Infinx’s growth, expand the company’s network, and support bolt-on acquisitions. Norwest Venture Partners, an existing shareholder, also participated in the transaction. Co-founded in 2012 by Sandeep Tandon and Jaideep Tandon, Infinx is a provider of innovative, data-driven revenue cycle management solutions for the healthcare sector, with a particular focus on the US market. Infinx’s Healthcare Revenue Cloud platform supports end-to-end revenue cycle business functions utilising AI, automation, payer integration, and workforce management. Recent reports have valued the US healthcare market at approximately $4.3 trillion, representing over 18% of US GDP. Today, Infinx’s solutions support 172,000 healthcare professionals across 4,000 facilities including ambulatory, acute care and post-acute care providers. Infinx counts over 400 leading healthcare provider organisations as customers including hospitals, health systems and outpatient healthcare providers.   Sudeep Tandon, Managing Director of Infinx, commented, “The strategic partnership with KKR will allow us to accelerate our growth through continued strategic acquisitions and to broaden our market reach to new healthcare specialties."       ]]> https://biospectrumindia.com/news/86/24629/artemis-medicare-services-raises-rs-330-cr-to-bolster-healthcare-footprint.html https://biospectrumindia.com/news/86/24629/artemis-medicare-services-raises-rs-330-cr-to-bolster-healthcare-footprint.html Thu, 16 May 2024 00:00:00 +0530 Artemis Medicare Services has completed the fund raise of Rs 330 crore in the form of Compulsorily Convertible Debentures (CCDs) as part of the definitive agreements signed with International Finance Corporation (IFC), a member of the World Bank Group. The company aims to increase bed capacity, introduce advanced speciality services, and enhance patient care to bridge demand-supply gaps and bolster its presence in Delhi NCR. Leveraging brownfield and greenfield opportunities, it aims to expedite growth and extend services to all sections of society in the coming years. The investment will help the company improve healthcare accessibility and quality by supporting its growth plans in bed capacity, introducing newer medical treatment specialities, and establishing cardiac care centers in Tier 2 and 3 cities. It aims to foster job creation and professional development in the medical field, particularly among women, driving a sector-wide shift towards more affordable and high-quality healthcare solutions in areas where they are needed most. Artemis operates a total of 713 beds predominantly in the Delhi NCR region, including a 541-bed Joint Commission International and National Accreditation Board of Hospitals and Healthcare Providers certified quaternary care, super speciality hospital based in Gurugram and five hospitals under the Artemis Lite and Daffodils brands. Additionally, the company runs seven centres under the Artemis Cardiac Care brand in a Joint Venture with Philips.  ]]> https://biospectrumindia.com/news/86/24624/kotak-strategic-situations-india-fund-ii-invests-rs-400-cr-in-biorad-medisys.html https://biospectrumindia.com/news/86/24624/kotak-strategic-situations-india-fund-ii-invests-rs-400-cr-in-biorad-medisys.html Wed, 15 May 2024 00:00:00 +0530 Kotak Strategic Situations India Fund II (KSSF II), managed by Kotak Alternate Asset Managers Limited (Kotak Alt), has announced an investment of up to Rs 400 crore in Biorad Medisys, a Mumbai-based medical device manufacturer. The investment will be primarily used to establish a new manufacturing plant, repay existing debt, and fund the company’s growing working capital requirements. Eshwar Karra, CEO of Kotak Strategic Situations India Fund, highlighted the growth potential of the Indian medical devices industry, stating, “With increasing demand for quality healthcare and the Government’s support through the ‘Make in India’ campaign, we believe Biorad Medisys is well-positioned to capitalise on this growth.” Jitendra Hegde, Managing Director of Biorad Medisys said “This investment is a significant milestone for us. Having an investor who shares our vision for transforming the Indian medical devices industry and has a successful track record in the healthcare sector is crucial. We aim to elevate our business, providing top-notch quality and performance in medical devices.” The investment underscores the growing focus on enhancing the domestic manufacturing capabilities in India's medical devices sector, driven by both market demand and government initiatives. ]]> https://biospectrumindia.com/news/86/24600/indegene-gets-oversubscription-by-7-35-times-on-day-2.html https://biospectrumindia.com/news/86/24600/indegene-gets-oversubscription-by-7-35-times-on-day-2.html Wed, 08 May 2024 00:00:00 +0530 Bengaluru-based Indegene, a digital-first, life sciences commercialisation company which has opened its initial public offering on May 06, is oversubscribed by 7.35 times on the second day. By keeping investors’ confidence high even on the second day, Indegene received good response from Non Institutional Investors (Bid amount of more than Rs 10 lakh) with 19.26 times subscription while Non Institutional Investors (Bid amount of more than Rs 2 lakh and upto Rs 10 lakh) 15.56 times. The quota for Qualified Institutional Buyers (QIBs) got subscribed 5.59 times while the portion for retail investors received 3.82 times subscription.  The company intends to use the proceeds of the Fresh Issue utilize towards funding the Repayment/prepayment of indebtedness of one of its Material Subsidiaries, ILSL Holdings, Inc., funding the capital expenditure requirements of the company and one of its Material Subsidiaries, Indegene, Inc. as well as funding the general corporate purposes and inorganic growth. The company has outstanding amount totaling to Rs 4,004.55 million ($48.3 million (including principal outstanding amount of $48 million and the interest accrued of $ 0.30 million)) as on February 29, 2024. As of December 31, 2023, company (on a consolidated basis) has 154 creditors, and the aggregate outstanding dues to these creditors (on a consolidated basis) are Rs 817.07 million (including accrued expenditure amounting to Rs 640.94 million). Further, the company owes (on a consolidated basis) an amount of Rs 21.33 million to a total of 32 micro, small and medium enterprises as defined under the Micro, Small and Medium Enterprises Development Act, 2006. It had 65 active clients. It delivers solutions to them from its operation hubs located across North America, Europe and Asia. It had internally developed artificial intelligence (AI) and machine learning (ML) based proprietary platforms, which allow it to offer its solutions across the globe at scale.   The company had 5,181 full-time employees across 10 countries, of which 4,510 employees were delivery employees (i.e., employees who do not belong to corporate and support functions). As of December 31, 2023, 20.49 per cent of its delivery employees had healthcare-related educational backgrounds. ]]> https://biospectrumindia.com/news/86/24592/nephroplus-raises-rs-850-cr-in-series-f-round-from-quadria-capital.html https://biospectrumindia.com/news/86/24592/nephroplus-raises-rs-850-cr-in-series-f-round-from-quadria-capital.html Mon, 06 May 2024 00:00:00 +0530 Quadria Capital, one of Asia’s largest healthcare-focused private equity firms, has announced an investment of Rs 850 crore in Hyderabad-based NephroPlus, Asia’s largest dialysis network. Through this transaction, Quadria will acquire a significant minority stake through a combination of a primary investment and the purchase of shares from existing shareholders. The transaction will support NephroPlus in serving the growing demand for high quality, affordable dialysis services across India and other markets in Asia.  Founded in 2010, NephroPlus is a uniquely positioned dialysis provider operating in sizeable, high-growth markets across Asia with dominant leadership in India and a fast-growing footprint in the Philippines and other Asian countries. The company serves patients across dialysis centres in marquee hospitals and at standalone clinics, working with leading nephrologists. NephroPlus also delivers care through public-private partnerships in both urban and rural areas. Demand for dialysis services in the company’s target markets is expected to grow at a rate of over 11% annually over the next five years. Specialised chains such as NephroPlus are expected to gain market share as hospitals increasingly outsource dialysis operations and as governments seek to make high-quality dialysis services more accessible. The company has a successful track record of growing via bolt-on acquisitions and plans to do more acquisitions in the future. With Quadria’s support, NephroPlus aims to leverage its strong brand, operational expertise, trusted relationships with leading nephrologists, to capitalise on growth opportunities and expand its market leadership. Vikram Vuppala, Founder and CEO of NephroPlus, said, “We look forward to expanding in India, our core market, while exploring further opportunities to bring our expertise and clinical excellence to more patients in other global markets."   ]]> https://biospectrumindia.com/news/86/24577/maiva-pharma-secures-rs-1000-cr-investment-from-morgan-stanley-and-india-life-sciences-fund.html https://biospectrumindia.com/news/86/24577/maiva-pharma-secures-rs-1000-cr-investment-from-morgan-stanley-and-india-life-sciences-fund.html Thu, 02 May 2024 00:00:00 +0530 Maiva Pharma, a Bengalure-based Contract Development and Manufacturing Organisation (CDMO), has announced a significant milestone in its growth journey. The company has successfully raised approximately Rs 1,000 crore in primary and secondary funding from a fund managed by Morgan Stanley Private Equity Asia and India Life Sciences Fund - IV (ILSF - IV). This investment marks Maiva's first private equity fundraise and signals a significant move in the healthcare investment landscape. The funding has been utilised to acquire a controlling stake from existing investors and to infuse primary capital into the company. Maiva Pharma plans to allocate the proceeds towards the establishment of a new manufacturing facility near Hosur. This facility will boast capabilities in sterile dosage forms, including pre-filled syringes, bags, oncology, and hormonal injectables, thus expanding the company's production capacity and enhancing its product portfolio. Avendus, a leading financial advisory firm, facilitated the transaction as the exclusive financial advisor to Maiva and its shareholders. Dr Bhaskar Krishna, Managing Director and CEO, Maiva Pharma, said, "Over the last three years, Maiva has quadrupled its manufacturing capacity for US, Canada, and EU markets. Based on continued strong interest from customers in partnering with Maiva, we will expand at a greenfield site near Hosur. This fundraise will be used to add more vial, lyophilisation, and suspension capacity and introduce new manufacturing capabilities such as prefilled syringes, cartridges, and bags."   ]]> https://biospectrumindia.com/news/86/24554/apollo-247-raises-rs-2475-cr-from-advent-international.html https://biospectrumindia.com/news/86/24554/apollo-247-raises-rs-2475-cr-from-advent-international.html Sat, 27 Apr 2024 00:00:00 +0530 Apollo HealthCo, a subsidiary of Apollo Hospitals Enterprise Limited (AHEL), has entered into a binding agreement to raise equity capital of Rs 2,475 crore from Advent International, one of the world’s largest and most experienced global private equity investors. In addition, Apollo 24|7 has entered into a framework agreement to integrate 100% of Keimed Private Limited, India’s leading wholesale pharma distributor, in a phased manner over the next 24-30 months. Advent shall invest in compulsory convertible instruments over 2 tranches to secure 12.1% stake in the merged entity, by valuing the combined entity at an enterprise value of Rs 22,481 crore. Apollo 24|7 is valued at an enterprise value of Rs 14,478 crore. Keimed is valued at an enterprise value of Rs 8,003 crore and pursuant to merger, Keimed shareholders would hold a maximum of 25.7% stake in the combined entity, while AHEL would continue to remain the largest controlling shareholder with at least 59.2% stake.  ]]> https://biospectrumindia.com/news/86/24536/chryscapital-invests-70-m-in-ahmedabad-based-la-renon-healthcare.html https://biospectrumindia.com/news/86/24536/chryscapital-invests-70-m-in-ahmedabad-based-la-renon-healthcare.html Wed, 24 Apr 2024 00:00:00 +0530 ChrysCapital, one of the leading private equity funds investing in India, is investing ~$70 million in Ahmedabad-based La Renon Healthcare. La Renon, founded in 2007, carved its niche in the market with a unique approach towards chronic disease management and broke into the top 25 within just 16 years of its inception. Currently ranked number 24 in the Indian Pharmaceutical market, La Renon Healthcare has been the fastest-growing domestic formulations company with a ~67% CAGR in revenue and ~90% CAGR at EBITDA since inception. ChrysCapital has made 14 investments in the sector over the last two decades, each returning stellar returns for the group. In its most recent exit, it generated over 3.5x returns after exiting from Mankind after holding it for about 5 years. Pankaj Singh, Chairman and Founder of La Renon commented on this development and stated “ChrysCapital’s investment is an endorsement of La Renon’s capabilities and will also provide necessary impetus to company’s ambitious plan of being in top 20 Indian pharma company in next 5 years. I also take this opportunity to thank Peak XV Partners and A91 Emerging Fund LLP for their continued trust in our growth journey.” ]]> https://biospectrumindia.com/news/86/24505/max-healthcare-announces-investment-plans-of-rs-2500-cr-in-lucknow.html https://biospectrumindia.com/news/86/24505/max-healthcare-announces-investment-plans-of-rs-2500-cr-in-lucknow.html Tue, 16 Apr 2024 00:00:00 +0530 Max Healthcare Institute has unveiled its plan to invest ~Rs 2500 crore for the development of world class healthcare infrastructure in the city. It has also announced renaming of Sahara Hospital as Max Super Speciality Hospital, Lucknow. Max Healthcare recently completed the acquisition of Healthcare Undertaking consisting of 550 bedded Sahara Hospital on a slump sale basis from Sahara India Medical Institute at an enterprise value of Rs 940 crore. Situated in the heart of Lucknow, Max Super Speciality Hospital has a current operational bed capacity of 285 beds. It is located on a land parcel of 27 acres at Gomti Nagar, Lucknow, an upmarket residential and commercial hub. The acquisition of Sahara Hospital marks the beginning of Max Healthcare’s plans to scale up its presence and investments in the region. The company plans to invest an aggregate of Rs 2500 crore which includes setting up of a new 500 beds hospital on 5.6-acre parcel of land located at Shaheed Path and augmentation of capacity at Max Super Specialty Hospital, Lucknow. The investment  will also help in bring in cutting edge medical technology including Robotics, Radiation Therapy in Oncology, Transplants (Liver, Kidneys, Bone Marrow, heart and lung transplants) and greater focus & impetus to nursing education. Max Healthcare plans to invest Rs 150-200 crore to upgrade the Max Super Speciality Hospital’s medical infrastructure, add 265 more beds and renovate the civil infrastructure. The hospital will undergo significant enhancements with the introduction of state-of-the-art Max Institute of Cancer Care, strengthening of the Organ Transplantation programme and the introduction of world-class Robotic Surgical systems.  Commenting on the acquisition, Abhay Soi, Chairman and Managing Director, Max Healthcare Institute said "This gives us an opportunity to participate in the development of Uttar Pradesh as it marches towards becoming $1 trillion economy by 2027. Through our investments, we shall be providing employment opportunities for over 10,000 people in the state." With this, Max Healthcare will be the largest private healthcare network in Uttar Pradesh, with over 2000 beds, treating 1.5 million people.   ]]> https://biospectrumindia.com/news/86/24507/healthcare-provider-nephro-care-india-files-drhp-with-nse-emerge.html https://biospectrumindia.com/news/86/24507/healthcare-provider-nephro-care-india-files-drhp-with-nse-emerge.html Tue, 16 Apr 2024 00:00:00 +0530 Nephro Care India, a leading multi-speciality healthcare provider in East India, has announced the filing of its Draft Red Herring Prospectus (DRHP) with National Stock Exchange (NSE) Emerge. The company’s initial public offering comprises a fresh issuance of 45,84,000 Equity Shares, each with a face value of Rs 10.  Corporate Capital Ventures is the sole Book Running Lead Manager to the Issue, and Bigshare Services is the Registrar. Corporate Capital Ventures has completed a string of successful SME IPOs in the recent months, including Trust Fintech, Creative Graphics, Alpex Solar, Rockingdeals, Accent Microcell, Oriana Power, Droneacharya and Crayons Advertising, among others. In December 2023, Nephro Care India successfully closed the pre-IPO funding round, which saw the participation of banking veteran and former chairman of HDFC, Deepak Parekh, chairman of HDFC Securities Bharat Shah, and Rajendra Agarwal, Founder and MD of Macleods Pharmaceuticals, among others. The Kolkata-headquartered healthcare provider offers a wide range of clinical and lifestyle solutions and renal insufficiency treatment to patients. The company is also in the process of opening three satellite clinics at Alipurduar and Shyambazar in West Bengal and Balasore in Odisha.  According to DRHP, Nephro Care intends to utilise net proceeds from the IPO to set up a multi-speciality hospital, ‘Vivacity Multi Speciality Hospital’, at Madhyamgaram in Kolkata, West Bengal, and for general corporate purposes. The new hospital will be a unit of Nephro Care India and is proposed to include 100 inpatient beds, including a 30-bed Critical Care unit having ICU, HDU, RTU and NICU facilities. Vivacity will offer treatment services in various disciplines such as cardiology, medical oncology, gastroenterology, gynaecology and many others, including an advanced renal transplant unit in East India.    Nephro Care posted a revenue of Rs 19.90 crore and earned a profit (PAT) of Rs 3.4 crore during the first nine months of FY 2023-24, compared to a revenue of Rs 17.09 crore, with a profit (PAT) of Rs 1.94 crore in FY 2022-23. ]]> https://biospectrumindia.com/news/86/24491/revenue-of-diagnostic-companies-to-rise-10-11-this-fiscal-on-expanding-reach-report.html https://biospectrumindia.com/news/86/24491/revenue-of-diagnostic-companies-to-rise-10-11-this-fiscal-on-expanding-reach-report.html Wed, 10 Apr 2024 00:00:00 +0530 Revenues of diagnostic companies are poised for a 10-11% growth in fiscal 2025, driven by a mix of higher number of patients and improving revenue per patient, according to a report by CRISIL Ratings. This comes on the back of an estimated ~8% growth last fiscal. While geographic expansion by established players into Tier 2/3/4 cities will drive higher patient volumes, growing demand for comprehensive preventive health packages, will lead to higher realisation per patient. Rising share of these higher margin health packages, expected to account for nearly one-fourth of total revenues, will ensure operating margins remain steady at 24-25% in this fiscal, despite continuing brand promotional expenditure. With internal accruals sustaining at healthy levels and capex spend remaining modest, reliance on external debt will be low. This shall ensure balance sheets remain strong, supporting credit profiles of diagnostic players. A study of 10 diagnostics companies (including five pan-India players), with aggregate estimated revenue of ~Rs 6,700 crore previous fiscal, indicates as much. Says Poonam Upadhyay, Director, CRISIL Ratings, “Existing diagnostic players are seeing growth opportunities for routine tests (~55% of revenues) stagnating in metros and urban centres due to stiff competition from e-pharmacies as well as labs attached to hospital chains. As a result, they are looking to expand into the hitherto untapped Tier 2/3/4 cities and increase their customer base to drive volumes. The increase in collection centres at these locations will also lead to better utilisation of existing test labs.”  ]]> https://biospectrumindia.com/news/86/24485/piramal-alternatives-injects-rs-110-cr-in-biodeal-pharmaceuticals.html https://biospectrumindia.com/news/86/24485/piramal-alternatives-injects-rs-110-cr-in-biodeal-pharmaceuticals.html Tue, 09 Apr 2024 00:00:00 +0530 Piramal Alternatives, the fund management division of the Piramal Group, has announced a significant investment of Rs 110 crore in Biodeal Pharmaceuticals, a New Delhi-based contract development and manufacturing company, facilitated through convertible instruments from its Performing Credit Fund. The funding will be directed towards improving infrastructure and capacities, upgrading technology, and underlay a dedicated nutraceuticals manufacturing facility. Biodeal is a key player in contract manufacturing, offering a wide range of products. It is among India’s leading manufacturer of nasal sprays catering to marquee international and domestic pharmaceutical companies. Kalpesh Kikani, CEO, Piramal Alternatives said, “The strong market potential of the nasal sprays segment, along with the Biodeal’s leading position in contract manufacturing and adherence to global regulatory standards, presents an exciting opportunity for us." Anurag Kumar, MD, Biodeal Pharmaceuticals said, “The infusion of capital from Piramal Alternatives will empower the Biodeal to be ready with new upcoming facility in compliance with USFDA accreditations in coming 12-15 months. This capital raise will boost us to accelerate our existing production capacity by 3 times and will bolster our manufacturing capabilities, and expand our market reach. With a renewed focus on innovation and efficiency and USFDA compliance infrastructure, Biodeal is poised to introduce novel solutions that address unmet medical needs and enhance patient outcomes with the unique drug delivery system as Nasal Sprays (nasal route of administration) across geographies and regulatory regimes.” ]]> https://biospectrumindia.com/news/86/24475/freudenberg-india-to-invest-rs-350-cr-in-2024-for-expansion-growth.html https://biospectrumindia.com/news/86/24475/freudenberg-india-to-invest-rs-350-cr-in-2024-for-expansion-growth.html Mon, 08 Apr 2024 00:00:00 +0530 Freudenberg India has announced significantly high sales at Rs 3803 crorefor the financial year 2023. The operating result for 2023 has been robust and the group has announced investments close to Rs 350 crore in CY 2024 across facilities in Punjab, Karnataka and Tamil Nadu. In Morinda, Freudenberg has invested in a new production facility for its Vibracoustic Business Group and its Freudenberg-NOK India joint venture. The company exports close to Rs 800 crore from India. Freudenberg Group, a global technology conglomerate, which commemorates its 175th anniversary year in 2024, has reported record growth in revenues and operating profits for the financial year 2023. Freudenberg achieved sales of €11,902.8 million, 1.3 % higher than the previous year's figure of €11,753.1 million. The operating profit of €1,081.6 million showed a significant increase of about 15 percent, compared to the previous year's €941.8 million. The profit margin also improved to 9.1 percent from the previous year's 8.0 percent. Freudenberg Group attributed its growth globally to innovative product lines, customer focus, and flexible problem-solving across various industries.  Freudenberg Group has 11 companies operating across diverse segments such as medical products, automotive, chemical, energy, technical textiles, and cleaning products in the country. Earlier in 2023, the group announced the appointment of G. Sivasailam, Managing Director of group company, Freudenberg Performance Materials, as the new Director & CEO of Freudenberg Regional Corporate Center India. Sivasailam took over from Georg Graf who had served in the role since 2016, when the Regional Corporate Center was set up to further the group’s continued commitment and growth plans for India.   ]]> https://biospectrumindia.com/news/86/24466/iima-ventures-backed-health-tech-startup-curelo-raises-funding-worth-rs-10-cr.html https://biospectrumindia.com/news/86/24466/iima-ventures-backed-health-tech-startup-curelo-raises-funding-worth-rs-10-cr.html Thu, 04 Apr 2024 00:00:00 +0530 Curelo, the innovative health-tech platform founded by Laparoscopic Surgeon Dr Arpit Jayswal, has secured a significant boost with a strategic investment from cricketer, Shreyas Iyer. The entire round consists of Rs 10 crore where apart from Shreyas Iyer, the team got investments from IIMA Ventures, renowned industry experts like Tarun Katial (Founder of Zee 5) and family offices in US. Curelo, founded in 2022, has rapidly emerged as a disruptive force in the healthcare sector. The aggregator platform connects patients with diagnostic labs, offering at-home blood sample collection and timely reports. With a fleet of phlebotomists ensuring samples are collected within 60 minutes of booking, Curelo’s revenue has grown 25 times over the last year. The recent round of investment from IIMA Ventures, Shreyas Iyer and industry experts marks a significant milestone for Curelo, positioning the platform to continue its growth trajectory in the highly competitive Indian healthcare market. The funds will be instrumental in further expanding Curelo's footprint, standardising unorganised labs, and achieving exponential growth in acquiring 300% more patients in the coming year.   ]]> https://biospectrumindia.com/news/86/24455/bengaluru-based-startup-mave-health-raises-rs-6-cr-in-pre-seed-round.html https://biospectrumindia.com/news/86/24455/bengaluru-based-startup-mave-health-raises-rs-6-cr-in-pre-seed-round.html Wed, 03 Apr 2024 00:00:00 +0530 Mave Health, a mental health-tech startup based in Bengaluru, has raised Rs 6 crore in pre-seed funding round. The funding round was led by All-In Capital and Utsav Somani’s iSeed Fund, with participation from other marquee investors including Bharat Founders Fund, Deepinder Goyal (Zomato), Kunal Shah (CRED), Mohit Kumar and Vatsal Singhal (Ultrahuman). The round also saw angel investors like Gaurav Agarwal (TATA 1mg), Nandan Reddy (Swiggy), Rohan Verma (BreatheWellBeing), Nikhil Kant (Even), Harsh Shah (Fynd), Neel Mehta (Studio Carbon), Nitin Mehrotra (Dressfolk), Himanshu Aggarwal (SHL), along with Vikrampati Singhania from JK Family Office, Gaurang Patel and Pradeep Patel from Amaanta Family office, and Rajan Dube. Representatives from the creator industry, such as Ganesh Prasad and Parsh Kothari (ThinkSchool), Shlok Srivastava (TechBurner), Neel Gogia and Naim Siddiqui, also participated in the pre-seed round. The newly raised investment will support Mave Health in launching Arc, India’s first non-invasive brain stimulation wearable that treats depression. Founded in 2023 by Dhawal Jain, Jai Sharma & Aman Kumar, Mave Health aims to build human-centric evidence based programmes for mental well-being. The startup’s flagship product Arc is designed to improve brain health and treat depression. The device is developed in collaboration with a team of top experts, including neuroscientists, psychiatrists, and psychologists from Harvard Medical School, Maastricht University and other leading research institutes. Over the past few months, during the beta phase, more than 1000 individuals have used Arc and have seen substantial improvements in their depression symptoms. The technology behind Arc has been studied for over two decades and shows promising results in cognitive improvement and depression treatment. Currently, Mave Health’s flagship wearable Arc can be accessed by enrolling in Mave Health’s 12-week long programme which also offers unlimited sessions with their experts, including doctors, psychologists, nutritionists, and fitness coaches. ]]> https://biospectrumindia.com/news/86/24425/wipro-ge-healthcare-to-invest-rs-8000-cr-in-manufacturing-output-local-rd-over-next-5-yrs-in-india.html https://biospectrumindia.com/news/86/24425/wipro-ge-healthcare-to-invest-rs-8000-cr-in-manufacturing-output-local-rd-over-next-5-yrs-in-india.html Tue, 26 Mar 2024 00:00:00 +0530 Wipro GE Healthcare has announced an investment of over Rs 8000 crore in manufacturing output & local R&D over next 5 years. This strategic investment bolsters Wipro GE Healthcare’s local manufacturing footprint to address the growing domestic and international market and will build supply chain resiliency for the organisation.  As a part of this investment, the Wipro GE Healthcare ‘Made in India’ PET CT Discovery IQ will be exported to 15 countries. Additionally, the ‘Made in India’ Revolution Aspire CT, Revolution ACT and MR breast coils will be manufactured ‘In India for the World’.  Over the decades, the organisation has fostered a strong local supplier ecosystem of medtech component manufacturing, covering capabilities like plastics, EMS, machining, castings, 3D printing, contributing $1 million supplier labour hours. The investment will include creation of additional 400,000 labour hours. Currently, the organisation has four manufacturing plants in Bengaluru. All four manufacturing plants are export plants, the latest one established in March 2022 with an investment of a little over Rs 100 crore under the Indian government’s PLI Scheme.   ]]> https://biospectrumindia.com/news/86/24412/healthcare-startup-qurex-secures-over-250k-in-pre-seed-funding-round.html https://biospectrumindia.com/news/86/24412/healthcare-startup-qurex-secures-over-250k-in-pre-seed-funding-round.html Wed, 20 Mar 2024 00:00:00 +0530 Qurex, a New Delhi-based healthtech startup dedicated to revolutionising sexual health solutions, has successfully closed a pre-seed funding round, raising over $250,000. The investment, led by 7Square Ventures and PointOne Capital, reflects a strong vote of confidence in Qurex's mission to destigmatise sexual health globally.   Founded by Shailja Mittal and Amit Singhi, Qurex is on a mission to become the dependable solution for sexual health, offering comprehensive solutions for sexual dysfunctions that impact over 200 million people in India and 1.4 billion globally.   With a focus on addressing the psychological facets of sexual health for holistic treatment, Qurex emphasises the importance of personalised care and support, embracing a no quick fix approach.     Qurex's plan revolves around therapy, diet, and exercises backed by highly qualified andrologists and psychiatrists specialised in sexual health, ensuring that individuals receive the most effective solutions for their specific needs. This commitment to sustainably helping people with their in-room performance issues has led to rapid growth, with over a 30% month-over-month revenue increase, underscoring the effectiveness of Qurex's approach and the growing demand for sustainable solutions in the sexual health sector.   The funding will enable Qurex to further expand into new markets and develop its platform to enhance user experience. With plans to introduce new services and technological advancements, Qurex aims to stay at the forefront of health innovation, ensuring that individuals have access to the latest advancements in sexual healthcare.       ]]> https://biospectrumindia.com/news/86/24403/engrail-therapeutics-closes-over-subscribed-157m-series-b-financing-round-for-transformational-therapies.html https://biospectrumindia.com/news/86/24403/engrail-therapeutics-closes-over-subscribed-157m-series-b-financing-round-for-transformational-therapies.html Tue, 19 Mar 2024 00:00:00 +0530 Engrail Therapeutics, a precision neuroscience startup focused on the development of transformational therapies to improve the lives of patients, has announced the close of an oversubscribed $157 million Series B financing round. The round was co-led by new investors F-Prime Capital, Forbion, and Norwest Venture Partners, with participation from Eight Roads Ventures, RiverVest Venture Partners, Red Tree Venture Capital, funds managed by abrdn Inc., Ysios Capital, Longwood Fund, and existing founding investor Pivotal Life Sciences. Since its inception in 2019, the startup has raised over $220 million. Funding from the Series B round will propel the advancement of the company’s pipeline through multiple stages of clinical development. The company is developing therapies for the treatment of diseases with significant unmet medical need including anxiety disorders, depression, posttraumatic stress disorder, and rare neurodegenerative diseases. Engrail was founded in 2019 by Vikram Sudarsan, PhD, and Stephen Cunningham, MD with the aspiration to become a leader in neuroscience. Today, the Engrail team is primarily based in the US, with team members in India and Europe as well. “With strong financial backing from highly sophisticated and dedicated life science investors, we are well positioned to deliver multiple value-creating milestones. Notably, we look forward to completing our ongoing ENX-102 phase 2 study in generalised anxiety disorder and advancing the rest of our pipeline into clinical development,” said Vikram Sudarsan, PhD, president and CEO of Engrail Therapeutics. ]]> https://biospectrumindia.com/news/86/24392/pandorum-technologies-raises-11-m-to-advance-regenerative-therapy-for-corneal-blindness-to-clinical-phase.html https://biospectrumindia.com/news/86/24392/pandorum-technologies-raises-11-m-to-advance-regenerative-therapy-for-corneal-blindness-to-clinical-phase.html Fri, 15 Mar 2024 00:00:00 +0530 Bengaluru-based biotech startup Pandorum Technologies has announced the successful closure of a pre-Series B funding round, securing $11 million (Rs 88 crore) in investment. The funding was sourced from Ashish Kacholia, Everest Finance Investment, Acebright Pharma and Bandana Kankani's syndicate along with existing investors Sunil Kant Munjal and the Indian Angel Network. Founded by Arun Chandru & Dr Tuhin Bhowmick, the startup focuses on Tissue Engineering and Regenerative Medicine. With the current round of funding, Pandorum aims to progress towards the First-in-Human study of its flagship product Kuragenx- the 'Liquid Cornea', to treat corneal blindness. The funding will also allow the company to advance its tunable technology platform that has demonstrated regenerative potential beyond cornea, such as, for liver, lung and neuronal tissues. Corneal opacity is one of the major causes of blindness worldwide, with millions waiting for donor tissues against significant odds. Pandorum's Kuragenx promotes scarless regeneration of cornea tissue to restore vision, as demonstrated in extensive pre-clinical studies. In 2023, Kuragenx was awarded the Orphan Drug Designation by the USFDA, for the treatment of Neurotrophic Keratitis, a form of ulcerative corneal blindness that is currently untreatable or extremely difficult to treat. Pandorum is currently engaged in clinical manufacturing process and IND enabling studies of Kuragenx, with the aim towards the first patient dosing in 2025, after obtaining due regulatory approvals.   ]]> https://biospectrumindia.com/news/86/24381/eris-lifesciences-acquires-biocon-biologics-india-branded-formulation-biz-for-rs-1242-cr.html https://biospectrumindia.com/news/86/24381/eris-lifesciences-acquires-biocon-biologics-india-branded-formulation-biz-for-rs-1242-cr.html Thu, 14 Mar 2024 00:00:00 +0530 Mumbai-based Eris Lifesciences has announced the acquisition of Biocon Biologics’ India branded formulation business for a consideration of Rs 1,242 crore thereby jumpstarting its entry into the Rs 30,000+ crore injectables market in India and becoming a leading player in the Insulins segment. The acquisition brings two major insulin brands – Basalog and Insugen – into the Eris fold. These are the largest Indian brands in their respective segments with market shares of over 10%. With this acquisition, Eris’s Diabetes care franchise will soon reach Rs 1,000 crore in revenue and become the 5th largest diabetes portfolio in India. This acquisition will also mark Eris’ entry into Oncology and Critical Care. Eris has signed a 10-year supply agreement with Biocon Biologics as part of this deal. Under this agreement, the Biocon product range will continue to be manufactured and supplied to Eris for commercialisation in India. This acquisition also provides immediate synergies with the recently acquired Swiss Parenterals business. The Biocon product range can be quickly scaled up by leveraging the product portfolio of Swiss, which consists of 240+ unique molecules. The combination of the two deals also provides margin expansion opportunities through insourcing/ technology transfer of manufacturing to Swiss’ facilities.   ]]> https://biospectrumindia.com/news/86/24375/bengaluru-based-ai-startup-cureskin-secures-20-m-in-series-b-funding-round.html https://biospectrumindia.com/news/86/24375/bengaluru-based-ai-startup-cureskin-secures-20-m-in-series-b-funding-round.html Wed, 13 Mar 2024 00:00:00 +0530 Bengaluru-based startup Cureskin, an artificial intelligence (AI)-driven dermatology platform that provides clinically validated skin & hair health solutions, has raised Series B funding of $20 million. The round was led by India’s leading digital health-focused venture capital fund, HealthQuad along with participation from existing marquee investors including JSW Ventures, Khosla Ventures and Sharrp Ventures. The latest investment brings Cureskin's total funding to $26 million, further fuelling its vision to widen access to quality dermatological care in India. India grapples with a significant shortage of access to qualified dermatologists, leaving millions without quality skin care. At the same time, there is a significant and growing demand for such a solution in India due to its young and aspirational demographic. Cureskin is expanding the skin and hair care market by bridging this gap by leveraging AI to scale the reach of dermatologists. Through its mobile app, Cureskin has treated over 15 Lakh customers so far for various conditions such as acne, hyper-pigmentation, post-acne issues, hair loss etc, with over 80% of customers in Tier 2 and 3 regions. Guna Kakulapati, CEO and Co-founder of Cureskin said, “These funds will help further enhance our AI capabilities, accelerate our growth and expand solution offerings. We aim to provide optimal skin and hair health to millions of individuals across the country.”       ]]> https://biospectrumindia.com/news/86/24339/rx-propellant-locks-largest-life-sciences-real-estate-deal-in-india-at-rs-162-cr.html https://biospectrumindia.com/news/86/24339/rx-propellant-locks-largest-life-sciences-real-estate-deal-in-india-at-rs-162-cr.html Thu, 07 Mar 2024 00:00:00 +0530 In a deal that marks the tenancy of the single largest space within India’s life sciences real estate sector, Rx Propellant, the country’s leading Life sciences infrastructure platform, has leased a massive 1.3 lakh sq.ft. of state-of-the-art R&D facility - Nextopolis to GV Research Platform (GVRP), an integrated contract research organisation (CRO) in the biopharma industry. The deal, sealed by Rx Propellant for Rs 162 crore will allow NABL-accredited research organisation an occupancy for 10 years. Nextopolis, located in Hyderabad’s Genome Valley, is developed by Modi Properties and will enable GVRP to expand its service portfolio and consolidate all complementary offerings under one roof. Nextopolis offers customised infrastructure solutions suitable for the pharmaceutical and biotech firms. The facility boasts of sustainable infrastructure and world-class facilities including EV charging stations, high side HVAC system (including chillers), effluent pre-treatment plant, sewage treatment plant, compressed gas and vacuum lines, fire alarm and suppression systems, among others. The premise also has recreational spaces, including an open amphitheater. Rx Propellant has a portfolio of seven projects in the Genome Valley cluster totaling ~2.5 Mn sq.ft. These projects feature advanced labspaces and agile flexi-factories. Rx Propellant’s life sciences real estate portfolio comprises nine projects with over 6.5 million sq.ft. under development in Hyderabad, Bengaluru, and Mumbai. ]]> https://biospectrumindia.com/news/86/24327/healthcare-innovation-in-india-to-double-60-b-opportunity-by-2028-report.html https://biospectrumindia.com/news/86/24327/healthcare-innovation-in-india-to-double-60-b-opportunity-by-2028-report.html Wed, 06 Mar 2024 00:00:00 +0530 India's healthcare innovation landscape is poised for a significant leap, with its market potential expected to double to approximately $60billion by FY 2028. Pharma services and healthtech are anticipated to drive about 80% of this growth, maintaining their positions as the largest segments in the market, according to the findings of ‘Healthcare Innovation in India’ report by Bain & Company and HealthQuad. This growth will be driven by rising consumerisation of health, reconfigurations to the global healthcare value chain, a deepening of Indian scientific and technological expertise, and regulatory tailwinds. The report outlines the opportunity in healthcare innovation where companies increasingly leverage emerging technologies to add innovation vectors including new business models, software-led solutions, and products that extend beyond more longstanding value engineering considerations. India's vaccines and biotech sector, valued at $4 billion in FY2023 contributes 15% to the healthcare innovation market having proliferated in the past three years. India remains a global powerhouse, supplying 60% of global vaccine demand. MedTech is evolving from an import-reliant industry to one capable of producing innovative, new-to-the-world products. This $11 billion market, currently dominated by imports (75-80%), witnessed Indian players contribute roughly $2.5 billion in FY 2023, showcasing significant growth.  Investor sentiment around healthcare has remained stable across stages over the last five years. Investments in healthcare innovation typically ranges from $1.5 billion to $2 billion annually. Healthtech consistently attracted interest, netting more than 55% of overall deal volume across the last four to five years.   ]]> https://biospectrumindia.com/news/86/24311/bengaluru-based-health-tech-startup-cardiotrack-raises-2-m-to-expand-solutions.html https://biospectrumindia.com/news/86/24311/bengaluru-based-health-tech-startup-cardiotrack-raises-2-m-to-expand-solutions.html Mon, 04 Mar 2024 00:00:00 +0530 Bengaluru-based startup Cardiotrack, a brand of Uber Diagnostics, has received $2 million in Pre series-A funding from a slew of investors, led by seasoned angel investor Girish Narasimhan. Previously, the firm had received an angel investment of $1.6 million from a cohort of UHNIs. Cardiotrack delivers the most comprehensive at-home pathology and radiology screening services, in 300+ locations through its strong pan-India network of diagnostic centres, technicians and phlebotomists equipped with its technology, to provide the best in the industry geographical coverage and turn-around time to its health and life insurance customers. A standout feature of Cardiotrack's unique screening technologies is the equivalent of a treadmill test, being conducted in the comfort of one's home along with video-based recorded medical examinations. Commenting on the funding, Avin Agarwal, Founder & CEO, Cardiotrack, said, “We are thrilled to have secured this investment as we continue to innovate and expand our reach in our mission to drive positive change in the healthcare industry. Our revolutionary approach to healthcare screening not only enhances convenience for consumers but also enables health and life insurance providers to offer fast, comprehensive and personalised services, besides increased operational efficiency and improving our healthcare data analytics capabilities for faster and more accurate insurance underwriting. The investment further validates the venture’s direction and the immense value it brings in improving the healthcare experience for both providers and consumers."  The pre-series A funding is led by Girish Narasimhan, Managing Director & Principal, Corporate Finance Associates Worldwide Inc. along with seasoned professional and co-investor Y S Shashidhar, Advisor, Dubai Holdings LLC  (& former Partner & Managing Director at Frost & Sullivan for Middle East, Africa and South Asia Region) joining in.   ]]> https://biospectrumindia.com/news/86/24301/oncology-companies-in-india-raise-9-7-m-in-2023-as-against-9-2-b-globally-report.html https://biospectrumindia.com/news/86/24301/oncology-companies-in-india-raise-9-7-m-in-2023-as-against-9-2-b-globally-report.html Fri, 01 Mar 2024 00:00:00 +0530 In the fast-evolving landscape of the global oncology sector, Tracxn's analysis reveals a narrative of groundbreaking innovation and funding trends. With over 5500 companies worldwide and approximately 4000 funded to date, the sector is at the forefront of redefining cancer treatment methodologies through advancements in AI, Robotics, and Genomic Sequencing. While remarkable progress has been made, there remains untapped potential, emphasising the persistent need for simplified treatments and curative breakthroughs. In 2021, the Oncology space reached a zenith in venture capital (VC) funding, soaring to nearly $23.5 billion globally. However, subsequent years witnessed a downward trend, notably in 2023, marking the least funded year in the past five years. The overall funding for 2023 amounted to $9.2 billion, indicating a 24% drop from the $12.1 billion raised in 2022. The year 2024 has witnessed a funding of $424 million to date. Early-stage funding in 2023 saw a decline of 30%, falling to $5.6 billion compared to the $8 billion raised in 2022. The highest early-stage funding was observed in 2021, with $13.6 billion. As of 2024, early-stage funding has reached $291 million to date. Late-stage funding remained consistent, with $3.7 billion raised in both 2023 and 2022. The year 2020 recorded the highest late-stage funding at $10.6 billion, while 2024 has received $160 million to date.  The seed stage received a total funding of $384 million in 2023, reflecting a 20% decrease from the $479 million raised in 2022. 2021 was the most lucrative year for seed-stage funding, securing a total of $545 million. Q1 2021 emerged as the highest-funded quarter with an overall funding of $7 billion, while Q1 2023 marked the least funded quarter in the last four years.   Innovative Trends in the Indian Oncology Market In the dynamic landscape of the Oncology sector in India, the latest analysis unveils a compelling narrative of innovation, funding trends, and global impact. Perfint Healthcare has emerged as a frontrunner, securing $40.1 million in total funding, leading a trail that includes Immuneel and Zumutor with $27.4 million and $26.2 million, respectively. A groundbreaking revelation is the dominance of the Oncology Drugs, securing $27.1 million, with noteworthy contributions from key players like ImmunoACT and Immuneel. While Bengaluru takes the lead with the highest number of founded companies (20), the overall funding activity is experiencing a yearly decline, signalling a potential shift in focus. The Oncology sector includes over 5500 startups worldwide, and in India, 94 companies have been established so far, with 55 of them successfully securing funding. The investment landscape mirrors a fluctuating journey, peaking in 2019 and showcasing Bengaluru's prominence with $85.7 million in total funding to date. Recent notable funding rounds for Cellogen Therapeutics and ImmunoACT underlines the ongoing investor interest and confidence in the sector. India has experienced just one acquisition involving Cipla so far. To date, India has seen only two initial public offerings (IPOs), in contrast to the 613 IPOs that have occurred worldwide. ]]> https://biospectrumindia.com/news/86/24289/ambulance-service-provider-dial4242-secures-rs-1-cr-worth-funding.html https://biospectrumindia.com/news/86/24289/ambulance-service-provider-dial4242-secures-rs-1-cr-worth-funding.html Thu, 29 Feb 2024 00:00:00 +0530 Mumbai-based startup DIAL4242 has announced the successful closure of its seed funding round, securing a total of Rs 1 crore from investor Raj Neravati. The company has experienced a remarkable growth rate of 300% over the last financial year and achieved a 50% increase in valuation since its last funding round just four months ago. This funding infusion is a significant boost, strengthening the company's commitment to delivering 10-minute ambulance services across India and expanding its footprint in responding to emergency medical situations nationwide. Sharing his perspective on DIAL4242, Raj Neravati expressed, "Emergency ambulance services in India are the need of the hour to take care of urgent medical needs, and Dial4242 is in a strong position to solve this problem." According to Jeetu Lalwani, Founder of Dial4242 said, "In a challenging funding landscape, we have successfully raised funds in two rounds. As the only ambulance service with clients like Zomato, Swiggy, and insurance players like Tata AIG, we offer a guarantee of an ambulance in an average of 10 minutes or face a penalty." Within a short period, DIAL4242 has built a robust network, covering over 750 cities with a fleet of 12,000 ambulances to ensure emergency medical services. The client list includes some of the top countries like Tata Group of companies, Kellogg’s Marico, Samsung, NTT, Sony Entertainment, Wipro, Siemens, Emoha. Dial4242 Ambulances also provide occupational health center (OHC) services setup & operations, First Aid training and medical staff to corporate clients.   ]]> https://biospectrumindia.com/news/86/24292/genome-valley-phase-ii-expansion-to-begin-in-hyderabad-with-rs-2000-cr-investment.html https://biospectrumindia.com/news/86/24292/genome-valley-phase-ii-expansion-to-begin-in-hyderabad-with-rs-2000-cr-investment.html Thu, 29 Feb 2024 00:00:00 +0530 Chief Minister (CM) of Telangana A. Revanth Reddy revealed plans for the establishment of Genome Valley Phase-II in Hyderabad, set to occupy an expansive area of 300 acres. This announcement came during the inauguration of the Healthcare and Life Sciences BioAsia 2024 conference at Hitex recently. The Chief Minister, accompanied by Industries and IT Minister D. Sridhar Babu, also honored Nobel Laureate Professor Greg L. Semenza with the prestigious Genome Valley Excellence 2024 Award. Chief Minister Reddy outlined the ambitious venture, stating that the Genome Valley Phase-II project would entail an investment of Rs 2000 crore. Additionally, the government has initiated the process of setting up ten pharma villages, with an investment totaling Rs one lakh crore. These initiatives are anticipated to generate employment opportunities for approximately 500,000 individuals. The new Genome Valley facility is poised to be established across greenfield pharma clusters in Vikarabad, Medak, and Nalgonda districts. Highlighting its strategic location in proximity to the Hyderabad International Airport, CM emphasized the convenience it offers to global entrepreneurs. He also emphasised the need for collaborative efforts to address global health challenges, reaffirming the government's commitment to bolster Hyderabad's status as a hub for IT, research, startups, and biosciences.  In a testament to Hyderabad's appeal as a destination for investment, Chief Minister Reddy highlighted the substantial investments garnered during the recent World Economic Forum at Davos, amounting to Rs 40,232 crore. Notably, he welcomed the collaboration between Takeda and Biological-E companies to produce five crore vaccine doses annually, further enhancing Hyderabad's reputation as a leading vaccine production hub. ]]> https://biospectrumindia.com/news/86/24212/eris-lifesciences-expands-footprint-in-sterile-injectables-with-acquisition-of-51-stake-in-swiss-parenterals.html https://biospectrumindia.com/news/86/24212/eris-lifesciences-expands-footprint-in-sterile-injectables-with-acquisition-of-51-stake-in-swiss-parenterals.html Tue, 13 Feb 2024 00:00:00 +0530 Ahmedabad-based Eris Lifesciences has announced the expansion of its sterile injectables footprint through the acquisition of 51% equity stake in Swiss Parenterals for a consideration of Rs 637.50 crore. This deal also marks the entry of Eris into the RoW (rest of the world) export markets. Out of the deal consideration of Rs 637.50 crore for Eris’ 51% stake, Rs 200 crore will be paid at closing and the remainder will be paid 12 months from closing. The transaction is expected to achieve financial closure before 31st March 2024. Eris’ Promoter group will concurrently acquire an additional 19% in Swiss for Rs 237.5 crore, thereby bringing the total equity stake of Eris and its Promoter Group in Swiss to 70%. With a 25+ year legacy, Swiss Parenterals is a leading player in the sterile injectables business in 80+ emerging markets across  Africa, the Asia Pacific and Latin America. It has two facilities in Gujarat capable of manufacturing a wide range of sterile injectable formulations. These facilities are accredited by 50+ regulatory authorities worldwide including the EU-GMP, Brazilian Anvisa, Mexican Cofepris and the Australian TGA. Commenting on the acquisition, Amit Bakshi, Chairman & Managing Director of Eris Lifesciences, said, “Eris has established itself in Indian branded formulations with leading positions across a range of specialties. The acquisition of Swiss Parenterals will help us strengthen our India footprint through the launch of a domestic injectables-focused branded formulations business. Besides, the emerging markets focus of Swiss Parenterals complements our India focus very well. In addition to investing to grow the Swiss Parenterals business further, we will kickstart exports of oral solid dosage formulations from Eris’ manufacturing facilities to various semi-regulated markets by leveraging Swiss’ overseas distribution channels and regulatory expertise.”   ]]> https://biospectrumindia.com/news/86/24174/up-govt-allocates-rs-10-cr-funding-for-medical-school-at-iit-kanpur.html https://biospectrumindia.com/news/86/24174/up-govt-allocates-rs-10-cr-funding-for-medical-school-at-iit-kanpur.html Sat, 10 Feb 2024 00:00:00 +0530 The Uttar Pradesh (UP) government has allocated a fund of Rs 10 crore in the recently announced State Budget 2024-25 for the Medical School at the Indian Institute of Technology Kanpur (IIT-K). IIT-K has established the Gangwal School of Medical Sciences & Technology, and the Yadupati Singhania Super Speciality Hospital. While the former will cater to postgraduate academic degrees and biomedical research, the latter would be a 500-bed super specialty hospital fulfilling medical components and high-end care. The state budgetary allocation for IIT Kanpur’s Medical School is a significant development, which will help consolidate infrastructure and related services. This development opens up the scope for grants, funding etc. at the state level. It is anticipated that the Gangwal School of Medical Sciences & Technology shall launch various academic programs by July 2026. The School is already executing the flagship Hridyantra project – development of an affordable and advanced artificial heart – among a number of other significant projects based on contemporary biomedical research problems. The 500-bed Yadupati Singhania Super Speciality Hospital, once completed, would offer affordable treatment to patients from the state and elsewhere. Simultaneously, patients would also be able to avail benefits under Ayushman Bharat and other health welfare schemes launched by the Central as well as State governments. The state-of-the-art medical and research facilities the Medical School would house,are expected to transform the state into a knowledge hub, while also ensuring ease-of-living. With donations from global IIT-K alumni and corporate grants, the School is coming up as a milestone project by the Institute. ]]> https://biospectrumindia.com/news/86/24177/max-healthcare-expands-footprint-in-maharashtra-acquires-alexis-hospital-nagpur-for-rs-412-cr.html https://biospectrumindia.com/news/86/24177/max-healthcare-expands-footprint-in-maharashtra-acquires-alexis-hospital-nagpur-for-rs-412-cr.html Fri, 09 Feb 2024 00:00:00 +0530 Max Healthcare Institute, one of India’s largest private healthcare providers, has announced the acquisition of 100% stake in Alexis Multi-Speciality Hospital for an Enterprise Value of Rs 412 crore.   The 200 bedded hospital owned & operated by Alexis is a JCI accredited facility located on a land parcel of ~2 acres at Mankapur, North of Nagpur. The hospital has G+6 floors and a basement with built up area of ~2.25 Lakh sft and offers multidisciplinary care in the areas of Gastroenterology, Neurosurgery, Cardiology, Transplants, related diagnostic facilities etc. The hospital is equipped with high end bio medical equipment like Varian True Beam LINAC, 128 Slice CT Scan, 3 Tesla MRI, Digital X Ray, ARTIS Q Cath Lab, etc.   The bed capacity can be expanded to ~340 in view of the availability of the FAR for the given land and the strength of the existing structure. Further, the hospital medical programme can be further strengthened in the surgical specialties like CTVS, Urology, Oncology & Neurosciences leading to improvement in average revenue per occupied bed (ARPOB) and occupied bed days (OBD).   The current run rate of Revenue & EBITDA for the Hospital is Rs ~150 crore & ~25 crore respectively. The hospital is generating cash & has good brand equity in the market in the region.   Nagpur is a fast growing city with a population density of 47L & high literacy rate (~90%). The city is strategically located in the heart of Maharashtra & experiences drainage from adjacent regions like Amravati , Jalgaon, Gondia, Chhindwara, etc. Further the city has availability of experienced medical talent owing to presence of government hospitals, medical colleges and private healthcare players.   This acquisition further strengthens Max Healthcare’s footprint in Western India and will enable provisioning of best in class clinical care to all patients in the region.    ]]> https://biospectrumindia.com/news/86/24161/novo-holdings-invests-in-manipal-hospitals-largest-deal-in-asia.html https://biospectrumindia.com/news/86/24161/novo-holdings-invests-in-manipal-hospitals-largest-deal-in-asia.html Wed, 07 Feb 2024 00:00:00 +0530 Novo Holdings has announced its investment in Manipal Hospitals, which constitutes Novo Holding's largest investment in Asia to date. Manipal Hospitals is among the top healthcare providers in India, providing comprehensive curative and preventive care for a multitude of patients within India and from around the globe. Established in 1991 with the launch of its flagship hospital in Bengaluru, Manipal has become one of the pre-eminent private hospital chains in India. The network currently comprises 33 hospitals across the country with a bed capacity of 9,500+, serving an annual footfall of approximately 6 million patients.Dr Amit Kakar, Managing Partner and Head of Novo Holdings Asia Investments, said, "The demand for affordable and accessible private healthcare services in India is increasing rapidly, and Manipal stands at the forefront to address patient needs through its consistent growth and ability to provide high-quality patient services at affordable prices. It has a history of several successful mergers and acquisitions, which is enabling patient care closer to home." Navjeewan J. Khosla, Partner, Novo Holdings Asia Investments, added,"We are very pleased to announce the investment in Manipal Hospitals. It represents our commitment towards filling the gap between the enormous demand and underserved healthcare infrastructure in India. By offering a vast range of high-end procedures and demonstrating a strong track record of delivering high-quality care at an affordable cost, a strong medical, technical and management team, Manipal is contributing to raising the bar for private hospitals in India." ]]> https://biospectrumindia.com/news/86/24166/rxp-expands-life-sciences-real-estate-portfolio-in-mumbai-with-150-m-investment.html https://biospectrumindia.com/news/86/24166/rxp-expands-life-sciences-real-estate-portfolio-in-mumbai-with-150-m-investment.html Wed, 07 Feb 2024 00:00:00 +0530 Rx Propellant (RxP), a platform focused on providing innovative real estate solutions, including research and development (R&D) laboratories and associated facilities for the life sciences and associated sectors in India, has announce an initial investment of $75 million in phase 1 of the Navi Mumbai Research (NMR) District, as part of its continued regional expansion strategy across India. The NMR District represents the first exclusive life sciences development in Mumbai and is spread across 16 acres of land with a total development of 1.5 million square feet. It was formally launched in November of last year with the first phase of 400,000 square feet set to be ready for occupancy by late 2025. To be developed in multiple phases, this project will attract a total investment of over $150 million by RxP. With a planning aim of being the largest exclusive life sciences campus in Mumbai, the project will provide a purpose-built base for housing a broad spectrum of life sciences startups, scale-up businesses and well-established enterprises, as RxP look to build on its best-in-class track record and create a truly dynamic ecosystem for the geography. The NMR District will also have a series of customisable laboratory space areas as well as pilot plants that will sit alongside collaborative spaces, office areas, and centres of excellence. Vishal Goel, Managing Director, at Rx Propellant, commented "We have active plans for further expansion and diversification and aim to build a portfolio of over 10 million square feet within the next 5 years.” ]]> https://biospectrumindia.com/news/86/24135/bajaj-finserv-strengthens-healthcare-portfolio-by-acquiring-vidal-health-care-for-rs-325-cr.html https://biospectrumindia.com/news/86/24135/bajaj-finserv-strengthens-healthcare-portfolio-by-acquiring-vidal-health-care-for-rs-325-cr.html Tue, 30 Jan 2024 00:00:00 +0530 Bajaj Finserv Health, a wholly owned subsidiary of Bajaj Finserv, one of India’s leading and diversified financial services companies, has announced the acquisition of 100% stake in Bengaluru-based Vidal Healthcare Services (VHC). The acquisition of VHC significantly expands Bajaj Finserv’s capabilities in the healthcare space, empowering it to service consumer needs for hospitalisation, one of the largest healthcare spends categories. The acquisition now enables Bajaj Finserv Health to offer OPD, wellness, as well as hospitalisation benefits to customers, thereby providing continuum of care. The acquisition also helps Bajaj Finserv Health play a pivotal role in various healthcare initiatives of the government and the insurance regulator. The acquisition is made at an Enterprise Value of Rs.325 crore and is expected to close in the fourth quarter of FY 2023-24. Upon completion of the acquisition, VHC and its subsidiaries shall become wholly owned subsidiaries of Bajaj Finserv Health. Bajaj Finserv Health is a digital-first health tech company having an extensive network covering over 1,00,000 doctors, 5,500 lab touch points and 2,100 hospitals. ]]> https://biospectrumindia.com/news/86/24120/siemens-healthineers-invests-rs-1-cr-in-collaborative-lab-for-ai-in-precision-medicine-at-iisc.html https://biospectrumindia.com/news/86/24120/siemens-healthineers-invests-rs-1-cr-in-collaborative-lab-for-ai-in-precision-medicine-at-iisc.html Thu, 25 Jan 2024 00:00:00 +0530 Siemens Healthineers, a global provider of healthcare equipment, solutions and services, with activities in more than 180 countries, has set up Siemens Healthineers-Computational Data Sciences (CDS) Collaborative Laboratory for artificial intelligence (AI) in Precision Medicine in association with the Indian Institute of Science (IISc), Bengaluru with an investment of Rs 1 crore under its Corporate Social Responsibility (CSR) initiative.  Dileep Mangsuli, Executive Director and Head, Siemens Healthineers Development Centre said that a team of 20 researchers from IISc headed by Dr Vaanathi Sundaresan, Assistant Professor, Department of Computational and Data Sciences (CDS) will work on the projects jointly identified by IISc and Siemens Healthineers for a period of five years till 2029 which can be extended later. Dr Vaanathi, who is Assistant Professor at CDS since 2022 and the convenor of Biomedical image Analysis (BioMedIA) laboratory at CDS has worked as postdoctoral research fellow at Athinoula A. Martinos Centre, Department of Radiology, Harvard Medical School and Massachusetts General Hospital and received her doctorate degree at FMRIB, Wellcome Centre for Integrative Neuroimaging (WIN), University of Oxford. Started with 3-4 researchers, the team at the Collaborative Laboratory will reach its full strength of 20 in the next three months with six M Tech fellowships for women, aiming to enhance female representation in artificial intelligence. As a leading medical technology company, Siemens Healthineers is committed to improving access to healthcare for underserved communities worldwide and is striving to overcome the most threatening diseases. The company is principally active in the areas of imaging, diagnostics, cancer care and minimally invasive therapies, augmented by digital technology and artificial intelligence.  ]]> https://biospectrumindia.com/news/86/24096/natco-pharma-invests-around-2-m-in-biotech-startup-cellogen-therapeutics.html https://biospectrumindia.com/news/86/24096/natco-pharma-invests-around-2-m-in-biotech-startup-cellogen-therapeutics.html Fri, 19 Jan 2024 00:00:00 +0530 Cellogen Therapeutics, a Delhi-based biotech startup promoted by Dr Gaurav Kharya, Director, Centre for Bone Marrow Transplant & Cellular Therapy, Indraprastha Apollo Hospital, Delhi has raised around $2 million from Hyderabad-based Natco Pharma. Cellogen is primarily involved in two R&D programmes involving cell and gene therapy solutions. Chimeric Antigen Receptor T (CAR-T) cell therapy programme is at an advanced stage for Cellogen Therapeutics where the T cells of the patients are genetically engineered to identify and kill the cancer cells. Cellogen Therapeutics has developed bi-specific CARs and also added another costimulatory domain to increase the efficacy and persistence of the CAR in human body as compared to currently available CAR constructs that are mono-specific with one co-stimulatory domain. Both these innovations are aimed at reducing the risk of relapse post CAR-T cell therapy which remains a major challenge with existing CAR constructs. Current available products in market cost around $500,000 – 700,000 which Cellogen aims to bring down to $ 60,000 – 70,000.Another programme on which Cellogen Therapeutics is working is gene therapy programme for transfusion dependent thalassemia and sickle cell disease. It is noteworthy that these two diseases form the largest burden of red cell disorders across the globe. As per rough estimates, 40,000 kids are born each year with these disorders in India (10,000 with thalassemia and 30,000 with sickle cell disease). ]]> https://biospectrumindia.com/news/86/24055/dr-agravat-healthcare-signs-mou-worth-rs-45-cr-with-gujarat-government-for-oral-healthcare.html https://biospectrumindia.com/news/86/24055/dr-agravat-healthcare-signs-mou-worth-rs-45-cr-with-gujarat-government-for-oral-healthcare.html Wed, 10 Jan 2024 00:00:00 +0530 The Dr Agravat Healthcare has recently signed a Memoranda of Understanding (MoU) with the Government of Gujarat to set up a Medicated Confectionery manufacturing project at Sanand-GIDC, Ahmedabad, Gujarat. The proposed plant is of WHO, GMP GLP & US FDA compliance standards. The MoUs by both parties were signed online through the Investor Portal- IFP as an integral part of the 10th Vibrant Gujarat Global Investors Summit (VGGS-2024), which is taking place from January 11, 2024, to January 13, 2024. The Medicated Confectionery plant by Dr Agravat Healthcare has been reported to cost about Rs 45 crore. It is also reported that the company will be creating more than 100 jobs for starters in the investment-heavy state and give oral cancer prevention, personal care, and overall wellness a much-needed boost in the country. The project to be set up will produce all of Dr Agravat's proprietary innovative products, including oral care, personal care, and wellness products, such as medicated chewing gums, herbal candies, toothpastes, throat lozenges, OSMF Kit, nutrition gummies, etc. The products will constitute nutraceutical, ayurvedic and other herbal ingredients, and will have curative properties producing long-lasting effects of a healthier body. ]]> https://biospectrumindia.com/news/86/24044/medway-hospitals-raises-5-m-in-financing-round-led-by-kyra-ventures.html https://biospectrumindia.com/news/86/24044/medway-hospitals-raises-5-m-in-financing-round-led-by-kyra-ventures.html Thu, 04 Jan 2024 00:00:00 +0530 Medway Hospitals has secured its first round of institutional equity funding amounting to $5 million. This round was led by Kyra Ventures, and it also saw participation from family offices.  Medway Hospitals is a fast-growing chain of multi-speciality hospitals currently operating 8 hospitals in Tamil Nadu and Seemandhra.  Its tertiary care services include Critical Care, Orthopaedics, Neurology, Nephrology, Neurosurgery, Organ Transplantation, Pulmonology, Urology besides others and has a dedicated unit specialising in treating cardiovascular diseases (CVD).  The chain currently has around 500 beds across all locations, with each unit having around 50-100 beds.  During 2021, Medway setup a state-of-the-art Heart Institute in Chennai and today this is the only standalone heart institute to receive both JCI and NABH accreditation in South India.  Medway Heart institute has successfully performed over 1000 heart surgeries, 3000 Cath Lab Procedures within a short span of 2 years.  Medway commenced its organ transplant programme in 2021 and has successfully performed over 150 renal transplants till date.  On the fund raising announcement, Dr T Palaniappan, Chairman of Medway Group of Hospitals states “Our focus has always been providing quality healthcare in Tier 2 cities and have centres of excellence in key cities.  This investment will help us accelerate our expansion plans and reach 1000 beds by 2026." Additionally, he states, “Less than a month ago we launched our Institute for Pulmonology & Pulmonary Rehabilitation to cater to the increased respiratory illnesses in children and the elderly.”   ]]> https://biospectrumindia.com/news/86/24016/sanjivani-paranteral-raises-funds-worth-rs-30-88-cr.html https://biospectrumindia.com/news/86/24016/sanjivani-paranteral-raises-funds-worth-rs-30-88-cr.html Wed, 27 Dec 2023 00:00:00 +0530 Sanjivani Paranteral, a Mumbai-based pharmaceutical company specialising in the manufacturing and distribution of high-quality parenteral and oral solid products, approved issuance of 600,000 convertible warrants to promoter Ashwani Khemka priced at Rs 135.10 per warrant. The company also approved preferential allotment of 16,86,000 equity shares at Rs 135.10 per share, amounting to Rs 22.77 crore to non-promoter investors. Some of the marquee investors who participated in this issue include India Bridge Fund (India Equity Fund1), Ashish Kacholia, Monika Garware, Anurag Jain, Ashika Global Securities. This issuance marks a defining moment for the company, setting the stage for continued expansion and steadfast dedication to advancing its position as a leading force in the development of a cutting-edge manufacturing facility in collaboration with Hindustan Antibiotics Limited for the production of IV formulations and IV sets. A part of the funding will be allocated towards modernising the existing facilities, reinforcing infrastructure to meet the demands of progressive technology and industry standards. Srivardhan Khemka, Director, Sanjivani Paranteral, said, “This capital infusion strengthens our collaboration with Hindustan Antibiotics Limited for IV formulations and emphasises our unwavering focus on shareholder value and healthcare, empowering us to drive forward. With investor support, we're poised for greater success and innovation.”   ]]> https://biospectrumindia.com/news/86/23990/lupin-expands-global-presence-with-acquisition-of-sanofis-brands-for-rs-91-cr.html https://biospectrumindia.com/news/86/23990/lupin-expands-global-presence-with-acquisition-of-sanofis-brands-for-rs-91-cr.html Fri, 22 Dec 2023 00:00:00 +0530 Mumbai-based pharmaceutical company Lupin has announced its strategic move to acquire two established brands from the French firm Sanofi Pharmaceuticals. The acquisition is a part of Lupin's ambitious plans to broaden its market footprint, particularly in Europe and Canada. The completion of the acquisition is anticipated in the first quarter of 2024. The purchase consideration for the brand portfolios is set at Rs 910 million or Rs 91 crore (EUR 10 million), with an additional contingent amount of up to Rs 72.8 crore based on future sales milestones. Following a disclosure filed on the BSE (Bombay Stock Exchange), Lupin Atlantis Holdings SA Switzerland (LAHSA), wholly-owned subsidiary of Lupin, has entered into an asset purchase agreement to acquire a portfolio of accretive established products. The identified brands are AARANE™ in Germany and NALCROM™ in Canada and the Netherlands. The revenue generated from the target products in relevant markets in FY23 is $6.494 million (Rs 53.7 crore). The acquisition aims to introduce accretive assets in the respiratory field, contributing to the development of Lupin's new respiratory franchise in Europe and Canada. This comes on the heels of the company’s successful launch of LUFORBEC™ in Germany, the introduction of Gx SPIRIVA™, and Lupin's acquisition of XOPENEX™ and BROVANA™ in the United States.   ]]> https://biospectrumindia.com/news/86/23984/invascent-invests-rs-110-cr-in-hyderabad-based-api-player-fleming-laboratories.html https://biospectrumindia.com/news/86/23984/invascent-invests-rs-110-cr-in-hyderabad-based-api-player-fleming-laboratories.html Wed, 20 Dec 2023 00:00:00 +0530 India Life Sciences Fund IV (ILSF), a fund managed by InvAscent, a healthcare-focused private equity firm in India, has invested Rs 110 crore in Hyderabad-based active pharmaceutical ingredient (API) player Fleming Laboratories. Fleming is engaged in the business of manufacture and marketing of bulk drugs and intermediates. Fleming is planning to use the funds to expand its capacity by building its third manufacturing unit as well as for its foray into fermentation-based API manufacturing.  Lakshmikumaran and Sridharan Attorneys (LKS) advised Fleming and its promoters with deal structuring, drafting, and negotiations of the transaction documents and assisted in closure of the deal end to end. On the other hand, Quillon Partners advised InvAscent on this investment deal. ]]> https://biospectrumindia.com/news/86/23977/ai-powered-drug-discovery-startup-peptris-raises-1-m-in-pre-seed-funding-led-by-speciale-invest.html https://biospectrumindia.com/news/86/23977/ai-powered-drug-discovery-startup-peptris-raises-1-m-in-pre-seed-funding-led-by-speciale-invest.html Tue, 19 Dec 2023 00:00:00 +0530 Peptris Technologies, a Bengaluru-based artificial intelligence (AI) drug discovery company, has announced $1 million in pre seed round investment led by Speciale Invest. This strategic funding marks a pivotal step in boosting Peptris' efforts in advancing AI-driven solutions in the drug development/discovery sector, with a special focus on developing novel therapies for undruggable targets, particularly in oncology, inflammation, and rare diseases. Peptris is revolutionising drug discovery through the implementation of its state-of-the-art AI platform. It is transforming the traditionally lengthy and costly drug discovery process, which often spans over a decade and incurs substantial costs, making essential medications financially out of reach for many. This technology efficiently narrows down extensive chemical libraries to pinpoint promising drug candidates, marking a significant advancement over traditional drug discovery methods. The company intends to leverage and capitalise on the recent maturation of AI technology in developing its proprietary drug discovery platform. The startup is broadening its research scope to include rare diseases, in addition to its ongoing work in oncology and inflammation. The team has been incubated at Centre for Cellular and Molecular Platforms (C-CAMP) in Bengaluru and has received grant support from various government agencies in the past, reinforcing the credibility and potential of its innovative approach.   ]]> https://biospectrumindia.com/news/86/23956/cipla-further-invests-rs-42-cr-in-goapptiv-to-hold-22-99-stake-in-digital-tech-company.html https://biospectrumindia.com/news/86/23956/cipla-further-invests-rs-42-cr-in-goapptiv-to-hold-22-99-stake-in-digital-tech-company.html Fri, 15 Dec 2023 00:00:00 +0530 Mumbai-based pharma firm Cipla has agreed to further invest Rs 42 crore (approx.) in digital tech company GoApptiv. In line with Cipla’s ambition to strengthen investments in channels of the future, this development will further expand Cipla’s presence across the healthcare continuum, especially to the underserved population by enabling greater access to lifesaving treatments. With the completion of this deal, Cipla’s total stake in Mumbai-based startup GoApptiv will increase to 22.99% on a fully diluted basis. This is Cipla’s third investment in GoApptiv, which will be made in a combination of equity shares and compulsorily convertible preference shares.  GoApptiv has experienced significant expansion in underpenetrated areas and product lines following prior investments by Cipla in 2022 and 2020. Commenting on the development, Umang Vohra, MD and Global CEO, Cipla, said, “In this era of technology-driven healthcare, this expanded investment will help us deliver patient-centric solutions and further strengthen our digitisation agenda to drive Cipla’s next phase of growth.” GoApptiv’s use of technology to provide quality and affordable healthcare aligns with Cipla's commitment to making a positive impact on communities through innovative solutions. The current investment round will further solidify the partnership with Goapptiv in addressing healthcare disparities in underserved regions of India. ]]> https://biospectrumindia.com/news/86/23954/plasmagen-biosciences-completes-rs-225-cr-equity-financing-to-drive-growth.html https://biospectrumindia.com/news/86/23954/plasmagen-biosciences-completes-rs-225-cr-equity-financing-to-drive-growth.html Thu, 14 Dec 2023 00:00:00 +0530 PlasmaGen Biosciences, a biopharmaceutical company focused on blood plasma-derived pharmaceutical products for India and emerging markets, has raised Rs 225 crore from UK-based Artian Investments, prominent public market investor Ashish Kacholia, pharmaceutical entrepreneurs Anurag Bagaria and Dushyant Patel and other noteable HNI investors. Along with the new investors, the fundraise witnessed continued participation from existing investors Eight Roads Ventures and F-Prime Capital. Founded in 2010, the Bengaluru-based company has raised Rs 400 crore in total so far and plans to use the fresh capital to expand its presence internationally, develop products and fund working capital requirements. Earlier this year, the company inaugurated its new manufacturing facility for blood plasma-derived protein therapeutics in Kolar, Bengaluru - India's first plasma manufacturing facility by a pure-play, end-to-end blood-plasma company and only the fifth plasma fractionation facility in India. Spread across 8 acres, this state-of-the-art facility consists of multiple connected, yet independently operable blocks that support various operations of the manufacturing process. The facility will serve to significantly improve the demand-supply gap for blood-plasma derived products, and at affordable prices. The manufacturing facility has an initial capacity to process 5,00,000 litres of plasma annually. The facility will produce multiple plasma products like albumin, immunoglobulins and coagulation factors. Additional capacity has been incorporated into the design, allowing PlasmaGen to expand its product portfolio in the future. ]]> https://biospectrumindia.com/news/86/23945/mental-health-tech-startup-betterspace-raises-pre-seed-funding-of-rs-4-5-m.html https://biospectrumindia.com/news/86/23945/mental-health-tech-startup-betterspace-raises-pre-seed-funding-of-rs-4-5-m.html Tue, 12 Dec 2023 00:00:00 +0530 Raipur-based mental health-tech startup BetterSpace has raised Rs 4.5 million in its maiden pre-seed funding round led by prominent startup community-builder and accelerator PedalStart. Prior to this, the startup had remained majorly bootstrapped. The company will be utilising the newly-acquired capital towards improving its existing offline and online services, developing a new product range consisting games and toolkits, enhancing marketing and brand visibility, optimising technology and the app for boosting accessibility across multiple types of devices, attracting and acquiring talent, among other strategic areas.  Notably, BetterSpace was a part of PedalStart’s ‘Zero-to-One’ cohort (a community-based, outcome-driven programme for supporting early-stage startups) in 2022.   BetterSpace provides psychologist-led counselling, workshops, and community engagement programmes, and other initiatives aimed at solving numerous existing mental health challenges in the society.  In addition to that, BetterSpace has already developed its own mobile app, and other self-paced products and toolkits for enabling betterment of mental health and fueling personal growth. In the near future, the startup is gearing up to launch few more innovative tech-enabled mental wellness solutions, such Imagi box (a therapy box for children having learning and cognitive difficulties), Therapy Pods (dedicated rooms in hospitals to solve the privacy issues for individuals when availing therapy), and a first-of-its-kind mental wellness game for families. Furthermore, there are plans to grow rapidly and expand operational footprints to at least 10+ Indian states and internationally in the next one year.  ]]> https://biospectrumindia.com/news/86/23920/lords-mark-industries-aims-to-go-public-in-2024-with-plans-to-raise-up-to-rs-500-cr.html https://biospectrumindia.com/news/86/23920/lords-mark-industries-aims-to-go-public-in-2024-with-plans-to-raise-up-to-rs-500-cr.html Sat, 09 Dec 2023 00:00:00 +0530 Lord’s Mark Industries, a diversified business group, has announced that it is aiming to hit the capital markets and go for public listing in the first half of 2024 to raise up to Rs 500 crore. IDBI Capital and Mirae Asset are the merchant bankers for the listing.Lord’s Mark Industries plans to invest the proceeds in its subsidiaries to develop medtech products, production of innovative diagnostic solutions, expansion of its pathology lab pan India and exports of its medical diagnostic products and machines.To facilitate mass production of its innovative diagnostic solutions, Lord's Mark Industries plans to leverage the funds for infrastructure development and skilled manpower. Additionally, the company aims to launch 400 pathology labs across India in the next 5 years under the Affordable Medical Infra scheme. Already making strides in global markets, exports to Nepal, Bangladesh, and Sri Lanka have commenced, with African operations set to begin by March 2024.Lord’s Mark Industries reported revenue from operations at Rs 301 crore in FY23, registering a 41.31 percent growth from the revenue reported in FY22 which stood at Rs 213 crore.The company through its subsidiary has launched a saliva-based technology for genome testing through its brand MyDNA. It has collaborated with Dozee, IIT Bombay, BARC and made them the R&D partners to redesign medical infrastructure in India. ]]> https://biospectrumindia.com/news/86/23911/vibcare-healthcare-opens-pharma-manufacturing-facility-with-rs-40-cr-investment-in-panchkula.html https://biospectrumindia.com/news/86/23911/vibcare-healthcare-opens-pharma-manufacturing-facility-with-rs-40-cr-investment-in-panchkula.html Thu, 07 Dec 2023 00:00:00 +0530 Vibcare Healthcare has marked a significant stride in India's pharmaceutical industry with the inauguration of its state-of-the-art manufacturing facility in Panchkula, Haryana. The company's robust investment of Rs 40 crore underscores its dedication to excellence and innovation in pharmaceuticals. Spanning over 5 acres, the facility adheres to the highest international standards, including EU GMP, PIC/S, and UKMHRA GMP, reinforcing Vibcare Healthcare's commitment to global quality benchmarks and healthcare accessibility worldwide. The cutting-edge facility comprises four specialised production units for General Tablets, Liquids, Capsules, and Ointments, boasting over 500 approvals and aligning meticulously with global quality standards. This comprehensive infrastructure positions Vibcare Healthcare to comprehensively address diverse healthcare needs with an extensive array of pharmaceutical solutions. In addition to economic contributions, Vibcare Healthcare's initiative aligns with Prime Minister Narendra Modi's call for job creation and skill development, fostering a skilled workforce. The emphasis on technological advancement mirrors the government's vision of leveraging technology to propel growth, particularly in healthcare. The quality control lab, equipped with advanced instruments such as UV and Visible Spectrophotometers, HPLC systems, FTIR, Dissolution Testers, Gas Chromatography systems, guarantees rigorous quality control across manufacturing processes. ]]> https://biospectrumindia.com/news/86/23884/fortis-healthcare-to-divest-fortis-malar-hospital-chennai-to-mgm-healthcare-for-rs-128-cr.html https://biospectrumindia.com/news/86/23884/fortis-healthcare-to-divest-fortis-malar-hospital-chennai-to-mgm-healthcare-for-rs-128-cr.html Fri, 24 Nov 2023 00:00:00 +0530 Fortis Healthcare has announced signing of definitive agreements by its certain subsidiaries for sale of the business operations along with the land and building assets pertaining to Fortis Malar Hospital situated at Gandhi Nagar, Adyar Chennai, to MGM Healthcare, a prominent healthcare delivery service provider, for a sale consideration of approx. Rs 1,28,00,25,000. The transaction comprises the divestment of: (1) the business operations pertaining to Fortis Malar Hospital residing in the listed subsidiary of the Company - Fortis Malar Hospitals in which Fortis Healthcare owns a 62.7% equity stake; (2) The OPD and radiology business operations related to the Fortis Malar Hospital (including the land and building on which Fortis Malar Hospital is situated) and the land parcel adjacent thereto, all of which are residing in Fortis Health Management; and (3) An adjacent land parcel currently used as a parking premise, residing in Hospitalia Eastern. The business and assets specified in (2) and (3) reside in two wholly owned subsidiaries of Fortis Healthcare namely –Fortis Health Management and Hospitalia Eastern.   The divestment is a part of Fortis’ ongoing portfolio rationalisation strategy in order to focus on deepening its presence in select geographic clusters where it has a sizeable presence. It follows from the divestment of Fortis Healthcare’s business operations in its Vadapalani facility in Chennai in July 2023.  The proposed acquisition is in line with MGM Healthcare’s strategy to further expand its presence in Chennai, in addition to its two quaternary care hospitals with a combined bed capacity of approx. 600 beds at present and another 450 bed greenfield hospital under development.  ]]> https://biospectrumindia.com/news/86/23823/regency-healthcare-secures-rs-450-cr-investment-from-norwest-venture-partners.html https://biospectrumindia.com/news/86/23823/regency-healthcare-secures-rs-450-cr-investment-from-norwest-venture-partners.html Thu, 09 Nov 2023 00:00:00 +0530 Regency Healthcare, a pioneer in multi-specialty tertiary care corporate hospitals in Uttar Pradesh (UP), is set to revolutionise the healthcare landscape with a strategic investment of Rs 450 crore from Norwest Venture Partners. With this substantial infusion of capital, Regency Healthcare is set to fortify its presence in Uttar Pradesh's healthcare landscape, driving an ambitious plan to increase its bed capacity to 2400 by 2026. Regency Healthcare has been at the forefront of delivering super-specialty medical services to Kanpur, Lucknow, and surrounding cities and rural areas for over 28 years. With a team of over 3000 members and a bed strength exceeding 700, the group's commitment to providing high-quality healthcare has garnered it a distinctive reputation. The strategic investment will lead to a substantial expansion of Regency's infrastructure and services, directly benefiting the people of UP. By August 2024, the hospital is set to open 250 beds in Gorakhpur, followed by 450 beds in Kanpur in January 2025, and 350 beds in Varanasi in January 2026. Regency is also actively exploring opportunities in Bareilly and Agra, further solidifying its commitment to becoming the premier healthcare provider in the state.     ]]> https://biospectrumindia.com/news/86/23819/biocon-biologics-divests-two-non-core-branded-formulations-to-eris-for-rs-366-cr.html https://biospectrumindia.com/news/86/23819/biocon-biologics-divests-two-non-core-branded-formulations-to-eris-for-rs-366-cr.html Wed, 08 Nov 2023 00:00:00 +0530 Biocon Biologics has entered into a definitive agreement with Eris Lifesciences for the divesture of its Dermatology and Nephrology branded formulations business units in India that mostly comprised of its legacy small molecules’ brands. The transaction is a Slump Sale that will enable a seamless transfer of the product brands and employees associated with these businesses. Total transaction value of the divestment is Rs 366 crore, inclusive of working capital conveyed as part of the deal, and represents an accretive multiple of 4x on Revenues and 22x on EBITDA. Post deal close, over 120 employees of the two business units are expected to transition to Eris, ensuring continuity for both employees and patients. The divestiture is expected to close by the end of Nov 2023, subject to customary closing conditions. The divestment of the non-core branded formulations business units in India is in line with Biocon Biologics' strategy to sharpen focus on core therapy areas as a fully integrated biosimilars company. Shreehas Tambe, CEO & Managing Director, Biocon Biologics, said “This divesture of non-core assets allows Biocon Biologics to unlock value within our Branded Formulations portfolio in India and sharpen focus on our core therapy areas like Diabetes, Oncology and Immunology. We believe that Eris Lifesciences is well positioned to build further on the Dermatology and Nephrology franchise in India." Commenting on the acquisition, Amit Bakshi, Chairman & Managing Director of Eris Lifesciences said: “We have successfully demonstrated our ability to turn around and create value in acquired businesses. The acquisition of Biocon Biologics’ Nephrology and Dermatology Branded Formulations businesses in India is in-line with our strategic goals as well as our capital allocation framework." ]]> https://biospectrumindia.com/news/86/23812/vizzhy-inc-invests-12-5-m-in-generative-ai-research-to-revolutionise-healthcare.html https://biospectrumindia.com/news/86/23812/vizzhy-inc-invests-12-5-m-in-generative-ai-research-to-revolutionise-healthcare.html Tue, 07 Nov 2023 00:00:00 +0530 Bengaluru-based startup Vizzhy Inc is propelling a healthcare revolution by channeling the potent combination of multi-omics and Generative AI to tackle the root causes of metabolic diseases. With a commitment to invest $12.5 million in an American university, the company is set to explore novel avenues in the management of metabolic diseases.A Memorandum of Understanding (MoU) between the US-based University of Illinois Urbana-Champaign and Vizzhy Inc, was recently signed at an event held in Bengaluru.Speaking at the occasion, the Minister for Youth Empowerment, Sports, and Tribal Welfare B. Nagendra emphasised the importance of research as the cornerstone of addressing various societal challenges. "The government of Karnataka is placing significant emphasis on research and development with the establishment of the Karnataka Research Foundation, and it welcomes investments from companies like Vizzhy Inc in the R&D sector with full government support", he said.Vizzhy has announced a $12.5 million funding for the Sreenivasulu AI for Wellness Center at the University of Illinois Urbana-Champaign. This centre will assemble a team of distinguished scientists, engineers, and health system experts committed to addressing one of humanity's most pressing challenges. The centre will be led by the renowned Prof. Narendra Ahuja, a top global scientist in Computer Vision, known for establishing India's first IIIT in Hyderabad.The startup has already initiated numerous collaborative projects with eminent Indian institutions, such as IIT Bombay, and is expanding its university partnerships. ]]> https://biospectrumindia.com/news/86/23805/health-tech-startup-varco-leg-care-gets-rs-2-cr-funding-boost.html https://biospectrumindia.com/news/86/23805/health-tech-startup-varco-leg-care-gets-rs-2-cr-funding-boost.html Mon, 06 Nov 2023 00:00:00 +0530 New Delhi-based startup Varco Leg Care has announced raising a bridge funding round of Rs 2 crore to advance its mission of revolutionising leg care across India and the world. This round was led by Neeraj Garg, Former CEO of Hindustan Coca-Cola. Besides participation of existing investors, the round also witnessed participation from multiple new investors, including senior executives from Coca Cola, Emporia UAE, Highway Concessions One - a KKR company, and few HNIs, recognising the immense potential and promise that Varco holds. Varco Leg Care will be utilising the newly acquired capital to propel the company’s growth across various crucial areas, such as acquisition of top talent, expanding retail presence, appointing key opinion leaders (KOLs), exploring new international markets, integrating cutting-edge technology to enhance treatment adherence, enhancing R&D efforts, and elevating customer retention efforts.  Based on its ambitious and strategic vision for growth, over the next two years, Varco Leg Care is determined to achieve an impressive 10x growth in its Monthly Recurring Revenue (MRR). This transformation shall be driven by several key initiatives, including attracting top-notch experts to strengthen its team, integrating technology into operations for streamlining procedures and enhancing client experiences, and ensuring that the company remains at the forefront of innovation and excellence. Furthermore, Varco will also be expanding its product portfolio, introducing unique topical phyto products for foot ulcers, restless leg syndrome, nail fungus and cellulite. The startup is actively developing a comprehensive leg care products’ portfolio and plans to strengthen its position across the US market through strategic partnerships with leading marketplaces, as well as to expand to new markets such as Gulf Cooperation Council (GCC) countries.     ]]> https://biospectrumindia.com/news/86/23779/zydus-lifesciences-acquires-uk-based-liqmeds-group-for-rs-688-cr.html https://biospectrumindia.com/news/86/23779/zydus-lifesciences-acquires-uk-based-liqmeds-group-for-rs-688-cr.html Wed, 01 Nov 2023 00:00:00 +0530 Ahmedabad-based Zydus Lifesciences, through its wholly owned subsidiary Zydus Pharmaceuticals UK Limited, has announced the acquisition of the UK headquartered LiqMeds Group of companies which has capabilities and specialisation in development, manufacturing and supply of oral liquid products for global markets, which it currently commercialises through partners. The group’s subsidiary LM Manufacturing Limited (LMML), has an oral liquids manufacturing site at Weedon, Northampton, UK, which supplies products to the US and UK markets. Zydus will pay an upfront consideration of GBP 68 million (Rs 688 crore approximately) and yearly earn-outs until 2026 depending on achievement of certain agreed milestones towards acquisition of the LiqMeds Group of companies. The transaction will be EPS accretive for Zydus from the first year of acquisition. Speaking on the development, Managing Director of Zydus Lifesciences, Dr Sharvil Patel said, “We believe that liquid orals is a large, growing market and serves unmet needs with significant new market expansion opportunities. In line with our patient-centric approach, we believe that oral liquid formulations would help geriatric and paediatric patients, bringing in greater ease of convenience and therapy compliance.” ]]> https://biospectrumindia.com/news/86/23784/iks-health-buys-aquity-solutions-for-200-m.html https://biospectrumindia.com/news/86/23784/iks-health-buys-aquity-solutions-for-200-m.html Wed, 01 Nov 2023 00:00:00 +0530 IKS Health (Inventurus Knowledge Solutions Limited), has announced the acquisition of AQuity Solutions, as a wholly-owned subsidiary for $200 million. Headquartered in the US, AQuity employs over 7,000 clinical documentation specialists throughout the US, India, Australia, Canada, and the UK. IKS Health’s market leadership in the ambulatory market will be coupled with AQuity’s market leadership in the acute care market to create an entity that enables clinicians and their enterprises to deliver better, safer, more efficient care across the continuum of care delivery. The combined company, which will operate as IKS Health, will have annual revenues of $330+ million, as well as a global workforce of over 14,000 employees serving over 150,000 clinicians in many of the largest hospitals, health systems, and specialty groups in the United States (US). This acquisition advances IKS Health’s Care Enablement Platform, consisting of technology and service offerings that span Revenue Optimization, Clinical Support, Value-based care, and Digital Health solutions. Specifically, AQuity’s rich datasets enable IKS to rapidly mature and scale its proprietary artificial intelligence (AI) solutions with critical expertise and guidance from Reinforced Learning Through Human Feedback (RLHF). This purchase follows recent strategic technology investments in Abridge, a Generative AI platform to reduce administrative burden and Sift Healthcare, a predictive analytics solution for revenue cycle management.     ]]> https://biospectrumindia.com/news/86/23770/pharma-and-healthcare-sector-continue-to-attract-investment-despite-volume-dip-in-q3-2023.html https://biospectrumindia.com/news/86/23770/pharma-and-healthcare-sector-continue-to-attract-investment-despite-volume-dip-in-q3-2023.html Mon, 30 Oct 2023 00:00:00 +0530 According to the Grant Thornton Bharat Pharma and Healthcare Dealtracker Report for Q3 2023, deal volumes and values decreased by 26% and 14%, respectively, compared to Q2 2023. The quarter saw 26 deals totaling $2.7 billion, with a 32% decline in deal volumes compared to Q3 2022. Notably, the sector's deal values surged by 298% from Q3 2022, driven by two deals over $650 million each and four deals over $100 million each. Active Pharmaceutical Ingredient (API) and Contract development and manufacturing organization (CDMO) in the Life Sciences and Single Specialty in healthcare sectors emerged as focus segments with increased investor interest. Mergers and Acquisitions (M&A) landscape: The M&A landscape in Q3 2023 exhibited a notable decrease of 50% in deal volumes, hitting the lowest point for the year, with only eight transactions. However, the sector witnessed an unprecedented surge of 161% in value, primarily propelled by two substantial high-value deals. Values rose to $1,269 million compared to Q2 2023. The standout transaction was Nirma's acquisition of a 75% stake in Glenmark Life Sciences for $689 million, accounting for more than half of the total M&A values for the quarter. Cross-border M&A activity saw a diminishing trend, with just one significant inbound deal during this period. The API segment in Life Sciences continued to attract substantial interest. Private Equity (PE) landscape: The PE landscape marked the lowest quarterly volumes in the last three years, with 18 deals totaling $1.4 billion. This quarter, despite witnessing a decline in deal values and volumes compared to the previous quarter, showcased a remarkable 147% increase in values compared to Q3 2022. This value surge was primarily driven by a few high-value deals, resulting in a notable increase in the average deal size, reaching $80 million. Single specialty hospitals emerged as a particularly attractive sector for investors, with substantial investments such as BPEA EQT's $657 million infusion into Indira IVF Hospital Pvt Ltd, Quadria Capital's investment in Maxivision Super Specialty Eye Hospital and acquisition of majority stake in Asian Institute of Nephrology and Urology by Asia Healthcare Holdings. IPO and QIP Activity: The IPO landscape in India showcased three IPOs with a combined value of $379 million. Leading the IPO activity was Concord Biotech's successful fundraising of $189 million. This quarter also saw the emergence of two additional IPOs, marking a notable increase in IPO issues compared to the previous quarter when there were none. Investor interest in India's healthcare sector has been notably diverse in Q3 2023. While hospitals continued to captivate investors' attention, the health tech segment saw a surge in deal volumes, reflecting a sustained trend from previous quarters. The sector recorded 12 deals, with a standout investment involving a consortium of major players in Pharmeasy.    ]]> https://biospectrumindia.com/news/86/23747/healthcare-startup-leucine-rich-bio-secures-fresh-funds-in-pre-series-a-round.html https://biospectrumindia.com/news/86/23747/healthcare-startup-leucine-rich-bio-secures-fresh-funds-in-pre-series-a-round.html Wed, 25 Oct 2023 00:00:00 +0530 Known for making innovative products catering to the gut microbiome, India’s first microbiome company, Bengaluru-based Leucine Rich Bio, has raised an undisclosed amount in a pre-series A round of funding.  The investment comes close to the heel of the company inaugurating a microbiome-focused gut health clinic in the heart of Bengaluru and exporting its products to the Philippines. The funding was spearheaded by prominent doctors including gastroenterologists and oncologists and biotech entrepreneurs. The company raised its pre-seed funding worth Rs 2.3 crore in 2017. Besides the Philippines, Leucine Rich Bio has been exporting its products to Thailand since 2022. So far, the company has exported products worth more than Rs 18,00,000. Commenting on the investment, Kumar Sankaran, CEO of Leucine Rich Bio, stated, "With this support, we are poised to take significant strides in our mission to harness the power of the microbiome to combat various chronic diseases and cancer." The funds will be primarily utilised for marketing and development of new products. This investment will help the company in building its product portfolio and enhancing its R&D prowess. The company witnessed 20% year-on-year growth in 2022-23, while the quarter-on-quarter growth was 30% in quarter 2 of the financial year 2023-24.  Besides the popularity of its main product BugSpeaks, the company has seen an uptick in Rychbiome Indus’ demand by 101% in the period 2022-23 vs 2021-22.  ]]> https://biospectrumindia.com/news/86/23734/meitys-electropreneur-park-announces-first-financial-exit-for-incubated-health-tech-startup-univlabs-technologies.html https://biospectrumindia.com/news/86/23734/meitys-electropreneur-park-announces-first-financial-exit-for-incubated-health-tech-startup-univlabs-technologies.html Sat, 21 Oct 2023 00:00:00 +0530 In a major boost to the Indian Electronics System Design and Manufacturing (ESDM) market, Ministry of Electronics and Information Technology or MEITY's Electropreneur Park (EP) has announced the exit of Univlabs, a Gurugram-based health-tech startup. Univlabs Technologies has established its presence in 6 countries, offering innovative solutions to 2000+ hospitals in India and overseas. So far, the startup has applied for 11 patents while having 2 to its name. UnivLabs Technologies  began its growth journey with Electropreneur Park with a mission to revolutionize healthcare by providing affordable and cutting-edge medical devices that improve patient outcomes.   The startup received a valuation of Rs 20 crore and initiated an investor buyback from stake holders of EP incubator worth Rs 94.64 lakh, marking a 36X growth for EP’s investment thereby marking a milestone in EP’s history. With this, Univlabs' successful exit leaves an impressive footprint of Electropreneur Park’s role in fostering innovation and entrepreneurship over the past seven years of its operations. The exit was formally announced with a cheque handover ceremony during the inauguration of the Apiary CoE incubation facility. The launch of Apiary CoE incubation facility has marked the beginning of yet another chapter of supporting budding entrepreneurs and startups by STPI. The launch event was graced by the presence S. Krishnan, IAS, Secretary, Ministry of Electronics and IT and other dignitaries from the IT industry.   Delving into Univlabs’ journey with Electropreneur Park, Sunil Singh, Founder & CEO, Univlabs Technologies said, “Our vision is to become a leading company in the field of EndoVision in the next 10 years.” The startup has developed a 4K Endoscope Tower and is in the advanced stage of developing a flexible endoscope.   ]]> https://biospectrumindia.com/news/86/23723/mestastop-raises-rs-4-5-cr-to-further-cancer-drug-discovery-and-repurposing-technology.html https://biospectrumindia.com/news/86/23723/mestastop-raises-rs-4-5-cr-to-further-cancer-drug-discovery-and-repurposing-technology.html Thu, 19 Oct 2023 00:00:00 +0530 Mestastop Solutions, a biotechnology startup based in Bengaluru, has raised Rs 4.5 crore or $500k in a Pre Series A round led by 92 angels & Malpani Ventures. In 2021, the company had secured a seed funding of Rs 2 crore led by IIM Ahmedabad’s CIIE with participation from IKP and angel investors. Founded by Arnab Roy Chowdhury and Debabani Roy Chowdhury, Mestastop is creating a cancer metastasis focused platform, which uses wet lab biology and predictive analytics to identify and distinguish unique properties of metastasis and leverage them for drug discovery and patient treatment. The funds will be used to generate proof of concept data with small molecules around the identified first-in-class targets and also help progress drug repurposing efforts to delay metastasis by identifying probable clinical candidates. New animal models and clinical studies will also be supported, along with strategic business development activities.   The global cost of cancer as a disease burden is poised to be around $25 trillion by 2050. The spending on treating and research for curing cancer across would hit $400 billion by 2030. Of this, global drug discovery market size is poised to hit $150-180 billion around that time.  ]]> https://biospectrumindia.com/news/86/23725/mumbai-based-startup-welcome-cure-raises-rs-4-cr-in-pre-series-a-round.html https://biospectrumindia.com/news/86/23725/mumbai-based-startup-welcome-cure-raises-rs-4-cr-in-pre-series-a-round.html Thu, 19 Oct 2023 00:00:00 +0530 Welcome Cure has raised over Rs 4 crore in Pre-series A round led by Inflection Point Ventures (IPV). The funds will be utilised for growth, including talent acquisition, technology enhancement, and marketing initiatives. IPV has led the round and Welcome Cure is looking at raising over Rs 16 crore in this on-going funding round. The Mumbai-based startup addresses the growing demand for sustainable and holistic healthcare by providing a comprehensive one-stop solution in the fragmented homeopathy market, offering convenient online and offline services for diagnosis, treatment, and monitoring, with a focus on prevention and overall well-being. Its unique proposition lies in the integration of proprietary Assisted Intelligence (AI) solutions, which serve as a valuable decision support system for physicians. This AI-powered technology enhances diagnostic accuracy, treatment selection, and monitoring, ensuring optimal patient care. Within the last couple of years alone, the company has apparently achieved a cumulative business of over Rs 45 crore, demonstrating its strong presence in the alternative medicine space.  The homeopathy industry is currently valued at over $7 billion and is experiencing a growth rate of 18% Compound Annual Growth Rate. Projections indicate that the industry is expected to surpass $21 billion within the next 5 to 7 years, indicating significant growth potential in the near future. ]]> https://biospectrumindia.com/news/86/23707/better-eye-health-could-boost-indian-economy-by-27-billion.html https://biospectrumindia.com/news/86/23707/better-eye-health-could-boost-indian-economy-by-27-billion.html Mon, 16 Oct 2023 00:00:00 +0530 Avoidable sight loss would add $27 billion (Rs 2.2 trillion) per year to India’s economy, according to new research released. The Love Your Eyes campaign is releasing the figures to highlight how improved eye health boosts productivity, urging business leaders to put eye health on the workplace wellbeing agenda. The study, conducted by the International Agency for the Prevention of Blindness (IAPB) and Prof. Kevin Frick from Johns Hopkins, calculated the costs of avoidable sight loss among people over 50. India had the third-highest potential savings of all countries in the study. Top 3 countries with the biggest Gross Domestic Income (GDI) losses from avoidable sight loss are China, US and India. As technology transforms the world of work, the future economy will be dominated by service industries and office-based jobs involving the prolonged use of screens. Without proper precautions, this can lead to eye strain and negatively impact eye health.  Sight loss costs the global economy $411 billion every year, according to the Lancet Global Health Commission on Global Eye Health. An estimated 30% of people with sight loss experience a reduction in employment, with women, people in rural communities and ethnic minority groups among the groups most affected. However, 90% of sight loss is avoidable with early detection and treatment. In India, there are currently 70 million people with visual impairment. Preventing sight loss with early detection and treatment for eye conditions like cataracts and myopia is vital to protect livelihoods and allow businesses to thrive.  Vinod Daniel, CEO of India Vision Institute says, "People from disadvantaged and rural communities lack adequate access to eye care, and are thus denied vision screenings and a pair of corrective glasses. This means uncorrected refractive error is costing the country billions in lost productivity, and valuable earnings for the individuals affected. Early detection is crucial to preventing blindness. We work directly with communities, schools and workplaces to provide free vision screenings and spectacles to those who otherwise wouldn't have access. Preventing vision loss changes everything for them and allows them to thrive in work and life."   ]]> https://biospectrumindia.com/news/86/23687/gurugram-based-healthcare-startup-curelo-raises-funding-worth-100k-from-iim-ahmedabad.html https://biospectrumindia.com/news/86/23687/gurugram-based-healthcare-startup-curelo-raises-funding-worth-100k-from-iim-ahmedabad.html Wed, 11 Oct 2023 00:00:00 +0530 Gurugram-based healthcare startup Curelo, founded in 2022 by Dr Arpit Jayswal, which enables patients to book at-home blood sample collection and receive timely blood reports from any labs of their preference, has raised $100k from the Indian Institute of Management (IIM) Ahmedabad’s CIIE.CO. IIM Ahmedabad's CIIE.CO is the Innovation Continuum that studies, educates, incubates, accelerates and invests in early stage technology startups. The platform is powered by a fleet of phlebotomists that can collect samples within 60 minutes of booking and deliver them to the selected lab. Patients can also discover a lab on the platform based on test availability, pricing, and turnaround time. In the last 10 months of operations, Curelo has partnered with 1350+ labs, processed over 125,000 orders, and is currently generating a monthly run rate of Rs 55 lakh at a month on month growth of 30%. Curelo also aims to expand its footprint in radiology and blood bank aggregators in the near future.   ]]> https://biospectrumindia.com/news/86/23688/tata-capital-healthcare-fund-ii-invests-upto-10-m-in-apex-kidney-care.html https://biospectrumindia.com/news/86/23688/tata-capital-healthcare-fund-ii-invests-upto-10-m-in-apex-kidney-care.html Wed, 11 Oct 2023 00:00:00 +0530 Tata Capital Healthcare Fund II (TCHF II), the healthcare focused private equity fund of Tata Capital, has invested an amount of upto $10 million in Apex Kidney Care (AKC) for an undisclosed equity stake. AKC is India’s second largest dialysis chain in the country and will utilise the newly infused capital to expand its dialysis services across the country.  India has an estimated 2 million Chronic Kidney Disease (CKD) Stage -5 patients (kidney function below 15%). There are 0.2 million to 0.22 million CKD-5 patients getting added annually. Currently, ~21 million dialysis sessions are conducted on an annual basis in India, and this is estimated to be an abysmal ~11% of the overall annual need of the country. This indicates a significant need gap caused due to a combination of accessibility, affordability and compliance challenges.   Dr Jatin Kothari, Co-founder and Director, Apex Kidney Care said, “This new partnership underscores the value of our business model and our vision in delivering high quality dialysis services. The combined strength promises to open many new avenues to advance the business, and favorably touch the lives of thousands of patients fighting kidney disease." ]]> https://biospectrumindia.com/news/86/23670/answer-genomics-raises-500k-in-pre-series-a-round.html https://biospectrumindia.com/news/86/23670/answer-genomics-raises-500k-in-pre-series-a-round.html Fri, 06 Oct 2023 00:00:00 +0530 Hyper-personalized & data driven wellness platform, Answer Genomics has raised $500K in a pre-series A Round from Inflection Point Ventures. The funds will be utilised for supporting sales & marketing efforts and expanding the talent pool through strategic hiring initiatives. Additionally, these investments will enable Bengaluru-based startup Answer Genomics to continue pioneering advances in genomics and ultimately enhance the well-being of individuals through personalised health insights by sequencing 10K genomes in the next 12 months. The company is collecting samples from people with their consent to create a database of genetic information. They take a small amount of blood and analyse more than 5 million data points from it. This helps them give personalized advice for staying healthy. Answer Genomics is already working with large companies to help their employees understand health issues with the help of genomics. The company has also filed for 2 patents and holds publications papers in important peer reviewed journals. Founded in 2019, Answer Genomics is led by Rahul Ranganathan as CEO, a Molecular Biologist from Delhi University, and an MBA from XLRI Jamshedpur with experience across organisations like PepsiCo and Flipkart. Dr. Balamurali AR serves as the CTO and is a Ph.D. in AI/ML from IITB and Monash University, along with a Post Doc in AI/ML from CNRS France. He has worked for over 20 years in reputed companies like IBM and Samsung, with additional contributions as a Visiting Faculty at IIM Vizag.     ]]> https://biospectrumindia.com/news/86/23666/dr-agarwals-eye-hospitals-to-invest-additional-rs-225-cr-to-set-up-new-centres-in-mumbai-pune.html https://biospectrumindia.com/news/86/23666/dr-agarwals-eye-hospitals-to-invest-additional-rs-225-cr-to-set-up-new-centres-in-mumbai-pune.html Thu, 05 Oct 2023 00:00:00 +0530 Dr. Agarwals Eye Hospitals has opened a state-of-the-art eyecare hospital in Chembur, Mumbai, at Signature Business Park. The facility is spread across 7,500 sq. mt. On the occasion, Dr Amar Agarwal, Chairman, Dr. Agarwals Eye Hospitals said: “This is our tenth hospital in the city. We entered Maharashtra in 2017 with a centre in Pune, and quickly expanded to Mumbai in 2019. Now, we have 20 eyecare hospitals operational in the state across locations like Mumbai, Nashik, Pune, and Satara. This growth is only the tip of the iceberg as we believe Maharashtra can readily accommodate at least 50 more eye hospitals. In the next 12 to 18 months, we will invest Rs 225 crore to add 10 more centres in the cities of Mumbai and Pune.” Added Dr Adil Agarwal, CEO, Dr. Agarwal’s Eye Hospitals, “The expansion of our eyecare services in Mumbai is increasing accessibility, decreasing waiting periods, and offering cutting-edge technology for everyone in the region. In the next six months, we will cover the entire Central Line and, in the next two years, the Western and Harbour lines in Mumbai." He added, “We have grown five-fold in Maharashtra in the last three financial years, from 4 hospitals in FY20 to 20 hospitals today, and are expecting to add 5 more hospitals in the next 6 months."   In August this year, Dr. Agarwal’s Health Care raised Rs 650 crore from global investors. It now has over 150 centres and is aiming at doubling its network in the next 3 years. It is also looking to expand aggressively in Maharashtra, Punjab, Delhi, Uttar Pradesh, and central India besides penetrating deeper into its existing markets. It will also be establishing over 100 primary eye clinics in tier 2 and tier 3 towns in the next couple of years.   ]]> https://biospectrumindia.com/news/86/23627/doceree-raises-35-m-to-accelerate-product-and-technology-development.html https://biospectrumindia.com/news/86/23627/doceree-raises-35-m-to-accelerate-product-and-technology-development.html Thu, 28 Sep 2023 00:00:00 +0530 Delhi-based startup Doceree has announced a $35 million Series B round led by Creaegis, the leading digital and technology investment firm. Existing investors, Eight Roads Ventures, and F-Prime Capital, also participated in the round. Driven solely by the mission to transform healthcare professional (HCP) marketing globally, the funds will enable Doceree to accelerate product development, augment technologies, scale global expansion, and expand team. Founded in 2019, Doceree empowers pharmaceutical and life-sciences companies and healthcare media agencies with solutions that seamlessly reach HCPs on their networks and within their digital workflows, to achieve better patient health outcomes.  Doceree has grown more than 100% in the last one year with monthly revenue rising five folds between the Series A funding in April 2022 and now. The company has introduced category-first innovations on the demand and supply sides, including Doceree Enterprise, an HCP-focused global Demand Side Platform (DSP), and Doceree Provider that empowers HCPs to improve health outcomes of their patients.  On the back of the huge response to its solutions in the US, India and the European markets, Doceree expanded its footprints to Africa, Southeast Asia (SEA), and the Gulf Cooperation Council (GCC), curating and iterating solutions that serve the specific needs of marketers in these regions.   ]]> https://biospectrumindia.com/news/86/23628/ashok-soota-sells-1-11-of-happiest-minds-shares-to-fund-skan-and-happiest-health.html https://biospectrumindia.com/news/86/23628/ashok-soota-sells-1-11-of-happiest-minds-shares-to-fund-skan-and-happiest-health.html Thu, 28 Sep 2023 00:00:00 +0530   Ashok Soota, Promoter and Executive Chairman of Happiest Minds Technologies has sold about 16.93 lakh equity shares of Happiest Minds Technologies, which is about 1.11% of his holding in the company through the NSE/BSE. His holding in the company which was 51.24% now stands at 50.13%.  Talking on the transaction Ashok Soota said “This transaction was primarily done to fund the capital requirements of SKAN, the not for profit medical research firm and enhance the share capital of Happiest Health”. This sale is also in line with the strategy on ‘design for perpetuity’ articulated by Ashok Soota. This hinges on three pillars: ownership, leadership, and business strategy.  On ownership, Soota plans to maintain his shareholding in Happiest Minds to not less than 40%. After this transaction, the shareholding of the promoter stands at 50.13% in the company. Happiest Minds’ Technologies, a Mindful IT company, enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights, by leveraging a spectrum of disruptive technologies such as artificial intelligence, blockchain, cloud, digital process automation, internet of things, robotics/drones, security, virtual/augmented reality, and more. ]]> https://biospectrumindia.com/news/86/23618/glenmark-pharma-divests-majority-stake-in-life-sciences-biz-for-rs-5651-cr.html https://biospectrumindia.com/news/86/23618/glenmark-pharma-divests-majority-stake-in-life-sciences-biz-for-rs-5651-cr.html Thu, 21 Sep 2023 00:00:00 +0530 Mumbai-based Glenmark Pharmaceuticals has entered into a definitive agreement with Nirma Limited to divest 75% stake in its subsidiary, Glenmark Life Sciences Limited (GLS), at a price of Rs 615 per share for an aggregate consideration of Rs 5651 crore, subject to closing adjustments. Glenmark Pharma own 7.84% in GLS after the divestment. The transaction is subject to customary closing conditions precedent, including receipt of regulatory and shareholder approvals. Pursuant to the transaction, Nirma Limited will make a mandatory open offer to all public shareholders of GLS. Commenting on the divestment, Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Limited said, "This deal aligns with our strategic intent of moving up the value chain to become an innovative/brand led organisation, with continuous focus on our core therapeutic areas of dermatology, respiratory and oncology. It also presents an opportunity for us to strengthen shareholder value through deleveraging and enhancing our overall return profile.” Speaking on the announcement Dr Yasir Rawjee, Managing Director and CEO, Glenmark Life Sciences Limited said, “We will continue to operate as an independent API company under the new ownership of Nirma Limited. I see this as an opportunity to further strengthen our position in the API industry and continue the growth trajectory.”     ]]> https://biospectrumindia.com/news/86/23612/health-tech-startup-peping-raises-400k-led-by-better-capital-.html https://biospectrumindia.com/news/86/23612/health-tech-startup-peping-raises-400k-led-by-better-capital-.html Wed, 20 Sep 2023 00:00:00 +0530 Bengaluru-based startup Peping, a digital healthcare clinic platform focusing on gut health, has secured its latest investment round of $400K led by Better Capital as the lead investor and other angel investors who have joined the funding round include Kunal Shah, Sandeep Kumar Dinodiya, Ganesh Balakrishnan, and Shubham Mishra. The startup was founded in 2022 by Chirag Maheshwari and Prateek Maheshwari. The newly acquired capital will be allocated to various critical areas of the company's growth. A significant portion will be dedicated to advancing the product and technology infrastructure. Additionally, it will also work towards building a team with deep industry knowledge, and allocate resources for creative experiments and expanding our acquisition channels. Peping is building a digital clinic that delivers solutions for managing dietary and lifestyle factors that contribute to conditions such as irritable bowel syndrome (IBS), Gastroesophageal reflux disease (GERD), Gastric, Gastritis and Fatty liver.  The company aims to transform the delivery of this crucial aspect of treatment by implementing personalised and tailored care plans that examine various aspects, including lifestyle and test results, to diagnose and target the underlying causes of health problems.  More than 30% of Indians experience Gastrointestinal disorders, with 67% of them grappling with conditions like IBS and GERD. This translates to a staggering 140 million individuals in India living with chronic gut health issues. The surge in gut health issues represents a contemporary epidemic, primarily stemming from our sedentary lifestyles and suboptimal dietary choices, imposing significant strain on our digestive systems. ]]> https://biospectrumindia.com/news/86/23615/neuberg-diagnostics-seals-merger-of-neuberg-supratech-and-neuberg-anand.html https://biospectrumindia.com/news/86/23615/neuberg-diagnostics-seals-merger-of-neuberg-supratech-and-neuberg-anand.html Wed, 20 Sep 2023 00:00:00 +0530 Chennai-based Neuberg Diagnostics has announced the successful merger of Neuberg Supratech Reference Laboratory, Ahmedabad, and Neuberg Anand Reference Laboratory, Bangalore, into Neuberg Diagnostics Private Limited. This merger has been facilitated through an NCLT court-based process, further solidifying Neuberg Diagnostics' position as a frontrunner in the diagnostic industry. With a strategic vision to streamline operations and enhance efficiency, this merger brings together two prominent entities under the canopy of Neuberg Diagnostics Private Limited. The amalgamation has resulted in consolidating more than 80% of the overall group revenues within a single entity, setting the stage for Neuberg Diagnostics to achieve remarkable milestones.   The merger is projected to contribute to Neuberg Diagnostics' ambitious target of achieving gross revenues exceeding Rs 1,000 crore as a group in the current fiscal year. With this united front, the company can leverage its enhanced capabilities to expand and offer an extensive range of cutting-edge diagnostic services to patients across India and beyond. Neuberg Diagnostics has also reshaped its senior management team as part of the merger. Dr Sandip Shah has been elevated to the role of Joint Managing Director at Neuberg Diagnostics; Dr Sujay Prasad is promoted to Chief Medical Director of Neuberg Diagnostics; A Ganesan, will continue with his role as Vice Chairman of Neuberg Diagnostics.   Neuberg Diagnostics has set its sights on the future with plans to launch an Initial Public Offering (IPO) in the latter part of 2024 or the early months of 2025. ]]> https://biospectrumindia.com/news/86/23597/syngene-to-invest-rs-788-cr-for-campus-expansion-in-genome-valley-hyderabad.html https://biospectrumindia.com/news/86/23597/syngene-to-invest-rs-788-cr-for-campus-expansion-in-genome-valley-hyderabad.html Thu, 14 Sep 2023 00:00:00 +0530 K.T. Rama Rao, Minister for Municipal Administration & Urban Development, Industries & Commerce, and Information Technology, Telangana Government recently attended the ground-breaking ceremony for expanded campus of Syngene International in Genome Valley Hyderabad, being set up with a total investment of Rs 788 crore, offering employment opportunities worth 1000. "The R&D campus of Syngene in Genome Valley has grown 4 times and now houses more than 900 scientists. Genome Valley is regarded as the epicenter for drug discovery and development services in Asia, and Syngene's expansion has further solidified Hyderabad's status as a hub for R&D in India", said the Minister.Spread across 17.5 acres, Syngene will host 16.5 lakh sq. ft. state-of-the-art R&D labs and manufacturing facilities in this expanded campus in Genome Valley, Hyderabad. "The Minister's visionary leadership has created a world class ecosystem for Life Sciences & ⁦Syngene International Limited is thrilled to expand in scale and add another 1000 jobs", said Dr Kiran Mazumdar Shaw, Executive Chairperson, Biocon & Biocon Biologics. ]]> https://biospectrumindia.com/news/86/23574/pee-safe-closes-partial-series-b-round-with-3-m-from-natco-pharma-rainmatter-health.html https://biospectrumindia.com/news/86/23574/pee-safe-closes-partial-series-b-round-with-3-m-from-natco-pharma-rainmatter-health.html Tue, 12 Sep 2023 00:00:00 +0530 Gurugram-based Pee Safe, a leading hygiene and wellness brand owned by Redcliffe Hygiene Private Limited, has partially closed their Series B round. The company has received $3 million out of their total round size of $6 million (approximately Rs 50 crore). The funding was led by Natco Pharma, a leading pharmaceutical company, and Rainmatter Health, supported by Nithin Kamath and Nikhil Kamath, founders of Zerodha. Alkemi Growth Capital, an existing investor, also participated in the round. Pee Safe was established with the primary goal of addressing a significant concern for women: the risk of Urinary Tract Infections resulting from unsanitary toilet seats and the lack of access to hygienic public restrooms. Through extensive research and development, the company successfully introduced its inaugural product, a toilet seat sanitizer spray. Since then, Pee Safe has expanded its product line to include over 25 offerings, centering on hygiene, menstrual care, and grooming. Today, Pee Safe endeavors to alleviate various challenges related to hygiene, wellness, and intimate care by providing sustainable solutions, affordable pricing, and innovative products.  The company has served over 6 million customers (with over 700K registered customers on their website) and impacted the lives of over 200K menstruators from underprivileged backgrounds through awareness drives and donated over a million menstrual care products. In January 2020, Pee Safe was awarded Amazon Best Brand of the Year 2020 in presence of Jeff Bezos for their remarkable achievements on Amazon India.   ]]> https://biospectrumindia.com/news/86/23580/indiarf-announces-rs-525-cr-investment-in-ivy-health-and-life-sciences.html https://biospectrumindia.com/news/86/23580/indiarf-announces-rs-525-cr-investment-in-ivy-health-and-life-sciences.html Tue, 12 Sep 2023 00:00:00 +0530 India Resurgence Fund (IndiaRF), a leading India-focused investment platform promoted by Piramal Enterprises and Bain Capital, has announced an investment of Rs 525 crore in Ivy Health and Life Sciences. Following the transaction, IndiaRF has become the majority shareholder of Ivy.   The deal marks IndiaRF’s maiden investment in the healthcare sector and the first of its kind in the regional hospitals segment in North India. As part of the transaction, IndiaRF shall acquire Ivy’s NABH certified facilities at Mohali, Amritsar, Khanna, Hoshiarpur and Nawanshahr. The transaction also includes a sizeable infusion of growth capital which will help further improve the breadth and quality of patient care services offered by Ivy’s existing facilities as well as expand its footprint to other cities in Punjab and adjoining regions. Ivy has grown to become the largest corporate chain of NABH-certified hospital facilities in Punjab. These facilities have a combined capacity of nearly 800 beds and offer comprehensive multi-specialty care and procedures for patients, not just from Punjab but also from neighbouring areas of Himachal Pradesh, Haryana and Jammu. The Ivy network treats over 300,000 patients a year. ]]> https://biospectrumindia.com/news/86/23570/national-diagnostics-chain-tenet-diagnostics-to-invest-rs-100-cr-for-karnataka-expansion.html https://biospectrumindia.com/news/86/23570/national-diagnostics-chain-tenet-diagnostics-to-invest-rs-100-cr-for-karnataka-expansion.html Fri, 08 Sep 2023 00:00:00 +0530 Tenet Medcorp with the brand name Tenet Diagnostics, a leading national integrated diagnostics chain with its presence in eight states and 25 locations across India, is all set to invest Rs 100 crore in Karnataka expansion. The move will boost access to the latest technology and infrastructure in diagnostics, laboratory services and preventive healthcare in the state.  With this investment, Tenet Diagnostics will double its presence in Karnataka from the current 5 to 15 by 2025. It’s five centres in Bengaluru are located in Jayanagar, Sadashivanagar, Indiranagar, Marathahalli and Whitefield. Two centres in Mysore and Mangalore will be operational by the end of 2023. Tenet Diagnostics will also add 1500+ skilled jobs to its current 150+ doctors and 800+ technicians employee base. This will take its total workforce tally to 2500+ dedicated staff serving the healthcare needs of the community.  Elaborating on the expansion plans, Devineni Sricharan, Executive Director of Tenet Diagnostics explains, “We started with one centre in Hyderabad in 2018 and have since expanded to Karnataka, AP, Telangana, Maharashtra, Bihar, Jharkhand, Orissa and UP. Tenet Diagnostics has registered a 100% turnover YOY and we plan to touch Rs 150+ crore this year. Karnataka is instrumental in our growth story. We plan to invest Rs 100 crore to start 15 centres providing advanced PET-CT, Gamma Camera, MRI, CT, Laboratory services, Ultrasound, X-ray, 2D echo, TMT, PFT, Mammography, ECG,EEG, ENMG, Audiometry, OPG, Corporate screening, Hospital lab management and preventive healthcare packages.” “We have also collaborated with the Ohio State University and signed groundbreaking master research agreements with industry leaders such as Siemens and United Imaging. We will continue to partner with various players to leverage technology, research and resources to set new benchmarks in the diagnostics and laboratory services,” he adds.  ]]> https://biospectrumindia.com/news/86/23572/siddhanta-medicity-to-raise-108-m-in-partnership-with-uk-based-sram-mram-group.html https://biospectrumindia.com/news/86/23572/siddhanta-medicity-to-raise-108-m-in-partnership-with-uk-based-sram-mram-group.html Fri, 08 Sep 2023 00:00:00 +0530 Siddhanta Medicity, an esteemed healthcare institution based in India, has recently entered into a ground-breaking collaboration with the UK-based SRAM & MRAM Group. With this collaboration, Siddhanta Medicity is set to raise a significant investment of $108 million in partnership. Through this investment, Siddhanta Medicity is poised to establish a network of hospitals across India. This collaborative effort aims to advance the realms of clinical research and development in the field of NK cell and mesenchymal stem cell therapies. The partnership signifies a pivotal step forward in the pursuit of innovative medical solutions.  NK cell therapy, a cutting-edge approach in cancer treatment, harnesses the power of the body's natural killer (NK) cells to target and destroy cancer cells. Mesenchymal stem cell therapy, on the other hand, holds immense promise in regenerative medicine, aiming to repair and regenerate damaged tissues and organs. By pushing the boundaries of medical research and development, this partnership holds the potential to bring about ground-breaking advancements that could revolutionise patient care and treatment outcomes. The SRAM & MRAM Group's strategic entry into the Indian market, in conjunction with CELLAAX, a distinguished biopharmaceutical firm renowned for its pioneering cellular therapy research and development, is set to initiate its operations within India. The inaugural phase of this transformative venture will be characterised by a strategic partnership with the esteemed Siddhanta Hospital, located in Bhopal. In addition to research and treatment centres, the collaboration will focus on extensive clinical trials to establish the safety and efficacy of stem cell therapies. These trials will adhere to the highest ethical and regulatory standards, paving the way for the acceptance and widespread adoption of stem cell treatments within the medical community. ]]> https://biospectrumindia.com/news/86/23544/morgan-stanley-makes-historic-entry-into-indian-healthcare-with-clearmedi-majority-stake-for-rs-285-cr.html https://biospectrumindia.com/news/86/23544/morgan-stanley-makes-historic-entry-into-indian-healthcare-with-clearmedi-majority-stake-for-rs-285-cr.html Mon, 04 Sep 2023 00:00:00 +0530 In a historic move marking Morgan Stanley's debut in the Indian healthcare landscape, the global financial powerhouse has acquired a majority stake in Gurugram-based ClearMedi Healthcare. Under the leadership of Commander Navneet Bali, Morgan Stanley-backed ClearMedi Healthcare is all set to chart an ambitious path toward solidifying its position in the industry.  Commander Bali, with an illustrious 25-year career in the Indian Navy and successful leadership roles at Narayana Health and IOSPL, is well-poised to lead ClearMedi Healthcare to new heights of success. Morgan Stanley's backing adds substantial momentum to ClearMedi's market presence. With Morgan Stanley's vast financial expertise and resources, ClearMedi is strategically positioned to expand its reach, invest in cutting-edge technologies, and uphold its commitment to delivering exceptional healthcare services to its clients. ClearMedi Healthcare, a renowned healthcare company, is a joint venture between Medipass, a subsidiary of La Repubblica Group in Italy, KOS S.p.A. in Italy, and Clearview Healthcare India. Founded in 2010 by Shashi Kant Baliyan, ClearMedi Healthcare manages complex clinical services, including oncology, nuclear medicine, and radiology, and operates standalone super specialty hospitals with over 350 hospital beds across different locations. ClearMedi runs its facilities in eight states and a union territory and has emerged as a trusted leader in the healthcare sector, particularly in providing cancer care services. Morgan Stanley PE Asia's acquisition of a controlling stake in ClearMedi Healthcare, a Delhi-NCR headquartered chain of oncology hospitals and radiation therapy centres, valued at approximately $35 million (Rs 285 crore), is a testament to the global financial giant's commitment to the Indian healthcare sector. The deal involved the purchase of a majority stake from Italy's KOS Group and fresh equity injection into the company.   ]]> https://biospectrumindia.com/news/86/23535/medibuddy-secures-18-m-funding-to-drive-strategic-acquisitions-and-continued-expansion.html https://biospectrumindia.com/news/86/23535/medibuddy-secures-18-m-funding-to-drive-strategic-acquisitions-and-continued-expansion.html Thu, 31 Aug 2023 00:00:00 +0530 Bengaluru-based digital healthcare platform MediBuddy has secured additional funding of $18 million, reaffirming unwavering support from the existing investors Quadria Capital, Lightrock, and TEAMFund. This infusion of equity capital, amplifies MediBuddy's steadfast dedication to growth and expansion through strategic acquisitions.  In February 2022, MediBuddy raised $125 million during the Series C funding. The recent additional funding puts MediBuddy in a solid position to navigate the current landscape and achieve its ambitious growth targets over the next three years. A formidable portion of these funds shall be channelled into strategic acquisitions and fortifying its existing offerings, synergistically harmonising with MediBuddy's visionary trajectory and enabling exponential growth. Satish Kannan, Co-Founder and CEO of MediBuddy, said, "MediBuddy's growth trajectory has consistently achieved a Compound Annual Growth Rate (CAGR) of 95.5% over the past three years. The additional funds will be critical in driving our strategic acquisition initiatives, further expanding our reach, and enhancing the depth and breadth of our services." This growth has been fuelled by its presence in both Corporate and Retail domains. Two of MediBuddy’s recent strategic acquisitions, such as Clinix, an online medical consultation platform focusing on rural India, and US-based Aetna Inc’s vHealth by Aetna business (Indian Health Organization Pvt Ltd), have further amplified its presence in the healthcare domain. ]]> https://biospectrumindia.com/news/86/23531/online-pharmacy-startup-mrmed-raises-500k-from-tamil-nadu-emerging-sector-seed-fund.html https://biospectrumindia.com/news/86/23531/online-pharmacy-startup-mrmed-raises-500k-from-tamil-nadu-emerging-sector-seed-fund.html Wed, 30 Aug 2023 00:00:00 +0530 MrMed, a leading online super-specialty pharmacy, has announced funding of $500,000 from Tamil Nadu Emerging Sector Seed Fund (TNESSF), managed by Tamil Nadu Infrastructure Fund Management Corporation Limited. The seed fund, initiated by the Government of Tamil Nadu, seeks to empower startups and ventures in emerging sectors. This investment emphasizes TNESSF’s commitment to strengthening innovative solutions, especially in the emerging e-pharma sector.  Angels from BEEJ Network and Vish Entrepreneurs LLP also joined TNESSF, in the funding round.  This seed funding aligns seamlessly with MrMed’s overarching funding strategy. The funds will be utilised for marketing initiatives, expanding the team, and exploring new ventures within the pharma supply chain and healthcare service provider sectors. Catering to over 50k users spread across 2000+ towns, cities, and villages in India, MrMed has displayed impressive momentum in the market, with an Annual Recurring Revenue (ARR) of over Rs 26 crore as of July 31st, 2023.  Co-founder of MrMed, Devashish Singh, said "Our objective is to establish a profitable yet scalable brand in the super specialty healthcare space, ensuring the same level of customer service and operational excellence.” ]]> https://biospectrumindia.com/news/86/23497/sbi-foundation-injects-rs-1-45-cr-in-indian-head-injury-foundation-for-rehabilitation-machines.html https://biospectrumindia.com/news/86/23497/sbi-foundation-injects-rs-1-45-cr-in-indian-head-injury-foundation-for-rehabilitation-machines.html Sat, 26 Aug 2023 00:00:00 +0530 As per the report titled “Traumatic Brain Injury”, it is estimated that in India nearly 10 lakh people are injured, 2 lakh die in accidents and nearly 10 lakh require rehabilitation services every year.  Looking at India's alarming statistics, and acknowledging the critical role of the 'Golden Hour' which is the first hour post-injury in optimal trauma care, SBI Foundation’s healthcare vertical SBIF Jivanam has partnered with Indian Head Injury Foundation (IHIF) to implement “Project Sahyog”, to enhance the Indian medical infrastructure, both in terms of trained personnel and affordable treatments for comprehensive rehabilitation of head injury victims. Under the project, a charitable physiotherapy and neuro-rehabilitation centre has been set up for providing support to victims of traumatic brain and spine injuries in Delhi NCR. The IHIF Physiotherapy & Neuro Rehabilitation Centre, located at Noida, was inaugurated jointly by Sanjay Prakash, Managing Director, SBI Foundation and Maharaja GajSingh of Marwar-Jodhpur, Chairman, IHIF. With financial support from SBI Foundation, the centre has been equipped with physiotherapy and occupational therapy equipment and is under the supervision of physiotherapists and occupational therapists with a specialised paediatric unit. The centre caters to the requirements of victims of traumatic brain and spine injuries, persons with disabilities (PwDs), and patients with ortho and other neurological deficits through the provision of post-hospital care and neuro-rehabilitation. Though the centre is open to all, it is primarily set up for the benefit of PwDs from the weaker sections who will be provided with top class rehabilitation free of cost. The project has also introduced an array of cutting-edge rehabilitation machines that are often not available even in the best hospitals.   ]]> https://biospectrumindia.com/news/86/23508/vadodara-based-shiva-pharmachem-files-drhp-for-rs-900-cr-ipo.html https://biospectrumindia.com/news/86/23508/vadodara-based-shiva-pharmachem-files-drhp-for-rs-900-cr-ipo.html Wed, 23 Aug 2023 00:00:00 +0530 Vadodara-based Shiva Pharmachem, the largest manufacturer of acid and alkyl chlorides, by volume, in CY 2022 in India and a key player globally, with over 2 decades of experience in the Indian specialty chemicals business has filed its Draft Red Herring prospectus (DRHP) with capital market regulator Sebi to raise funds through for its initial public offering (IPO). The IPO with a face value of Rs 2 each is entirely an offer for sale (OFS) of up to Rs 900 crore by Promoter and Promoter Group Selling Shareholders. The offer for sale comprises of up to Rs 383 crore by Vishal Rakesh Agrawal, up to Rs 383 crore by Rahul Rakesh Agrawal, and up to Rs 134 crore by Geetganga Investment Private Limited. The offer is being made through the Book Building Process, wherein not more than 50% of the offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers, not less than 15% of the offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the offer shall be available for allocation to Retail Individual Bidders. Led by its founders Rakesh Agrawal (Non-Executive Chairman), Vishal Agrawal (Managing Director), and Rahul Agrawal (Non-Executive Director), Shiva Pharmachem established its business in 1999 and has over twenty years of experience in the chemical industry. As at FY23, it serves over 181 multinational and domestic companies across 22 countries. Its prominent markets include Germany, the United States, Switzerland, Italy, and Mexico. Its product lines encompass a broad spectrum, including aliphatic and aromatic chlorides, aliphatic and aromatic nitriles, alkoxy ketones, herbicide safeners, thiocarbamates, chloroformates, and isocyanates. These versatile products find applications across diverse sectors such as agrochemicals, performance materials, disinfectants, pharmaceuticals, polymer and cosmetics besides others. Over 80% of its revenue from operations in FY 23 originated from Fortune 500 companies worldwide. Its clients include DuPont Specialty Products USA LLC, Godrej Agrovet Limited, Nouryon Functional Chemicals B.V., Reckitt Benckiser (India) Private Limited, SRF Limited, and Syngenta Crop Protection AG. For the fiscal year 2023, the consolidated revenue from operations increased 6.25% to Rs 1,079.47 crore against Rs 1,015.99 crore a year ago, primarily attributed to increase in revenue from sales of products. Net profit increased by 40% from Rs 83.32 crore in fiscal 2022 to Rs 116.65 crore in fiscal 2023.   ]]> https://biospectrumindia.com/news/86/23471/dr-agarwals-health-care-raises-rs-650-cr-to-expand-network-to-300-hospitals.html https://biospectrumindia.com/news/86/23471/dr-agarwals-health-care-raises-rs-650-cr-to-expand-network-to-300-hospitals.html Fri, 18 Aug 2023 00:00:00 +0530 Dr. Agarwal’s Health Care Ltd. (DAHCL) has raised $80 million (Rs 650 crore) from existing investors TPG Growth (the middle market and growth equity platform of leading global alternative asset management firm, TPG) and Temasek, (a global investment company headquartered in Singapore).  The fundraise will provide significant capital to fuel the company’s expansion plans. The company plans to deploy capital to expand the current network of 150+ centres to over 300+ centres in the next 3 years. The company has new projects in development in Mumbai, Punjab, central and northern India, among others. The company continues to achieve growth and success in its key markets including Tamil Nadu, Karnataka, Maharashtra, Gujarat, Punjab, Telangana, Andhra Pradesh, Kerala, and West Bengal. Along with the expansion of the network, the company will also be investing in technological advancements for vision correction such as SMILE, Laser Cataract Surgery and for advanced technologies to treat vitreo-retinal diseases such as diabetic retinopathy and age-related macular degeneration. Prof. (Dr) Amar Agarwal, Chairman, Dr. Agarwal’s Group of Eye Hospitals said, “The new investments will be used to expand our Indian and International footprint, along with acquiring the latest technologies for super-specialty eyecare.”  Dr Adil Agarwal, CEO, Dr. Agarwal’s Group of Eye Hospitals added, “The investment will be used to support the business through its next phase of growth, including the acquisition of small hospitals and chains as well as greenfield expansion of our network. We are looking at doubling our network in the next 3 years and are also looking to expand aggressively in Maharashtra, Punjab, Delhi, Uttar Pradesh, and central India besides penetrating deeper into our existing markets. We will also be establishing over 100 primary eye clinics in tier 2 and tier 3 towns in the next couple of years. Africa is another important geography for us. We have an existing network presence of 15 hospitals, and we will be deepening our presence in Kenya, Zambia, and Tanzania and look to add 10 centres across these countries.”     Image caption- L to R: Dr Adil Agarwal, CEO, Dr. Agarwals Group of Eye Hospitals; Prof. Dr Amar Agarwal, Chairman, Dr. Agarwals Group of Eye Hospitals; and  Udhay Davey, Chief Financial Officer, Dr. Agarwals Group of Eye Hospitals  ]]> https://biospectrumindia.com/news/86/23460/icra-estimates-revenue-growth-in-fy2024-at-8-10-for-hospital-industry.html https://biospectrumindia.com/news/86/23460/icra-estimates-revenue-growth-in-fy2024-at-8-10-for-hospital-industry.html Wed, 16 Aug 2023 00:00:00 +0530 Rating agency ICRA maintains its stable outlook on the Indian hospital industry, supported by expectations of healthy revenue growth and strong margins for ICRA’s sample set, led by the rising incidence of non-communicable lifestyle diseases, growing per capita spend on healthcare and awareness levels, increasing penetration of health insurance and higher medical tourism volumes. ICRA’s sample set includes hospital business of nine listed companies- Apollo Hospitals Enterprise Limited, Aster DM Healthcare Limited (India business only), Fortis Healthcare Limited, Healthcare Global Enterprises Limited, Krishna Institute of Medical Sciences Limited, Max Healthcare Institute Limited, Narayana Hrudayalaya Limited, Rainbow Children’s Medicare Limited and Shalby Limited. ICRA expects the aggregate occupancy for its hospital industry’s sample set to remain strong at 63-65% in FY2024 (65.1% in FY2023), backed by sustained healthy demand for healthcare services and continued market share gains for organised players. The average revenue per occupied bed (ARPOB) is expected to witness moderate growth of 5-7% in FY2024 (after witnessing an expansion of 10% in FY2023), given the high base of the previous year. Improving the specialty mix, better payor mix (with a focus on cash and insurance patients), and annual price revisions by companies to offset cost inflation will support the ARPOB growth for the sample set. Overall, ICRA estimates revenue growth in FY2024 at 8-10%. Improving operating leverage coupled with continued cost optimisation and digitisation measures are expected to support a healthy OPM of ~22-23% in FY2024. Private equity investments have also witnessed a healthy ramp-up in the Indian hospital industry, with deals worth over Rs 27,000 crore in the last two years. Commenting on the expansion in the hospital industry, Mythri Macherla, Assistant Vice President & Sector Head, ICRA said, “Supported by sustained improvement in demand, ICRA’s sample set companies have announced sizeable expansion plans with the addition of over 8,400 beds and an upgradation/refurbishment plan over the next four years. This translates to over 26% increase in capacity vis-à-vis March 2023 levels."   ]]> https://biospectrumindia.com/news/86/23448/noccarc-robotics-receives-rs-3-94-cr-from-dst-to-commercialise-digital-icu-ventilator.html https://biospectrumindia.com/news/86/23448/noccarc-robotics-receives-rs-3-94-cr-from-dst-to-commercialise-digital-icu-ventilator.html Wed, 09 Aug 2023 00:00:00 +0530 The Technology Development Board (TDB), Department of Science & Technology (DST) has entered into an agreement with Noccarc Robotics, for the commercialisation of digitally enabled advanced universal ICU ventilators. The board has pledged support of Rs 3.94 crore out of the total project cost of Rs 7.89 crore. Noccarc, incubated at the Startup Incubation and Innovation Centre of the Indian Institute of Technology (IIT), Kanpur, has developed the entire technology, with several patents filed for each component of the ventilator. The company's entry-level ventilator, V310, played a critical role during the COVID-19 pandemic, being deployed in diverse hospitals across India, where it became instrumental in saving lives. Building on this success, Noccarc is now launching the Noccarc V730i, which is a smart ventilator. V730i allows seamless connectivity to the cloud via GSM, Wi-Fi, and LAN, allowing doctors and intensive care specialists to remotely monitor the patient data on Noccarc’s digital platform, and will also enable hospitals to digitise their ICU data and workflows. With its manufacturing site in Pune, Noccarc's innovations in advanced medical technology are a testament to India's capabilities in developing advanced solutions that cater to the needs of domestic healthcare facilities. ]]> https://biospectrumindia.com/news/86/23401/immersive-labz-raises-pre-series-a-funding-round-of-1-m.html https://biospectrumindia.com/news/86/23401/immersive-labz-raises-pre-series-a-funding-round-of-1-m.html Thu, 27 Jul 2023 00:00:00 +0530 Immersive Labz has raised its Pre Series A funding round of $1 million from ah! Ventures Angel Platform, Hyderabad Angels and with participation from the existing investors such as Marwari Catalysts, Hem Angels, Cognify and Others.  Pune-based startup Immersive Labz (Immersivision Technologies Pvt Ltd) is a deep-tech company founded by the alumni of Indian Institute of Technology (IIT), Indian Institute of Management (IIM), and Delhi College of Engineering (DCE). This company was founded to bring transformation in practical science education by providing unique and innovative learning solutions powered with advanced technologies. They have built two innovative products – SimuLab (A 3D Virtual Science Lab) and Cadaviz (India’s First Virtual Human Dissection Table) that have created ripples in the market for their excellent facets and capabilities. Immersive Labz has successfully sold its products to some of the large medical education and coaching institutes in the country. The company has a strong order pipeline and expects to revolutionise medical education in the country with its state of the art proprietary virtual human dissection table. Amresh Sharma, Co-Founder said that, "This funding round will ensure that we are able to scale up and deliver the products to a much larger audience. We have large number of enquiries for our solutions and expect to grow significantly from hereon using the capital raised in this round." ]]> https://biospectrumindia.com/news/86/23363/gujarat-government-inks-mous-worth-rs-2000-cr-with-15-biotech-companies-.html https://biospectrumindia.com/news/86/23363/gujarat-government-inks-mous-worth-rs-2000-cr-with-15-biotech-companies-.html Thu, 20 Jul 2023 00:00:00 +0530 In the presence of Chief Minister Bhupendra Patel in Gandhinagar, the stakeholders of the Biotechnology Policy accomplished a remarkable feat by concluding Memorandums of Understanding (MoUs) worth Rs 2000 crore in a single day for new investments in the state’s biotechnology sector. The MoU was signed by Science Technology Secretary Vijay Nehra on behalf of the State Government. Approximately 3,000 jobs are set to be created in the upcoming biotech industries as a result of this MoU. It was signed by a total of 15 companies, with 13 from Gujarat, and one from Maharashtra and one from Delhi. The MoUs signed with the state government encompass various prominent companies, including Ambio from Maharashtra and Biotrends India from New Delhi, alongside several local industrial units in Gujarat. Notable companies such as Zydus Lifesciences, Concord Biotech, and Hester Biosciences have committed investments totaling Rs 1000 crore. Additionally, Meteoric Bio-Pharmaceutical has pledged investments of around Rs 500 crore. The list further includes Endoc Biotech, Gujarat Themis Biocene, Steviatech Life, Celexis Biosciences, Kaniva Bioscience, and other significant industrial units. The MoU primarily focuses on investments in the fermentation-based APIS and bio fertilisers sector, as well as emerging fields such as precision fermentation and animal tissue cultivation. Moreover, these industries are scheduled to commence operations in the upcoming days across various districts of the state, ranging from Kutch and Devbhumidwarka to Vapi-Valsad.   ]]> https://biospectrumindia.com/news/86/23362/indian-healthcare-and-life-sciences-sectors-attract-over-4-4-b-worth-investments-in-h1-2023.html https://biospectrumindia.com/news/86/23362/indian-healthcare-and-life-sciences-sectors-attract-over-4-4-b-worth-investments-in-h1-2023.html Wed, 19 Jul 2023 00:00:00 +0530 According to the Grant Thornton Bharat Report, the healthcare and life sciences sector in H1 2023 reported an 85% increase in overall deal values, totalling over $4.4 billion compared to H1 2022. However, deal volumes remained marginally low with a 17% decline from 89 in H1 2022 to 74 in H1 2023. Demand for better healthcare services has been on the rise due to factors like an ageing population, higher disposable income, and increased awareness of health outcomes. Further, shifting business priorities coupled with government initiatives is resulting in the growth of life sciences sector. Mergers and Acquisition (M&A) Landscape: During Q2 2023, M&A activity saw a 60% increase in deal volumes over Q2 2022, recording 16 deals. Value surged 97% to reach $487 million, resulting in an average ticket size of $30 million, compared to $25 million in Q2 2022. Serum Institute of India’s domestic acquisition of minority stake in Biocon Biologics for $150 million and IPCA Laboratories acquisition of Unichem Laboratories for $126 million, contributed to 57% of overall M&A transactions. For H1 2023, the M&A volumes saw an increase of 47% as compared to H1 2022, with a total of 25 deals, with values of $628 million. Private Equity (PE) Landscape: Despite a fall in the number of deals from 32 to 19 from Q2 2022 to Q2 2023, PE activity recorded a 158% growth in deal value, raising the average ticket size from $32 million in Q2 2022 to $139 million in Q2 2023. Temasek Holdings’ 41% stake in Manipal Health Enterprises for $2 billion marked the largest fundraise in the sector in the last 13 years. Healthtech drove PE deal volumes activity  in the quarter, followed by those in the wellness and hospital space. While H1 2023 saw a decline in deal volumes from 72 to 49 as compared to H1 2022, values soared a 110% with values totalling $3.8 million, led by hospitals segment.   ]]> https://biospectrumindia.com/news/86/23335/maxivision-eye-hospital-receives-investment-worth-155-m-to-drive-organic-expansion.html https://biospectrumindia.com/news/86/23335/maxivision-eye-hospital-receives-investment-worth-155-m-to-drive-organic-expansion.html Thu, 13 Jul 2023 00:00:00 +0530 Quadria Capital, one of Asia’s largest healthcare-focused private equity firms, has announced an investment of up to $155 million in Maxivision Eye Hospital, one of India’s leading and fastest-growing private eye care clinics. Quadria will make an initial investment of roughly $75 million for a significant minority stake and a further investment of up to $80 million for additional stake, representing one of the largest investments in the eye care services space, to support Maxivision’s ability to scale and serve the growing demand for eye care in India, particularly in tier-2 and tier-3 cities that remain underserved by the Indian eye care market. Overall, the broader eye care industry has received investments of over $900 million in the last year. Founded in 1996, Maxivision operates 42 centres in five states across South and West India, with a leadership position in Andhra Pradesh and Telangana. The company offers a full suite of eye care services, including cataract surgery, LASIK and ReLEx Smile treatments, treatments for retinal issues and glaucoma, oculoplasty, as well as neonatal and paediatric eye care. Organised chains, such as Maxivision, are expected to gain share from standalone clinics, and Quadria sees an opportunity for the company to further scale through accretive tuck-in acquisitions, particularly in Maharashtra, Gujarat, Karnataka, Kerala and Madhya Pradesh.   ]]> https://biospectrumindia.com/news/86/23286/syngene-to-acquire-multi-modal-facility-from-stelis-biopharma-for-rs-702-cr.html https://biospectrumindia.com/news/86/23286/syngene-to-acquire-multi-modal-facility-from-stelis-biopharma-for-rs-702-cr.html Wed, 05 Jul 2023 00:00:00 +0530 Syngene has announced the acquisition of Unit 3 biologics manufacturing facility in Bangalore, from Stelis Biopharma Limited (SBL). The companies have entered into a binding term sheet and, on completion of the transaction, the site will add 20,000 liters of installed biologics drug substance manufacturing capacity for Syngene. The site has the potential for future expansion up to a further 20,000 liters of biologics drug substance manufacturing capacity. It also includes a commercial scale, high speed, fill-finish unit – an essential capability for drug product manufacturing. Syngene will acquire Unit 3 on a slump sale basis for a gross value of Rs 702 crore ($86 Million). Subject to closing adjustments, the consideration for the transaction will be settled in cash.  The facility, which was initially built to manufacture Covid-19 vaccines, is now being repurposed to manufacture monoclonal antibodies and Syngene will further invest up to Rs 100 crore ($12 Million) to repurpose and revalidate the facility. Jonathan Hunt, Managing Director and Chief Executive Officer said, “We expect this facility to be operational in 2024, following completion of a programme of facility upgrades and re-validation.” The facility covers both drug substance and drug product with installed capacity of 10 bioreactors of 2000L along with associated infrastructure and utilities. The facility also includes 10 additional uninstalled bioreactors - providing the potential for future expansion - and two high speed fill-finish lines. ]]> https://biospectrumindia.com/news/86/23276/corona-remedies-buys-myoril-brand-from-sanofi-healthcare-india-for-rs-234-cr.html https://biospectrumindia.com/news/86/23276/corona-remedies-buys-myoril-brand-from-sanofi-healthcare-india-for-rs-234-cr.html Thu, 29 Jun 2023 00:00:00 +0530 Ahmedabad-based pharmaceutical firm Corona Remedies has announced the acquisition of the Myoril brand from the global pharmaceutical giant Sanofi. The acquisition, valued at Rs 234 crore (including taxes), marks Corona’s largest acquisition to date. The acquisition of the Myoril brand for the Indian market is effective from June 28, 2023. It positions Corona as a key player in the muscle relaxant segment. Myoril is a well-established brand known for its efficacy and enjoys a high level of trust among orthopaedics in the country. With its impressive market presence, the brand has significant potential for growth. With the Myoril brand becoming a part of its portfolio, Corona gains its first offering in the muscle relaxant category, strengthening its existing lineup of more than 80 brands and advancing its mission of promoting good health for all. The scientific expertise and market presence of Myoril in the muscle relaxant market complement Corona’s therapeutic enrichment efforts and strengthen its orthopaedic portfolio. The company’s strong presence in the western and southern regions of India will facilitate increased market penetration and coverage for Myoril in the orthopaedics and physician space. The muscle relaxant market in India is valued at Rs 1,626 crore and it is growing at 13%. Myoril has annual sales of Rs 38 crore and a growth of 6.8%, according to IQVIA May 2023 data.   Image caption- Vaibhav Karandikar (L) - CFO, Sanofi India and Bhavin Bhagat - President, Corona Remedies ]]> https://biospectrumindia.com/news/86/23277/procter-gamble-invests-rs-2000-cr-to-set-up-healthcare-manufacturing-facility-in-gujarat.html https://biospectrumindia.com/news/86/23277/procter-gamble-invests-rs-2000-cr-to-set-up-healthcare-manufacturing-facility-in-gujarat.html Thu, 29 Jun 2023 00:00:00 +0530 Procter & Gamble (P&G) India will invest Rs 2000 crore to set up a new state-of-the-art personal healthcare manufacturing facility in Gujarat. The investment was announced by LV Vaidyanathan, CEO, P&G India, in a meeting with Bhupendra Patel, Chief Minister of Gujarat. The facility builds on top of the P&G India’s existing manufacturing footprint of 8 plants across the country and expands the existing presence in Gujarat. P&G already operates a state-of-the-art manufacturing plant in Sanand, Ahmedabad, since 2015.   The new state-of-the-art manufacturing plant will produce products that are part of P&G’s global healthcare product portfolio, especially digestives. This facility will be operational over the next few years and is set to become an export hub for P&G globally, as it will help P&G India in serving consumers across the globe.  With this investment, P&G India will help create hundreds of direct and indirect jobs, thereby offering a significant boost to the local economy.  The facility is situated across a 50,000 sqm area in Sanand, Gujarat. It will use state-of-the-art technology to manufacture superior products in the digestive wellness space and is designed to be fully automated based on the modern concept of ‘Industry 4.0’. This concept employs futuristic technology including the latest vision systems for quality checks, robotic equipment for material movement and operator cockpits to name a few. The investment is being planned through an unlisted private company and does not impact any of the listed public companies of the P&G group in India.   Image caption- P&G's CEO LV Vaidyanathan with Bhupendra Patel, Chief Minister of Gujarat       ]]> https://biospectrumindia.com/news/86/23268/360-one-foundation-injects-capital-of-rs-1-79-cr-to-strengthen-healthcare-workforce-in-india.html https://biospectrumindia.com/news/86/23268/360-one-foundation-injects-capital-of-rs-1-79-cr-to-strengthen-healthcare-workforce-in-india.html Wed, 28 Jun 2023 00:00:00 +0530 To engage youth and strengthen the healthcare workforce in India, 360 ONE Foundation (formerly known as IIFLW CSR Foundation) has committed a grant capital of Rs 1.79 crore to the SAMRIDH Healthcare Blended Finance Facility, which is supported by the US Agency for International Development (USAID) and implemented by IPE Global. This partnership is unique, as it marks the first time that Indian Corporate Social Responsibility (CSR) funds will be used as risk guarantee to increase youth employment in the healthcare sector. In 2020, USAID collaborated with public and private partners in India to develop the SAMRIDH Blended Finance Facility. In this, public and philanthropic funds are combined with commercial capital to create health solutions.  Using SAMRIDH’s blended finance approach, Rs 1.335 crore of the grant fund will be used to mobilise an additional capital of Rs 4 crore from National Skill Development Corporation (NSDC) through risk guarantee in year 1, and another Rs 4 crore in year 2, creating a ~6x leverage. Additionally, Rs 29.8K lakh is being used to structure and implement a social success note that incentivises both NSDC, as well as the training partners with up to 3% of the loan amount for successful placement and retention of beneficiaries who complete the training. The programme, in its first year, will enable the setting up of skill centres to train and provide employment opportunities to 2420 youths from low-income communities for roles including phlebotomists, dietary assistants, and telehealth service coordinators. The project will be implemented in New Delhi, Bengaluru, Mumbai, Nagpur, Amravati, Akola, Pune, Nasik, and Aurangabad.   ]]> https://biospectrumindia.com/news/86/23259/zydus-acquires-6-5-stake-in-mylab-for-rs-106-cr.html https://biospectrumindia.com/news/86/23259/zydus-acquires-6-5-stake-in-mylab-for-rs-106-cr.html Fri, 23 Jun 2023 00:00:00 +0530 Zydus Animal Health and Investments, a wholly owned subsidiary company of Zydus Lifesciences, has entered into a Share Purchase Agreement with Rising Sun Holdings (an investment company owned by Adar Poonawalla, CEO, Serum Institute of India) and Mylab Discovery Solutions to acquire 65,06,500 equity shares having face value of Re 1 each at an agreed consideration of Rs 106 crore representing 6.5% of the total paid-up equity share capital of Mylab from the Seller. The ultimate number of shares to be held can change, as per the terms of the agreement, based on the financial performance of Mylab for the year ending on March 31, 2024. Pune-based startup Mylab is engaged in the business of researching, developing, manufacturing, marketing and selling in-vitro diagnostics kits, equipment, reagents and related therapeutic products that are linked to its diagnostic portfolio and providing portfolio solutions to other labs and hospitals. The company's turnover is recorded at Rs 95 crore for the year ended March 31, 2023, based on provisional financial statements. The revenue for FY 21-22 was recorded at Rs 260 crore. The proposed investment in Mylab will help Zydus to participate in growing diagnostics space which is expected to witness increased penetration through in-clinic solutions with Point of Care Testing (POCT) devices. ]]> https://biospectrumindia.com/news/86/23248/fortis-healthcare-divests-chennai-hospital-biz-operations-to-kauvery-group-for-rs-152-cr.html https://biospectrumindia.com/news/86/23248/fortis-healthcare-divests-chennai-hospital-biz-operations-to-kauvery-group-for-rs-152-cr.html Thu, 22 Jun 2023 00:00:00 +0530 Fortis Healthcare has announced the signing of definitive agreements for sale of its hospital business operations at Vadapalani, Chennai to Sri Kauvery Medical Care (SKMC / Kauvery Group of Hospitals), for a sale consideration of Rs 152 crore. The transaction will be an all-cash deal and is estimated to be consummated by end of July 2023, subject to certain conditions as stipulated in the definitive agreements. The facility, which is on a leased premises, was commissioned in October 2020 and is located on the arterial Arcot Road. It currently has 110 operational beds with a potential to scale up-to approx. 200 beds. The divestment is a part of the Fortis’ ongoing portfolio rationalization strategy in order to focus on deepening its presence in select geographic clusters where it has a sizeable presence.  The acquisition of Vadapalani facility is in line with Kauvery’s strategy to further expand its presence in Chennai, in addition to its existing facilities of 500+ beds at Alwarpet & Radial Road. ]]> https://biospectrumindia.com/news/86/23252/eye-mantra-secures-10-m-investment-from-mantracare-to-accelerate-expansion-plans.html https://biospectrumindia.com/news/86/23252/eye-mantra-secures-10-m-investment-from-mantracare-to-accelerate-expansion-plans.html Thu, 22 Jun 2023 00:00:00 +0530 Eye Mantra, a leading eye care chain in New Delhi, has announced a significant investment of $10 million from MantraCare, a prominent global healthcare player. This funding will fuel the expansion of Eye Mantra's branch network across India, with a vision to establish a presence in more than 30 cities. Additionally, Eye Mantra aims to extend its footprint to international markets, including Africa and Southeast Asia. The investment from MantraCare marks a significant milestone for Eye Mantra Group of Hospitals, empowering the organisation to further enhance its cutting-edge medical facilities for Lasik and Cataract, world-class infrastructure, and expand its comprehensive range of eye care services. With the infusion of capital, Eye Mantra will significantly scale up its operations, enabling more patients to access top-notch eye care services across India and beyond. With this funding infusion, Eye Mantra Group of Hospitals aims to hire and train additional medical professionals, acquire state-of-the-art equipment, and establish new branches to cater to the increasing demand for eye care services. The organisation's expansion plans will further solidify its position as a leading provider of comprehensive eye care solutions in India and propel its efforts to improve eye health worldwide. ]]> https://biospectrumindia.com/news/86/23187/indias-first-healthcare-venture-studio-2070-health-raises-30-m-in-seed-funding.html https://biospectrumindia.com/news/86/23187/indias-first-healthcare-venture-studio-2070-health-raises-30-m-in-seed-funding.html Wed, 07 Jun 2023 00:00:00 +0530 2070 Health, India's first Healthcare Venture Studio, has raised $30 million from W Health Ventures to create a unique platform that will build healthcare companies from scratch to make high-quality healthcare more accessible and affordable in India. Sunil Wadhwani, serial technology entrepreneur and President of W Health Ventures said, "We invested in 2070 Health to address the challenges that founders face while innovating in healthcare. Via companies launched by 2070 Health, we aim to impact the future of healthcare for one billion Indians over the next decade".  2070 Health is creating a first-of-its-kind venture creation platform that combines deeply validated and de-risked venture ideas, experienced and mission-driven founders, and a seasoned cross-functional team. The platform helps founders rapidly test, launch, and iterate on their ideas, giving them a greater chance of success than if they were trying to do this on their own.  Several pillars of 2070 Health's Innovation Platform work together to build a venture. The Studio evaluates hundreds of potential ideas that address white spaces in healthcare. Each short-listed concept goes through a stringent validation process involving hundreds of conversations with doctors and patients, clinical studies, and go-to-market experiments to arrive at a solution. Nine out of ten ideas are killed at this stage. Once the founding team is in place for prioritised ideas, 2070 Health deploys various playbooks across clinical development, product, marketing, omnichannel growth, and enterprise partnerships.  2070 Health has launched three companies in the past nine months: ElevateNow, Nivaan Care, and Reveal HealthTech. The funds from this capital raise will be used for building the 2070 Health platform as well as seed newly launched companies. ]]> https://biospectrumindia.com/news/86/23185/venture-capital-firm-sequoia-india-southeast-asia-rebrands-as-peak-xv-partners.html https://biospectrumindia.com/news/86/23185/venture-capital-firm-sequoia-india-southeast-asia-rebrands-as-peak-xv-partners.html Tue, 06 Jun 2023 00:00:00 +0530 Sequoia India & Southeast Asia (SEA), the largest venture capital firm in the region which manages over $9.2 billion across 13 funds, will now be known as Peak XV Partners globally. The rebranding has come after Sequoia Capital (US/Europe), Sequoia China and Sequoia India & Southeast Asia have decided to become independent firms with distinct brands. Peak XV was the original name given to Mount Everest and symbolises the relentless pursuit of audacious goals by founders. Over the last 17 years, Sequoia India & SEA has raised 13 funds, invested in over 400 startups, with 50+ companies valued at $1 billion and above. The portfolio has seen 19 IPOs and multiple successful M&As resulting in $4.5 billion of realized exits so far. The investment team is led by 11 Managing Directors with an average tenure of over 12 years at the firm. Peak XV Partners will continue to invest across stages (seed, venture, growth) and sectors like SaaS, AI, developer tools, cyber security, cloud infrastructure, climate tech, fintech, healthtech and consumer. The firm will further strengthen its unique and industry-leading programs like Surge and Spark that have been very well received by founders.   Managing Partners - L to R (General Partners) Standing - Shailesh Lakhani, Ashish Agrawal, Rajan Anandan, GV Ravishankar, Ishaan Mittal, Harshjit Sethi, Mohit Bhatnagar; Seated - Tejeshwi Sharma, Sakshi Chopra, Shailendra Singh, Abheek Anand ]]> https://biospectrumindia.com/news/86/23176/health-basix-closes-funding-round-led-by-dr-gsk-velu-and-callapina-capital.html https://biospectrumindia.com/news/86/23176/health-basix-closes-funding-round-led-by-dr-gsk-velu-and-callapina-capital.html Mon, 05 Jun 2023 00:00:00 +0530 Coimbatore-based startup Health Basix has successfully closed a funding round led by Dr GSK Velu and Callapina Capital, enabling it to extend its reach across 30 cities in 8 Indian states. This significant milestone not only enables Health Basix to extend its reach across 30 cities in 8 Indian states but also reinforces its commitment to improving the health and well-being of students. With a focus on Paediatric EMR, School Clinics, Counseling, Health Assessments, and Special Education Services, Health Basix aims to ensure that every child has access to quality healthcare within their school environment. The round was led by Dr GSK Velu, an esteemed healthcare luminary (Neuburg Diagnostics, Trivitron, Maxi Vision, Apollo Dental) and Callapina Capital, along with the participation of Sapphire Ink Ventures, and Super Morpheus. With the successful bridge funding round, Health Basix is poised to expand its operations, extending its services to more schools and cities across India. By scaling its presence, the startup aims to bridge the healthcare gap in educational institutions, ensuring that even underserved communities have access to quality healthcare services. ]]> https://biospectrumindia.com/news/86/23172/dental-care-startup-smiles-ai-rebrands-as-dezy-plans-to-clock-rs-300-cr-by-fy25.html https://biospectrumindia.com/news/86/23172/dental-care-startup-smiles-ai-rebrands-as-dezy-plans-to-clock-rs-300-cr-by-fy25.html Sat, 03 Jun 2023 00:00:00 +0530 Having strengthened its foothold as a premium specialist in the dental care industry, Bengaluru-based dental health solutions startup Smiles.ai has rebranded itself as Dezy with ambitious plans to launch 300 clinics and clock in an annualised revenue of Rs 300 crore by FY 25. Dezy, a distinguished specialist brand, excels in curative, cosmetic, and preventive seamlessly integrating human expertise with cutting-edge smart technology.  The dental care startup has officially adopted the name Dezy after several months of brainstorming to highlight the fact that it is ushering in an era of making dental care easy that is high on efficacy. Recognising the uniqueness of each case, Dezy serves as a comprehensive solution for tailored treatments. With its extensive expertise and a team of highly qualified professionals, Dezy offers top-notch research and development, ensuring the provision of quality products.  Dezy - erstwhile Smiles.ai - has already raised $23 million in Series A investment in 2022 led by Alpha Wave Incubation. Investors like Sequoia Capital India, Chiratae Ventures, MBX Capital and Wami Capital also participated in the round. With the investment, Dezy worked on expanding its national footprint, strengthening the leadership team and developing tech-driven dental solutions. Dezy has grown 5X in 2022 from 2019 and scaled up its aligner & clinic business in multiple cities.     ]]> https://biospectrumindia.com/news/86/23168/icici-bank-contributes-rs-1200-cr-to-tata-memorial-centre-for-advanced-cancer-care.html https://biospectrumindia.com/news/86/23168/icici-bank-contributes-rs-1200-cr-to-tata-memorial-centre-for-advanced-cancer-care.html Fri, 02 Jun 2023 00:00:00 +0530 ICICI Bank has announced a commitment to contribute Rs 1,200 crore towards Tata Memorial Centre (TMC), a premier institution that runs cancer treatment and research centres across the country. ICICI Bank will donate the money from its CSR funds to set up three new buildings spanning over a combined area of 7.5 lakh square feet and equip them with state-of-the-art machines at TMC’s centres at Navi Mumbai in Maharashtra, Mullanpur in Punjab and Visakhapatnam in Andhra Pradesh.  With the largest contribution from any institution to TMC, ICICI Foundation for Inclusive Growth (ICICI Foundation), the CSR arm of ICICI Bank, will implement the initiative, which is likely to be completed by 2027.  With modern equipment and specialised multidisciplinary teams, these new centres of excellence in oncology treatment will provide advanced and evidence based therapies to nearly 25,000 new patients a year, doubling the present capacity and  providing a significant boost to the country’s cancer treatment infrastructure.  ICICI Foundation will set up an ‘ICICI Radiation Oncology Block’ at TMC’s Advanced Centre for Treatment, Research & Education in Cancer (ACTREC) at Navi Mumbai. ICICI Foundation will also set up two ‘ICICI Paediatric and Haematological Oncology Block’ at TMC’s Homi Bhabha Cancer Hospital and Research Centre at Mullanpur in Punjab and Visakhapatnam in Andhra Pradesh.   Image caption- G. C. Chaturvedi, Chairman, ICICI Bank inaugurating the ICICI MRI facility at Tata Memorial Hospital in Mumbai ]]> https://biospectrumindia.com/news/86/23175/laurus-labs-buys-additional-stake-in-immunoact-for-rs-80-cr.html https://biospectrumindia.com/news/86/23175/laurus-labs-buys-additional-stake-in-immunoact-for-rs-80-cr.html Thu, 01 Jun 2023 00:00:00 +0530 Hyderabad-based Laurus Labs has signed definitive agreements to acquire additional stake of 7.24% in Immunoadoptive Cell Therapy Private Limited (lmmunoACT), an advanced cell and gene therapy company for a cash consideration of Rs 80 crore. Post the completion of the deal, Laurus Labs’ stake in ImmunoACT will increase to 33.86% (on fully diluted basis). This fresh infusion of capital will enable ImmunoACT to fast track the additional supply of the lead candidate HCAR-19along with the further expansion of the multi-location GMP facilities for manufacturing Chimeric Antigen Receptor T cells (CAR-T cells) treatment to support the growing need for scalable manufacturing. Additionally, some promoters and senior management of Laurus Labs would also acquire in ImmunoACT for a 0.54% stake (before this investment) for approximately Rs 4 crore at the same price and terms through secondary purchases. Laurus Labs’ earlier investment in ImmunoACT in November 2021 has supported ImmunoACT in successfully creating GMP manufacturing facility along with state of the art R& D facility at Navi Mumbai and currently conducting Phase II study at various hospitals including Tata Memorial Hospital. Phase I data was presented at the American Society of Hematology (ASH) during Nov 2022 that showed a favorable balance of efficacy and toxicity with lowgrade cytokine release syndrome. ImmunoACT is in the process of becoming India’s first company to introduce the CART therapy for cure of specific types of blood cancers which are currently in clinical trials. ]]> https://biospectrumindia.com/news/86/23157/medgenome-buys-prognosis-labs-to-accelerate-growth-and-geographic-penetration.html https://biospectrumindia.com/news/86/23157/medgenome-buys-prognosis-labs-to-accelerate-growth-and-geographic-penetration.html Fri, 26 May 2023 00:00:00 +0530 South Asia’s largest genetic diagnostics player MedGenome has acquired NCR’s Prognosis Laboratories. Backed by Sequoia Capital, LeapFrog Investments, Novo Holdings, Sofina, HDFC, Emerge Ventures, Zodius Capital and International Finance Corporation, MedGenome continues to revolutionise the healthcare space with its pathbreaking genomics solutions. Wodehouse Capital was the exclusive financial advisor to Prognosis Laboratories and adds yet another transaction in the Diagnostic vertical of its healthcare practice. They were assisted by Khaitan & Co., as the legal advisor to the sellers. Prognosis Laboratories, established in 2013, is ICMR approved and AERB Certified, provides diagnostics, microbiology and radiology services. The company has a test catalogue of 700+ tests spread across pathology, radiology with a specialisation in Molecular diagnostics, Histopathology, Immunohistochemistry, Immunology, Biochemistry, Microbiology and Serology using latest technology. Post-acquisition, Prognosis’s clients will now have access to genetic testing and a wide range of industry-first genetic tests like Rhesus D, ThyroTrack, SPITal-SEQ, NIPT and many more for detection and diagnosis of complex diseases. ]]> https://biospectrumindia.com/news/86/23140/biocon-closes-fy22-23-at-rs-11550-cr-up-by-38.html https://biospectrumindia.com/news/86/23140/biocon-closes-fy22-23-at-rs-11550-cr-up-by-38.html Wed, 24 May 2023 00:00:00 +0530 Biocon Ltd has announced its consolidated financial results for the fourth quarter and the fiscal year ended March 31, 2023. FY22-23 was a transformational year for Biocon led by the acquisition of its partnered biosimilars business from Viatris, which has significantly contributed to Biocon’s robust consolidated financials. This acquisition coupled with strong growth in its underlying business and over 35 new launches has translated to a significant step-up in revenues and expanded global reach. Revenues grew 38% to Rs 11,550 crore, EBITDA was at Rs 2,888 crore, reporting a 32% growth. Revenue growth was led by Biosimilars at 61%, Research Services at 23% and Generics at 13%. R&D Investments have nearly doubled to Rs 1,119 crore, as the company seeks to drive future growth.   The company ended FY23 with a strong Q4 performance where revenue grew by 59% to Rs 3,929 crore and EBITDA by 75% to Rs 1,152 crore. Biosimilars continue to be the largest business segment for Biocon, with revenue of Rs 2,102 crore, a growth of 114%, exiting the year on a $1 billion revenue trajectory. Looking ahead, the company will be integrating the acquired business of Viatris in a phased manner with over 70 Emerging Markets transitioning to Biocon Biologics shortly followed by the US and EU thereafter. FY24 will also see several important new launches, a key driver of growth. ]]> https://biospectrumindia.com/news/86/23103/amazon-web-services-to-inject-rs-105600-cr-into-cloud-infrastructure-in-india-by-2030.html https://biospectrumindia.com/news/86/23103/amazon-web-services-to-inject-rs-105600-cr-into-cloud-infrastructure-in-india-by-2030.html Thu, 18 May 2023 00:00:00 +0530 Amazon Web Services (AWS) has announced it plans to invest Rs 1,05,600 crore ($12.7 billion) into cloud infrastructure in India by 2030 to meet growing customer demand for cloud services in India. This investment is estimated to contribute Rs 1,94,700 crore ($23.3 billion) to India’s total gross domestic product (GDP) by 2030. This planned investment in data centre infrastructure in India will support an estimated average of 1,31,700 full-time equivalent (FTE) jobs in Indian businesses each year. These positions, including construction, facility maintenance, engineering, telecommunications, and other jobs, are part of the data centre supply chain in India. This follows AWS’s investment of Rs 30,900 crore ($3.7 billion) between 2016-2022, which will bring AWS’s total investment in India to Rs 1,36,500 crore ($16.4 billion) by 2030. AWS’s investment in India has a ripple effect in the local economy in areas, such as workforce development, training and skilling opportunities, community engagement, and sustainability initiatives. See more details here. AWS has two data center infrastructure regions in India – the AWS Asia Pacific (Mumbai) Region, launched in 2016, and the AWS Asia Pacific (Hyderabad) Region, launched in November 2022. Hundreds of thousands of customers in India run their workloads on AWS to drive cost savings, accelerate innovation, and increase speed time to market. This includes government entities such as Ministry of Electronics and Information Technology, and public healthcare institutions like Aarogyasri Health Care Trust.     ]]> https://biospectrumindia.com/news/86/23098/health-tech-startup-genefitletics-closes-pre-seed-round-at-valuation-of-rs-7-5-cr.html https://biospectrumindia.com/news/86/23098/health-tech-startup-genefitletics-closes-pre-seed-round-at-valuation-of-rs-7-5-cr.html Wed, 17 May 2023 00:00:00 +0530 New Delhi-based startup Genefitletics, a direct-to-consumer microbiome company, pioneering application of microbial technologies to save human health, has raised an undisclosed amount at pre money valuation of Rs.7.5 crore from a group of Angels. The startup is working on breakthrough discoveries in microbial science, to bridge the gap between scientific advancements and human health. The company’s unique platform- PROTEBA, works at the convergence of microbial sequencing, artificial intelligence & scientific research to develop pipeline of consumer health solutions, precision diagnostics & precision bio therapeutics for promoting better health and longevity . Genefitletics conducts at-home direct-to-customer gut and vaginal microbiome tests. The process includes collecting biological data from an individual’s biological sample, to analyse human microbial functions at molecular level, and provide category defining interventions to regulate an individual’s biology. The company plans to deploy these funds to further develop a suite of oral microbiome & human genes expression tests as well as launch its own brand of precision biotics. The funds will also be used to further develop machine learning models for human biology, to decode root cause of poor health.  Genefitletics was incubated at IIM Udaipur Incubation centre & is also part of Leap to Unicorn bootcamp programme- an initiative by IDFC FIRST Bank, in association with Money control and CNBCTV18.   ]]> https://biospectrumindia.com/news/86/23093/varco-raises-funding-in-seed-round-to-address-end-to-end-leg-health-concerns.html https://biospectrumindia.com/news/86/23093/varco-raises-funding-in-seed-round-to-address-end-to-end-leg-health-concerns.html Tue, 16 May 2023 00:00:00 +0530 New Delhi-based healthcare startup Varco Leg Care has raised an undisclosed amount in the seed round led by Neeraj Garg, Ex-CEO, Hindustan Coca-Cola, Dr Mohit Lalvani Mascot Spincontrol India, Simple Juneja, Global Business leader, Ex- Coca-Cola, Bacardi, LVMH and other angels in medical, top consultant companies, FMCG and infrastructure. Varco Leg Care plans to use its recent funding to broaden its range of products, with a particular focus on enhancing leg health. The startup will invest in advanced technology to improve retention and discoverability, while simultaneously enhancing its distribution channels. Varco intends to recruit additional key opinion leaders in high-performing markets, scale up its business operations in the United States and UAE, and allocate substantial resources to research and development efforts. Within just a few months of its launch in 2022, Varco Leg Care has achieved a remarkable feat by becoming one of the few Indian brands to be listed on Walmart's prestigious platform. Varco Leg Care has accomplished a notable achievement with a remarkable growth rate of 30% month over month. ]]> https://biospectrumindia.com/news/86/23080/hearing-aid-tech-startup-earkart-secures-pre-series-a-funding.html https://biospectrumindia.com/news/86/23080/hearing-aid-tech-startup-earkart-secures-pre-series-a-funding.html Fri, 12 May 2023 00:00:00 +0530 earKart, a healthcare technology company that focuses on providing smart diagnosis and remote management of hearing aids, has raised an undisclosed amount of pre-Series A funding led by Agility Ventures.  The round also saw participation from other investors, including Blume Ventures. With this funding, earKart has raised a total of Rs 7.6 crore so far. The startup also counts Ashneer Grover as its first lead angel investor.  On raising a fresh round, Rohit Misra, Founder of earKart said, "We aim to use the funding to build our technology infrastructure and expand our team to serve our growing customer base." Founded in 2021 by Rohit Misra and Priyadarshi Jha, earKart aims to cater to the patient population suffering from hearing loss, which is estimated to be around 98.5 million people in India, of which over 60% do not have access to audiological services, making it difficult for them to get the necessary help they need. The Noida-based startup aims to bridge this gap by providing access to the latest technology hearing aids at an economical price.  The company has applied for a patent for merging medical device diagnostics with remote computing, which will allow for the world's first remote diagnosis and remote programming audiology model. This innovation will revolutionise the industry and provide customers with a more convenient and efficient experience.  It has started to manufacture economy model hearing aids in India and is all set to use its most unique technology model of remote-audiometry and remote-hearing aid programming through 1500 ENT doctors. ]]> https://biospectrumindia.com/news/86/23072/world-bank-approves-82-m-for-prevention-of-zoonotic-endemic-diseases-in-india.html https://biospectrumindia.com/news/86/23072/world-bank-approves-82-m-for-prevention-of-zoonotic-endemic-diseases-in-india.html Thu, 11 May 2023 00:00:00 +0530 The World Bank has approved an $82 million loan towards the adoption of global best practices for animal health management to prevent, detect, and respond to endemic zoonotic, transboundary, and emerging infectious diseases. It will strengthen India’s One Health approach, which recognises that people and animals are connected with their shared environment. Animal disease outbreaks globally continue to pose risks to public health systems and have enormous economic costs. With India having the largest livestock population in the world, these risks are particularly high. For example, foot and mouth disease alone costs the country more than $3.3 billion annually. Through state-of-the-art laboratories, the programme will also strengthen collaboration and data sharing with the human health sector. It will also enhance food quality and safety in animal products, especially in livestock and wet markets. The $82 million loan from the International Bank for Reconstruction and Development (IBRD) uses the Program-for-Results (PforR) financing instrument that links disbursement of funds directly to the achievement of specific program results. The loan has a maturity of 11.5 years with a grace period of 4.5 years.   ]]> https://biospectrumindia.com/news/86/23054/thb-raises-20-m-to-expand-global-operations.html https://biospectrumindia.com/news/86/23054/thb-raises-20-m-to-expand-global-operations.html Fri, 05 May 2023 00:00:00 +0530 Gurugram-based startup THB (Technology l Healthcare l Big Data Analytics), has announced a  $20 million funding in a growth equity round led by Filter Capital and Edelweiss Discovery Fund Series - I. Cornerstone Venture Partners Fund (CSVP) and Healthquad, among others, also participated in the round. THB will use the funds in expanding its operations globally  and accelerating growth in existing countries across South Asia, Middle East and South East Asia. With this funding, THB is well-positioned to expand its product portfolio and invest in growing global presence. The startup serves large healthcare enterprises to drive digital, data, and technology adoption with their data management platform, and a suite of software solutions across 20+ use-cases, including patient engagement, doctor engagement, clinical customer relationship management, analytics automation, customer care automation, and real-world evidence. THB currently serves wide spectrum of customers in the healthcare industry, including hospitals, pharmaceutical companies, diagnostic labs, primary care, consumer health, payors, and med-tech companies across markets in emerging Asia including India, Bangladesh, Sri Lanka, UAE, KSA, Indonesia, Singapore, and Malaysia.   ]]> https://biospectrumindia.com/news/86/22999/serum-institute-of-india-invests-150-m-more-into-biocon-biologics.html https://biospectrumindia.com/news/86/22999/serum-institute-of-india-invests-150-m-more-into-biocon-biologics.html Tue, 25 Apr 2023 00:00:00 +0530 Biocon Biologics Limited (BBL) and Serum Institute of Life Sciences (SILS), a subsidiary company of Serum Institute of India, have reached an agreement to withdraw from the original equity structure contemplated under their Strategic Alliance announced in Sep, 2021. While BBL had received approval from the National Company Law Tribunal (NCLT) in Karnataka, SILS was awaiting approval from the NCLT in Maharashtra to complete the merger. This would have provided SILS an equity stake in BBL. As per the new terms of the strategic alliance, SILS would make an additional equity investment of $150 million through the conversion of the $150 million loan provided to Biocon Pharma Limited, a Wholly Owned Subsidiary of Biocon Limited, into equity in BBL. This investment is in addition to the $150 million that SILS had invested in Biocon Biologics in November 2022, resulting in SILS’s aggregate equity investment in BBL amounting to $300 million. As per the new arrangement, BBL will have access to 100 million doses of vaccines annually together with the distribution rights to Serum’s vaccine portfolio which will add to BBL’s product portfolio for global markets. The new terms will serve the objectives of both the companies, as it provides SILS an aggregated equity investment in BBL amounting to $300 million and provides BBL additional product offerings for global markets. ]]> https://biospectrumindia.com/news/86/22996/ipca-acquires-33-4-stake-in-unichem-labs-for-rs-1034-cr.html https://biospectrumindia.com/news/86/22996/ipca-acquires-33-4-stake-in-unichem-labs-for-rs-1034-cr.html Mon, 24 Apr 2023 00:00:00 +0530 Ipca Laboratories has entered into a definitive Share Purchase Agreement (SPA) for acquisition of 2,35,01,440 fully paid-up equity shares of Rs 2 each, constituting 33.38% of the paid up equity share capital of Unichem Laboratories, from one of its promoter shareholder at a price of Rs 440 per equity share aggregating to Rs 1034.06 crores The company is also making an open offer to the public equity shareholders of Unichem to acquire from them upto 26% of the fully diluted outstanding equity share capital at a price of Rs 440 per share, under the relevant provisions of SEBI (Substantial Acquisition of shares and takeovers) Regulations, 2011. Based in Mumbai, Unichem Laboratories was founded in 1944 by Late Amrut Mody, a pioneer in the Indian pharmaceuticals business. Ipca Labs, also based in Mumbai, is currently working on a strategy to enhance its portfolio in chosen growth markets. For more than 60 years, Ipca has been a crucial healthcare partner in over 120 countries across the 6 continents. It is a fully-integrated pharmaceutical company that manufactures over 350 formulations and 80 APIs for various therapeutic segments. ]]> https://biospectrumindia.com/news/86/22990/health-tech-firm-tricog-raises-8-5-m-to-scale-business-across-asia-and-africa.html https://biospectrumindia.com/news/86/22990/health-tech-firm-tricog-raises-8-5-m-to-scale-business-across-asia-and-africa.html Sat, 22 Apr 2023 00:00:00 +0530 Bengaluru-based health tech firm Tricog has raised $8.5 million in a Series B2 funding round from Omron Healthcare and Sony Innovation Fund, in Japan. Existing investors UTEC - The University of Tokyo Edge Capital, Japan, Inventus Partners LLP and SG Innovate, Singapore, participated in this round. The round marks a total raise of $30 million. Tricog’s artificial intelligence (AI) platform, backed by medical experts, has touched the lives of more than 12 million patients globally, enabling half a million patients added to the care pathway due to critical diseases. Tricog aims to make cardiac diagnosis and management accessible and affordable by deepening the partnerships with government and large private healthcare networks and building state-of-the-art technology for next-generation products, enabling wider reach in patient populations and disease conditions. Founded in 2015, Tricog has recently developed the TriCare platform, an integrated solution for chronic disease management. The first focus will address the global healthcare challenge of heart failure within the US healthcare system and Asia. The TriCare platform enables remote management of heart disease using medical data from connected devices at home and wearable devices such as the Apple Watch. The TriCare platform addresses a growing $110 billion market segment opportunity. ]]> https://biospectrumindia.com/news/86/22982/cci-approves-suven-pharmas-acquisition-by-berhyanda.html https://biospectrumindia.com/news/86/22982/cci-approves-suven-pharmas-acquisition-by-berhyanda.html Fri, 21 Apr 2023 00:00:00 +0530 The Competition Commission of India (CCI), a statutory body within the Ministry of Corporate Affairs, Government of India, has approved the acquisition of up to 76.10% of the voting share capital of Hyderabad-based Suven Pharmaceuticals Limited by Berhyanda Limited. Berhyanda is the wholly owned subsidiary of Berhyanda Midco Limited, i.e., in turn the wholly owned subsidiary of Jusmiral Midco Limited, which is collectively controlled by the Advent International GPE IX Funds and the Advent International GPE X Funds, which are ultimately managed by Advent International Corporation. Suven Pharmaceuticals, a biopharmaceutical company incorporated on 6 November 2018, is an integrated contract development and manufacturing organisation that offers its services to global pharmaceutical and agrochemical majors in their innovation endeavours. It also exports its manufactured APIs and advanced drug intermediates to markets outside of India. ]]> https://biospectrumindia.com/news/86/22977/verlinvest-acquires-controlling-stake-in-ferty9-fertility-center.html https://biospectrumindia.com/news/86/22977/verlinvest-acquires-controlling-stake-in-ferty9-fertility-center.html Wed, 19 Apr 2023 00:00:00 +0530 Verlinvest, an international, family-backed evergreen investment company, has announced its entry into India’s healthcare sector, with the acquisition of a controlling stake in Ferty9 Fertility Center, a chain of fertility clinics in the Telangana region that was founded by Dr C. Jyothi Budi and her partners in 2013.  This investment will enable Ferty9 to expand its reach across India and supports the development of new technologies and medical innovations, further strengthening Ferty9's position as a leading fertility clinic chain. By investing around $50 million in the platform, Verlinvest will focus on scaling Ferty9’s footprint, offering, and positive impact nationally. Verlinvest has partnered with Vinesh Gadhia, who will lead Ferty9 as its Chief Executive Officer and Executive Director of the Board to scale Ferty9’s reach and execute its ambition to acquire more fertility assets through this platform. MGadhia is an industry veteran in India’s fertility sector with over 30 years of experience in building commercial teams and expanding scientific partnerships. Two senior investors from Verlinvest who led this investment, Shagun Tiwary Shah and Manvitha Janagam, will join Ferty9’s Board of Directors, adding to the ~70% of employees at Ferty9 that are women.  Verlinvest’s acquisition of a controlling stake in Ferty9 Fertility Centre marks their first foray into the healthcare sector in India, having spent several decades investing in the healthcare sector in Europe. Verlinvest aims to leverage its expertise in backing market-leading consumer focused brands and apply it to the healthcare industry. ]]> https://biospectrumindia.com/news/86/22958/aurobindo-pharma-injects-rs-80-cr-to-build-oncology-block-for-mnj-hospital-in-hyderabad.html https://biospectrumindia.com/news/86/22958/aurobindo-pharma-injects-rs-80-cr-to-build-oncology-block-for-mnj-hospital-in-hyderabad.html Mon, 17 Apr 2023 00:00:00 +0530 Aurobindo Pharma Foundation (APF), the philanthropic and Corporate Social Responsibility (CSR) arm of Aurobindo Pharma, has funded Rs 80 crore and built state-of-the-art oncology block in Redhills, Hyderabad for MNJ Institute of Oncology and State Cancer Institute. This block is built by Aurobindo Pharma Foundation in an effort to help the hospital in its endeavor to provide quality cancer care free of cost. MNJ Institute of Oncology and State Cancer Institute is committed to providing free, multidisciplinary cancer care to patients. Located in Telangana, it is the first State Government tertiary care institute to offer a comprehensive range of services, including surgery, radiotherapy, chemotherapy, and palliative care, to patients from Telangana and neighbouring states. This state-of-the-art facility span over 2,32,000 square feet and is composed with 8 floor building with a total bed capacity of 300.  It is anticipated that the annual follow-up patient count for treatment will exceed 1.50 lakh patients. The existing facility has 450 beds, and this new facility will add 300 more beds, increasing the total capacity. Features such as bone marrow transplant rooms, dedicated paediatric and adolescent wards, targeted radiotherapy will be enhanced. This facility will introduce genetics and molecular labs, aiding in diagnosis and treatment of the disease.   ]]> https://biospectrumindia.com/news/86/22933/srl-diagnostics-acquires-ncr-based-lifeline-laboratory.html https://biospectrumindia.com/news/86/22933/srl-diagnostics-acquires-ncr-based-lifeline-laboratory.html Tue, 11 Apr 2023 13:30:00 +0530 Pathology chain SRL completes the acquisition of NCR-based Lifeline Laboratory. This strategic partnership will accelerate the next phase of growth for the business. Wodehouse Capital was the exclusive financial advisor to Lifeline Laboratory and adds yet another transaction in the “Diagnostic & Pathology” vertical of its Healthcare practice. They were assisted by Khaitan & Co., as the legal advisor to the sellers. SRL Diagnostics is India’s largest pathology chain with an annual revenue exceeding Rs 1,600 crore. Headquartered in Gurugram, it has over 400 labs and over 9,000 collections centres. It offers more than 3,500 different tests in pathology, radiology, wellness, occupational health, clinical trials and conducts more than 100,000 tests in a day. Lifeline Laboratory, led by Dr Angeli Misra and Dr  Asha Bhatnagar is one of NCR’s oldest pathology laboratories. It offers an entire range of pathology tests and services including FISH, Karyotyping, Molecular Oncology, Immunofluorescence, Immunohistochemistry, Infectious molecular testing including multiplex PCR and Frozen Section using latest technology.   ]]> https://biospectrumindia.com/news/86/22905/kites-senior-care-raises-pre-series-funding-of-2-m.html https://biospectrumindia.com/news/86/22905/kites-senior-care-raises-pre-series-funding-of-2-m.html Wed, 05 Apr 2023 00:00:00 +0530 KITES Senior Care, a pure play geriatric care service provider founded by Rajagopal G, Dr A S Arvind, and Dr Reema Nadig, has announced the closure of Pre Series A funding of $2 million from Dr Ranjan Pai’s family office.  The Bengaluru-based startup has carved a niche for itself in the elder care sector by focusing on providing a range of “Out of Hospital care” services, covering pre and post-hospitalisation rehabilitation care, palliative care, and dementia care. KITES will use the funds to scale operations in Bengaluru, expand to Hyderabad and Chennai, and in developing a technology platform providing for health monitoring & active ageing of seniors. KITES, the brand of Lifebridge Senior Care, operates and manages two care facilities with 70 beds in Bengaluru, which are running at their capacity and manage care for many elders at home. Since 2016, KITES has provided care to over 4,500 seniors in Bengaluru and has gradually established the trust & reputation for quality and reliable services.   ]]> https://biospectrumindia.com/news/86/22894/bengaluru-based-startup-dozee-raises-6-m-for-expansion.html https://biospectrumindia.com/news/86/22894/bengaluru-based-startup-dozee-raises-6-m-for-expansion.html Tue, 04 Apr 2023 00:00:00 +0530 Dozee, India’s first contactless Remote Patient Monitoring (RPM) & artificial intelligence (AI)-based Early Warning System (EWS) has raised $6 Million as part of its Series A2 funding. The round saw the infusion of funds from Dozee’s existing investor base consisting of Prime Venture Partners, 3one4 Capital, YourNest VC, and new investors which include State Bank of India, J&A Partners Family office, and Dinesh Mody Ventures (ex-JB Chemicals and Pharmaceuticals promoters - Sharan Asher & Pranabh Mody). Bengaluru-based startup Dozee has established a presence in over 380+ hospitals covering 50+ districts. Its key recent milestones include the US FDA 510(k) clearance for its flagship Remote Patient Monitoring product - Dozee Contactless Vital Signs (VS) Measurement system, further demonstrating its commitment to Made in India, with global standards.  With this fresh funding, Dozee plans to expand further in the Indian market and invest more in its differentiated R&D capabilities. In addition, the funding will provide a springboard for the company's global expansion. “Dozee plans to further tap over 2,000 hospitals in more than 100 districts in the next two years to improve the quality of critical care facilities in India. The current Series A2 fund-raise is a part of the company’s plan to further its reach to every nook and corner of the country and to begin the era of ‘Made in India’ products in the global market.“ said Mudit Dandwate, CEO & Co-Founder, Dozee. ]]> https://biospectrumindia.com/news/86/22873/govt-provides-rs-15-cr-to-huwel-lifesciences-for-developing-room-temperature-stable-pcr-reagents.html https://biospectrumindia.com/news/86/22873/govt-provides-rs-15-cr-to-huwel-lifesciences-for-developing-room-temperature-stable-pcr-reagents.html Wed, 29 Mar 2023 00:00:00 +0530 Technology Development Board, a statutory body under the Department of Science & Technology, Govt. of India has inked an agreement with Telangana-based startup Huwel Lifesciences for validation and commercialisation of Rapid Real time PCR reagents for storage and transport at room temperature. The board has approved a support of Rs 15 crore out of the total project cost of Rs 40 crore. Current RT-PCR reagents need to be transported and stored at sub-zero (-20) temperatures. Owing to the varied climatic and socio-economic conditions of our country, it is a challenging task for shipping and storage in tier 2 & tier 3 towns. Cost of dry ice shipping and improper storage has been hampering the implementation of RT-PCR testing for disease diagnosis. The kits developed by the startup holds great market potential, as it may open up the large segment of markets in tier 2 and tier 3 towns and reduce shipment costs significantly. Under this project, the startup aims to set up a cGMP manufacturing facility to produce PCR reagents stabilised at room temperature and also RT PCR kits using such reagents both for domestic and international market. Based on the products developed and expertise available, the company proposes to manufacture and commercialise rapid real time PCR based room temperature stable kits for detection and quantitation of infections and cancers. ]]> https://biospectrumindia.com/news/86/22864/dr-moopens-family-increases-4-stake-in-aster-dm-healthcare.html https://biospectrumindia.com/news/86/22864/dr-moopens-family-increases-4-stake-in-aster-dm-healthcare.html Tue, 28 Mar 2023 00:00:00 +0530 The promoters of Aster DM Healthcare have increased their shareholding by 4% from 37.88% to 41.88%, after acquiring additional stake from one of the large private equity investors at an additional investment of Rs 460 crore. Aster DM Healthcare, with a turnover of Rs 10,253 crore in FY 2021-22, is performing well during this FY in turnover and profits with a stage of growth, due to restructuring of India and Gulf Cooperation Council (GCC) businesses being pursued actively. In India, the company is moving ahead with new projects like 350-bedded Aster Capital Hospital in Trivandrum - Kerala, 200 bedded Aster MIMS Hospital in Kasargod - Kerala, 150-bedded Aster Narayanadri Hospital in Tirupati – Andhra Pradesh, 100-bedded Aster G Madegowda Hospital in Mandya – Karnataka among others. It has also rolled out 239 Aster pharmacies and 177 Aster Labs & patient experience centres already. With 4,095 beds in 15 hospitals in India going up to 4,670 in 18 hospitals next financial year, Aster shall be connecting all the above through the myAster App that is going to be launched this year to give omni channel care to the customers.  The launch of 181 bed Aster Royal Hospital in Oman, 101 bed Aster Hospital in Sharjah and the acquisition of a 126 bedded hospital in Al Qusais which would be operational soon, will make Aster one of the largest healthcare providers in GCC with 15 hospitals, 113 clinics and 257 pharmacies. The company has embarked on a plan to roll out 250 new Aster Pharmacies in the Kingdom of Saudi Arabia.  The Omni channel healthcare delivery is being tied up with the myAster App which has already received 352,000+ downloads within a short period since its launch. ]]> https://biospectrumindia.com/news/86/22835/cadila-pharma-to-invest-rs-1000-cr-in-different-ongoing-projects.html https://biospectrumindia.com/news/86/22835/cadila-pharma-to-invest-rs-1000-cr-in-different-ongoing-projects.html Wed, 22 Mar 2023 00:00:00 +0530 Ahmedabad-based Cadila Pharmaceuticals has signed a Memorandum of Understanding (MoU) with the government of Gujarat to invest Rs 1,000 crore in different existing projects. The MoU was signed in Gandhinagar between Industries Commissioner Rahul Gupta on behalf of the government of Gujarat and Cadila Pharmaceuticals COO, Mitul Dave, under the Government of Gujarat’s “Atma Nirbhar Gujarat Schemes for Assistance to Industries”. "Gujarat is the most preferred investment destination because of its conducive business environment, ease of doing business, and investor-friendly policies. Cadila Pharmaceuticals is in expansion mode and therefore investing to upgrade its existing facilities to meet emerging demands,” said Dr Rajiv Modi, Chairman & Managing Director of Cadila Pharmaceuticals. The company will overall invest Rs 1000 crore in a span of three years until 2025 for setting up an Active Pharmaceuticals Ingredients (APIs) plant at Dahej, Bharuch & Ankleshwar and the Formation of Tablet & Capsules at Dholka Dist. Plant. As proposed, these plants will create direct and indirect employment for around 500 people (direct) and 1000 (indirect) respectively by 2025. As per the MoU, the Government of Gujarat will facilitate Cadila Pharmaceuticals to obtain necessary permissions, registrations, approvals and clearances from the concerned departments as per its existing policies and regulations. ]]> https://biospectrumindia.com/news/86/22819/sukino-healthcare-solutions-raises-rs-50-cr-in-series-a-funding-from-stakeboat-capital.html https://biospectrumindia.com/news/86/22819/sukino-healthcare-solutions-raises-rs-50-cr-in-series-a-funding-from-stakeboat-capital.html Mon, 20 Mar 2023 00:00:00 +0530 Bengaluru-based startup Sukino Healthcare Solutions, the first comprehensive continuum of care provider for long-term health care management in India, has secured a Series-A private equity investment of Rs 50 crore from Stakeboat Capital. Sukino has established itself as a pioneer in the healthcare industry by offering a range of services that cater to the long-term healthcare needs of patients. Sukino Healthcare was founded in 2015. This is Rajnish’s second successful venture in healthcare earlier founding a tech company in the healthcare space. The startup plans to deploy these fresh funds into expansion to newer geographies and newer areas of rehabilitation using technology and the best of business processes that it has mastered over the years. Sukino currently manages 5 centres and this would be expanded to 20 centres with a capacity of 1500 beds over the next 3 years.  The company in the past has raised angel rounds from marquee investors with the family offices of Kris Gopalakrishnan and Mohandas Pai as lead investors. "The Indian Rehabilitation industry is expected to witness significant growth in the coming years, with the market estimated to double from $17 billion to $35 billion in the next five years, driven by the emergence of new technologies and increasing insurance coverage. Our investment in Sukino will help the company capture a share of this rapidly growing market,” said Chandrasekar Kandasamy, Managing Partner of Stakeboat Capital.   ]]> https://biospectrumindia.com/news/86/22811/eris-buys-cosmetic-dermatology-brands-from-dr-reddys-for-rs-275-cr.html https://biospectrumindia.com/news/86/22811/eris-buys-cosmetic-dermatology-brands-from-dr-reddys-for-rs-275-cr.html Fri, 17 Mar 2023 00:00:00 +0530 Mumbai-based Eris Lifesciences has announced acquisition of 9 dermatology brands from Dr. Reddy’s Laboratories, based out of Hyderabad, for a total consideration of Rs 275 crore. The brands are largely in cosmetology segments like anti-acne, moisturisers, cleansers, anti-ageing, hair health, melasma etc.. Post this deal, Eris will rank 3rd in its dermatology covered market with a market share of ~ 7%.  Eris entered the dermatology segment through the acquisition of Oaknet Healthcare for Rs 650 crore in May 2022 and strengthened this franchise with the acquisition of 9 dermatology brands from Glenmark in Jan ‘23 for Rs 340 crore. Inclusive of this deal, Eris has invested Rs 1265 crore in acquisitions in FY23, primarily in building up its dermatology franchise. This has also resulted in significant diversification of Eris’ therapy base. Pre-Oaknet, Eris derived 80% of its revenues from the Cardiometabolic and Vitamin Mineral Nutrients (VMN) segments. The concentration of these therapies is now down to 65% while the contribution from the Emerging Therapies has increased from 12% to 28% with dermatology emerging as Eris’ fourth largest therapy with a 15% share in overall revenue. Commenting on the acquisition, Amit Bakshi, Chairman & Managing Director of Eris Lifesciences, said, “Starting with our inception in 2007, it took us 13 years to add the “First 1000 crore” of revenue. However we are adding the “Next 1000 crore” of revenue in just 4 years by deploying our internal cashflows along with external funding to drive a mix of organic and inorganic growth while protecting our margins. We expect this will continue to be a way of life at Eris going forward.” ]]> https://biospectrumindia.com/news/86/22806/healthplix-raises-22-m-in-series-c-funding-to-enhance-technology-stack.html https://biospectrumindia.com/news/86/22806/healthplix-raises-22-m-in-series-c-funding-to-enhance-technology-stack.html Wed, 15 Mar 2023 00:00:00 +0530 Bengaluru-based startup HealthPlix Technologies has announced the closure of $22 million funding in Series C led by Avataar Venture Partners, SIG Venture Capital and existing investors. The funding round marks the first health-tech growth stage investment done by venture capitalists in 2023. The proceeds from this round of funding will be used to ramp up doctor first product innovation, enhance the technology stack and scale user acquisition efforts. A significant percentage of the Indian population suffers from chronic diseases and several health-tech startups have emerged to serve their needs. Leading the health-tech segment, HealthPlix's unique approach puts doctors first and solves for their pain points. The startup currently empowers 10K+ doctors who treat 2.5 percent of the entire Indian population and is advancing national health missions, such as Ayushman Bharat Digital Mission (ABDM). By 2024, the rapidly growing doctor base on Healthplix will include 25K+ doctors treating 15 percent of the entire population.  In 2022, HealthPlix had secured $2 million in debt funding from Blacksoil Ventures.    ]]> https://biospectrumindia.com/news/86/22791/pfizer-invests-43-b-to-advance-battle-against-cancer.html https://biospectrumindia.com/news/86/22791/pfizer-invests-43-b-to-advance-battle-against-cancer.html Mon, 13 Mar 2023 00:00:00 +0530 American pharmaceutical company Pfizer Inc. has entered into a definitive merger agreement under which Pfizer will acquire Seagen, a US-based biotechnology company that discovers, develops and commercialises transformative cancer medicines, for $229 in cash per Seagen share for a total enterprise value of $43 billion. The Boards of Directors of both companies have unanimously approved the transaction. Seagen expects to generate approximately $2.2 billion of revenue in 2023, representing 12% year-over-year growth, from its four in-line medicines, royalties and collaboration and license agreements. When combining the expected strong growth trajectories for these medicines with candidates that could emerge from Seagen's pipeline, subject to clinical trial and regulatory success, Pfizer believes Seagen could contribute more than $10 billion in risk-adjusted revenues in 2030, with potential significant growth beyond 2030. Seagen is a pioneer in antibody-drug conjugate (ADC) technology, with four of the twelve total FDA-approved and marketed ADCs using its technology industry-wide. ADCs are a transformative modality that is emerging as a powerful tool across a broad range of cancers designed to preferentially kill cancer cells and limit off-target toxicities. Seagen has developed a leadership position in ADC technologies since its founding 25 years ago, with groundbreaking and proprietary technology that is positioned for significant growth in 2023 and beyond.  ]]> https://biospectrumindia.com/news/86/22767/kauvery-hospitals-receives-70-m-investment-from-pe-fund-managed-by-iifl-amc.html https://biospectrumindia.com/news/86/22767/kauvery-hospitals-receives-70-m-investment-from-pe-fund-managed-by-iifl-amc.html Thu, 09 Mar 2023 00:00:00 +0530 Sri Kauvery Medical Care (India) Limited (Kauvery Hospitals), has successfully raised equity funding of $70 million from private equity (PE) fund managed by IIFL Asset Management Limited (IIFL AMC) for a minority stake. The Company has been backed by reputed Indian and global investors viz. Lightrock and Dr GSK Velu’s family office, to achieve its current scale and market positioning. The hospital network offers a high-quality comprehensive care across specialties with a strong focus on cardiology, oncology, neurology, renal sciences, orthopaedics, and organ transplants, amongst others. The investment holds significance in Kauvery Hospitals next phase of growth which is likely to move towards an IPO tentatively in the next 3 years, which comprises augmenting capacities in Chennai and Bengaluru, along with expansion in chosen clusters within Tamil Nadu and Karnataka. This also marks IIFL PE’s maiden investment in the multi-specialty hospitals segment and is also amongst the few minority investments in the multi-specialty space in India in the recent times. Kauvery Hospitals, one of the leading hospital chains in South India, spearheaded by Dr S Chandrakumar and D. S Manivannan, has built a strong foothold in its focus markets of Tamil Nadu and Karnataka over two decades and has emerged as one the leading hospital chains in South India. ]]> https://biospectrumindia.com/news/86/22736/bioangels-leads-rs-3-cr-funding-for-new-delhi-based-startup-voiceoc.html https://biospectrumindia.com/news/86/22736/bioangels-leads-rs-3-cr-funding-for-new-delhi-based-startup-voiceoc.html Thu, 02 Mar 2023 00:00:00 +0530 Voiceoc, a conversational artificial intelligence (AI) solution for hospitals, has raised Rs 3 crore funding from BioAngels, powered by IAN, bringing DeepTech to India’s hospital ecosystem. The round also saw participation from SucSEED Indovation. With this investment, the New Delhi-based startup will expand its team and is keen to onboard talent in tech, sales and marketing divisions. Voiceoc also intends to utilise the capital to boost product development initiatives, scale its marketing strategies, and strengthen global footprints in the Middle-Eastern market. Voiceoc helps healthcare companies provide quick and personalised patient support by leveraging the power of AI. Integrating Text AI on communication apps like WhatsApp, Messenger, etc., and Voice AI on the call centre, the company automates the entire patient journey, right from discovery, appointment booking and availing support to easy access to medical documents, and much more in real-time. The platform’s healthcare-focused AI engine helps hospitals, diagnostics labs and clinics address consumers' pain points by enabling increased appointment bookings and providing quick and personalised support to patients. Voiceoc also plays an integral role in reducing calls at customer care departments and increasing the conversion rate on offers and campaigns. Currently, it is handling 1 million+ patient conversations in a month from 10 countries. The global conversational AI market was valued at $8.24 billion in 2022 and is projected to touch $32.51 billion by 2028, registering a 21.6% CAGR growth. India, in the APAC region, is one of the fastest-growing markets. Companies, especially in the healthcare sector, are gradually adopting chatbots to cater to the surging demand for AI-enabled customer support services. Voiceoc seeks to explore growth opportunities and envisions becoming the go-to destination for chatbot services in the healthcare domain. ]]> https://biospectrumindia.com/news/86/22723/indias-first-medical-weight-loss-company-elevate-now-secures-pre-seed-funding.html https://biospectrumindia.com/news/86/22723/indias-first-medical-weight-loss-company-elevate-now-secures-pre-seed-funding.html Wed, 01 Mar 2023 00:00:00 +0530 W Health Ventures has led a pre-seed funding round in New Delhi-based startup Elevate Now, India’s first medical weight loss company. The funding will help Elevate Now to expand its operations and deliver innovative weight loss solutions to more individuals across India. The company offers tailored and doctor-led medication-based weight loss programmes, personalised health coaching, and habit coaching that aligns with clinical protocols designed for the Indian population. Focused on an omnichannel distribution strategy from the get-go, the company has already launched its first co-branded obesity clinic in Aurangabad, with the next set of clinics planned in Bengaluru and Delhi. With this financing, Elevate Now plans to establish more offline partnerships to accelerate its nationwide expansion, aiming to set up over 10 clinics throughout India in 2023. By leveraging its innovative doctor-led approach to weight loss, Elevate Now is transforming the industry and empowering millions of individuals to achieve a healthier lifestyle. Its approach is backed by advancements in science and clinical protocols tailored for Indians, making it a unique solution for the Indian market. These are the first protocols being created and documented for Indians by leading obesity specialists. Elevate Now doctors prescribe the right weight loss medicine ranging from Rs 100 to Rs 10k per month based on severity of condition, comorbidities, and affordability.  The company has an active clinical advisory board led by India's leading obesity specialists. ]]> https://biospectrumindia.com/news/86/22717/marengo-asia-healthcare-acquires-100-stake-in-w-pratiksha-hospital.html https://biospectrumindia.com/news/86/22717/marengo-asia-healthcare-acquires-100-stake-in-w-pratiksha-hospital.html Tue, 28 Feb 2023 00:00:00 +0530 Marengo Asia Hospitals has expanded its footprint in Delhi NCR by acquiring 100% stake in W Pratiksha Hospital, a 250-bed hospital facility in Gurugram.  W Pratiksha Hospital is a multi-specialty hospital situated in Sector 56 of Gurugram which is easily accessible to all parts of Gurugram and Delhi as well. The hospital is NABH certified and besides catering to the local population, also attracts international patients. Dr Raajiv Singhal, Managing Director & Group CEO, Marengo Asia Hospitals said, “The acquisition of W Pratiksha Hospital further reinforces our commitment towards offering best medical facilities and treatments to the patients of Delhi NCR and its nearby areas. With the recent expansion of over 100 beds at this hospital facility, we will now be able to offer more sub-specialties and advanced treatments which is a hallmark of Marengo Asia Hospitals group.” Marengo Asia Healthcare operates an existing 550 bed hospital in Faridabad. With approximately two and a half lakhs population traveling between Gurugram and Faridabad every day, the two Marengo Asia Hospitals will now serve as a nodal point to offer quality medical services to the local population. ]]> https://biospectrumindia.com/news/86/22684/kotak-special-situations-fund-invests-rs-1070-cr-in-biocon.html https://biospectrumindia.com/news/86/22684/kotak-special-situations-fund-invests-rs-1070-cr-in-biocon.html Wed, 22 Feb 2023 00:00:00 +0530 Kotak Special Situations Fund (KSSF), managed by Kotak Investment Advisors Limited (KIAL), has announced an investment of Rs 1070 crore in Biocon Limited (BL). Biocon will use the proceeds to finance Biocon Biologics' acquisition of the biosimilars business of its partner Viatris to create a global vertically integrated biosimilars player. Srini Sriniwasan, Managing Director, Kotak Investment Advisors Limited said, “This investment in Biocon comes at a pivotal point when Biocon is forward integrating its biosimilars business. Going forward Biocon will realise full revenues and profits from this business. With this the $1 billion Kotak Special Situations Fund is fully committed. India continues to offer unique and attractive risk adjusted opportunities for hybrid funding strategies.” Biocon Limited is an innovation-led global bio-pharmaceuticals company that has developed and commercialised novel biologics, biosimilars and complex small molecule APIs in India and global markets and, generic formulations in US and Europe. Biocon Biologics Limited (BBL), a subsidiary of Biocon Limited, is a fully integrated global biosimilars company that has commercialised eight biosimilars in key emerging and advanced markets such as the US and Europe and has a pipeline of 20 biosimilar assets across diabetology, oncology, immunology and other non-communicable diseases. It has many ‘firsts’ to its credit in the biosimilars industry.   ]]> https://biospectrumindia.com/news/86/22640/plant-based-air-purifier-brand-ubreathe-secures-deal-of-rs-1-5-cr.html https://biospectrumindia.com/news/86/22640/plant-based-air-purifier-brand-ubreathe-secures-deal-of-rs-1-5-cr.html Wed, 15 Feb 2023 00:00:00 +0530 UBreathe, a biotech startup that develops plant-based air purifiers, has secured a deal of Rs 1.5 crore from Namita Thapar on the popular television show Shark Tank.  A recent study indicates that an average person in Delhi loses 10 years of life due to air pollution. Sadly, this problem has increased geographically with even states such as Maharashtra and Madhya Pradesh seeing people lose an additional 2.5-3 years of life expectancy. Existing air purifiers not just fail to address the indoor air quality problem holistically, but also have a negative environmental impact. UBreathe’s unique purifiers combine the natural air purifying capabilities of plants with modern technology. Their proprietary design boosts a plant’s natural process of removing pollutants from the air with improved soil breathability. Unlike mechanical purifiers that filter only dust pollution and are highly toxic to the environment, their solution captures all the contaminants in the air. The product is tested and certified by NABL Labs and has been reviewed and recommended by faculty of AIIMS Delhi. The startup's research is backed by premier institutes such as IIT Ropar, CIIE.CO IIM Ahmedabad, Ministry of Electronics & Information Technology (Meity), Biotechnology Industry Research Assistance Council (BIRAC), and the Nexus US Embassy Delhi. The company has filed 6 patents in India and Europe. Recently, UBreathe has taken on high-profile projects with the goal of making a larger social impact. These projects include air quality management initiatives with the UN House Delhi, the Government of Maharashtra, and public primary schools in Chennai. ]]> https://biospectrumindia.com/news/86/22632/biotech-startup-crisprbits-raises-250k-in-pre-seed-round-from-us-based-vj-group-.html https://biospectrumindia.com/news/86/22632/biotech-startup-crisprbits-raises-250k-in-pre-seed-round-from-us-based-vj-group-.html Mon, 13 Feb 2023 00:00:00 +0530 Bengaluru-based startup CrisprBits has raised $250,000 in Pre-seed funding from US-based VJ Group. The funding will be used towards product development, team expansion and for research and development. Founded by Dr Vijay Chandru, Sunil Arora, Dr Rajeev Kohli, Bharat Jobanputra, and Aditya Sarda in 2020, CrisprBits was started with a vision of developing high-quality healthcare solutions in diagnostics and gene editing that all Indians can afford. The company plans to extend its CRISPR-based diagnostics platform to point-of-care detection of pathogens and antimicrobial resistance genes associated with hospital-acquired infections.  Very recently, the company developed OmiCrisp, a CRISPR-based test to detect SARS-CoV2 and to determine whether it is an Omicron or non-omicron variant. The test was developed with support and collaboration from the C-CAMP-InDx (Indigenisation of Diagnostics Programme), an initiative supported by the Department of Biotechnology, Govt of India. Sunil Arora, Co-Founder and Chief Executive Officer, CrisprBits, said, “The new investment will accelerate our next phase of growth and allow us develop many more high-quality healthcare solutions in diagnostics and gene editing” Dr Vijay Chandru, Co-Founder and Chief Scientific Officer, said, "At CrisprBits, we are using the latest in CRISPR gene editing technology to bring high-quality life sciences solutions to all Indians. With the recent publication of our manuscript on OmiCrisp, a CRISPR-based test for SARS-CoV2, we are demonstrating our commitment to infectious disease surveillance and one health. Through our upcoming ‘PATHCRISP’ point of care platform, we are making these solutions accessible to all. Beyond diagnostics, we will also explore new therapeutic strategies in gene editing for oncology, cardio-vascular applications, and even industrial biotechnology applications." ]]> https://biospectrumindia.com/news/86/22613/medibuddy-acquires-india-health-business-of-us-based-aetna-inc-.html https://biospectrumindia.com/news/86/22613/medibuddy-acquires-india-health-business-of-us-based-aetna-inc-.html Thu, 09 Feb 2023 00:00:00 +0530 Bengaluru-based digital healthcare firm MediBuddy has acquired the ‘vHealth by Aetna’ business (Indian Health Organisation or IHO). ‘vHealth by Aetna’ is a leader in the B2B healthcare space and offers subscription-based primary healthcare services such as telehealth consultations, an extensive outpatient network, pharmacy, diagnostics and dental among other benefits to customers. Aetna is one of the leading diversified health care benefits companies in the US. Over the next six months, ‘vHealth by Aetna’ business will transition to be rebranded as ‘MediBuddy vHealth’. The existing IHO management team and employees across all functions will continue to be employed by IHO, which is now part of MediBuddy. Both the existing and new subscriber base of ‘vHealth by Aetna’ will have access to MediBuddy’s technology and scale prowess, leading to an enhanced customer experience. The latest acquisition will bring on board ‘vHealth by Aetna’s’ customers to MediBuddy's platform further strengthening the existing customer base of 30 Mn+. MediBuddy recently concluded its merger with DocsApp and the company raised $125 million in a Series C funding in the first quarter of 2022.     Commenting on the acquisition, Satish Kannan, Co-Founder, and CEO at MediBuddy said, "We made a strategic decision to go ahead with this critical acquisition as it is in line with our commitment to making high quality healthcare accessible to a billion people. We believe that this acquisition will further strengthen our market leadership by giving impetus to our distribution channels, helping us in scaling our operations and offerings to a much wider section of the population."   ]]> https://biospectrumindia.com/news/86/22516/mumbai-based-marksans-pharma-raises-rs-372-4-cr-in-equity.html https://biospectrumindia.com/news/86/22516/mumbai-based-marksans-pharma-raises-rs-372-4-cr-in-equity.html Fri, 20 Jan 2023 00:00:00 +0530 Marksans Pharma, headquartered in Mumbai and engaged in the Research, Manufacturing & Marketing of generic pharmaceutical formulations in the global markets, has raised Rs 372.4 crore through the conversion of warrants into equity shares by OrbiMed Asia IV Mauritius FVCI Limited, and Mark Saldanha (Promoter of the Company) (Details in Annexure A). OrbiMed is a global healthcare investment firm with over $18 billion in assets under management. The warrants are converted at a price of Rs 74 per share, reflecting the Promoter's and OrbiMed's strong commitment to the company. OrbiMed Asia IV Mauritius FVCI Limited will own a 10.88% stake in the company and the promoter stake will be 43.8%. OrbiMed's exercise of warrant conversion will further strengthen the company's net cash position to over Rs 650 crore.  Dr Sunny Sharma, Senior Managing Director, OrbiMed Asia said "Marksans Pharma has built a strong global private label and own-brand OTC business. Mark and the management team have delivered robust growth over the past few years." Mark Saldanha, Managing Director, Marksans Pharma said "Our strotegic partnership will be bolstered through OrbiMed's deep global healthcare experience. Marksans is now well-positioned to execute the next leg of growth." ]]> https://biospectrumindia.com/news/86/22504/ta-associates-announces-strategic-growth-investment-in-delhi-based-synokem-pharma.html https://biospectrumindia.com/news/86/22504/ta-associates-announces-strategic-growth-investment-in-delhi-based-synokem-pharma.html Thu, 19 Jan 2023 00:00:00 +0530 TA Associates, a global growth private equity firm, has completed a strategic growth investment in Synokem Pharmaceuticals. The founders will continue as shareholders in the company alongside TA. Founded in 1983 by J.M. Arora, Synokem Pharmaceuticals is one of India’s leading contract development and manufacturing organisations (CDMOs), serving customers in the branded generic domestic formulations market. In addition, the company’s products are exported to more than 30 countries. Synokem is based in New Delhi, with manufacturing and R&D facilities in Haridwar. According to Dhiraj Poddar, Managing Director and Head of Indian operations for TA Associates Advisory, “The company has delivered numerous first-to-market products which is further indicative of its industry-leading position. We believe Synokem can serve as a high-quality producer of pharma products, not just for India but also for international markets."  “With industry expansion being driven by both demographic and economic factors, including higher health insurance penetration and affordability, we believe there is a strong opportunity to build on Synokem’s momentum and further expand its capabilities,” added Vishal Gupta, Director at TA.  Financial terms of the transaction were not disclosed. TA is represented by AZB & Partners. BDA Partners acted as the financial adviser to Synokem. ]]> https://biospectrumindia.com/news/86/22509/sun-pharma-buys-us-based-concert-pharmaceuticals-for-576-m.html https://biospectrumindia.com/news/86/22509/sun-pharma-buys-us-based-concert-pharmaceuticals-for-576-m.html Thu, 19 Jan 2023 00:00:00 +0530 Sun Pharmaceutical and Concert Pharmaceuticals, Inc. have executed a definitive agreement under which Sun Pharma will acquire all outstanding shares of Concert through a tender offer for an upfront payment of $8.00 per share of common stock in cash, or $576 million in equity value.   Concert is a late-stage biotechnology company pioneering the use of deuterium in medicinal chemistry. The company has an extensive patent portfolio, including its lead product candidate deuruxolitinib – an oral inhibitor of Janus kinases JAK1 and JAK2 for the treatment of Alopecia Areata, an autoimmune dermatological disease – which is in late-stage development. Concert has completed the evaluation of the efficacy and safety of deuruxolitinib in adult patients with moderate to severe Alopecia Areata in its THRIVE-AA Phase 3 clinical programme and two open label, long-term extension studies are ongoing in North America and Europe. Sun Pharma’s immediate focus would be to follow Concert’s plan to submit a New Drug Application (NDA) to the US Food and Drug Administration (FDA) in the first half of 2023. Alopecia Areata is an autoimmune disease in which the immune system attacks hair follicles, resulting in partial or complete loss of hair on the scalp and body. Alopecia Areata may affect up to 2.5% of the United States and global population during their lifetime . The scalp is the most commonly affected area, but any hair-bearing site can be affected alone or together with the scalp. Onset of the disease can occur throughout life and affects both women and men. Alopecia Areata can be associated with serious psychological consequences, including anxiety and depression. There are currently limited treatment options available for Alopecia Areata.  ]]> https://biospectrumindia.com/news/86/22493/medical-hemp-startup-wholeleaf-raises-rs-1-5-cr-seed-money.html https://biospectrumindia.com/news/86/22493/medical-hemp-startup-wholeleaf-raises-rs-1-5-cr-seed-money.html Tue, 17 Jan 2023 00:00:00 +0530 Medical hemp startup WHOLELEAF, based in Gurugram, has raised seed money of Rs 1.5 crore from ah! Ventures Angel Platform and other notable angel investors.  Founded in 2020 , Wholeleaf provides a solution to one of the largest remaining unresolved problems that exists in the world today – Relief from Chronic and Neuropathic pain without the long term adverse effects of generic chemical pain management drugs. Their medical hemp based formulations provide a one stop solution for pain management, by not only relieving pain but also relieving problems pain is often accompanied by, such as insomnia and anxiety. Globally, hemp is one of the fastest growing industries in the world with multi - billion dollar buy in’s coming from big pharma companies such as Pfizer, Dr Reddy Labs, Arena Pharmaceuticals etc. The global market size in 2021 was $30 billion, set to grow to a whopping $200 billion by 2028. India is a huge market with an addressable market size of $2 billion wherein over 70% of the entire population i.e. 700 million people are using herbal medicines as a primary source for their healthcare needs. Wholeleaf is working with some of the top medical physicians and product formulators in the country and has been awarded licenses for multiple formulations that relieve specific pain conditions such as Headaches & Migraines, Joint pain , Muscle pain, Cancer Pain, and Peripheral Neuropathy. They are also currently conducting clinical trials in partnership with one of the largest medical companies in India to establish credibility in the medical fraternity and build brand recall. While this is one of the first studies being done in India, globally there are multiple such studies published in medical journals with proven results. ]]> https://biospectrumindia.com/news/86/22485/niif-announces-rs-400-cr-commitment-to-lighthouse-india-fund-iv-aif.html https://biospectrumindia.com/news/86/22485/niif-announces-rs-400-cr-commitment-to-lighthouse-india-fund-iv-aif.html Mon, 16 Jan 2023 00:00:00 +0530 NIIF Fund of Funds has announced an anchor commitment of Rs 400 crore to Lighthouse India Fund IV AIF. With a target size of up to Rs 3,500 crore, Lighthouse Fund IV will invest in high-growth businesses in sectors such as healthcare, specialty manufacturing, digital transformation, and consumer products and services. NIIF’s participation as an anchor investor in Lighthouse Fund IV makes it the first domestic institutional investor and is expected to help the fund catalyse further capital from high-quality domestic and global institutions.  Founded in 2006, Lighthouse has raised three private equity funds and has delivered a strong track record of marquee investments and exits.  NIIF Fund of Funds invests in fund managers with a strong track record and sets a high standard of institutionalisation, including ESG practices. With this commitment, NIIF Fund of Funds is over 90% committed across seven funds, investing in nationally significant sectors such as climate, affordable housing, healthcare and pharmaceuticals, innovation, deep technology, and manufacturing.     ]]> https://biospectrumindia.com/news/86/22489/delhi-based-bioheaven360-genotec-secures-rs-1-cr-funding-to-accelerate-growth.html https://biospectrumindia.com/news/86/22489/delhi-based-bioheaven360-genotec-secures-rs-1-cr-funding-to-accelerate-growth.html Mon, 16 Jan 2023 00:00:00 +0530 Bioheaven360 Genotec, a biotechnology startup based in New Delhi, has secured Rs 1 crore in funding from Digital Futurists Angel Network  DFAN, a global community-backed angel network. Bioheaven360 will use this funding to expand its facility and infrastructure for the production of medical devices, as well as continue the development of its innovative state-of-the-art products. Bioheaven360's long-term vision is to discover new cost-effective molecules for treating dreadful diseases and using AI-based data insights to enhance medical practices, predict risks early, and help people live longer healthier lives. Bioheaven360 desires to become one of the biggest biotech companies in the world. In 2023, it plans to add more products in the microbiology and molecular biology domain and expand its reach across India and release for testing the immuno-molecules. Shailendra Vyas, PhD, Director of Bioheaven, said, "We are thrilled to receive this funding from DFAN, which will allow us to accelerate our growth and bring our innovative medical technologies to market and enable us to take significant steps towards achieving our long-term vision and short-term goals. We believe that our innovative approach to biotechnology will make a real difference in the lives of people suffering from critical diseases." The company's in-house research team is focused on identifying novel molecular markers for predictive risk assessment and pharmacogenomics-based drug targeting. It also works on CRISPR-based diagnostics, therapeutics, and vaccines for cancer, cardiovascular diseases, and infectious diseases.   ]]> https://biospectrumindia.com/news/86/22459/healthcare-ai-firm-qritive-raises-7-5-m-to-expand-into-new-markets.html https://biospectrumindia.com/news/86/22459/healthcare-ai-firm-qritive-raises-7-5-m-to-expand-into-new-markets.html Mon, 09 Jan 2023 22:10:00 +0530 Qritive, headquartered in Singapore, with US operations in San Diego and India operations in Pune, has raised $7.5 million in a funding round led by MassMutual Ventures, supported by SEEDS Capital and Exfinty Venture Partners. Qritive will use this new capital to drive geographical expansion, expand its product portfolio and support regulatory clearances.   Using artificial intelligence (AI), Qritive solutions provide fast and accurate interpretations of pathology whole slide image scans within seconds, reducing time to treatment, and increasing accuracy for cancer care.   Qritive’s solutions are CE certified and also approved by Singapore Health Sciences Authority (HSA) for clinical use. Qritive’s technology helps accelerate cancer diagnosis across multiple cancer types including colon, prostate, lymph node, and breast and includes a robust set of tools for immunohistochemistry.    The startup's Pantheon digital pathology platform is a one-of-a-kind platform that brings together tools for case management, reporting, slide viewing and analysis, telepathology, synoptic reporting, and LIS integration. Qritive aims to create an open-pathology environment and Pantheon is agnostic to microscopes and IT enabling easy integration of third party AI solutions.    ]]> https://biospectrumindia.com/news/86/22432/cipla-invests-15-m-in-ethris-for-developing-mrna-based-therapies.html https://biospectrumindia.com/news/86/22432/cipla-invests-15-m-in-ethris-for-developing-mrna-based-therapies.html Fri, 30 Dec 2022 00:00:00 +0530 Pharma major Cipla has announced that its wholly owned UK subsidiary, Cipla (EU) has signed definitive agreements for equity investment of EUR 15 million in German firm Ethris GmbH, a global leader in delivering mRNAs directly to the respiratory system including administration by inhalation. The investment will facilitate a long-term strategic partnership between Cipla and Ethris for the development of messenger RNA (mRNA)-based therapies and fast-track Cipla’s participation in the mRNA space, enabling it to provide access to cutting-edge solutions developed by Ethris for the developing countries. A collaboration agreement is signed concurrently with the definitive agreement, which paves a path to market Ethris’ innovative portfolio in Cipla’s key emerging markets.  The transaction is expected to get completed within 60 days from the date of signing of the agreement or such other time-period as may be mutually agreed between the parties in writing and shall be subject to completion of necessary regulatory formalities. Umang Vohra, Managing Director & Global Chief Executive Officer, Cipla said, “This collaboration accelerates our innovation journey and enables us to provide access to cutting-edge healthcare solutions to our patients. We expect mRNA-based therapies to be one of the key innovation levers for Cipla. This inhaled mRNA technology is a paradigm shift in the delivery mechanism and this partnership reinforces Cipla’s strength in respiratory therapy in line with our aspiration of attaining global lung leadership.”   ]]> https://biospectrumindia.com/news/86/22418/advent-international-buys-majority-stake-in-suven-pharma-for-rs-6300-cr.html https://biospectrumindia.com/news/86/22418/advent-international-buys-majority-stake-in-suven-pharma-for-rs-6300-cr.html Tue, 27 Dec 2022 00:00:00 +0530 Advent International, a global private equity investor, has entered into an agreement to acquire a significant stake in Hyderabad-based Suven Pharmaceuticals for Rs 6300 crore. As part of the transaction, Advent will be making an open offer to acquire additional 26% of the outstanding equity shares of the company from the public shareholders. After the completion of this acquisition, Advent intends to explore the merger of its portfolio company, Cohance Lifesciences with Suven, to build a leading end-to-end contract development and manufacturing organisation (CDMO) for the pharma and specialty chemical markets.  Cohance was launched by Advent in November 2022 as a new brand identity for its Active Pharmaceutical Ingredient (API) and CDMO platform, which comprises of three portfolio companies in RA Chem Pharma, ZCL Chemicals and Avra Laboratories. ]]> https://biospectrumindia.com/news/86/22389/adb-nephroplus-sign-loan-deal-of-8-39-m-for-dialysis-centres-in-uzbekistan.html https://biospectrumindia.com/news/86/22389/adb-nephroplus-sign-loan-deal-of-8-39-m-for-dialysis-centres-in-uzbekistan.html Tue, 20 Dec 2022 00:00:00 +0530 The Asian Development Bank (ADB) has signed a financing package of up to $8.39 million with Nephrocare Health Services Central Asia LLC (Hyderabad-based NephroPlus) to establish four dialysis centres as part of a public–private partnership (PPP) arrangement to enhance healthcare service delivery in Uzbekistan. The transaction represents ADB’s first financing of private healthcare in Uzbekistan and supports the country’s first international healthcare PPP.  The financing comprises a loan of up to $5.03 million from ADB’s ordinary capital resources and administration by ADB of a loan of up to $3.36 million from the Leading Asia’s Private Infrastructure Fund (LEAP). The funds will primarily be used by NephroPlus to design, build, operate and maintain the dialysis centres in Tashkent city, the Republic of Karakalpakstan, and the Khorezm region as part of a PPP arrangement with the Ministry of Health of the Republic of Uzbekistan. The dialysis centre in Tashkent will have 160 dialysis machines, making it one of the world’s largest dialysis centres.   ADB will also support NephroPlus to develop and implement a gender action plan to increase women’s participation in technical and skilled work in the dialysis treatment centres through specific training, and to enhance gender equality measures in its workplaces. NephroPlus also aims to ensure women make up half of the personnel trained to use dialysis machines and to conduct dialysis treatment.     ]]> https://biospectrumindia.com/news/86/22359/jb-pharma-buys-rosuvastatin-franchise-for-rs-314-cr.html https://biospectrumindia.com/news/86/22359/jb-pharma-buys-rosuvastatin-franchise-for-rs-314-cr.html Wed, 14 Dec 2022 00:00:00 +0530 Mumbai-based JB Pharma has entered into an agreement with Glenmark Pharmaceuticals to acquire the entire Razel (Rosuvastatin) franchise for the India and Nepal region for Rs 314 crore. With this acquisition, JB Pharma will complete its cardiac portfolio making it a leader in this segment, as Razel ranks among the top 10 brands in the Rosuvastatin molecule category in the country. These brands are focused on the cardiac segment in India and Nepal with a total covered market size of Rs 2,444 crore as per IQVIA MAT Oct '22 numbers. Commenting on the acquisition, Nikhil Chopra, CEO & Whole Time Director, JB Pharma said, “With this addition, we now have established a strong position in statins besides being among the leaders in Hypertension and Heart failure – all the fastest growing therapeutic indications in cardiology.” He further added, “We see good growth potential from the acquired brands. This acquisition will help us leverage our existing Go-To-Market model focused for this segment and further strengthen our chronic portfolio.”  ]]> https://biospectrumindia.com/news/86/22314/gland-pharma-buys-cenexi-group-for-120-m.html https://biospectrumindia.com/news/86/22314/gland-pharma-buys-cenexi-group-for-120-m.html Tue, 29 Nov 2022 00:00:00 +0530 Hyderabad-based Gland Pharma, through its wholly owned subsidiary Gland Pharma International, Singapore has entered into a Put Option Agreement to acquire 100% of Cenexi Group for an Equity Value not exceeding Euro 120 million (Enterprise Value of Euro 230 Million). Founded in 2004, Cenexi, along with its subsidiaries, is engaged primarily in the business of Contract Development & Manufacturing Organisation (CDMO) of pharmaceutical products with expertise in sterile liquid and lyophilised fill-finished drug, including capabilities on oncology and complex products. It has presence across four manufacturing sites in Europe which include three sites in France and one site in Belgium. It has experience in processing specific substances like hormones, suspensions and controlled substances. It has an employee strength of 1,372 including 1,252 employees across 4 manufacturing sites and 120 employees for services. Its revenue for CY21 stood at Euro 184.1 million. Gland Pharma has a strategic focus on expanding its CDMO offerings in the European market and build a manufacturing presence in the market. The acquisition provides Gland Pharma access to leading know-how and development capabilities in sterile forms including for ophthalmic gel, needleless injectors and hormones. ]]> https://biospectrumindia.com/news/86/22303/mankind-pharma-acquires-majority-stake-in-upakarma-ayurveda.html https://biospectrumindia.com/news/86/22303/mankind-pharma-acquires-majority-stake-in-upakarma-ayurveda.html Mon, 28 Nov 2022 00:00:00 +0530 Mankind Pharma has announced that one of its subsidiaries has acquired a majority stake in New Delhi-based startup Upakarma Ayurveda, a brand that is engaged in developing, manufacturing and selling ayurvedic and herbal products. Upakarma Ayurveda offers products ranging from improving health and wellness to boosting immunity. It is driven by the vision to achieve the overall well-being of the human body with a focus on body, mind, and lifestyle.   The company has repositioned Shilajit as a health & wellness product and sought to reimagine the stereotypical way Shilajit was perceived in the market as an aphrodisiac (sexual wellness product) for men.  Mankind Pharma’s decision to invest in Upakarma Ayurveda will empower the latter to strive to develop a wider range of products and offerings and penetrate the market leveraging the strong distribution network of Mankind Pharma. On the occasion, Rajeev Juneja, the Vice Chairman and Managing Director of Mankind Pharma said, “The current lifestyle has become strenuous where people find it difficult to focus on their health. To fulfil their requirements, consumers are considering Ayurvedic remedies for long-term sustenance and boosting immunity over time. As Mankind Pharma works towards improving the healthcare of people, we have associated with Upakarma Ayurveda in order to cater to the emerging needs of consumers.”.     ]]> https://biospectrumindia.com/news/86/22226/act-invests-rs-3-2-cr-towards-catalysing-accessible-affordable-cancer-care-in-india.html https://biospectrumindia.com/news/86/22226/act-invests-rs-3-2-cr-towards-catalysing-accessible-affordable-cancer-care-in-india.html Wed, 09 Nov 2022 00:00:00 +0530 ACT, a non-profit venture philanthropy platform, has recently brought Periwinkle Technologies, Niramai Health Analytix and Navya Care on board to improve access to affordable, quality cancer care in India. ACT For Health will provide catalytic grant funding, accelerate scale of the solutions by providing key network interventions, and enable widespread ecosystem adoption.  Early breast cancer detection is the key to improving patient survival but 60% of breast cancer patients in India are diagnosed only at an advanced stage (stages III and IV). Niramai’s low cost, non-invasive, portable & radiation-free artificial intelligent (AI) based engine detects thermal signatures for abnormalities & aims to accelerate early stage cancer detection and treatment. Cervical cancer is the second most common cancer among women in India; accounting for 18.3% of new cases. While the pap smear test is effective, it is both time and cost intensive; especially for women in rural India. Periwinkle’s Smart Scope CX is a handheld device that enables health workers to detect cervical cancer at an early stage, thus reducing the high mortality caused by late diagnosis. Delivering cancer care that complies with standard clinical guidelines is often impacted due to the shortage of oncologists in the country. Navya Care’s AI based Earthshot Engine is a simple digital user interface through which non-clinical staff can enter patient data. It then maps that data to NCG (National Cancer Grid) and NCCN (National Comprehensive Cancer Network) guidelines to determine compliant treatment protocols.      ]]> https://biospectrumindia.com/news/86/22217/symbio-generrics-completes-capital-raise-from-ascent-capital.html https://biospectrumindia.com/news/86/22217/symbio-generrics-completes-capital-raise-from-ascent-capital.html Tue, 08 Nov 2022 00:00:00 +0530 Symbio Generrics India, a specialised Active Pharmaceutical Ingredients (API) & Intermediates manufacturing and marketing organisation, recently completed an equity capital raise from Ascent Capital, a leading growth-capital focused private equity fund. Through a well-developed customer ecosystem, the highly experienced & skilled team at Symbio has established a global footprint for its APIs. Ascent Capital’s sizeable investment in Symbio will further accelerate the company’s expansion plans and sets the company enroute to emerge as a top-10 manufacturer of APIs in India. The funds raised from Ascent will be utilised towards undertaking strategic acquisitions, establishing a best-in-class R&D facility and ramping up manufacturing capacity. The company’s R&D centre is housed in Bengaluru while the manufacturing plant is located at Dobbaspet, Bengaluru. The company is in the process of acquiring another manufacturing facility in India. The team is focused on building a high-potential generics API portfolio for the global markets and to this effect, will work towards getting US FDA and other regulatory authority approvals for their recently acquired facilities.   ]]> https://biospectrumindia.com/news/86/22196/kriya-medical-receives-rs-4-cr-to-develop-saliva-collection-kit-for-infectious-diseases-screening.html https://biospectrumindia.com/news/86/22196/kriya-medical-receives-rs-4-cr-to-develop-saliva-collection-kit-for-infectious-diseases-screening.html Tue, 01 Nov 2022 00:00:00 +0530 To further strengthen India’s healthcare sector, Technology Development Board (TDB), Department of Science & Technology, is supporting Chennai-based Kriya Medical Technologies for the development and commercialisation of saliva direct sample collection kit. TDB has penned the agreement to provide Rs 4 crore loan assistance out of the total project cost of Rs 9 crore. The company intends to manufacture and commercialise a saliva collection kit with a molecular transport media (MTM) that will advance molecular diagnosis of infectious diseases and cancer screening. The MTM enables the laboratory to skip RNA isolation protocol and facilitates DNA isolation. The current conventional collection method for viral pathogens, viral transport media (VTM), keeps the virus alive during lab manipulation. The company’s novel media inactivates the virus at the time of collection, thus avoiding the accidental spread of infections which is inherent with conventional VTM. Furthermore, this new technique aims to improve both testing reach and patient comfort during the sample collection process. MTM does not require preserving the sample at stringent temperature conditions during transportation. Kriya’s collection kit relies on self-collection, which allows for significantly improved transport of samples from remote / rural areas and is less invasive compared to nasopharyngeal swabs.   ]]> https://biospectrumindia.com/news/86/22158/citiustech-announces-investment-and-strategic-partnership-from-bain-capital-private-equity.html https://biospectrumindia.com/news/86/22158/citiustech-announces-investment-and-strategic-partnership-from-bain-capital-private-equity.html Sun, 23 Oct 2022 00:00:00 +0530 CitiusTech, a leading provider of technology and consulting services to healthcare and life sciences companies, has welcomed Bain Capital Private Equity as an investor, joining existing shareholder Baring Private Capital Private Equity (BPEA) EQT who acquired a majority stake in CitiusTech in 2019.   As the healthcare industry continues to embrace digital and artificial intelligent (AI)-driven solutions, CitiusTech has made strong investments in proprietary platforms, accelerators, and scalable, repeatable solutions to address industry needs such as value-based performance, technology modernisation, patient engagement, medical imaging, digital front door, and digital health transformation. Recent acquisitions of FluidEdge and SDLC Partners has enabled CitiusTech to offer deep healthcare domain consulting and end-to-end digital transformation solutions across its key markets - medtech, payers, providers, and life sciences.     ]]> https://biospectrumindia.com/news/86/22147/lupin-buys-two-inhalation-brands-from-sunovion-pharma-for-75-m.html https://biospectrumindia.com/news/86/22147/lupin-buys-two-inhalation-brands-from-sunovion-pharma-for-75-m.html Thu, 20 Oct 2022 00:00:00 +0530 Mumbai-based pharma major Lupin has announced the signing of an agreement to acquire all rights to two inhalation medicines, Brovana (arformoterol tartrate) Inhalation Solution and Xopenex HFA (levalbuterol tartrate) Inhalation Aerosol, from Sunovion Pharmaceuticals Inc. (Sunovion) for a purchase price of $75 million. Lupin expects the transaction to be accretive to earnings in the first year. The acquisition of these two brands expands Lupin's portfolio of inhalation products in the US and strengthens the company’s presence in the respiratory therapy area while continuing to provide patients access to these important medicines. Brovana is indicated for long-term maintenance treatment of bronchoconstriction in patients with chronic obstructive pulmonary disease, including chronic bronchitis and emphysema. Xopenex HFA is a short-acting beta2-adrenergic agonist (SABA) indicated for the treatment or prevention of bronchospasm in adults, adolescents, and children 4 years of age or older with reversible obstructive airway disease. Vinita Gupta, CEO, Lupin said “We remain focused on strengthening our respiratory franchise in the US. We have established a strong position in the respiratory segment with our Albuterol MDI and Brovana authorized generic launch. The addition of these two brands enhances our position in the segment.” ]]> https://biospectrumindia.com/news/86/22152/eye-q-vision-to-secure-9-9m-in-debt-financing-driving-access-to-quality-eye-care.html https://biospectrumindia.com/news/86/22152/eye-q-vision-to-secure-9-9m-in-debt-financing-driving-access-to-quality-eye-care.html Thu, 20 Oct 2022 00:00:00 +0530 Gurugram-based Eye-Q Vision will raise a debt funding of $9.9 million (Rs 81.5 crore) from the US government’s development finance institution, US International Development Finance Corporation (DFC). Eye-Q has created a unique position in India with its quality and safety focus and lean operational model. The company ensures readily available, affordable and high quality, end to end ophthalmology services to populations in the Tier2 to Tier 4 towns. With many of its facilities accredited/certified from world class certification bodies like the NABH, super specialty services like retina, glaucoma and various government empanelments for easy, cash less access to services by underserved populations, the company has created a differentiated space for itself. The company also provides its affordable and quality ophthalmology services in underserved countries like Nigeria. With this financing from DFC, the company will expand these quality services within & beyond the Indian subcontinent by developing more centers – beyond its current 39 centers - to sustain growth momentum and create access in underserved areas across Tier 2 to Tier 4 towns in India. The Indian eyecare market is estimated to be about $ 18 billion in size. With a 5% prevalence of visual impairment in the population (almost 1% prevalence of blindness), the compelling need for quality affordable eyecare services is undisputed. ]]> https://biospectrumindia.com/news/86/22145/rx-propellant-plans-rs-3000-cr-investment-to-build-life-sciences-lab-spaces-over-next-5-years.html https://biospectrumindia.com/news/86/22145/rx-propellant-plans-rs-3000-cr-investment-to-build-life-sciences-lab-spaces-over-next-5-years.html Wed, 19 Oct 2022 08:40:00 +0530 Rx Propellant, an Actis portfolio company and India’s leading life sciences infrastructure and cluster developers, has announced the launch of 9 lac sq ft of lab spaces in Genome Valley, Hyderabad. The foundation stones for two new projects, B-hub and GV1, were laid by KT Rama Rao, Minister for Municipal Administration & Urban Development, Industries & Commerce, and Information Technology, Government of Telangana. With major footprint in Genome Valley, Rx Propellant has already developed 5 lac sq ft of lab space, most of which are operational with marquee names in life sciences. In total, the current planned development of Rx Propellent at Genome Valley constitutes 7 independent projects namely, Innopolis, Genopolis, Touchstone, ARX, Nextopolis,GV1 and B-hub, spread across 17 lac sq ft. Commenting on the inauguration, Rama Rao said, “Telangana is home to over 800 Life Sciences companies and our scale makes us major contributors to Global healthcare. Investments such as these will enable faster scale-up of companies to continue charting the growth path, also significantly promoting economic growth in the state.” One of the key projects, B-hub, is a Biopharma accelerator being built in collaboration with Govt. of Telangana to boost the research ecosystem in Genome Valley. Spread across 2 acres, the 1.6 lac sq ft, B-Hub features a fully functional biopharma scale-up manufacturing facility along with a GLP grade turnkey incubator of 40,000 sq ft.  The company has invested Rs 900 crore in development of current life sciences infrastructure and is committed to invest an additional Rs 2000 cr to build a cumulative portfolio over 100 lac sq ft of lab space over the next 5 years across Hyderabad and other major life sciences hubs of India.     ]]> https://biospectrumindia.com/news/86/22144/indegene-acquires-healthcare-marketing-agency-culthealth-for-life-sciences-brands.html https://biospectrumindia.com/news/86/22144/indegene-acquires-healthcare-marketing-agency-culthealth-for-life-sciences-brands.html Wed, 19 Oct 2022 00:00:00 +0530 Bengaluru-based Indegene, a digital-first, life sciences commercialization company, has announced the acquisition of US-based CultHealth, a full-service, healthcare marketing agency for many life sciences brands. The acquisition by ILSL Inc., a subsidiary of Indegene Private Limited, augments Indegene’s commercialization portfolio spanning drug discovery and development to marketing and sales, adding brand strategy and market development capabilities along with patient engagement platforms. The global spend on medicine is projected to reach $2.1 trillion by 2025. Life sciences companies in the top 10 countries are expected to launch 290-315 products from 2022 through 2026, accounting for $196 billion in forecasted sales. However, only 1 in 5 products launched in the US reached a revenue of $1 billion from 2004 to 2016 and 50% of all products launched over the past 15 years failed to reach peak US sales of $250 million. In an increasingly complex business and regulatory environment, life sciences companies seek deep brand and marketing strategy expertise as they explore modern, data-driven ways of ensuring launch success and building a personalized brand experience with omnichannel engagement journeys for patients and physicians.     ]]> https://biospectrumindia.com/news/86/22079/indian-immunologicals-invests-rs-700-cr-in-new-animal-vaccine-facility-in-hyderabad.html https://biospectrumindia.com/news/86/22079/indian-immunologicals-invests-rs-700-cr-in-new-animal-vaccine-facility-in-hyderabad.html Mon, 10 Oct 2022 08:40:00 +0530 Indian Immunologicals Limited (IIL) has announced that the company will invest about Rs 700 crore to set up a new animal vaccine manufacturing facility in Genome Valley, Hyderabad - the “Vaccine Hub of the World”, to meet the vaccine security of the nation against economically important diseases such as Foot and Mouth disease (FMD) and other emerging diseases. The facility will create total employment for around 750 people. The facility is intended to be a state-of-art fully integrated biosafety level 3 (BSL-3) for Drug substance (DS) production and respective fill-finish. IIL’s intended new facility, in Genome Valley Phase 3, will add another 300 million doses/annum of FMD vaccine to its capacity. The existing facility in Gachibowli already has a capacity of 300 million doses. Production is scheduled to commence in the 3rd year.  Dr K. Anand Kumar, Managing Director, IIL mentioned, “IIL is on an aggressive growth path and this third vaccine facility in Hyderabad will ensure self-sufficiency for our nation in the field of vaccines and thereby saving the exchequer and farmers several thousands of crores”.     ]]> https://biospectrumindia.com/news/86/22065/apollo-hospitals-acquires-60-stake-in-ayurvaid-for-rs-26-cr.html https://biospectrumindia.com/news/86/22065/apollo-hospitals-acquires-60-stake-in-ayurvaid-for-rs-26-cr.html Thu, 06 Oct 2022 11:45:00 +0530 Apollo Hospitals Enterprise has announced the execution of definitive agreements to acquire a 60 per cent stake in the leading classical Ayurveda hospital chain, AyurVAID, in a combination of primary and secondary capital infusion.    The transaction consideration (including primary and secondary investment) is ~ Rs 26 crore. The primary investment will be used to upgrade existing centres, set up new centres, strengthen enterprise platforms, and for digital health initiatives. Beginning with a revenue estimate of over Rs 15 crore for FY 23, the target is to achieve Rs 100 crore in the next three years.   The collaboration will ensure that tailored treatment pathways and options are available for patients, who will be treated by a multi-disciplinary clinical team, spanning allopathy and Ayurveda. The teams will carry forward the shared belief of evidence-based practice.    Apollo Hospitals’ acquisition of stake in AyurVAID is aimed at delivering a unique Co-Managed Care Model, offering appropriate integration between modern medicine and Ayurveda. The partnership will also strive to build path-breaking research in integrative medicine through clear, differentiated research methodology to establish credible evidence for Ayurveda’s safety and efficacy.  ]]> https://biospectrumindia.com/news/86/22017/torrent-pharma-buys-curatio-healthcare-for-rs-2000-cr.html https://biospectrumindia.com/news/86/22017/torrent-pharma-buys-curatio-healthcare-for-rs-2000-cr.html Tue, 27 Sep 2022 09:00:00 +0530 Ahmedabad-based Torrent Pharmaceuticals has entered into definitive agreements to acquire 100% of Chennai-based Curatio Healthcare (I) Private Limited for Rs 2,000 crore. The consideration includes Rs 115 crore (on the date of signing) of cash and cash equivalents in the acquired business indicating an Enterprise Value of Rs 1,885 crore. Curatio has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, marketed in India. Curatio’s portfolio consists of leading brands such as Tedibar, Atogla, Spoo, B4 Nappi, and Permite, which are ranked amongst top 5 brands in their covered market. Top ten brands of Curatio account for ~75% of total revenue. With this acquisition, Torrent Pharma will add a Field Force of 600 MRs and a distribution network of 900 stockists. Curatio’s reported revenue for FY21-22 was Rs 224 crore. Dermatology accounts for 82% of Curatio’s revenue. Within dermatology, cosmetic dermatology is a leading contributor. With this deal, Torrent Pharma will enter the league of top 10 players in the dermatology segment and will be the leader in the cosmetic dermatology space.    ]]> https://biospectrumindia.com/news/86/22010/temasek-invests-85-m-in-molbio-diagnostics-to-accelerate-work-on-newer-technologies.html https://biospectrumindia.com/news/86/22010/temasek-invests-85-m-in-molbio-diagnostics-to-accelerate-work-on-newer-technologies.html Mon, 26 Sep 2022 11:00:00 +0530 Goa-based Molbio Diagnostics, which provides innovative solutions for universal access to high-quality healthcare, has announced that Singapore-based Temasek has invested $85 million in the company.  Molbio is known for its game-changing Truenat technology – a point-of-care, portable, battery-operated Real-Time PCR platform. Hailed globally as a high-impact breakthrough innovation, Truenat is the world’s first point-of-care molecular diagnostic platform to get endorsed by the World Health Organization (WHO) as a replacement to smear microscopy for the diagnosis of Tuberculosis.  The technology can be deployed at all levels of the healthcare chain, including very remote and inaccessible areas, to provide early, rapid, and accurate diagnosis of infectious diseases, aiding in timely and appropriate treatment. The platform can test for over 40 diseases in addition to TB, including COVID-19, Hepatitis, HIV, HPV, and vector-borne diseases like Dengue, Chikungunya and Malaria. Onboarding Temasek, alongside existing investors such as Motilal Oswal Alternates, will further strengthen and accelerate the company’s ability to develop and commercialize a host of near-care technologies based on clinical need gaps. Furthermore, this will also help the company in fast-tracking its efforts to take the Truenat platform to global markets.  Sriram Natarajan, Director and CEO, Molbio Diagnostics, said, “The demand for high-quality, point-of-care molecular diagnostic systems is higher than ever today. The strategic partnership with Temasek will strengthen our ability to provide sustainable choices to address global healthcare challenges.”   ]]> https://biospectrumindia.com/news/86/21950/everstone-buys-controlling-stake-in-chennai-based-softgel-healthcare.html https://biospectrumindia.com/news/86/21950/everstone-buys-controlling-stake-in-chennai-based-softgel-healthcare.html Wed, 14 Sep 2022 10:30:00 +0530 Singapore-headquartered Everstone Capital, the private equity arm of the Everstone Group, has announced the acquisition of a controlling stake in Softgel Healthcare (SHPL), a specialised niche dosage form-focused manufacturing player catering to the global nutraceutical, pharmaceutical and OTC segments.   The partnership aims to transform SHPL into a scaled, diversified, and globally recognised contract research, development, and manufacturing organisation in India with the support of the strategic resources of Everstone.   Headquartered in Chennai, SHPL is part of the Madras Pharma Group, a leading pharmaceutical contract manufacturing organization in southern India, with eight manufacturing facilities covering all dosage forms. SHPL specialises in the research, development and manufacturing of soft gelatin capsules and probiotics. Its customers span across the Americas, Africa, Asia and India with over 80 per cent of its sales being in exports. It has a state-of-the-art manufacturing facility in Chennai, conforming to globally recognized certifications and registrations such as USFDA, TGA, EU-GMP, Health Canada, among others.   ]]> https://biospectrumindia.com/news/86/21911/blue-jet-healthcare-files-for-ipo.html https://biospectrumindia.com/news/86/21911/blue-jet-healthcare-files-for-ipo.html Mon, 05 Sep 2022 14:50:00 +0530 Blue Jet Healthcare, a speciality pharmaceutical and healthcare ingredient and intermediate company, offering niche products targeted towards innovator pharmaceutical companies and multi-national generic pharmaceutical companies, has filed its Draft Red Herring Prospectus (DRHP) with the markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).    The public issue with a face value of Rs 2 per equity share is a complete offer-for-sale (OFS) of up to 21,683,178 equity shares by Promoter and selling shareholders, which comprises up to 18,366,311 by Akshay Bansarilal Arora, up to 3,316,867 by Shiven Akshay Arora ('Selling Shareholders').    As of March 31, 2022, it operates three manufacturing facilities, in Shahad, Ambernath, and Mahad in the state of Maharashtra, with an annual installed capacity of 200.60 KL, 607.30 KL, and 213.00 KL, respectively. In efforts of its capacity expansion in FY 21, it acquired a "greenfield" industrial facility on a leasehold basis in Ambernath. By 2025 its total annual production is expected to reach 1,513.6 KL.    Kotak Mahindra Capital Company, ICICI Securities, and JP Morgan India are the books running lead managers and Link Intime India is the registrar to the offer. The equity shares are proposed to be listed on the BSE and the NSE.   ]]> https://biospectrumindia.com/news/86/21888/novo-holdings-leads-50-m-investment-in-medgenome.html https://biospectrumindia.com/news/86/21888/novo-holdings-leads-50-m-investment-in-medgenome.html Tue, 30 Aug 2022 15:40:00 +0530 MedGenome announced a $50 million investment led by Novo Holdings, an international leader in life science investing.   Novo's investment will strengthen MedGenome's scale beyond India and South Asia into Africa and the Middle East and democratise access to genetic testing and personal healthcare across emerging markets. MedGenome is a co-founding member of the GenomeAsia 100K Project and has built the largest database of South Asian genetic variants―its continued expansion will contribute to the most comprehensive genomic dataset in the world.   The latest round of funding will be used to broaden MedGenome's product offering and improve the reach of its key diagnostic services, including reproductive and oncology services, as well as enhancement of MedGenome's bioinformatics and SaaS offerings.      The investment will give Novo Holdings a significant minority stake in MedGenome.  ]]> https://biospectrumindia.com/news/86/21886/axtria-opens-offices-in-noida-pune-and-hyderabad.html https://biospectrumindia.com/news/86/21886/axtria-opens-offices-in-noida-pune-and-hyderabad.html Tue, 30 Aug 2022 13:05:00 +0530 Axtria, a life sciences-focused global cloud software, and data analytics company, announced the opening of three new offices in India as part of its business expansion plans. The new offices in Noida, Pune, and Hyderabad will play a critical role in strengthening Axtria’s workforce, tapping into India’s unique demographic advantages. Axtria recently opened a new office in Bengaluru. With the expansion, Axtria will be able to create extensive job opportunities in the Science, Tech, Engineering, and Mathematics (STEM) fields, pan-India.The company will significantly expand its headcount in the next 8-10 months, with over 1,000 data scientists, software developers, and data engineers across its office locations. Axtria currently has nine offices in India, including Gurgaon, Noida, Hyderabad, Bengaluru and Pune. Axtria will continue to expand its operations in India to take advantage of India’s vast talent pool. ]]> https://biospectrumindia.com/news/86/21866/kedaara-capital-invests-50-m-in-oasis-fertility.html https://biospectrumindia.com/news/86/21866/kedaara-capital-invests-50-m-in-oasis-fertility.html Fri, 26 Aug 2022 12:05:00 +0530 Oasis Fertility announced an investment from Kedaara Capital for a significant minority stake in the company. This is Kedaara’s second investment in the single speciality healthcare segment. With this $50 million transaction and a commitment to deploy further capital for strategic acquisitions, Kedaara aims to support and fuel Oasis’ growth towards realising its vision of becoming the most respected and leading fertility chain in India and adjacent markets.    The investment aims to strengthen Oasis’ organic expansion and accelerate inorganic partnerships across India and adjacent markets to further its mission of being a research-driven, clinical excellence-oriented fertility platform.   The transaction will also provide an exit to InvAscent, who invested in the company in 2016. O3 Capital acted as the exclusive financial advisor for the transaction and Samvad Partners was the legal counsel to Oasis Fertility. Quillon Partners acted as legal counsel to InvAscent and Veritas Legal acted as legal counsel to Kedaara Capital. ]]> https://biospectrumindia.com/news/86/21768/pharma-majors-lead-rs-51-cr-investment-round-for-eyestem.html https://biospectrumindia.com/news/86/21768/pharma-majors-lead-rs-51-cr-investment-round-for-eyestem.html Mon, 08 Aug 2022 10:30:00 +0530 Eyestem, a Bengaluru-based cell therapy startup, has raised Rs 51 crore in a Series A round led by three pharma majors - Biological E. Limited, Alkem, NATCO and Anurag and Karan Bagaria, promoters of Kemwell Biopharma. Existing investors Endiya Partners and Kotak Private Equity also participated in this round, valuing Eyestem at Rs 371 crore post money. Post this funding, the startup will remain focused on solidifying its cell therapy platform and moving its flagship product for dry age-related macular degeneration (AMD) through early clinical trials of an international standard. Eyecyte-RPE, the company’s patented flagship product, is an experimental treatment for dry AMD and the company has other products in the pipeline for the treatment of incurable diseases affecting humanity. EyeCyte-RPE replaces damaged retinal pigment epithelium cells and is designed to restore sight for patients in early stages of Macular Degeneration or arrest loss of vision for those in later stages. The product is allogenic, administered by a surgical procedure and is patented in India and abroad. The company intends to file for a first in human trial for the product within a year in consultation with Central Drugs Standard Control Organisation (CDSCO) and US Food and Drug Administration (FDA). ]]> https://biospectrumindia.com/news/86/21708/general-atlantic-kedaara-capital-invests-rs-1500-cr-in-asg-eye-hospitals.html https://biospectrumindia.com/news/86/21708/general-atlantic-kedaara-capital-invests-rs-1500-cr-in-asg-eye-hospitals.html Wed, 27 Jul 2022 12:55:00 +0530 Jaipur-based ASG Eye Hospitals has announced a Rs 1,500 crore investment led by General Atlantic and Kedaara Capital.   General Atlantic and Kedaara Capital will join existing operations-focussed healthcare investor Foundation Holdings in supporting and fuelling ASG Eye Hospitals’ growth towards their mission to become one of Asia’s leading eye hospital chains. The transaction is also expected to pave the way for an exit for Investcorp, which invested in the company in 2017.    The investment aims to fuel expansion plans to solidify ASG’s position as a leading healthcare delivery platform with pan-India reach. ]]> https://biospectrumindia.com/news/86/21649/poonawalla-fincorp-ties-up-with-all-india-organization-of-chemist-druggist.html https://biospectrumindia.com/news/86/21649/poonawalla-fincorp-ties-up-with-all-india-organization-of-chemist-druggist.html Mon, 18 Jul 2022 11:25:00 +0530 Poonawalla Fincorp (Formerly known as Magma Fincorp) a non- deposit-taking systemically important non-banking finance company (ND-SI-NBFC), has partnered with All-India Organization of Chemists & Druggists (AIOCD), to offer loans at special rate of interest to its members across India. Through this tie-up, Poonawalla Fincorp (PFL) will extend business loans, loan against property, pre-owned cars, and home loans to AIOCD members to help address the various financing needs of chemist and distribution fraternity.    JS Shinde, President, AIOCD said, “We are confident this alliance will enable our members to not only enjoy the benefits of special rates on the loan products but will additionally give them an end-to-end digital experience of the entire loan life cycle provided by Poonawalla Fincorp."    Rajiv Singhal, General Secretory- AIOCD said, “It’s a joint venture that bolsters a core business strategy, creates a competitive advantage, and abates competitors from moving in on a marketplace. It allows individual entities to achieve more together than they would have on their own.”     ]]> https://biospectrumindia.com/news/86/21504/cipla-buys-additional-stake-of-rs-25-90-cr-in-goapptiv-.html https://biospectrumindia.com/news/86/21504/cipla-buys-additional-stake-of-rs-25-90-cr-in-goapptiv-.html Tue, 28 Jun 2022 08:35:00 +0530 Pharmaceutical firm Cipla has agreed to acquire an additional stake of Rs 25.9 crore in digital tech company GoApptiv and post completion of the deal, Cipla’s total stake in GoApptiv will increase to 22.02 per cent on a fully diluted basis. The investment will be made in equity shares and compulsorily convertible preference shares and is likely to be completed within 30 days or such other date mutually agreed between the parties and shall be subject to fulfilment of necessary closing conditions.Commenting on the development, Umang Vohra, MD and Global CEO, Cipla said, “This investment will further strengthen our partnership with GoApptiv enabling wider patient reach with affordable and quality drugs and end-to-end brand marketing and channel engagement across tier 2-6 towns in India." ]]> https://biospectrumindia.com/news/86/21450/cipla-buys-21-stake-in-achira-labs-for-rs-25-cr.html https://biospectrumindia.com/news/86/21450/cipla-buys-21-stake-in-achira-labs-for-rs-25-cr.html Sat, 18 Jun 2022 11:35:00 +0530 Mumbai-based Cipla has signed definitive agreements for the acquisition of 21.05 per cent stake (on a fully diluted basis) for Rs 25 crores (approx.) in Achira Labs engaged in the development and commercialisation of point of care (PoC) medical test kits in India.The investment will facilitate a Cipla entity’s strategic participation in the PoC diagnostics and AMR space through the design, development, and manufacturing of microfluidics-based technologies. A PoC that enables rapid identification of the bug causing an infection would be extremely helpful in choosing the appropriate antibiotic early in the treatment process. Achira is developing POC immunoassays and molecular assays across the clinical areas of infectious diseases, anti-microbial resistance (AMR) and hormone analysis among others.The transaction is expected to be complete within 60 days from the signing of definitive agreements or such other date mutually agreed between the parties and will be subject to conditions precedent set out in the definitive agreements. ]]> https://biospectrumindia.com/news/86/21434/vieroots-to-invest-rs-100-cr-for-nationwide-expansion.html https://biospectrumindia.com/news/86/21434/vieroots-to-invest-rs-100-cr-for-nationwide-expansion.html Wed, 15 Jun 2022 00:00:00 +0530 Bengaluru-based startup Vieroots Wellness Solutions is set to invest Rs 100 crores to open 50 Vieroots Experiential Centres across metro and Tier – I cities in India by 2025.   As a part of the expansion plan, the firm backed by Bollywood actor Suniel Shetty will open six first-of-its-kind interactive and immersive tech-driven Experiential Centres in Delhi, Mumbai, Chennai, Bengaluru, Hyderabad and Kochi by 2023.   Vieroots also has plans to open another Experiential Centre in Dubai. In India, the company will take franchise routes to expand its network of Experiential Centres.   Vieroots has plans to raise $10 million in a Series A funding round for expanding its core businesses. Actor Suniel Shetty, an ardent believer of preventive wellness, had invested in Vieroots.   To drive expansion, Vieroots has set up Viegyan Academy in collaboration with the Indian Association of Functional Medicine to introduce a certification programme in lifestyle coaching.  ]]> https://biospectrumindia.com/news/86/21292/mayo-clinic-buys-stake-in-karkinos-healthcare.html https://biospectrumindia.com/news/86/21292/mayo-clinic-buys-stake-in-karkinos-healthcare.html Mon, 23 May 2022 10:30:00 +0530 Mumbai-based Karkinos Healthcare, a technology-driven, oncology focussed managed healthcare platform, has announced that Mayo Clinic has invested a minority stake in the company, subject to certain conditions precedent. Mayo Clinic will also nominate a member on the Board of Directors of Karkinos as part of this agreement.    Karkinos Healthcare, which is pioneering the Distributed Cancer Care Network model in India has Ratan Tata, Venu Srinivasan, Kris Gopalakrishnan, Ronnie Screwvala, Vijay Shekar Sharma, and Bhavish Agarwal amongst its set of investors. The Tata Group is investing Rs 110 crore in Karkinos while Rakuten Medical, the global clinical-stage biotechnology company, and Reliance Digital Health, a subsidiary of Reliance Industries, hold minority stakes. Venture capital fund Endiya Partners also has a stake in the company.    Karkinos is pioneering the distributed cancer care network model in India addressing the clinical needs of cancer patients. Karkinos already offers its services in Kothamangalam, Chottanikkara, Thodupuzha and Munnar locations across Ernakulum and Idukki Districts, in Kerala and is planning to ramp up its operations across India. The company is also setting up a Cancer Centre in Jawaharlal Nehru Institute of Medical Sciences (JNIMS) premises at Imphal, in partnership with the Government of Manipur. ]]> https://biospectrumindia.com/news/86/21276/murgency-acquires-majority-stake-in-ziqitza-health-care.html https://biospectrumindia.com/news/86/21276/murgency-acquires-majority-stake-in-ziqitza-health-care.html Thu, 19 May 2022 17:15:00 +0530 MUrgency Group, a holding company for multiple businesses based out of India, the UAE and the US, has entered into definitive share purchase agreements with a set of investors in Mumbai-based Ziqitza Health Care, the leading private sector company in emergency medical response and transportation (Life Support Ambulance Service) sector in India, with a clear path to shareholder majority.   Post the conclusion of the transaction, documentation and necessary approvals, MUrgency Group will be taking both board and management control of Ziqitza Health Care. Shaffi Mather will be taking over as the non-executive chairman and Sweta Mangal as the group chief executive officer of the combined MUrgency - Ziqitza Group.    MUrgency Group will through Ziqitza Health Care have a pan Indian presence in the emergency medical response and transportation (Life Support Ambulance Service) sector with operations in 28 states in India with 3600+ ambulances and 12000+ employees with a medical transport operation of 15000+ patients every day.    Acumen Fund is the major seller in this round. Acumen had invested in Ziqitza Health Care both in Series A and Series B rounds of the company.    ]]> https://biospectrumindia.com/news/86/21252/eight-roads-ventures-announces-dedicated-250-m-healthcare-fund-for-india.html https://biospectrumindia.com/news/86/21252/eight-roads-ventures-announces-dedicated-250-m-healthcare-fund-for-india.html Tue, 17 May 2022 10:30:00 +0530 Eight Roads Ventures has announced the first dedicated $250 million healthcare and life sciences fund for India. The new fund is amongst the largest for the sector in India, reinforcing the company's commitment to the country by bringing the total amount managed by Eight Roads in India to $1.6 billion.   The new fund will continue to focus on early to growth-stage investments in life sciences, healthcare services, consumer health and digital health. With this new fund, the team will make minority investments in a further 15 to 20 ambitious companies looking at both smaller investments as well as investments up to $40 million.   Daniel Auerbach, Senior Managing Partner and Head of Global Ventures at Eight Roads Ventures said, “Eight Roads has backed innovative businesses in India since 2007. The launch of this healthcare fund reflects our confidence in the evolution of the Indian market and our commitment to helping ambitious founders scale. The Eight Roads network constitutes one of the largest venture platforms in the world, which now manages over $8 billion of capital across China, India, Japan, Europe and the US. This ecosystem lends us capacity and scale, setting up powerful efficiencies, deep domain expertise, and the ability to trace trends and understanding across geographies.”     ]]> https://biospectrumindia.com/news/86/21253/multiples-private-equity-led-consortium-invests-rs-6850-m-in-bdr-pharma-.html https://biospectrumindia.com/news/86/21253/multiples-private-equity-led-consortium-invests-rs-6850-m-in-bdr-pharma-.html Tue, 17 May 2022 10:30:00 +0530 Multiples Private Equity will lead an investment of Rs 6,850 million, along with a few other marquee financial investors, for a ~9.3 per cent stake in BDR Pharmaceuticals International. Multiples is the first private equity (PE) investor in BDR Pharma. The consortium of investors participating along with Multiples include institutional investors such as the investment arm of Times Group, QRG Invest (Havells Family Office), and high networth individuals Nishant Agarwal of Avighna Group, and Mallika Srinivasan of TAFE. The funds will be used by the company to build additional research and development capabilities in current and emerging areas, accelerate investments in manufacturing capacity expansion and enhance the degree of vertical integration. The company will also selectively pursue inorganic opportunities to build scale. ]]> https://biospectrumindia.com/news/86/21207/dr-agarwals-health-care-raises-funds-worth-rs-1050-cr.html https://biospectrumindia.com/news/86/21207/dr-agarwals-health-care-raises-funds-worth-rs-1050-cr.html Tue, 10 May 2022 16:45:00 +0530 Chennai-based Dr Agarwal’s Health Care has closed a landmark fundraise of Rs 1,050 crore from TPG Growth, the middle market and growth equity platform of alternative US-based asset firm Texas Pacific and existing investor Temasek, a global investment company headquartered in Singapore. The investment round, which is India’s largest fundraising in the eyecare space, will also provide significant capital to fuel the company’s expansion plans and pave the way for an exit for the existing investor, ADV Partners.    Prof (Dr) Amar Agarwal, Chairman, Dr Agarwal’s Group of Eye Hospitals: “The new investments will be used to expand our Indian and international footprint and deploy the latest technologies for super-speciality eye care.”    Dr Agarwal’s Group of Eye Hospitals plans to deploy capital to expand the current network of 105 hospitals to over 200 hospitals in the next three to four years. The company notched revenue of over Rs 700 crores in FY22.    Dr Adil Agarwal, CEO, Dr Agarwal’s Group of Eye Hospitals said, “The new investments will enable us to double our network in the next three years and we will be pursuing acquisitions in key markets such as Maharashtra, Gujarat, Punjab, Karnataka, AP, Telangana, etc. as well as a rapid greenfield expansion of our network across the country. Africa is another important geography for us where we have an existing network presence of 15 hospitals. We will be deepening our presence in countries such as Kenya, Mozambique, Tanzania, and Ghana.”  ]]> https://biospectrumindia.com/news/86/21170/eris-acquires-100-stake-in-oaknet-healthcare-for-rs-6500-m.html https://biospectrumindia.com/news/86/21170/eris-acquires-100-stake-in-oaknet-healthcare-for-rs-6500-m.html Wed, 04 May 2022 11:45:00 +0530 Eris Lifesciences has acquired 100 per cent stake in Mumbai-based dermatology focused domestic formulations company Oaknet Healthcare for a total consideration of Rs 6,500 million.   The deal will be financed by Rs 3,000 million of internal accruals and Rs 3,500 million of borrowings. The acquisition will be completed by way of a share purchase agreement as a result of which Oaknet will become a wholly-owned subsidiary of Eris.   Eris’ Specialty Franchise will get a significant impetus with this acquisition with Eris now present in 87 per cent of the Rs 55,000 crore chronic market, with a leading presence in the major chronic therapies in the IPM – cardiology, oral diabetes care, insulin, Neuro/CNS and dermatology.  ]]> https://biospectrumindia.com/news/86/21068/jubilant-ingrevia-augments-cdmo-presence-with-rs-270-cr-contract.html https://biospectrumindia.com/news/86/21068/jubilant-ingrevia-augments-cdmo-presence-with-rs-270-cr-contract.html Mon, 18 Apr 2022 15:55:00 +0530 Jubilant Ingrevia has announced a contract development and manufacturing organisation (CDMO) contract for an estimated value of Rs 270 crore in the speciality chemicals business, spanning over three years with one of its international customers. The company will supply two key GMP intermediates for one of the ‘patented drugs’ of the innovator pharma customer. Both these products involve seven steps of specialised chemistry.  The company was awarded these CDMO projects a few years back and with extensive work in R&D and Scale-up, it has successfully demonstrated its capability in process development, optimisation and scaling-up of complex chemistries. Commercial supplies of both these products will start from FY’23 onwards. The company will use the GMP facility to service this contract.Rajesh Srivastava, CEO and MD, Jubilant Ingrevia shared, “The pursuit of growth is one of the key features of our strategy. Today’s announcement is in line with our strategy and commitment to growing our CDMO business of value-added GMP and Non-GMP intermediates. Our CDMO project pipeline for our pharmaceuticals and agrochemical continues to be strong and we stay committed to further strengthening our presence in the CDMO business, through a comprehensive and planned CAPEX.”  ]]> https://biospectrumindia.com/news/86/21042/suven-pharma-acquires-hyd-based-casper-pharma-for-rs-155-cr.html https://biospectrumindia.com/news/86/21042/suven-pharma-acquires-hyd-based-casper-pharma-for-rs-155-cr.html Tue, 12 Apr 2022 00:00:00 +0530 The Board of Directors of Suven Pharmaceuticals Limited (SPL) has approved the investments by way of purchase of entire (100%) share capital from the existing shareholders of Casper Pharma Private Limited (CPPL) a Hyderabad based SEZ company engaged in formulations business. Post purchase of shares, the target entity would become a wholly owned subsidiary of SPL. Cash consideration of $20.50 million based on the present exchange rate equivalent to around Rs 155 crores will be paid to the sellers of the shares in target entity. The present manufacturing facility of Casper Pharma has installed capacity of 1.2 billion tablets/ capsules. The company is ready for USFDA inspection which is expected to happen within next 6 months’ timeframe. The unit is yet to reach its commercially viable operations. The objective of this acquisition is to acquire formulations facility of Casper Pharma and to engage in manufacturing and supplying solid oral dosage formulations including tablets, capsules and liquid oral products through the contractual arrangement with customers for USA and other regulated markets. ]]> https://biospectrumindia.com/news/86/20975/healthquad-raises-162-m-in-funds.html https://biospectrumindia.com/news/86/20975/healthquad-raises-162-m-in-funds.html Thu, 31 Mar 2022 11:50:00 +0530 HealthQuad, India’s healthcare venture capital fund, has announced the final close of its second fund, HealthQuad Fund-II, with a total subscription of $162 million (Rs 1,215 crores), more than 2.2 times greater than its target size at launch.    MSD, the global biopharmaceutical company, led commitments from global financial investors, strategic institutions in pharma and healthcare, development financial institutions (DFI), funds of funds and large European conglomerates. The diverse investor base includes Ackermans & van Haaren (AvH), Teachers Insurance and Annuity Association of America (TIAA), Quilvest, HCL Corporation, DFIs such as CDC, Swedfund and SIDBI and India’s leading banking services company.   HealthQuad Fund-II is investing in 10 - 15 young private companies across high-growth segments of the healthcare sector in India, aiming to generate value as well as achieve deep social impact.   ]]> https://biospectrumindia.com/news/86/20962/alembic-pharma-acquires-100-stake-in-aleor-dermaceuticals.html https://biospectrumindia.com/news/86/20962/alembic-pharma-acquires-100-stake-in-aleor-dermaceuticals.html Tue, 29 Mar 2022 14:05:00 +0530 Vadodara-based Alembic Pharmaceuticals has acquired the balance 40 per cent stake in Aleor Dermaceuticals from its JV Partner Orbicular Pharmaceutical Technologies (Orbicular) to strengthen its skin-related manufacturing and marketing footprint.   The Board of Directors of Aleor has been reconstituted with Orbicular nominees resigning from the Board. The amalgamation will integrate business operations and provide impetus to the existing portfolio of Alembic. The acquisition augers well with the strategic planning and growth trajectory set by the company to capture a higher market share in various segments of its pharmaceutical business.   The combined entity will have a bigger portfolio of products and direct access to markets, which will strengthen overall capabilities to serve more efficiently across different therapies, both overseas as well as domestic. Further, the growth of business envisages adequate capital and resources commitments and hence, the merger shall enable the pooling of abundant resources and impetus to the growth at a consolidated level. ]]> https://biospectrumindia.com/news/86/20960/goqii-to-launch-health-metaverse-raises-10-m-.html https://biospectrumindia.com/news/86/20960/goqii-to-launch-health-metaverse-raises-10-m-.html Tue, 29 Mar 2022 12:40:00 +0530 GOQii has raised $10 million in an extended Series C Equity round of funding from Animoca Brands. GOQii will collaborate with Animoca Brands and its ecosystem companies and projects to develop various offerings that leverage blockchain tokens and gamification in preventive healthcare.   GOQii’s metaverse ecosystem will be powered by a unique virtual token program, the Token. Consumers will receive the virtual token, which powers the GOQii metaverse ecosystem that incentivises healthy behaviours and gamified fitness actions. These tokens can then be used to unlock products, services, purchase NFTs, participate in special events and game modes, and access curated and discounted health-focussed goods, medical services and insurance products.   ]]> https://biospectrumindia.com/news/86/20956/tata-capital-raises-second-life-sciences-healthcare-pe-fund-of-rs-955-cr.html https://biospectrumindia.com/news/86/20956/tata-capital-raises-second-life-sciences-healthcare-pe-fund-of-rs-955-cr.html Mon, 28 Mar 2022 15:50:00 +0530 Tata Capital Healthcare Fund II (TCHF II), sponsored by Tata Capital, has announced the Final Close of its fund with investor commitments of Rs 955 crores (~$126 million), meeting its target AUM of Rs 950 crores (excluding green-shoe). This was a follow-up to the Tata Capital Healthcare Fund I which had raised Rs 411 crore (~$70 million) in 2012.   Visalakshi Chandramouli, Managing Partner, TCHF said, “TCHF II will seek to achieve returns by principally taking equity positions in healthcare and life sciences-related companies having significant business exposure to India."   The investment strategy of TCHF II is predicated on the following two themes-   Domestic Healthcare and Life Sciences Consumption: Focussed on the Indian consumption story in healthcare and life sciences-related businesses. It is estimated that 60 per cent of TCHF II’s investments will cater to this theme.   Healthcare and Life Sciences Competency: Focussed on leveraging India’s expertise in the healthcare and life sciences sectors to deliver products/services to the world markets. It is estimated that 40 per cent of TCHF II’s investments will cater to this theme.    Vamesh Chovatia, Partner of TCHF said, “The fund will typically look at committing $5mn - $15 million per transaction and potentially a larger ticket size along with co-investment support from its Limited Partners who have committed to invest in the fund.”   ]]> https://biospectrumindia.com/news/86/20951/govt-invests-rs-200-cr-in-development-of-2-new-vaccines-intranasal-covid-19-malaria.html https://biospectrumindia.com/news/86/20951/govt-invests-rs-200-cr-in-development-of-2-new-vaccines-intranasal-covid-19-malaria.html Mon, 28 Mar 2022 00:00:00 +0530 Technology Development Board (TDB), M/o Science & Technology is supporting Hyderabad-based startup Sapigen Biologix for the development and commercialisation of two novel vaccines – Intranasal COVID-19 Vaccine and RTS, S Malaria Vaccine.Under the agreement signed, TDB and Bharat Biotech have pledged the support of Rs 200 crore each to create a continuous corpus of Rs 400 crores for the development and commercialisation of the two novel vaccines. The company aims to set up a state-of-the-art cGMP facility in Bhubaneswar, in compliance with the latest global standards, for manufacturing Intranasal Covid-19 Vaccine and (RTS, S) Malaria Vaccine initially and later expand the product portfolio by adding other vaccines. The company intends to produce 100 million doses/annum of intranasal COVID-19 vaccine by April 2023 and 15 million doses/ annum RTS, S Malaria vaccine by the end of April 2025. Union Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr. Jitendra Singh said "India exported 5.84 crore doses of COVID-19 vaccines to 70 countries. This has been possible due to availability of low-cost skilled manpower and a well-established manufacturing ecosystem." ]]> https://biospectrumindia.com/news/86/20831/cureskin-raises-5-m-in-series-a-led-by-jsw-ventures.html https://biospectrumindia.com/news/86/20831/cureskin-raises-5-m-in-series-a-led-by-jsw-ventures.html Mon, 07 Mar 2022 13:30:00 +0530 CureSkin, artificial intelligence-driven beauty and personal care brand, has raised $5 million in a Series A round led by JSW Ventures with participation from Sharrp Ventures, SenseAI and other existing investors. CureSkin plans to deploy these funds to grow its overall customer base, expand into adjacent categories and make further investments in technology.     Sachin Tagra, Partner, JSW Ventures said, “The capital will help the company to continue scaling its operations, innovate on new products and build a stronger technology solution that will allow the brand to become a category leader.” ]]> https://biospectrumindia.com/news/86/20821/axis-bank-commits-150-m-to-support-health-enterprises.html https://biospectrumindia.com/news/86/20821/axis-bank-commits-150-m-to-support-health-enterprises.html Fri, 04 Mar 2022 10:55:00 +0530 Axis Bank has committed to strengthening India’s healthcare infrastructure by signing an MoU with IPE Global for the SAMRIDH Healthcare Blended Finance Facility.  Under this partnership, Axis Bank will provide affordable finance of up to $150 million through SAMRIDH, to support health enterprises and innovators who would otherwise not have access to affordable debt financing. The ability to access loans will help them increase production and provide advanced health solutions to address COVID-19 along with other health emergencies, especially across the vulnerable communities of India from Tier II and III cities.SAMRIDH, an initiative supported by the United States Agency for International Development (USAID), leverages philanthropic capital and public sector resources, to offset barriers for commercial investments in small and medium health enterprises.  The partnership will enhance SAMRIDH’s efforts to scale market solutions and innovations in the healthcare value chain, supplementing the manufacturing and distribution of pharmaceuticals, facility expansion of public and private hospitals, nursing homes, small clinics, laboratories and warehouses. “The healthcare segment has been a key focus area for Axis Bank and we have been supporting various entities impacted by the COVID-19 pandemic. Our partnership with SAMRIDH will enable the Bank to extend the much-needed debt support to more entities that are working to strengthen India’s healthcare infrastructure, to deal with the third wave of the pandemic and any other emerging healthcare challenges,” said Subrat Mohanty, Group Executive – Axis Bank Business Group, Axis Bank.  Speaking on the collaboration,  USAID/India Mission Director Veena Reddy said, "Private enterprise is a powerful force for lifting lives, strengthening communities, and accelerating sustainable development. Increasing access to affordable capital for small enterprises with solutions for greater reach will enable long-term impact. This new partnership between Axis Bank and SAMRIDH will further our joint efforts to provide innovative healthcare solutions to some of the most vulnerable people in India.” ]]> https://biospectrumindia.com/news/86/20801/trivitron-healthcare-acquires-us-based-the-kennedy-company.html https://biospectrumindia.com/news/86/20801/trivitron-healthcare-acquires-us-based-the-kennedy-company.html Wed, 02 Mar 2022 13:35:00 +0530 Trivitron Healthcare has acquired 100 per cent shareholding in the US-based The Kennedy Company, a leading manufacturer of radiation protection X-ray shielding material and acoustic barrier products.   Trivitron intends to fully support all existing operations and further expand manufacturing capabilities and develop a cutting-edge Technology Park in Scottsboro, Alabama focussed on the latest advancements. The campus will soon house multiple manufacturing and R&D facilities focusing on Trivitron’s core segments – Medical Imaging, In Vitro Diagnostics, Intensive Care and Cardiology Equipment & Consumables. This campus will act as the manufacturing hub for the United States of America operations of the Trivitron Group.   Dr GSK Velu, CMD, Trivitron Healthcare said, “With this acquisition, Trivitron will now have a manufacturing and R&D presence in India, the US, Finland, Turkey, China and Austria.’’   Post integration, the new entity would become a part of Trivitron Healthcare Americas, operating as Kennedy Vinyl for the existing X-ray shielding and acoustic noise control business and Kennedy Radiology for Radiation Protection Products manufactured in the US. The organisation would be led by Sesh Sarathy, who spearheaded Trivitron Group's M&A efforts in North America, as President, Sales and Business Development, and Sarah Kennedy Precise, who’s been a part of the Kennedy team for more than two decades, as President, Operations.             ]]> https://biospectrumindia.com/news/86/20782/biocon-biologics-buys-assets-of-viatris-biosimilars-for-3-335-b.html https://biospectrumindia.com/news/86/20782/biocon-biologics-buys-assets-of-viatris-biosimilars-for-3-335-b.html Mon, 28 Feb 2022 09:10:00 +0530 Biocon Biologics has entered into a definitive agreement with its partner Viatris. Accordingly, Biocon Biologics will acquire Viatris’ biosimilars business to create a unique fully integrated global biosimilars enterprise. Viatris will receive consideration of up to $3.335 billion, including cash up to $2.335 billion and Compulsorily Convertible Preference Shares (CCPS) in BBL, valued at $1 billion.   BBL will have a comprehensive portfolio comprising its current range of commercialised insulins, oncology and immunology biosimilars as well as several other biosimilar assets currently under development. BBL also has access to the vaccines portfolio through its previously announced partnership with Serum Institute Life Sciences (SILS).   Kiran Mazumdar-Shaw, Executive Chairperson, Biocon Biologics, said “The deal will enable BBL to attain a robust commercial engine in the developed markets of the US and Europe and will fast-track our journey of building a strong global brand. It will also make us future-ready for the next wave of products. This development takes our partnership with Viatris to the next level to realise our shared purpose of impacting global health by providing affordable access to high quality essential and life-saving Biosimilar drugs."   Dr Arun Chandavarkar, MD, Biocon Biologics, said: “The deal gives BBL full ownership of Viatris’ rights in biosimilars assets, enabling us to recognize combined revenues and profits. To ensure a seamless transition and continued service to patients and customers, Viatris will provide commercial and other transition services to BBL for an expected period of two years.”    ]]> https://biospectrumindia.com/news/86/20712/medibuddy-raises-125-m-in-series-c-funding.html https://biospectrumindia.com/news/86/20712/medibuddy-raises-125-m-in-series-c-funding.html Tue, 22 Feb 2022 13:25:00 +0530 Bengaluru-based MediBuddy has raised $125 million in Series C funding from Quadria Capital and Lightrock India along with participation from existing investors Bessemer Venture Partners, India Life Sciences Fund III, Rebright Partners, JAFCO Asia, TEAMFund LP, FinSight Ventures, InnoVen Capital, Stride Ventures and Alteria Capital.   With the new round of funding, MediBuddy will further invest in customer awareness, hiring, strengthening technology platforms including data science capabilities, clinical research, and product development. Avendus Capital was the exclusive financial advisor to MediBuddy on this transaction.      ]]> https://biospectrumindia.com/news/86/20705/wellness-forever-gets-sebi-nod-for-ipo.html https://biospectrumindia.com/news/86/20705/wellness-forever-gets-sebi-nod-for-ipo.html Mon, 21 Feb 2022 18:15:00 +0530 Adar Poonawalla-backed Wellness Forever Medicare, an Omni-channel retail pharmacy has received approval from markets regulator Sebi to raise Rs 1600 crore through an initial public offering (IPO). According to market sources, the expected fundraise would be between Rs 1500 -1600 crore.   The IPO consists of a fresh issue of equity shares aggregating to Rs 400 crore and an offer for sale up to 16,044,709 equity shares, according to DRHP. As a part of OFS, by Ashraf Mohammed Biran, up to 720,000 equity shares by Gulshan Haresh Bhahtiani, up to 120,000 equity shares by Mohan Ganpat Chavan and up to 14,484,709 equity shares by other existing shareholders.   The company proposes to utilise net proceeds from the fresh issue to the tune of Rs 70.20 crore for funding capital expenditure for setting up new outlets, repayment/prepayment in part or full of certain borrowings amounting to Rs 100 cr, funding its working capital requirements to the extent of Rs 121.90 cr besides general corporate purposes. ]]> https://biospectrumindia.com/news/86/20691/hinduja-backed-mindmaze-secures-105-m-worth-funding.html https://biospectrumindia.com/news/86/20691/hinduja-backed-mindmaze-secures-105-m-worth-funding.html Fri, 18 Feb 2022 08:45:00 +0530 The Hinduja-supported MindMaze has secured a $105 million financing round to accelerate its global commercial growth plans, supercharge ongoing R&D and consolidate the clinical development pipeline of its industry-defining digital therapeutic solutions for a wide spectrum of neurological diseases.    The financing round provides immediate access to funds and a financing facility to fund growth and future acquisitions. The financing was led by Concord Health Partners, a US-based healthcare private equity firm focusing on investing in and supporting healthcare companies with innovative technologies and solutions that address quality, cost and access to care along with other investors.    AlbaCore Capital Group, one of Europe’s leading specialist investors focusing on public and private markets, are building on their existing investment as a reflection of their continued commitment to the company.    This round also included participation from London-based Hambro Perks, an investor with deep expertise in the sector and a global portfolio of disruptive, highly scalable companies, and several family office investment groups. Furthermore, as a result of Concord’s investment, MindMaze will initiate a partnership with The American Hospital Association (AHA).    ]]> https://biospectrumindia.com/news/86/20622/cloudnine-files-for-ipo-to-raise-around-rs-1200-cr.html https://biospectrumindia.com/news/86/20622/cloudnine-files-for-ipo-to-raise-around-rs-1200-cr.html Fri, 11 Feb 2022 00:00:00 +0530 Bengaluru based super specialty mother and baby care chain, operating under the Cloudnine brand, offering end-to-end coverage of all stages of the parenthood journey has filed its draft red herring prospectus (DRHP) for its initial public offering (IPO). The issue with a face value of Rs 5 per equity share consists of a fresh issue of equity shares worth up to Rs 300 crore and an offer-for-sale (OFS) of up to 13,293,514 equity shares by existing shareholders. As per market sources, the company looks to raise around Rs. 1,200 crore. Dr. Kishore Kumar Rajagopal, Scrips 'N' Scrolls India Private Limited, True North Fund V LLP, Indium V (Mauritius) Holdings Limited, and Sequoia Capital Investment are among the key shareholders selling in the IPO. The offer also includes a reservation for a subscription for eligible employees. The proceeds from its fresh issuance worth Rs. 95 crores for the repayment or prepayment of borrowings, in full or part of all or certain borrowings for the company, Rs 117.90 crore for setting up seven new Mother and Baby centres at various locations over the next few years, Rs 12.71 crore for acquisition of 49% stake in its subsidiary, Acquity Labs Private Limited besides general corporate purposes. As at September 30, 2021, its had a team of 1,480 medical professionals, including 196 junior doctors and 1,284 nurses and held medical records of more than 7.6L customers. In FY21 it had assisted in 16,801 deliveries and 5,994 fertility services. As per the Crisil Report stated in its DRHP, the total addressable market for private maternity healthcare in Fiscal 2020 was Rs 20,800 crore and projected to grow at CAGR of 11% to 12% from Fiscal 2021 to Fiscal 2026 to reach Rs 26,100 crore in Fiscal 2026.   ]]> https://biospectrumindia.com/news/86/20549/panacea-biotec-sells-pharma-formulations-to-mankind-for-rs-1908-cr.html https://biospectrumindia.com/news/86/20549/panacea-biotec-sells-pharma-formulations-to-mankind-for-rs-1908-cr.html Wed, 02 Feb 2022 00:00:00 +0530 New Delhi-based Panacea Biotec has announced that its wholly-owned subsidiary Panacea Biotec Pharma has sold its domestic business assets constituting its pharmaceutical formulations brands in India and Nepal to Mankind Pharma for Rs 1908 crore. In the last financial year, the domestic business assets generated a turnover of Rs 219.85 crore which is more than 63.75 per cent of the revenue of Panacea Biotec. As per IQVIA, with the Mankind Pharma acquisition of Panacea Biotec, Mankind Pharma reaches Rs 8000 crore. Post the acquisition, Mankind Pharma maintains its rank of No 4 in the Indian Pharma market. Though the top 5 therapies of Mankind Pharma remain the same, the acquisition provides an entry of Mankind Pharma in the vaccines and antineoplastic segments. ]]> https://biospectrumindia.com/news/86/20470/japan-based-hlm-acquires-100-stake-in-care24.html https://biospectrumindia.com/news/86/20470/japan-based-hlm-acquires-100-stake-in-care24.html Thu, 27 Jan 2022 14:15:00 +0530 Care24, a leading home healthcare platform operating in Mumbai and Delhi, has been acquired by Human Life Management (HLM), a leading Japanese home medical support corporation.   Care24 will extend its robust service delivery and agile technology platform for HLM and will cater to the evolving healthcare needs of the customers.   Post the acquisition, HLM and Care24 will closely work together to scale and strengthen medical service offerings in India and additionally expand to other southeast countries like Thailand, Vietnam, Indonesia using Yushoukai’s deep medical expertise and Care24’s superior software development and technology capabilities.   HLM will also play a pivotal role in launching new medical offerings for Care24 in the Indian market, like the end of life care, critical care at home, family doctor subscription service, doctor on call, implementation of the care plan and Training of doctors along with training materials.   While Care24 will expand its service offerings across multiple states in India, HLM and Care24 will begin operations internationally under the label of 'Care24 international' in aforesaid countries through a JV with a local medical service provider.   All earlier investors Elevation, IQ, DI, Start-up Health have received cash exit through this deal and all existing investors stand contented and aligned on the deal. ]]> https://biospectrumindia.com/news/86/20382/hospitals-expected-to-report-robust-revenue-and-margin-growth-in-fy2022-icra.html https://biospectrumindia.com/news/86/20382/hospitals-expected-to-report-robust-revenue-and-margin-growth-in-fy2022-icra.html Tue, 18 Jan 2022 17:55:00 +0530 Hospitals reported strong performance in Q2 FY2022 supported by healthy ramp-up in elective procedure volumes and strong Average Revenue Per Occupied bed (ARPOB) levels. Pent-up demand and market share gains for organized players in the high-end/complex surgery space also supported healthy occupancy levels for ICRA’s sample set of seven listed companies.    Avers Mythri Macherla, Assistant Vice President & Sector Head, ICRA, “Uptick in footfalls at metro centres of hospitals in addition to a higher amount of surgical work coupled with a lower number of covid admissions resulted in sizeable Q-o-Q growth of 12.5 per cent in ARPOB levels. Overall, sample set revenues grew by 85 per cent while operating margins were slightly over 20 per cent in H1 FY2022.”   For the full year, FY2022, overall revenue growth is expected to be robust with continued footfall momentum for elective surgeries post-covid second wave till December 2021.   Benefits from improving scale and strong ARPOB levels, cost-optimisation efforts, and ancillary revenues from COVID-19 are expected to support margin improvement for the sample set to 18-20 per cent in FY2022.   Further, given robust accrual levels and relatively lower debt levels, debt metrics for the sample set are expected to witness considerable improvement in FY2022. Given the strong demand for the healthcare sector and continued patient preference for branded hospitals, revenue growth and margins are expected to remain healthy for the industry going forward as well.   Macherla, “ICRA expects occupancy to improve to 60-62 per cent in FY2022 with an upside bias in case there is a high number of hospitalisations (akin to the second wave) on account of the recent resurgence in cases. Further, despite relatively lower ARPOBs for covid, ARPOB for the sample set is expected to expand by at least 6 per cent in FY2022 given the strong industry performance in H1 FY2022."  ]]> https://biospectrumindia.com/news/86/20378/mumbai-based-startup-epigeneres-biotech-raises-6-m-in-series-b-funding.html https://biospectrumindia.com/news/86/20378/mumbai-based-startup-epigeneres-biotech-raises-6-m-in-series-b-funding.html Tue, 18 Jan 2022 11:00:00 +0530 Mumbai-based Epigeneres Biotech, the exclusive licensee in India of Singapore-based Tzar Labs, has raised $6 million in a Series B funding round.   Lead investors in this round include Kotak Investment Advisors, Moez Daya (of Satya Capital), and LetsVenture Angel Fund. Other investors include Ashish Kacholia, East River Advisors, One Decacorn, Nandita Advisors, and Chockalingam Valliappa, to name a few.    In May 2021, Epigeneres Biotech announced their early detection cancer test (co-developed   with Tzar Labs, Singapore - a specialised molecular diagnostic company), with a pioneering breakthrough in RNA bio-markers technology which can even detect cancer in Stage Zero (i.e., before tumour formation).   With initial approvals in place, the latest round of investment will go towards expanding its Lab facilities, scaling operations, and development of an AI platform to launch the service in India - a world first. And, continue bringing the best diagnostic technology to patients and providers.     ]]> https://biospectrumindia.com/news/86/20371/heaps-health-solutions-raises-rs-550-m-in-series-a-funding.html https://biospectrumindia.com/news/86/20371/heaps-health-solutions-raises-rs-550-m-in-series-a-funding.html Mon, 17 Jan 2022 13:40:00 +0530 AI driven Health-Tech B2B SaaS Platform, Heaps Health Solutions has raised Rs 550 million in Series-A funding for its expansion, from marquee HNI Investors and Family Offices.   The round was led by Mumbai-based NVS Wealth Managers, founded by Nalin Shah and Jesal Shah and the Rajiv Dadlani Group.   The Hyderabad-based company plans to deploy the fresh capital, for expanding its team, accelerate product development and optimisation and penetrate further, into existing and newer markets.   HEAPS has built a robust platform, over five years, with extensive research, inputs, from five million patient interactions and a diverse team of medical professionals, specialist doctors, clinicians, domain experts, from India and the US. The platform enables patient care management and coordination and is supported by cutting edge machine learning and Artificial Intelligence features, customising care management plans for each patient or policyholder.   The company currently offers Post Discharge Care Management and Health Compliance and Risk Management (HCRM) in India and the US and has a strong pipeline from other countries such as South Africa, Bangladesh and the UAE.   ]]> https://biospectrumindia.com/news/86/20349/hcah-raises-rs-112-cr-to-build-largest-out-of-hospital-care-platform-in-india.html https://biospectrumindia.com/news/86/20349/hcah-raises-rs-112-cr-to-build-largest-out-of-hospital-care-platform-in-india.html Thu, 13 Jan 2022 14:55:00 +0530 Noida-based health-tech company HCAH (HealthCare atHOME) has raised Rs 112 crore from ABC World Asia, a Singapore based impact-focussed private equity fund, to help build India’s largest and most clinically accomplished out of hospital healthcare delivery platform.    HCAH will use this investment to build its presence in the physical rehabilitation and recovery through its service range of Home ICU, Inpatient rehab in transition care centres, digital and home rehab; and rehab equipment, elderly care services including long term nursing, palliative and attendant care services and chronic disease management services including screening, diagnostics, patient support, adherence programmes in association with leading pharma companies.    All the services are delivered through HCAH’s proprietary technology platform in homes, centres and digitally.  ]]> https://biospectrumindia.com/news/86/20342/karkinos-healthcare-raises-funds-from-endiya-partners.html https://biospectrumindia.com/news/86/20342/karkinos-healthcare-raises-funds-from-endiya-partners.html Wed, 12 Jan 2022 13:15:00 +0530 Karkinos Healthcare has raised an undisclosed amount of funding from Endiya Partners, a leading VC Funds in technology, healthcare and life-sciences.    R Venkataramanan, Founder and CEO, Karkinos Healthcare, said, “The investment in Karkinos is a strong validation of our pioneering effort to create a distributed cancer care network and we are thrilled to have them as a partner in our crusade against cancer."   “Innovative tech startups in the cancer care space which help drive quality diagnostics and treatment to a larger number of patients is the need of the hour in India. We strongly feel Karkinos with its comprehensive tech-led solutions and distributed network is poised to bring about the much-needed disruption in the cancer-care eco-system,” commented Dr Ramesh Byrapeneni, Managing Director, Endiya Partners.    Founded by a highly experienced team, Karkinos Healthcare started its operations in Kerala, and is looking to expand to Tamil Nadu, Maharashtra, Karnataka and West Bengal. The company works with multiple healthcare institutions and professionals in the oncology ecosystem, successfully bringing cancer care closer to patients backed by a robust technology platform. It has also set up a Centre for Advanced Cancer Diagnostics in Kochi, to provide world-class diagnostic services, including molecular tests and immunohistochemistry tests, for cancer.   ]]> https://biospectrumindia.com/news/86/20230/piramal-pharma-invests-rs-101-77-cr-in-cdmo-yapan-bio.html https://biospectrumindia.com/news/86/20230/piramal-pharma-invests-rs-101-77-cr-in-cdmo-yapan-bio.html Tue, 21 Dec 2021 00:00:00 +0530 Piramal Pharma Ltd (PPL) has announced an investment of Rs 101.77 crore in Hyderabad-based Yapan Bio, augmenting the capabilities of its Contract Development and Manufacturing Organization (CDMO) business, Piramal Pharma Solutions (PPS). PPL holds 27.78% equity stake in the company as a result of this investment. As PPS continues to strengthen its capabilities and position itself as a leading CDMO, this acquisition marks a significant addition to PPS’ global capabilities in the development and manufacturing of large molecules for human clinical trials. Yapan Bio provides process development, scale-up, and cGMP compliant manufacturing of vaccines and biologics/bio-therapeutics, including high containment product classes (up to BSL-2+), recombinant vaccines, RNA/DNA vaccines, gene therapies, monoclonal antibodies, therapeutic proteins, and other complex biologics. Yapan’s FY21 turnover was Rs 12.4 crore. The company has already earned revenues of Rs  11.8 crore for H1FY22 and is poised for fast growth in response to strong market demand. ]]> https://biospectrumindia.com/news/86/20204/kedaara-acquires-majority-stake-in-gavs-technologies.html https://biospectrumindia.com/news/86/20204/kedaara-acquires-majority-stake-in-gavs-technologies.html Wed, 15 Dec 2021 18:20:00 +0530 Kedaara, a leading private equity firm, announced the acquisition of a significant majority stake in GAVS Technologies Limited (GAVS). GAVS is an AI-led digital transformation company that focuses on differentiated managed services and product engineering in healthcare and other verticals. GAVS has grown its revenue at a stellar rate of 20 per cent+ over the last five years (10x+ in the last 10 years) and has partnered with a strong line of global clients in the US, India, and the Middle East. GAVS was awarded the "Star Performer" in Healthcare at PEAK Matrix Service Provider of the Year 2021 by Everest Group.   Kedaara's investment will enable GAVS to: Accelerate business growth by leveraging global relationships of Kedaara and Clayton, Dubilier & Rice (CD&R), a top global private equity firm and JV partner of Kedaara Deliver AI-led digital transformation services, enterprise managed services, and product engineering to a vast pool of customers globally, especially across healthcare enterprises  Drive growth of ZIF.ai (Zero Incident Framework), an AI-based TechOps platform Be among the Best Employers, and provide all its employees with an enriching and purposeful environment. ]]> https://biospectrumindia.com/news/86/20205/serum-institute-injects-50-m-in-vaccines-research-building-at-oxford-university.html https://biospectrumindia.com/news/86/20205/serum-institute-injects-50-m-in-vaccines-research-building-at-oxford-university.html Wed, 15 Dec 2021 00:00:00 +0530 Oxford University has announced a £50 million funding commitment from Serum Life Sciences to establish The Poonawalla Vaccines Research Building at the University of Oxford. Serum Life Sciences is wholly-owned by the Poonawalla family, owners of the Serum Institute of India. The Poonawalla Vaccines Research Building will be built on the same site as the recently announced Oxford University Pandemic Sciences Centre, on the University’s Old Road Campus. The buildings will share infrastructure and support facilities for scientific research and academic teaching and together will form a unique hub that will significantly contribute to global pandemic preparedness and responsiveness. The main focus of the research taking place in the Poonawalla Building will be vaccinology. This new facility will house over 300 research scientists and itself will provide the focus and scale for the University’s major vaccine development programmes allowing a rapid, productive and timely expansion of this fast-growing translational area. ]]> https://biospectrumindia.com/news/86/20192/natco-pharma-to-acquire-us-based-dash-pharmaceuticals.html https://biospectrumindia.com/news/86/20192/natco-pharma-to-acquire-us-based-dash-pharmaceuticals.html Tue, 14 Dec 2021 00:00:00 +0530 Hyderabad-based NATCO Pharma, through its affiliates, is proposing to enter into an agreement to acquire Dash Pharmaceuticals LLC subject to satisfactory completion of due diligence, execution of definitive agreements and compliance with statutory requirements. Dash is a front-end pharmaceutical sales, marketing and distribution entity based in New Jersey, USA which is expected to have approximate net sales of $15 million for the year ending December 2021. This acquisition provides NATCO with a front-end to engage with its customers directly in the USA which is the largest pharmaceutical market in the world. ]]> https://biospectrumindia.com/news/86/20179/nephroplus-raises-24-m-in-e-round-from-iifl-amc-existing-investors-.html https://biospectrumindia.com/news/86/20179/nephroplus-raises-24-m-in-e-round-from-iifl-amc-existing-investors-.html Mon, 13 Dec 2021 14:25:00 +0530 Hyderabad-based NephroPlus has closed Series E round of funding to pursue growth opportunities across India and select international markets. The current round led by IIFL Asset Management  (IIFL AMC) along with investment from existing investors InvestCorp and Bessemer Venture Partners (BVP) comes on the heels of notable scale-up that the company has delivered in recent years towards maintaining its dominant market leadership in the dialysis space.           Vikram Vuppala, Founder and CEO, NephroPlus, “We look forward to not only driving organic and inorganic growth in India and overseas with this capital, but also investing in building a unique digital health solution targeted at dialysis patients.”      So far, NephroPlus has signed up 200+ reputed hospitals as partners for operating dialysis centres including Fortis Hospitals, CARE Hospitals, Medanta and Max Healthcare. It has also set up PPP centres in partnership with state governments and operates the country’s largest dialysis centre at Tirupati.    ]]> https://biospectrumindia.com/news/86/20169/zumutor-biologics-raises-6-2-m-for-oncology-molecule.html https://biospectrumindia.com/news/86/20169/zumutor-biologics-raises-6-2-m-for-oncology-molecule.html Fri, 10 Dec 2021 17:00:00 +0530 A Next generation Tumor-Directed IO therapeutics company Zumutor Biologics raises $6.2 million for its oncology molecule Zumutor is privileged to have a host of investors: Accel Partners, Bharat Innovation Fund (BIF) and the new incoming deep tech investor Siana Capital participate in a Series A4 Fundraise of $6.2 million. “I am excited about ZM008, this funding will facilitate the IND filing of ZM008 and start of Phase I trial in multiple cancers,” Dr Maloy Ghosh, CSO, Zumutor said. “Zumutor’s poised well with elegant data for the next stage of value inflexion” Kavitha Iyer, CEO, Zumutor said. ]]> https://biospectrumindia.com/news/86/20150/suki-announces-55-m-in-series-c-funding.html https://biospectrumindia.com/news/86/20150/suki-announces-55-m-in-series-c-funding.html Wed, 08 Dec 2021 15:10:00 +0530 Suki, the leader in voice artificial intelligence (AI) technology for healthcare, has closed a Series C funding round of $55 million, led by March Capital, with additional support from Philips Ventures, and all previous investors including Venrock, Flare Capital, Breyer Capital, and inHealth Ventures.   The round is also comprised of super-angels who are leading figures in technology, healthcare, and finance, including Gaingels Group, Pankaj Patel (ex-Chief Development Officer of Cisco), Andrew Deutsch (CEO of RIMA Radiology), and Russell Farscht (former Managing Director of The Carlyle Group).   Suki will use this funding to make strategic investments that will lead to an expansion of its user base through new and existing partnerships with leading health systems and medical groups while bolstering employee growth and development.   In addition, Suki will advance the AI capabilities of Suki Assistant, its voice-enabled digital assistant, and Suki Speech Platform, its proprietary voice platform, as well as add new features that streamline documentation, coding and other administrative tasks for physicians.          ]]> https://biospectrumindia.com/news/86/20053/piramal-capital-api-holdings-to-offer-health-finance-solutions.html https://biospectrumindia.com/news/86/20053/piramal-capital-api-holdings-to-offer-health-finance-solutions.html Thu, 25 Nov 2021 11:45:00 +0530 Piramal Capital & Housing Finance Limited (PCHFL), the wholly-owned subsidiary of Piramal Enterprises, announced its strategic partnership with API Holdings through its digital platform Retailio - India’s largest digital B2B healthcare platform.   The partnership aims at synergising respective capabilities to provide efficient and seamless financing solutions to consumers, retailers and merchants in the API Holdings’ healthcare ecosystem.    Under this partnership, PCHFL Finance has earmarked an initial amount of Rs 100 crore for disbursement by March 2022, which will get upsized basis initial market response.   Further, PCHFL will provide solutions like Buy Now Pay Later (BNPL) for consumers and merchants, multi-collateral loans for retailers, supply chain financing, hospital financing, invoice discounting, among others. This alliance leverages the strengths of both companies, making this a winning proposition for all stakeholders, thereby expanding the reach and tapping new customers.   ]]> https://biospectrumindia.com/news/86/20048/fedo-launches-health-savings-account-in-partnership-with-open.html https://biospectrumindia.com/news/86/20048/fedo-launches-health-savings-account-in-partnership-with-open.html Wed, 24 Nov 2021 15:55:00 +0530 Fedo, an AI-driven health-tech company, has launched ‘Health Savings Account’, called Fedo HSA, in collaboration with Asia’s neo bank Open. Fedo HSA aims to help people to prepare for the healthcare needs of tomorrow by making smart decisions about health care finances today. It will be offering a combined account that helps customers meet their required spend through a combination of smart savings, insurance, line of credit all bundled in a savings account that comes with a health credit/ debit card with health benefit features and rewards.   Through Fedo HSA, the company is confident of eliminating the hassles faced by consumers at the time of hospitalisation, enabling insurers to enhance their value proposition and opening up new revenue streams for banks. ]]> https://biospectrumindia.com/news/86/19942/alembic-pharma-records-net-profit-of-rs-169-cr-in-sept-quarter.html https://biospectrumindia.com/news/86/19942/alembic-pharma-records-net-profit-of-rs-169-cr-in-sept-quarter.html Wed, 10 Nov 2021 18:45:00 +0530 Alembic Pharmaceuticals reported its consolidated financial results for the quarter ending September 30, 2021. The net sales for the quarter is at Rs 1292 crore, net profit at Rs 169 crore, net sales for H-1 FY21 has been reported at Rs 2618 crore and the net profit for H-1 FY21 at Rs 334 crores. Shaunak Amin, MD, Alembic Pharmaceuticals said, “The India branded formulation business has posted a strong growth rate for the second consecutive quarter. This is attributed to the consistent efforts to redefine our business strategy and customer relationships, leading to a strong operational performance, along with a market outperforming growth across all our key product segments and therapy areas.” ]]> https://biospectrumindia.com/news/86/19929/us-based-amneal-pharma-acquires-punishka-healthcare-for-rs-700-cr.html https://biospectrumindia.com/news/86/19929/us-based-amneal-pharma-acquires-punishka-healthcare-for-rs-700-cr.html Tue, 09 Nov 2021 14:20:00 +0530 US-based Amneal Pharmaceuticals has acquired Puniska Healthcare. The acquisition significantly enhances Amneal’s injectables manufacturing infrastructure, capabilities, and capacity to support the US market and serve as a foundation for international markets. Punishka acquisition has a total value of $93 million, or approximately Rs 700 crores. Dhinal Shah Associates served as an advisor to this transaction. Punishka has a 293,000 square foot, a state-of-the-art manufacturing facility in Ahmedabad, with several sterile injectable production lines. Production capabilities include robotic, aseptic and lyophilize vial lines, emulsion lines, and large-volume parenteral bag lines. The acquisition also brings to Amneal approximately 550 Punishka employees with key capabilities in injectables manufacturing, R&D and commercialisation. Chirag and Chintu Patel, Co-Chief Executive Officers, Amneal Pharmaceuticals said “Punishka’s ability to manufacture high volume and complex products will enable Amneal to build on our robust portfolio and pipeline and contribute to the rapid growth in our injectables business, which we project will more than double by 2025.”   ]]> https://biospectrumindia.com/news/86/19824/microtek-aims-rs-100-cr-turnover-in-healthcare-sector-for-fy21-22.html https://biospectrumindia.com/news/86/19824/microtek-aims-rs-100-cr-turnover-in-healthcare-sector-for-fy21-22.html Fri, 22 Oct 2021 00:00:00 +0530 Delhi-based Microtek plans to further consolidate its position in the healthcare market, a segment it forayed into last year. The company is looking to set up an offshore R&D centre in Ireland, adding to the similar facilities it has presently, in Baddi (Himachal Pradesh), Vishakhapatnam (Andhra Pradesh) and Taiwan. The company is expecting to cross a turnover of Rs 100 crore in the healthcare segment by the end of the current financial year. “We have set up a manufacturing plant for healthcare products in Vishakhapatnam. We started producing oxygen concentrators in August 2021. The response from the market has been overwhelming. The Oil and Natural Gas Corporation Limited (ONGC) ordered 10,000 oxygen concentrators that we delivered by the end of September 2021. We plan to expand our portfolio of healthcare products with the manufacturing of blood glucose monitors, nebulisers, dialysis machines, and ultrasound monitors besides other products,” said Subodh Gupta, CMD, Microtek International. ]]> https://biospectrumindia.com/news/86/19743/albacore-capital-group-partners-with-hinduja-backed-mindmaze.html https://biospectrumindia.com/news/86/19743/albacore-capital-group-partners-with-hinduja-backed-mindmaze.html Mon, 11 Oct 2021 14:15:00 +0530 European credit investment firm AlbaCore Capital Group (AlbaCore) has invested $125 million in Hinduja Group-backed MindMaze, a global pioneer in the digital neurotherapeutics market. MindMaze will use the proceeds to accelerate commercialisation and enhance market access for its approved and reimbursed neuro-rehabilitation platform as well as expanding its neuro-restorative portfolio.David Allen, Managing Partner and Chief Investment Officer at AlbaCore Capital Group, commented, “We look to be a creative solutions provider with partnership at the core of everything we do. We believe that MindMaze is positioned to dramatically improve care for millions of patients, and with this fresh capital will be able to rapidly scale.”Tej Tadi, Founder, MindMaze added, “The financing will enable our dedicated team and partners to advance in our mission to help patients recover, learn and adapt through advanced neuroscience and digital therapeutics.” ]]> https://biospectrumindia.com/news/86/19730/dr-agarwals-eye-hospitals-to-invest-over-rs-300-cr-in-maharashtra.html https://biospectrumindia.com/news/86/19730/dr-agarwals-eye-hospitals-to-invest-over-rs-300-cr-in-maharashtra.html Fri, 08 Oct 2021 17:45:00 +0530 Mumbai-based Aditya Jyot Eye Hospital has merged with Dr Agarwals Eye Hospitals. Prof Dr S Natarajan, a third-generation ophthalmologist will now be the Chief of Vitreo Retina services of Dr Agarwals Group of Eye Hospitals.   Dr Agarwals Eye Hospitals will invest over Rs 300 crore in Maharashtra in the next 18-24 months to set up 20 eye care facilities across Mumbai and rest of the state.   Chennai-based eyecare chain has devised a Rs 1,000 crore expansion plan to increase its footprint across the globe by establishing 100 new hospitals in the next 3 years and over 500 vision centres, along with a strong digital presence   Talking about the development, Dr Amar Agarwal, Chairman, Dr Agarwals Eye Hospitals, said “This is a very significant milestone for us as we have hit a century with this merger. Aditya Jyot Hospital becoming a part of our chain has taken our total tally of eyecare facilities across India and abroad to 100.”   ]]> https://biospectrumindia.com/news/86/19725/twin-health-raises-rs-1000-cr-to-prevent-chronic-metabolic-diseases.html https://biospectrumindia.com/news/86/19725/twin-health-raises-rs-1000-cr-to-prevent-chronic-metabolic-diseases.html Thu, 07 Oct 2021 17:30:00 +0530 US and Chennai-based Twin Health, makers of the Whole Body Digital Twin precision health technology, has announced Rs 1000 Cr in Series C funding as it scales its presence in India and the US.   The funds will help to scale Whole Body Digital Twin technology to reverse and prevent chronic metabolic diseases, including type 2 diabetes.   The Whole Body Digital Twin provides guidance to nutrition, sleep, activity and meditative breathing to patients and their doctors to safely reverse and prevent a variety of chronic metabolic diseases, including type 2 diabetes, cardiovascular disease and liver disease.   Prof Shashank Joshi, Chief Scientist at Twin Health, Consultant Endocrinologist Lilavati Hospital Mumbai and President of Indian Academy of Diabetes said, “As a scientist, I am impressed by the ongoing RCT results and the cutting edge Whole Body Digital Twin technology. Now, it has been scientifically proven that Type 2 Diabetes can be reversed by healing the root cause of chronic metabolic diseases including type 2 diabetes with highly personalised data-driven recommendations to doctors and patients.”    ]]> https://biospectrumindia.com/news/86/19713/coimbatore-based-health-basix-raises-seed-round-of-funds.html https://biospectrumindia.com/news/86/19713/coimbatore-based-health-basix-raises-seed-round-of-funds.html Wed, 06 Oct 2021 17:30:00 +0530 Health Basix, a paediatric healthcare delivery platform, has closed the seed round of funding from marquee investors Raj Mishra of Indea Capital, Nicola Blackwood - ex-deputy Minister for Health and Chair of Genomics England, Dr Anantha Nageswaran - Co-founder of Aavishkaar Venture Capital/Economic Advisor to the PM of India and other HNI’s.   The paediatric health platform and family health app by Toro Health, founded by Swathy Rohit, Vishnu Prasath, and Ramesh Krishnan in March 2021 said it will use the capital for building its team, product development, marketing, and setting up in-school clinics to deliver connected health to one million families.    “Our main goal is to identify and connect kids to the care they need at the right time,” said Swathy, CEO, Heath Basix. ]]> https://biospectrumindia.com/news/86/19654/glamyo-health-raises-3-m-in-series-a-funding.html https://biospectrumindia.com/news/86/19654/glamyo-health-raises-3-m-in-series-a-funding.html Tue, 28 Sep 2021 15:55:00 +0530 Glamyo Health, an asset-light healthcare start-up operating in the field of elective surgeries has raised $3 million in Series A. The start-up has raised the round from an array of esteemed investors and led by Ananta Capital and participation from Agility ventures, Udtara Ventures, We Founder Circle, Dexter Angels, Tej Kapoor - Managing Partner at Fosun, Vivek Gupta & Abhay Hanjura - Founders of Licious, Dhruv Kapoor - Partner at Sistema, Aditya Singh – Principal at Stride VC, Ayush Jain – Leading South India for AWS and others.    Glamyo team has plans to scale up in 20+ cities in the next six months. Started at the end of 2019 the brand has raised in total $ 3.5 million including the current round.      ]]> https://biospectrumindia.com/news/86/19641/sterling-accuris-raises-rs-250-cr-from-morgan-stanley-private-equity-asia.html https://biospectrumindia.com/news/86/19641/sterling-accuris-raises-rs-250-cr-from-morgan-stanley-private-equity-asia.html Mon, 27 Sep 2021 16:35:00 +0530 Sterling Accuris Wellness, a pathology-focused diagnostic lab chain in New Delhi, has signed an agreement to raise Rs 250 crore of equity funds from a fund managed by Morgan Stanley Private Equity Asia. Veda Corporate Advisors, a leading mid-market investment bank, advised the company and its promoters on the transaction. The company is aiming to achieve a revenue of around Rs 250 crores in FY22.During the last three years, the company has significantly expanded its lab network, invested in digital technologies and built a strong backend infrastructure to offer a wide variety of routine and specialised tests within quick turnaround times. The proceeds from this fundraiser will help the company penetrate deeper into existing markets and enter new geographies. Girish Patel, Chairman, Sterling Accuris, said, “We will continue with our guiding principles of building a strong customer-centric brand while providing ethical and market appropriate pathology diagnostic services."Rajiv Sharma, MD and CEO, Sterling Accuris, said, “The investment will also enable us to expand our lab network to new geographies such as Maharashtra and NCR. We will continue to invest to build capabilities in digital technologies to rapidly grow our B2C service delivery and strengthen our R&D capabilities to develop new and innovative tests in molecular and genetic testing." ]]> https://biospectrumindia.com/news/86/19629/medikabazaar-raises-75-m-in-series-c-investment.html https://biospectrumindia.com/news/86/19629/medikabazaar-raises-75-m-in-series-c-investment.html Fri, 24 Sep 2021 19:45:00 +0530 Medikabazaar has successfully raised $75 million in Series C investment led by CREAEGIS, along with CDC Group, the UK’s development finance institution and existing investors. Existing investors who participated in Series C round include Belgium based Ackermans & van Haaren (AvH), HealthQuad Advisors, Japan-based Rebright Partners, Continental Europe-based Kois Holdings and Sumitomo Mitsui Financial Group.    The current investment is the highest ever funding in the B2B Health-tech space, and the funds will be utilised to strengthen Medikabazaar’s digital capabilities, deepen the supply ecosystem and technology-driven distribution channels, and bolster capacity to provide a wider range of leading-edge quality medical supplies across diverse geographical regions. This will also help Medikabazaar to augment its international operations, especially across MENA and South-East Asia markets.   Vivek Tiwari, Founder & CEO, Medikabazaar said, "The funds raised will enable us to enhance our international operations and deepen our presence in the Indian B2B health tech industry."   Prakash Parthasarathy, Managing Partner, Creaegis, said, “We look forward to building a leading next-generation company with Vivek and team and are fully committed to bringing Creaegis’s digital operating capabilities and relationships to support this journey.”   Alex Ellis CMG, British High Commissioner to India said, “This new investment into Medikabazaar in India will help improve healthcare quality and increase access to a wider range of medical supplies through its innovative platform. The UK-India partnership on health is tackling the biggest challenges of tomorrow, from genomics to antimicrobial resistance, and will help prevent future pandemics.”   Srini Nagarajan, CDC’s Head of South Asia said, “CDC’s partnership with Medikabazaar comes at a critical juncture when collaboration is urgently needed to address India’s healthcare needs."   ]]> https://biospectrumindia.com/news/86/19612/serum-institute-of-india-invests-50-m-in-oxford-biomedica.html https://biospectrumindia.com/news/86/19612/serum-institute-of-india-invests-50-m-in-oxford-biomedica.html Wed, 22 Sep 2021 17:20:00 +0530 Oxford Biomedica has announced that Serum Life Sciences, a subsidiary company of Serum Institute of India, has agreed to invest just over £50 million in the Group in return for new ordinary shares representing 3.9 per cent of the outstanding shares after the capital increase.    The proceeds of the transaction will be used to fund the development of the fallow area at Oxbox, the Group’s 84,000 sq ft manufacturing facility based in Oxford, UK, into a flexible advanced manufacturing space and the validation of several independent cGMP suites, expected to come online in mid-2023.   Oxbox was constructed by the Group during 2019 and the first phase of development, totalling 45,000 sq ft, consisted of four GMP manufacturing suites, two fill and finish suites and supporting areas such as warehouse, cold chain facilities and QC laboratories.   Three suites are currently dedicated to producing COVID-19 vaccine at 1000L scale and one suite is producing lentiviral vector-based products for the Group’s other partners. The remaining 39,000 sq ft will be developed using the proceeds of the Transaction to allow for flexible expansion and use. This is expected to include manufacturing capacity for viral vector-based products, including vaccines.   The investment from SLS will allow Oxford Biomedica to continue to expand the capacity of the Group’s world-class facilities in anticipation of growing demand for the Group’s world-leading capabilities.     ]]> https://biospectrumindia.com/news/86/19593/mylab-acquires-majority-stake-in-poc-startup-sanskritech.html https://biospectrumindia.com/news/86/19593/mylab-acquires-majority-stake-in-poc-startup-sanskritech.html Mon, 20 Sep 2021 16:00:00 +0530 Pune-based Mylab Discovery Solutions has acquired a majority stake in Mumbai-based firm Sanskritech – the developer of Swayam- India’s first most advanced Point of Care (POC) Testing system with over 90 test parameters and telemedicine facility. Mylab will establish POC testing labs at doctor offices, nursing homes, community health centres, airports, etc. through lab partners to enable patients to get test results faster, at a lower cost and without the need to wait for hours.Swayam is a portable diagnostic and telemedicine point-of-care system that can be used to create a small lab anywhere. Mylab will use its expertise in diagnostic solutions development, biosensors, robotics, liquid handling to further expand the test menu and embed Artificial Intelligence which will facilitate faster reporting and consultation with the doctor an even better experience.“The acquisition will enable us to further strengthen our efforts to make point-of-care testing available everywhere in India including a remote village,” said Hasmukh Rawal, MD, Mylab.Pritam Kumawat, Founder, Sanskritech said, “Through our IoT based POC system, Swayam, we have been striving to leverage technology to create easy access to basic healthcare at an affordable cost. We look forward to working closely with Mylab to make point-of-care testing available across the country.”As part of the deal, Mylab will acquire a majority stake in Sanskritech in an all-cash deal. Sansktitech team will continue to operate as a separate entity under the aegis of Mylab. ]]> https://biospectrumindia.com/news/86/19575/serum-institute-to-buy-15-stake-in-biocon-biologics-worth-4-9-bn.html https://biospectrumindia.com/news/86/19575/serum-institute-to-buy-15-stake-in-biocon-biologics-worth-4-9-bn.html Fri, 17 Sep 2021 10:45:00 +0530 Biocon Biologics Limited (BBL), a subsidiary of Biocon and Serum Institute Life Sciences (SILS), a subsidiary of Serum Institute of India have announced a strategic alliance. Under the terms of the agreement, BBL will offer approximately 15 per cent stake to SILS, at a post-money valuation of ~$4.9 billion, for which it will get committed access to 100 million doses of vaccines per annum for 15 years, primarily from SILS’s upcoming vaccine facility in Pune with commercialisation rights of the SILS vaccine portfolio (including COVID-19 vaccines) for global markets. BBL will generate a committed revenue stream and related margins, commencing H2, FY23. Adar Poonawalla will have a Board seat in Biocon Biologics.In addition to vaccines, the strategic alliance will also develop antibodies targeting several infectious diseases like Dengue, HIV, etc. The two companies will enter Service Level Agreements (SLAs) for manufacturing and distribution of the vaccines and antibodies. Kiran Mazumdar-Shaw, Executive Chairperson, Biocon & Biocon Biologics, said, “This alliance will complement the strengths and resources of the two leading players in vaccines and biologics. Our shared vision of building large scale businesses having global impact makes it a unique and synergistic value creation opportunity.”Adar Poonawalla, CEO, Serum Institute of India, commented: “We look forward to complementing each other’s capabilities and capacities in vaccines and biologics, to address inequitable access both in emerging and developed markets for life-saving vaccines and biologics.” ]]> https://biospectrumindia.com/news/86/19570/rupifi-partners-with-retailio-to-enable-credit-for-pharma-retailers.html https://biospectrumindia.com/news/86/19570/rupifi-partners-with-retailio-to-enable-credit-for-pharma-retailers.html Thu, 16 Sep 2021 17:20:00 +0530 Lending fintech Rupifi, based in New Delhi, has partnered with Pune-based B2B Pharma Marketplace Retailio to enable credit for its pharma retailers. Aimed at helping small and medium sized (SME) retailers on the Retailio platform to get instant and easy access to credit, the partnership will aid retailers to get up to 45-days instant credit for their purchases.    The partnership will aid in enabling and strengthening the supply chain through Rupifi’s BNPL offering. Rupifi continues to work with the ecosystem to ensure that SME Retailers not just in metros, but even in Tier-I/II and III cities and towns get access to credit which they can use in a completely digital and real-time manner.   “With Retailio, we aim to help SMEs in the pharma domain get easy credit for their short-term purchases with the distributors on the Retailio network. We are committed supporting them with our multi-lender platform, which helps us deliver the best rates, maximum coverage and standardised experience", said Ankit Singh, Co-founder, Rupifi.    “The partnership will now look at deploying innovative solutions and structures for our partners,” said Rohit Anand, Head-Fintech, Retailio. ]]> https://biospectrumindia.com/news/86/19568/bengaluru-based-startup-ayu-health-raises-6-3m-for-expansion.html https://biospectrumindia.com/news/86/19568/bengaluru-based-startup-ayu-health-raises-6-3m-for-expansion.html Thu, 16 Sep 2021 12:15:00 +0530 Ayu Health, a health-tech startup based in Bengaluru has raised $6.3M in Series A financing from Vertex Ventures and Stellaris Venture Partners. The round also saw participation from marquee angel investors including Varun Alagh of Mamaearth, Ashish Gupta of Helion and Rajat Goel of EyeQ Hospitals.    Founded in 2019, Ayu Health has over 20 hospitals in Chandigarh and Bengaluru - all accredited by National Accreditation Board for Hospitals & Healthcare Providers (NABH) - making it one of the largest hospital chains in these cities.   The startup enables its network hospitals with technology to maintain high clinical standards and provide a better patient experience at an affordable cost.    The fund infusion will help Ayu expand its hospital network and build new technology solutions to enable insurance processing, efficient procurement and clinical quality management at network hospitals.   Ayu Health expects to grow its business 10x in FY22 and expand its bed capacity to 5000+ beds in six cities by December 2022.      ]]> https://biospectrumindia.com/news/86/19552/medpho-raises-1-m-to-strengthen-health-services-in-india.html https://biospectrumindia.com/news/86/19552/medpho-raises-1-m-to-strengthen-health-services-in-india.html Tue, 14 Sep 2021 00:00:00 +0530 Noida-based health startup Medpho has raised $1 million in an angel funding round, led by Cygnus Medicare Group, Probal Ghoshal, Chairman, Amar Ujala, Dr Shuchin Bajaj, Founder & Director of Ujala Cygnus and Raghavendra Prasad, Founder, Project StepOne. With the received funding, the startup aims to focus on strengthening the company’s position in the market, expansion, innovation and provide complete healthcare services to rural and urban consumers. With its online & offline services, the company offers the consumers an integrated solution for connecting to doctors, pharmacies, ambulances, medical equipment and diagnostic services. Medpho has partnered with 600+ doctors and 100+ supply partners to facilitate medical services, medicine delivery and diagnostic services.Shashank Saini, Founder, Medpho said, “We will be utilising the investments to expand our team and scale up our technologies and product innovations. Through our strategic alliances, technological advancements and offerings we want to create a value-based healthcare brand for communities with an emphasis on affordability and convenience.”   ]]> https://biospectrumindia.com/news/86/19533/sanofi-buys-kadmon-for-1-9-b-to-strengthen-transplant-biz.html https://biospectrumindia.com/news/86/19533/sanofi-buys-kadmon-for-1-9-b-to-strengthen-transplant-biz.html Thu, 09 Sep 2021 17:20:00 +0530 Sanofi has entered into a definitive merger agreement with Kadmon Holdings, a biopharmaceutical company that discovers, develops and markets transformative therapies for disease areas of significant unmet medical needs. The acquisition supports Sanofi’s strategy to continue to grow its general medicines core assets and will immediately add Rezurock (belumosudil) to its transplant portfolio.    Rezurock is a recently FDA-approved, first-in-class treatment for chronic graft-versus-host disease (cGVHD) for adult and paediatric patients 12 years and older who have failed at least two prior lines of systemic therapy.   Shareholders of Kadmon common stock will receive $9.50 per share in cash, which represents a total equity value of approximately $1.9 billion (on a fully diluted basis). The Sanofi and Kadmon Boards of Directors unanimously approved the transaction.     The transaction is expected to be modestly dilutive to Sanofi’s EPS in 2022.     ]]> https://biospectrumindia.com/news/86/19520/avantor-buys-masterflex-bioprocessing-biz-for-2-9-b.html https://biospectrumindia.com/news/86/19520/avantor-buys-masterflex-bioprocessing-biz-for-2-9-b.html Tue, 07 Sep 2021 17:05:00 +0530 US-based supplier Avantor has entered into a definitive agreement to acquire the Masterflex bioprocessing business and related assets of Antylia Scientific, a privately held, portfolio company of investment firms GTCR and Golden Gate Capital.   The all-cash transaction is valued at $2.9 billion, subject to final adjustments at closing. Given anticipated tax benefits from the transaction structure, the net purchase price is approximately $2.7 billion.   Headquartered in Vernon Hills, Illinois, Masterflex is a leading global manufacturer of peristaltic pumps and aseptic single-use fluid transfer technologies with estimated 2022 revenues of approximately $300 million.   The acquisition strengthens Avantor's offering across all bioproduction platforms including monoclonal antibodies (mAbs), cell and gene therapy and mRNA, and supports both therapy and vaccine manufacturing including COVID-19.    Masterflex has business characteristics common to Avantor including its premium brand, stringent quality standards, specification-driven model and highly recurring revenue. Avantor will leverage its differentiated channel and deep Biopharma customer relationships to enhance growth opportunities in both research and production environments. ]]> https://biospectrumindia.com/news/86/19511/hcg-acquires-oncology-labs-divests-stake-in-strand-lifesciences-to-reliance.html https://biospectrumindia.com/news/86/19511/hcg-acquires-oncology-labs-divests-stake-in-strand-lifesciences-to-reliance.html Mon, 06 Sep 2021 13:35:00 +0530 Bengaluru-based HealthCare Global Enterprises (HCG) has announced the acquisition of oncology hospital labs and clinical trials business from Strand Lifesciences as well as simultaneous divestment of its ~38.5 per cent stake (on a paid-up capital basis and 34.5 per cent on a fully diluted basis) in Strand to Reliance Industries group company. HCG received consideration of ~Rs 157 crore for the sale of its ownership in Strand and acquired labs and clinical research business through a Business Transfer Agreement (BTA) from Strand for consideration of ~Rs 81 crore with a set-off of ~Rs 7 crore towards receivables. The transactions resulted in a net cash inflow of ~Rs 83 crore for HCG in addition to the take-over of the labs and clinical research business.Dr BS Ajaikumar, Executive Chairman, HCG, said, “We will continue to work with Strand to utilise their strengths in bioinformatics and data analytics as we generate valuable cancer patients’ data and implement EMR / digitization across the network to emerge as the leading precision medicine company focused on oncology in India. HCG also gets the ability to pursue clinical trials business in-house which given the diversity and scale of HCG Cancer operations would be an attractive proposition to build upon." ]]> https://biospectrumindia.com/news/86/19488/centrient-pharma-completes-acquisition-of-astral-steritech.html https://biospectrumindia.com/news/86/19488/centrient-pharma-completes-acquisition-of-astral-steritech.html Wed, 01 Sep 2021 19:15:00 +0530 Centrient Pharmaceuticals has announced the completion of the acquisition of Vadodara-based Astral SteriTech.    With the addition of Astral SteriTech’s Semi-Synthetic Cephalosporin and Semi-Synthetic Penicillin sterile injectable finished dosage forms to Centrient’s product portfolio, the company can now further meet the needs of customers and reach more patients with its critical life-saving medicine.   “We look forward to the value it will create for both our companies, our customers and above all for patients around the world who need these life-saving antibiotics,” said Rex Clements, Chief Executive Officer, Centrient.    Dr Dushyant Patel, Chairman Emeritus, Astral SteriTech said, “With the closure of the transaction, Astral SteriTech becomes an integrated unit of Centrient, paving the way for blending Centrient’s vision and strategies for global success with Astral SteriTech’s strong fundamentals in the niche area. This will not only enhance the quality of our service to existing clients but also expand our business horizon.”   For the transaction, Barclays acted as the exclusive financial advisor and Sidley Austin LLP and Trilegal as legal advisors to Centrient Pharmaceuticals. JP Morgan acted as the exclusive financial advisor and Shardul Amarchand Mangaldas & Co as legal advisor to Astral SteriTech. ]]> https://biospectrumindia.com/news/86/19441/vijaya-diagnostic-centre-ipo-to-open-on-sept-1-2021.html https://biospectrumindia.com/news/86/19441/vijaya-diagnostic-centre-ipo-to-open-on-sept-1-2021.html Thu, 26 Aug 2021 15:15:00 +0530 Vijaya Diagnostic Centre proposes to open its Initial Public Offering on Wednesday, September 1, 2021. The price band of the offer has been fixed at Rs 522 to Rs 531 per equity share. Bids can be made for a minimum of 28 equity shares and in multiples of 28 equity shares thereafter. The offer will close on Friday, September 3, 2021. The Initial Public Offering consists of an offer for sale of up to 35,688,064 equity shares by the selling shareholders, consisting of up to 5,098,296 equity shares by Dr S Surendranath Reddy (Promoter Selling Shareholder), up to 29,487,290 equity shares by Karakoram and up to 1,102,478 equity shares by Kedaara Capital Alternative Investment Fund- Kedaara Capital AIF 1.The company expects that listing of the equity shares will enhance its visibility and brand image and provide liquidity to Shareholders and will also provide a public market for the equity shares in India. ICICI Securities, Edelweiss Financial Services and Kotak Mahindra Capital Company are the Book Running Lead Managers to the issue. ]]> https://biospectrumindia.com/news/86/19397/digital-health-startup-navia-life-care-raises-1-m-.html https://biospectrumindia.com/news/86/19397/digital-health-startup-navia-life-care-raises-1-m-.html Wed, 18 Aug 2021 15:20:00 +0530 Digital health startup Navia Life Care has raised $1 million in funding en route to their Series A raise. The investment was led by Anicut Angel Fund, the equity arm of Anicut Capital, with participation from 9Unicorns and other notable angel investors. The startup aims to close a $5 million Series A in the next three to four months.   The fresh funds will focus on strengthening the company’s position as one of the fastest-growing digital health startups in India, which is helping in reducing information asymmetry and increasing access to quality health information across the ecosystem. It will further allow the company to use the capital for technology, business development, product innovation and development, strategic hiring, and expansion across all healthcare hubs of India, metro cities along Tier-II and III cities.   Kunal Kishore Dhawan, Co-Founder, Navia Life Care, said, “With the new funding coming in we have an opportunity to build a base for the next leg of our growth and we are grateful to partner with investors who share our vision.”     ]]> https://biospectrumindia.com/news/86/19389/serum-institute-of-india-acquires-50-stake-of-schott-kaisha.html https://biospectrumindia.com/news/86/19389/serum-institute-of-india-acquires-50-stake-of-schott-kaisha.html Tue, 17 Aug 2021 04:00:00 +0530 Serum Institute of India has bought 50% stake in the Indian joint venture SCHOTT Kaisha from former co-owners Kairus Dadachanji and Shapoor Mistry. The joint venture is the leading Indian manufacturer of pharma packaging products such as vials, syringes, ampoules and cartridges used to package life-saving medications. With this acquisition, Serum is securing its supply of high-quality pharma packaging amid rising global demand. Adar Poonawalla, CEO Serum Institute of India says, “Even the best medication can’t reach the patient without the right packaging. Securing this supply chain is of strategic importance. SCHOTT is the perfect partner for us to do this because of their expertise and global network. As a longtime customer, we use their vials, ampoules and syringes to store our vaccines including COVISHIELD™. Working even closer together is in the best interest of global health.” "The joint venture will definitely continue to supply its customers in India and abroad as a reliable partner", says Eric L’Heureux, the new Managing Director and former longstanding Head of Operations ]]> https://biospectrumindia.com/news/86/19356/hester-biosciences-registers-net-profit-of-rs-12-24-cr-in-q1-fy22.html https://biospectrumindia.com/news/86/19356/hester-biosciences-registers-net-profit-of-rs-12-24-cr-in-q1-fy22.html Thu, 12 Aug 2021 14:15:00 +0530 Leading animal healthcare company, Hester Biosciences reported a standalone net profit of Rs 12.24 crore for the quarter ended June 2021 as against a net profit of Rs 7.62 crore in the corresponding period last year – growth of 60 per cent. Revenue from operations for the Q1FY22 was reported at Rs 58.51 crore, a growth of 50 per cent as compared to revenue of Rs 38.88 crore in the corresponding period last year. EPS for Q1FY22 was reported at Rs 14.38 per share. The company achieved an improved operational and financial performance in Q1 FY22 as compared to the corresponding quarter of FY21. The EBITDA margin was reported at 31.02 per cent and the net profit margin at 20.92 per cent in Q1FY22. The market and economic recovery has supported well for the growth of the poultry and animal industry and is expected to continue in the coming period. The company is constantly investing in the geographical market expansion and marketing manpower to achieve the budgeted topline.During Q1 FY22, the overall topline grew by 50 per cent, compared to Q1FY21 which was affected by a nationwide lockdown during the initial period of the pandemic. Overall, the sales of vaccines have registered a growth of 41 per cent in Q1 FY22, and the sale of Health Products have registered a growth of 94 per cent in Q1 FY22. Domestic sales have registered a growth of 61 per cent in Q1 FY22. The opening up of the domestic market has resulted in a higher demand for the products.        Export sales have registered a marginal de-growth of 8 per cent in Q1 FY22. Export orders are affected due to restricted cargo movements globally.  ]]> https://biospectrumindia.com/news/86/19341/lupin-posts-gross-profit-of-rs-27094-m-in-q1-fy2022.html https://biospectrumindia.com/news/86/19341/lupin-posts-gross-profit-of-rs-27094-m-in-q1-fy2022.html Wed, 11 Aug 2021 09:35:00 +0530 Lupin reported its financial performance for the quarter ending June 30, 2021. In Q1 FY2022, the gross profit was registered at Rs 27,094 million compared to Rs 24,417 million in Q4 FY2021, with a gross profit margin of 63.9 per cent. The gross profit was buoyed by the $50 million received from Boehringer Ingelheim for achieving key milestones for its novel MEK inhibitor compound collaboration. EBITDA was registered at Rs 9,926 million and profit after tax was registered at Rs 5,480 million.   Personnel cost was 18.5 per cent of sales at Rs 7,837 million compared to Rs 6,402 million in Q4 FY2021. Manufacturing and other expenses were at 24.3 per cent of sales at Rs 10,309 million compared to Rs 11,178 million in Q4 FY2021. Investment in R&D for the quarter was at Rs 3,737 million (8.8 per cent of sales).      The operating working capital was at Rs 59,615 million as of June 30, 2021. Capital expenditure for the quarter was Rs 1,057 million, net debt as of June 30, 2021, stands at Rs (-)3,453 million. Net debt-equity for the company as on June 30, 2021, stands at (-)0.02.   Nilesh Gupta, MD, Lupin said, “While the quarter’s profits were bolstered by the Boehringer Ingelheim MEK programme income, despite a tough operating environment, we see substantial room for growth. We remain committed to growing our US business both with our inline products as well as the ramp-up of Albuterol and Brovana, to continue above-market growth in India, and ensure growth in every part of the business. We  see meaningful uplift in the second half and remain focused on our journey of expanding margins through driving strong double-digit revenue growth and optimising costs, while ensuring the safety of our people and the highest standards of compliance.” ]]> https://biospectrumindia.com/news/86/19335/lincoln-pharma-posts-standalone-net-profit-of-rs-17-38-cr-in-q1fy22.html https://biospectrumindia.com/news/86/19335/lincoln-pharma-posts-standalone-net-profit-of-rs-17-38-cr-in-q1fy22.html Tue, 10 Aug 2021 16:05:00 +0530 Lincoln Pharmaceuticals has reported a standalone net profit of Rs 17.38 crore for the Q1FY22 ended June 2021 as against a net profit of Rs 14.99 crore in the corresponding period last year, a growth of 15.92 per cent. Net revenue from operations in Q1FY22 was reported at Rs 122.06 crore, higher by 18.49 per cent over the previous fiscal’s same quarter net revenue of Rs 103.01 crore.   EBITDA for Q1FY22 was reported at Rs 26.31 crore, a rise of 17.37 per cent as compared to EBITDA of Rs 22.42 crore in Q1FY21. In Q1FY22, EPS for Q1FY22 was at Rs 8.69 per share as compared to Rs 7.50 in the corresponding period last year.   Mahendra Patel, MD, Lincoln Pharmaceuticals, said, "We are confident to improve our growing numbers of revenue, margins and profitability in FY22. Our strategic growth initiatives, product and geographical expansion, operational efficiency and debt-free status are likely to maximise value for all stakeholders in the near to medium term. For the FY 21-22, the company is looking at a sales growth of 15-20 per cent while maintaining healthy EBITA and Net profit margins. Expanding the product basket, the company plans to introduce six to seven new products in the domestic markets and expects 20 -25 new dossiers approval for the exports market. Exports to the EU markets are likely to commence from Q4FY22."   During Q1FY22 ended June 2021, promoter group of Lincoln Pharmaceuticals increased holding in the company to 37.78 per cent - rise of 52 bps, from 37.26 per cent as of March 31, 2021.      Exports for Q1FY22 was reported at Rs 69.76 crore. The export business of the company has shown remarkable growth in the last few years and had increased to 65 per cent of total sales in FY21 from 11 per cent of total sales in FY13. The company currently exports to 60 plus countries including East & West Africa, Central and Latin America and Southeast Asia. For the FY21, exports grew 18.4 per cent to Rs 270 crore.   ]]> https://biospectrumindia.com/news/86/19333/hinduja-group-divests-health-services-biz-to-bpea-for-1-2b.html https://biospectrumindia.com/news/86/19333/hinduja-group-divests-health-services-biz-to-bpea-for-1-2b.html Tue, 10 Aug 2021 11:55:00 +0530 The Hinduja Group’s business process management entity, Hinduja Global Solutions (HGS), servicing some of the world’s leading brands across its nine verticals (from FMCG, Retail, BFSI to Telecom), has entered into definitive agreements to divest its healthcare services business to funds affiliated with Baring Private Equity Asia (BPEA), one of the largest private alternative investment firms in Asia.   The transaction based on enterprise value of $1,200 million, subject to closing adjustments, is expected to complete within 90 days, subject to shareholder and other regulatory approvals.   Post completion of the transaction, HGS will transfer all client contracts, employees, and assets, including infrastructure related to the Healthcare Services business. HGS will focus on strengthening its Consumer Engagement Solutions (CES), HGS Digital and HRO/ Payroll businesses that support several top global brands across its nine verticals. Services to healthcare clients delivered by the HGS Digital and HRO/ Payroll businesses will continue to be part of HGS’ portfolio.   “Our healthcare services business has steadily grown over the years. We reached a stage where we could recommend to promoter to divest stake in this business to unlock value for all HGS stakeholders. We will use the generated funds to strategically invest for the future growth of the organisation. We see a long-term value and benefit to HGS in doing so. HGS will continue to focus on aggressively expanding its CES and Digital businesses in line with our goal to transform itself into a ‘digitally-enabled customer experience (CX) company,” said Partha DeSarkar, Global CEO, HGS.   Barclays Bank acted as the sole financial advisor to HGS on the transaction. ]]> https://biospectrumindia.com/news/86/19309/cipla-posts-pat-of-rs-715-crore-in-q1-fy-22.html https://biospectrumindia.com/news/86/19309/cipla-posts-pat-of-rs-715-crore-in-q1-fy-22.html Fri, 06 Aug 2021 10:20:00 +0530 Cipla has announced Q1 FY22 results. Income from operations has been reported at Rs 5504 crores, a growth of 27 per cent YoY. The EBITDA is at Rs 1346 crore, 28 per cent growth YoY and PAT at Rs 715 crore at 24 per cent YoY. The company reported an overall business growth of 68 per cent YoY with strong volume traction in core therapies and COVID-19 portfolio contribution.   Umang Vohra, MD and Global CEO, Cipla, said, “At Cipla, we feel proud to have contributed extensively to the fight against COVID-19 amid the second wave by ensuring continuous supply of life-saving medicines. I am pleased to see the robust demand led traction in core therapies across our branded markets and continued cost control leading to 27 per cent revenue growth and 24.5 per cent EBITDA margin for the quarter. In India, we maintained our market-beating performance as core therapies responded to demand triggers along with support from the covid portfolio during the second wave. I am delighted to witness the continued unlocking of our respiratory franchise in the US with market share expansion in Albuterol and strengthening of the portfolio with Arformoterol launch. Our South Africa private business continues to outperform the market. Our investments in creating a differentiated API portfolio have helped drive growth in the quarter." ]]> https://biospectrumindia.com/news/86/19273/sun-pharma-posts-adjusted-net-profit-at-rs-19792-m-in-q1-up-73-yoy.html https://biospectrumindia.com/news/86/19273/sun-pharma-posts-adjusted-net-profit-at-rs-19792-m-in-q1-up-73-yoy.html Fri, 30 Jul 2021 17:55:00 +0530 Sun Pharmaceutical Industries has reported the financials for the first quarter ending June 30, 2021. In Q1FY22, the consolidated sales from operations at Rs 96,694 million, a growth of 29 per cent over Q1 last year and 14 per cent over Q4 last year. India sales have been reported at Rs 33,084 million, up 39 per cent compared to Q1 last year. The US finished dosage sales at $380 million, a growth of 35 per cent over the same quarter last year. The Emerging Markets sales was at $218 million, up by 25 per cent over Q1 last year. The Rest of World sales was at $185 million, up by 35 per cent over Q1 last year.    The R&D investments are at Rs 5,926 million compared to Rs 4,206 million for Q1FY21. EBITDA at Rs 27,718 million, up by 59 per cent over Q1 last year, with a resulting EBITDA margin of 28.7 per cent. The adjusted net profit for the quarter was at Rs 19,792 million, up by 73 per cent YoY, after excluding the exceptional items of Rs. 6,311 million and relevant minority interest of Rs. 960 million. The adjusted net profit margin at 20.5 per cent compared to 15.3 per cent for Q1 last year. The company reported a net profit for Q1FY22 was at Rs 14,442 million.    Dilip Shanghvi, MD, Sun Pharma said, “We witnessed a strong Q1, driven by a combination of robust core business growth, low base and some sale of Covid products. We are enthused by the all-around growth across all our businesses compared to Q4 last year. Our India business continues to do well while our global speciality revenues have grown over Q4. We are happy with Ilumya’s performance which has grown both YoY and sequentially. We continue to focus on growing our overall business and simultaneously strengthening our global speciality portfolio. The recent in-licensing of Winlevi for the US and Canada is a step forward in this direction.”   ]]> https://biospectrumindia.com/news/86/19265/lupins-generic-health-buys-stake-in-aus-based-southern-cross-pharma.html https://biospectrumindia.com/news/86/19265/lupins-generic-health-buys-stake-in-aus-based-southern-cross-pharma.html Fri, 30 Jul 2021 12:35:00 +0530 Generic Health, an Australia-based wholly-owned subsidiary of global pharma major Lupin announced that it has entered into a definitive agreement under which Lupin will acquire 100 per cent of the shares of Southern Cross Pharma (SCP).Incorporated in Melbourne, Australia, SCP is engaged in developing, registering, and distributing generic products. As a part of the transaction, Generic Health will gain access to over 60 registered products having sales of over AUD 30 million (approximately $22 million). This will significantly increase Lupin’s value proposition and market share in the Australian market.Nilesh Gupta, MD, Lupin said, “The Southern Cross Pharma portfolio builds on our existing portfolio of prescription generics, over the counter and speciality range of products. This investment significantly increases our scale in Australia and reinforces our commitment to patients in Australia.”“The acquisition of SCP marks the next exciting chapter of growth for Generic Health. We will benefit from SCP’s portfolio of over 60 difficult-to-develop generic pharmaceutical products. This substantially strengthens our product offering and enables us to deliver enhanced value for our stakeholders, patients and communities,” said Ashutosh Damle, CEO, Generic Health.Neill Stacey, Managing Director and owner, SCP commented, “Over the past 20 years, SCP has had a preference to develop a portfolio of products that are more demanding than the standard generics. I am happy that the reach of Southern Cross Pharma’s products will increase through Lupin and Generic Health.”  ]]> https://biospectrumindia.com/news/86/19257/laurus-labs-registers-revenue-growth-of-31-per-cent-at-rs-1279-cr.html https://biospectrumindia.com/news/86/19257/laurus-labs-registers-revenue-growth-of-31-per-cent-at-rs-1279-cr.html Thu, 29 Jul 2021 16:50:00 +0530 Laurus Labs has announced its Q1 FY22 results. The total net revenue was at Rs 1,279 crores, up 31 per cent (Y-o-Y), EBITDA at Rs 400 crores, up 41 per cent (Y-o-Y); EBITDA margins at 31 per cent; PAT at Rs 241 crore, up 40 per cent (Y-o-Y) and PAT margins at 19 per cent (Y-o-Y).   Commenting on the results announcement, Dr Satyanarayana Chava - CEO, Laurus Labs said, “Our synthesis business retained its growth momentum powered by the increased business from the existing clients and new clients; the segment registered strong growth with +95 per cent YoY, with ongoing commercial supplies for four products. In the API segment, oncology and ARV APIs registered healthy growth. In contrast, revenue from our other API witnessed a slowdown, and the growth is expected to restore from Q2 FY22, we remain confident of maintaining a growth trajectory in the Generic API business for FY22. In addition, Laurus Bio started contributing to the revenue and would add more from Q2 FY22, with the new fermentation capacities added in recombinant food protein.”    VV Ravi Kumar, ED and CFO, Laurus Labs said, "Our performance focus is on growth driven by superior execution and completing our Future Ready strategy with manufacturing capacity expansions - a combination of brown and greenfield in API, FDF, and Synthesis divisions. With sustained business opportunities, we remain confident of achieving sustainable return ratios in the FY2022-23 and beyond.”     ]]> https://biospectrumindia.com/news/86/19244/newquest-capital-partners-acquires-minority-stake-in-cloudnine-hospitals.html https://biospectrumindia.com/news/86/19244/newquest-capital-partners-acquires-minority-stake-in-cloudnine-hospitals.html Wed, 28 Jul 2021 12:45:00 +0530 NewQuest Capital Partners, a leading dedicated secondary private equity platform focused on the Asia-Pacific region, has acquired a minority interest in Kids Clinic India that operates as Cloudnine chain of hospitals across India.   The stake has been acquired through a combination of a primary investment and acquisition of a secondary stake from existing investors and other shareholders.   Cloudnine is India’s premium birthing center for maternal, childcare and fertility care. The Company is headquartered in Bengaluru with 16 facilities spread across in Gurgaon, Noida, Chandigarh, Panchkula, Chennai, Mumbai and Pune.    NewQuest made its investment in Cloudnine from its fourth flagship fund, which closed in late 2019 with $1 billion of commitments. The investment represents NewQuest’s third investment in India in the last six months.            ]]> https://biospectrumindia.com/news/86/19236/morepen-labs-net-revenue-up-50-per-cent-to-rs-388-31-cr-in-q1-fy22.html https://biospectrumindia.com/news/86/19236/morepen-labs-net-revenue-up-50-per-cent-to-rs-388-31-cr-in-q1-fy22.html Tue, 27 Jul 2021 12:55:00 +0530 Morepen Laboratories has registered a growth of 97 per cent in its consolidated profits (before tax) at Rs 38.53 crore during the quarter ending June 30, 2021.  Profit after tax (PAT) for the quarter is up by 57 per cent at Rs 30.47 crores. The quarterly revenues of the company at Rs 388.31 crores have recorded an incredible growth of 50 per cent during the current quarter which highest ever growth in a quarter. In the Q1 FY’21, the company recorded quarterly revenues of Rs 258.97 crore. The company continued to control the operating costs resulting in an increase in Q1 FY’22 EBIDTA by 63 per cent at Rs. 45.43 crore whereas Cash Profit at Rs. 45.22 crore is up by 64 per cent. Sushil Suri, MD and Chairman stated, “Our partnership with RDIF to manufacture Sputnik vaccine in India is a big milestone for the company. We can manufacture up to 250 million doses per annum that can be ramped up to 500 million doses per annum. We remain committed to fighting the battle of Covid and gear ourselves for the fast vaccination of the nation. Morepen’s commitment towards this project is a step forward towards entry into biosimilars and other biologicals.”Domestic business of the company recorded a spectacular growth of 95 per cent in its Q1 FY’22 revenues at Rs 275.84 crore on the strength of huge growth contributed by domestic revenues of Diagnostics Devices and API business of the company.API business registered a handsome revenue growth of 17 per cent in the Q1 FY’22 on strength of the increase in Sales revenues of Loratadine and Montelukast. Loratadine exports for the quarter grew by 26 per cent while Montelukast has doubled its sales in the domestic market. The point of Care (POC) Medical Devices business has registered a growth of 189 per cent growth which is the highest ever in the quarter. The share of medical devices business on standalone basis has gone up from 26.1 to 36.9 per cent for this quarter as compared to last year same quarter. Blood glucose meters had a growth of 234 per cent growth at Rs 84.90 crores. BP Monitors Sales have jumped 183 per cent at Rs 20.76 crores. The finished dosage business has shown a significant recovery as compared to the same quarter last year and grew at Rs 39.90 crores registering a revenue growth of 30 per cent. ]]> https://biospectrumindia.com/news/86/19235/axio-biosolutions-raises-6-m-in-series-b2-equity-round.html https://biospectrumindia.com/news/86/19235/axio-biosolutions-raises-6-m-in-series-b2-equity-round.html Tue, 27 Jul 2021 11:45:00 +0530 MedTech company Axio Biosolutions, based in Bengaluru, has announced a $6 million Series B2 equity raise led by TrueScale Capital, with participation from existing investors Omidyar Network India, University of California–Ratan Tata Fund, and Accel. Axio Biosolutions, India (Axio), a wholly-owned subsidiary of Boston-based Advamedica is a leading developer of hemostatic and advanced wound care products.    With this round of funding, Axio has raised over $20 million to date and plans to build out its commercial presence in the US and EU, as well as strengthen its India operations. The company is well-positioned to grow in developed markets on the back of its intellectual property, regulatory approvals and clinical data   Sameer Nath, Managing Partner, TrueScale Capital, will join Axio’s board of directors. Before this round, Axio has raised capital from Accel, Chiratae Ventures, University of California–Ratan Tata Fund and Omidyar Network India.   Leo Mavely, Founder and CEO, Axio Biosolutions said, “We have plans to explore new markets and introduce additional products. The Series B2 will help us to grow in developed markets and expand our roster of regulatorily approved products.”       ]]> https://biospectrumindia.com/news/86/19231/alembic-pharmas-q1fy22-net-profit-down-45-per-cent-at-rs-165-cr-.html https://biospectrumindia.com/news/86/19231/alembic-pharmas-q1fy22-net-profit-down-45-per-cent-at-rs-165-cr-.html Mon, 26 Jul 2021 17:55:00 +0530 Alembic Pharmaceuticals has reported its consolidated financial results for the quarter ending June 30, 2021. In Q1 FY22, the company's net sales was down 1 per cent at Rs 1326 crores, the profit before tax was down 46 per cent at Rs 199 crores and the net profit was down 45 per cent at Rs 165 crores.Pranav Amin, MD, Alembic Pharmaceuticals said, "The India business grew exceptionally well and outpaced the industry. We hope to see this momentum continuing due to the initiatives undertaken recently. The US business faced price erosion due to increased competition. However, our long-term view of the US market remains intact."In the international business, the US Generics de-grew 38 per cent to Rs 369 crores in the quarter, the ex-US international formulations grew 13 per cent to Rs 197 crores in the quarter. Seven ANDA approvals were received during the quarter and the cumulative ANDA approvals was at 146 (including 18 tentative). Three ANDA filings happened during the quarter with cumulative ANDA filings at 212.The India branded business for the quarter grew by 57 per cent to Rs 481 crores. The acute segment, as well as the speciality segment, grew faster than the represented pharmaceutical market. ]]> https://biospectrumindia.com/news/86/19220/jubilant-pharma-posts-rs-1635-cr-revenue-in-q1fy22.html https://biospectrumindia.com/news/86/19220/jubilant-pharma-posts-rs-1635-cr-revenue-in-q1fy22.html Fri, 23 Jul 2021 18:30:00 +0530 Jubilant Pharma has posted its Q1FY22 results. In the quarter, the consolidated revenue was Rs 1,635 crore versus Rs 1,156 crore in Q1'FY21. The total EBITDA was at Rs 379 crore versus Rs 183 Crore in Q1’FY21. Finance costs have been reported at Rs 35 crore versus Rs 48 crore in Q1'FY21. The average blended interest rate for Q1'FY22 stood at 4.64 per cent versus 5.26 per cent in Q1’FY21. Profit after tax was at Rs 160 crore as compared to Rs 35 crore in Q1'FY21. EPS was at Rs 10.1 versus Rs 2.2 in Q1'FY21. The capital expenditure for the quarter was at Rs 106 crore.Commenting on company’s performance, Shyam S Bhartia, Chairman and Hari S Bhartia, Co-Chairman and MD, Jubilant Pharmova said, "During this quarter, in addition to YoY increase, we also reported sequential improvement in the speciality pharma segment with gradual recovery across radiopharmaceuticals, radiopharmacy and allergy business. In radiopharmaceuticals, we have enhanced efforts to promote existing products as well as expand our product pipeline with strategic partnerships. With a gradual recovery in nuclear medicine procedures, the turnaround plan of the radiopharmacy business is on track. CMO business continued to benefit from COVID related deals. Contract Research and Development Services business witnessed strong YoY growth in revenues led by healthy demand from customers. We have doubled our chemistry research capacity and the facility is operational now. Despite COVID-19 related lockdowns, we have been able to ensure continuity in most of our manufacturing operations across all business segments while at the same time ensuring the safety of our employees." ]]> https://biospectrumindia.com/news/86/19213/nirogstreet-secures-2-5-million-in-series-a-funding.html https://biospectrumindia.com/news/86/19213/nirogstreet-secures-2-5-million-in-series-a-funding.html Thu, 22 Jul 2021 20:50:00 +0530 NirogStreet, a technology-led Ayurveda doctor platform, has secured $2.5 million in Series A Funding from Gokul Rajaram, Pureland Venture, Wavemaker Partners, Raj Mishra of Indea Capital, Ashutosh Sinha - former CEO of Morgan Stanley, Anuj Srivastava, founder of Livspace, Sanjeev Shriya, Founder of Smart Chip Limited, AJ Capital - family office of Jhunjhunwala family, Sanjay Gupta - MIT Deshpande Centre.    The start-up intends to create a solid and engaging technology platform that will allow ease of access to Ayurvedic healthcare through technological interventions while creating easy access to high-quality medicines, avenues for income generation for doctors and also helping SME medicine manufacturers to reach out to a larger base of doctors.    Ram N Kumar, Founder, NirogStreet said, “The focus of NirogStreet is to create tech-oriented data and solutions to create better opportunities for both doctors, manufacture and customers. The recent investment will be employed to strengthen the technology platform and strengthen the offering to the Ayurveda doctors and clinics."   The company plans to partner with over 150 Ayurvedic medicine manufacturers and esteemed brands in the next year to provide the best quality medicines to the patients. It has successfully enabled over 50,000 + Ayurvedic doctors to adopt evidence-based treatment in Ayurveda using its NirogStreet for Ayurveda doctor’s mobile application. This technology-driven SaaS tool and platform provides access to authentic Ayurveda doctors on a global scale with a focus to implement best practices and deliver quality Ayurveda healthcare. ]]> https://biospectrumindia.com/news/86/19210/wockhardt-posts-revenue-growth-of-36-per-cent-in-q1fy-22.html https://biospectrumindia.com/news/86/19210/wockhardt-posts-revenue-growth-of-36-per-cent-in-q1fy-22.html Thu, 22 Jul 2021 18:20:00 +0530 Wockhardt has posted its first-quarter result for the financial year 2021-22. The company has recorded substantial revenue growth (up by 36 per cent over the previous quarter and 32 per cent over the previous corresponding quarter) and in EBITDA at Rs 108 crore compared to a loss of Rs 49 crore in the corresponding quarter of the previous year. Profit after Tax (PAT) for the quarter was Rs 13 crore against Rs 93 crore in the previous quarter. Net Debt-Equity ratio as of June 30, 2021, stood at 0.55 (March 31, 2021, stood at 0.54). During the quarter ended June 30, 2021, the UK business grew by 86 per cent over the previous corresponding quarter and stood at Rs 407 crore in Q1FY22 (PY Rs 218 crore).  The UK business contributed about 47 per cent of the global revenue. Major growth has come from the COVID-19 vaccine business.  The continuing India business stood at Rs 152 in Q1FY22 (PY Rs 62 crore) registering a growth of 144 per cent. The total India business (Continued and Discontinued Operations) stood at Rs 152 crore in Q1FY22 as compared to Rs 116 crore in Q1FY21 – a growth of 31 per cent. India business contributed 18 per cent of the global revenue.  The emerging markets business of the company stood at Rs 124 crore in Q1FY22 (PY Rs 139 crore). The emerging markets business contributed about 14 per cent of the global revenue.  The Irish business stood at Rs 36 crore in Q1FY22 (PY Rs 33 crore). The US business stood at Rs 102 crore in Q1FY22 as compared to Rs 114 crore in Q1FY21. In the US, the business contributed 12 per cent of the global revenue. Research and development expenditure during the quarter was at Rs 34 crore (4 per cent to sales) and including capital expenditure was at 8.5 per cent to sales. Capital expenditure during the quarter was Rs 40 crore. ]]> https://biospectrumindia.com/news/86/19208/pag-invests-145-m-in-cdmo-firm-acme-formulation.html https://biospectrumindia.com/news/86/19208/pag-invests-145-m-in-cdmo-firm-acme-formulation.html Thu, 22 Jul 2021 15:40:00 +0530 PAG, a leading Asia-focussed private equity firm, has reached an agreement to acquire a controlling stake in Himachal Pradesh-based Acme Formulation (Acme), leading contract development and manufacturing outsourcing (CDMO) company with a focus on complex pharmaceutical products. PAG will invest ~$145 million (~Rs 1,054 crore) to acquire a controlling stake in the company.   PAG is currently investing out of its $6 billion PAG Asia III buyout fund, with a strong commitment to investing in the Indian market since 2019.   Following the Acme acquisition, PAG will have completed investments of more than half a billion dollars in India. PAG’s latest deals include investments in Edelweiss Wealth Management, one of India’s largest wealth advisory firms, and Anjan Drug, a leading manufacturer of active pharmaceutical ingredients (APIs). ]]> https://biospectrumindia.com/news/86/19198/syngene-posts-pat-of-rs-773-m-in-q1-results.html https://biospectrumindia.com/news/86/19198/syngene-posts-pat-of-rs-773-m-in-q1-results.html Wed, 21 Jul 2021 10:30:00 +0530 Syngene International announced its first-quarter results for FY22. The company reported quarterly revenue from operations growth of 41 per cent year-on-year to Rs 5,945 million; profit after tax for the quarter increased by 33 per cent year-on-year to Rs 773 million.    Jonathan Hunt, MD and CEO, Syngene International, said, "We made a strong start to the financial year. Besides continuing progress across all our business divisions, growth for the quarter was strongly boosted by the manufacturing of COVID-19 treatment, Remdesivir, as we increased production to meet the needs of the second wave of COVID-19 in India. We also made headway with the expansion of our dedicated R&D centre for Bristol Myers Squibb following the contract extension announced last quarter. As India faced a second wave of the pandemic, our safety protocols continued to provide a sustainable work environment enabling our staff to operate at normal levels and keep client projects on track. During the quarter, following government guidance, we were proud to be able to offer vaccinations to our staff and their families as an additional level of protection. Overall, first-quarter performance was in line with our expectations and puts us on track to meet our full-year growth guidance in the coming quarters."  ]]> https://biospectrumindia.com/news/86/19195/healthifyme-raises-75-m-for-expansion-in-india-and-southeast-asia.html https://biospectrumindia.com/news/86/19195/healthifyme-raises-75-m-for-expansion-in-india-and-southeast-asia.html Tue, 20 Jul 2021 16:40:00 +0530 Bengaluru-based HealthifyMe has raised $75 million in a Series C round led by LeapFrog and Khosla Ventures. HealthQuad, Unilever Ventures, and Elm (Saudi Arabia PIF entity) also participated in the round along with existing investors Chiratae Ventures, Inventus Capital and Sistema Asia Capital. It takes the total capital raised by HealthifyMe to over $100 million till now.    The company will use the funds to expand in India and Southeast Asia, make inroads into North America, as well as to acquire relevant companies in the digital health and fitness space.   It will also be investing heavily behind its AI-powered HealthifySmart Plans and intends to double its current engineering and design strength. It will furthermore be hiring senior leadership members across operations, marketing, HR and technology.   While HealthifyMe’s base has been India, it has been expanding internationally and now nearly 25% of its revenues come from outside India. The company intends to invest in its AI capabilities and hire top talent from around the world to further enhance its offerings.   Besides HealthifySmart, the funds will also be used to invest in its two new initiatives - HealthifyPlus and HealthifyStudio. The company is also evaluating acquiring relevant companies in these fields to supercharge its expansion plans in India and overseas.   HealthifyMe is also planning to invest in building its leadership team and will hire for key positions across operations, HR, technology and marketing as well as P&L heads. HealthifyMe also intends to open an office and build a team in the Bay Area and in Southeast Asia to help expand further locally. The company will be doubling the size of its engineering and design teams and intends to leverage the talent available in India and the US. It also intends to hire over 1000 trainers and coaches this year itself.    ]]> https://biospectrumindia.com/news/86/19180/veeda-clinical-research-acquires-majority-stake-in-bioneeds.html https://biospectrumindia.com/news/86/19180/veeda-clinical-research-acquires-majority-stake-in-bioneeds.html Fri, 16 Jul 2021 17:40:00 +0530 Veeda Clinical Research, a full-service clinical research organisation (CRO) based in Ahmedabad, has acquired a controlling 50.1 per cent stake in Bioneeds India (Bioneeds), after acquiring a significant minority stake earlier in March.   Earlier in June this year, Veeda had also received an equity investment of $16 million led by private equity fund, Sabre Partners and distinguished HNIs like Pranabh Mody (of JB Chemicals), Havells family office, Nikhil Vora (founder of Sixth Sense Ventures), Arjun Bhartia (of Jubilant), amongst others.   Growing R&D budgets of global pharmaceutical companies is the opportunity that Veeda and Bioneeds expect to capitalise on. As per the “Clinical Research Organization (CRO) Market Report” dated May 2021 prepared and released by Frost & Sullivan (India), India is becoming an attractive destination for clinical and preclinical research outsourcing supported by quality scientific capability, the emergence of the biosimilars industry, increased demand for complex generics and availability of a large number of patient volunteers.   Ajay Tandon, MD, Veeda said, “We believe we have made progress over the last three months in leveraging capabilities across Veeda, Ingenuity and Bioneeds for integrated solutions to our clients. We are working towards further aligning our capabilities, systems, processes and people to capitalise on the full potential of our combination.”   Dr Vinaya Babu, Founder and MD, Bioneeds said “We believe that what we are seeing represents significant traction in our preclinical, biopharma and drug development services, where we continue to invest in to enhance capabilities. we are excited by the prospects ahead.” ]]> https://biospectrumindia.com/news/86/19170/ifcs-16-5-m-equity-investment-in-medgenome-to-support-covid-19-response.html https://biospectrumindia.com/news/86/19170/ifcs-16-5-m-equity-investment-in-medgenome-to-support-covid-19-response.html Thu, 15 Jul 2021 18:05:00 +0530 International Finance Corporation (IFC) is partnering with Bengaluru-based genetic diagnostics and research company, MedGenome, to increase access to COVID-19 testing, and support research to better help understand the virus, its variants and manage future outbreaks.    IFC's $16.5 million (~Rs 123 crore) equity investment will support the expansion of MedGenome’s diagnostic services, including COVID-19 testing, as well as boost genomic data from South Asian populations, which can help provide valuable insights into complex diseases and help develop effective medical solutions for diverse populations.    MedGenome is also working on genetic sequencing with research laboratories affiliated with the government of India to help monitor the evolution of the Coronavirus, identify new variants, and help develop effective treatments to contain the disease. In April 2021, the company’s research effort led to a publication that identified gene variants that can influence people’s susceptibility to COVID-19.     The investment in MedGenome is part of IFC’s $4 billion (~Rs29, 820 crore) Global Health Platform, which is providing financing to support the manufacturing and supply of vaccines, medical equipment, and therapeutics, as well as the logistics required to deliver vaccines and medications.     ]]> https://biospectrumindia.com/news/86/19146/ivanho-cambridge-lighthouse-canton-announce-co-investment-in-genome-valley-hyderabad.html https://biospectrumindia.com/news/86/19146/ivanho-cambridge-lighthouse-canton-announce-co-investment-in-genome-valley-hyderabad.html Tue, 13 Jul 2021 08:00:00 +0530 Ivanhoé Cambridge, a global real estate subsidiary of the Caisse de dépôt et placement du Québec, one of Canada’s leading institutional fund managers, has announced its investment in a 0.85M sf (Swiss franc) life science R&D office-labs portfolio in Genome Valley, Hyderabad. The portfolio will be acquired alongside Lighthouse Canton, the existing asset manager with a track record of managing the portfolio with an experienced on-the-ground management team. The MN Park portfolio will receive investment from Ivanhoé Cambridge and Lighthouse Canton in an 80:20 ratio, respectively. The initial focus will be on consolidating the portfolio with select value accretive acquisitions in relevant life science R&D clusters in India. The transaction also includes the completion of development on identified land options within the portfolio to cater to tenant expansion requirements. “This new investment in MN Park allows us to reinforce our conviction in life science real estate, a key focus area of our diversification strategy into high growth, innovation-focused sectors”, commented Chanakya Chakravarti, Managing Director, India, at Ivanhoé Cambridge. MN Park is India’s largest privately owned portfolio of leased life sciences R&D office labs. It offers fully fitted lab spaces, incubation and R&D facilities, storage spaces, office spaces, large open recreational spaces, and a host of amenities occupied by global and domestic credit tenants operating strategic R&D facilities engaged in mission critical, core innovation focused healthcare research. ]]> https://biospectrumindia.com/news/86/19104/beato-raises-rs-42-cr-in-funding.html https://biospectrumindia.com/news/86/19104/beato-raises-rs-42-cr-in-funding.html Wed, 07 Jul 2021 12:25:00 +0530 Digital care ecosystem for chronic condition management, BeatO, has raised Rs 42 crore in funding led by US-based venture capital firm W Health Ventures. With this new funding, BeatO has raised Rs 75 crore over the last year across its Series A and Pre-series B rounds. The fresh funds will be utilised across two key areas – growth in subscriber base across multiple channels and geographies, and product enhancement to provide care for other cardiometabolic conditions. The funding also saw participation from PharmEasy (a Threpsi Solutions brand), Merisis VP and existing investors Orios VP, Leo Capital and others.    BeatO’s digital health platform combines real-time monitoring via its IoT-connected devices and app ecosystem to provide AI-driven personalized insights and proactive intervention by doctors and health coaches to patients with chronic conditions such as diabetes.    Gautam Chopra, Co-Founder & CEO, BeatO said, “We welcome our new partners in our exciting journey as we continue to address this large problem and positively impact millions of lives”.    “We’re impressed with BeatO’s unparalleled patient experience and outstanding clinical results. The company’s exponential growth is driven by its ability to transcend geographical and socio-economic barriers to also reach tier-II and tier-III cities in India, where access to diabetes care is generally limited," said Dr Pankaj Jethwani, Executive Vice President, W Health Ventures.   ]]> https://biospectrumindia.com/news/86/19103/medtech-firm-healthium-acquires-vitalcare-group.html https://biospectrumindia.com/news/86/19103/medtech-firm-healthium-acquires-vitalcare-group.html Wed, 07 Jul 2021 11:40:00 +0530 Bengaluru-based medtech firm Healthium has acquired VitalCare Group in the UK, a manufacturer of urology consumable care products, through its subsidiary Clinisupplies. This acquisition will help Healthium expand its urology franchise in Europe and other developed markets.   With the acquisition of VitalCare, Healthium adds to its manufacturing capabilities in urology and boosts its in-house R&D, which will strengthen its presence in the urology segment in Europe and the US.   Lewis Calcutt, MD, VitalCare will continue with the company, building on its global presence and creating a truly differentiated product portfolio.   Healthium has a diverse portfolio of medical devices and consumables, which includes surgical sutures, needles, a patented arthroscopy portfolio, urology portfolio, hernia meshes, haemostats, gloves, ligation clips, surgical staplers and other wound closure devices. The company holds 60 patents in India and the US (including those under process).    VitalCare is a manufacturer of urology consumable care products, with relationships with healthcare customers worldwide. The company is headquartered in UK with manufacturing operations in China.   Anish Bafna, MD and CEO, Healthium Medtech said, “The acquisition of VitalCare will bring together global talent, diverse cultures, differentiated expertise, strengthen our product portfolio and presence in urology care to drive continuous value for our customers. The combined leadership and synergies in offerings from both companies will further strengthen distribution, offer more choices to our customers and enable us to deliver better patient care worldwide.”        ]]> https://biospectrumindia.com/news/86/19059/health-tech-startup-meddo-closes-pre-series-a-funding-round-at-6-m.html https://biospectrumindia.com/news/86/19059/health-tech-startup-meddo-closes-pre-series-a-funding-round-at-6-m.html Wed, 30 Jun 2021 20:30:00 +0530 Health-technology start-upMeddo operating in the ambulatory space has closed the Pre-Series A round at $6 million led by SRI Capital, Picus Capital and Alkemi Capital. Meddo equips OPD clinics with technology-enabled, digital solutions to turn them into full-service medical centres complete with ERM systems, diagnostic support, medicine delivery services/support and much more.    Saurabh Kochhar, Founder, Meddo, said, “With the pre-series, A round concluding, we are drawing up plans to utilise these funds effectively. Our focus will be to increasing presence and national footprint - both with more clinics in the NCR region and expansion to other cities. Organic and inorganic expansion by investing in technology solutions that integrate seamlessly with the Meddo offering and strengthen the eco-system, investing in big-data that would give us access to trends in the healthcare industry at a micro and macro level so we may customise our offerings as per patient needs. To achieve the vision of complete healthcare cover for patients, and going the extra mile to offer affordable plans that cover all expenses from primary health care (OPD) to hospitalisation (IPD).” ]]> https://biospectrumindia.com/news/86/19025/pharmeasy-to-acquire-66-1-stake-in-thyrocare-for-rs-4546-cr.html https://biospectrumindia.com/news/86/19025/pharmeasy-to-acquire-66-1-stake-in-thyrocare-for-rs-4546-cr.html Fri, 25 Jun 2021 18:00:00 +0530 Mumbai-based API Holdings Ltd (API), the parent company of digital healthcare Brand, PharmEasy, founded by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia and Siddharth Shah, has announced the signing of definitive documents to acquire 66.1% stake in Mumbai-based Thyrocare Technologies from Dr. A Velumani and affiliates at a price of Rs 1,300 per share aggregating to Rs 4,546 crs. The transaction is subject to regulatory and other applicable customary approvals. Docon Technologies Pvt Ltd, a 100% subsidiary of API, will be the acquirer and shall make an open offer for an additional 26% stake. Dr. A Velumani will be separately acquiring a minority non-controlling stake, of less than 5% in API as part of a series of equity investments by existing and new investors of API. The collaboration between PharmEasy and Thyrocare is unique and transformative for the Indian healthcare sector, consumers and the entire healthcare ecosystem. The synergies of both, India’s largest digital health platform and one of the largest, cost-effective diagnostics solution providers (by volume) will reimagine and accelerate the delivery of high-quality diagnostic and OPD services across the full continuum of patient care to nearly 800mn Indians. On the addition of Thyrocare into its portfolio, Siddharth Shah, CEO, API Holdings commented “We are delighted to be partnering Thyrocare. We will provide world class customer experience in diagnostics, rivalling our pharmacy experience by leveraging technology, and building on top of the massive scale & truly pan-India presence of Thyrocare. It is our aim to deliver all outpatient healthcare products & services to every Indian within 24 hours.”   Image caption- (L to R) Siddharth Shah, Co. Founder & CEO, API Holdings Ltd signing the stake acquisition agreement with Dr. A Velumani, Chairman & MD, Thyrocare Technologies Ltd ]]> https://biospectrumindia.com/news/86/18994/digisparsh-raises-seed-funding-from-goahead-ventures.html https://biospectrumindia.com/news/86/18994/digisparsh-raises-seed-funding-from-goahead-ventures.html Tue, 22 Jun 2021 19:00:00 +0530 DigiSparsh, an Indian fintech focussed on healthcare lending, announced securing a seed round from Silicon Valley-based investor GoAhead Ventures. DigiSparsh offers lending solutions including insurance receivable financing, supplier financing and patient financing to the entire value chain of the healthcare ecosystem. The distribution strategy of tying up with healthcare aggregators to source the end customers makes them very unique in healthcare lending. They have already tied up with seven aggregators, onboarded 14 hospitals, have funded loans to patients, pharmacies and healthcare merchants in more than 50 locations across the country.    Saurabh Soni, Co-founder and CEO, DigiSparsh, said, “With this funding, we plan to strengthen our team and also widen our reach - targeting to tie up with 50 aggregators, on-board 100 hospitals by the end of this year and 500 hospitals by the end of the next year."   Akhilesh Gandhi, Co-founder & CTO, DigiSprash, added, “We have built products that are tailor-made for the health care sector where hospitals, supplier or patients can use them to apply for lending products and these are easily integrable with hospitals’ core systems or with our aggregator's platform." ]]> https://biospectrumindia.com/news/86/18972/flexiloans-com-partners-with-retailio.html https://biospectrumindia.com/news/86/18972/flexiloans-com-partners-with-retailio.html Mon, 21 Jun 2021 11:35:00 +0530 FlexiLoans.com has partnered with Retailio, a B2B healthcare marketplace to provide working capital loans to its 100,000+ retailers and distributors pan India. The partnership aims to fund over 15,000+ pharma retailers in the next 18 months. It will enable the pharmacies to cater to the increased demand for healthcare products and stock holding period by ensuring that funding for their working capital needs is taken care of digitally within 24- 48 hours of them applying for a loan.   The seamless lending integration with Retailio took less than two weeks given FlexiLoans.com’s robust plug and play architecture. The retailers on Retailio will benefit from FlexiLoans's Co-lending platform - BiFrost with access to a wide range of lenders and seamless digital on-boarding.   Since its inception in 2016,Flexiloans.com has disbursed more than Rs 1000 crores to more than 30,000+ customers across 1500+ cities across India. It receives over 100,000 applications per month, largely from Tier II, III and Tier IV cities in India. By the end of this year, it aims to hit an annualised disbursal run-rate of Rs 1000+ crores in a single year. ]]> https://biospectrumindia.com/news/86/18900/kims-hospitals-ipo-to-open-on-june-16-2021.html https://biospectrumindia.com/news/86/18900/kims-hospitals-ipo-to-open-on-june-16-2021.html Fri, 11 Jun 2021 16:15:00 +0530 Krishna Institute of Medical Sciences (KIMS) Hospitals will open the Bid/Offer period to its initial public offering of equity shares on June 16, 2021 (the 'IPO'/ 'Offer'). The Bid / Offer Period will close on June 18, 2021. The price band of the offer has been fixed at Rs 815 to Rs 825 per equity share.The IPO comprises a fresh issue aggregating up to Rs 2,000 million (the 'Fresh Issue') and an offer for sale of up to 23,560,538 equity shares (the 'Offer for Sale'), up to 16,003,615 equity shares by General Atlantic Singapore (the 'Investor Selling Shareholder'), up to 387,966 equity shares by Dr Bhaskara Rao Bollineni, up to 775,933 equity shares by Rajyasri Bollineni, up to 387,966 equity shares by Bolllineni Ramanaiah Memorial Hospital (collectively, the 'Promoter Selling Shareholders'), up to 6,005,058 equity shares by persons referred to in Annexure A to the red herring prospectus dated June 9, 2021 (RHP) (the 'Other Selling Shareholders', and together with the 'Investor Selling Shareholder' and 'Promoter Selling Shareholders', the 'Selling Shareholders', and such equity shares, the 'Offered Shares'). The offer includes a reservation aggregating up to Rs 200 million for subscription by eligible employees of the company. Further, the offer include ]]> https://biospectrumindia.com/news/86/18886/pee-safe-raises-rs-25-cr-pre-series-b-funding.html https://biospectrumindia.com/news/86/18886/pee-safe-raises-rs-25-cr-pre-series-b-funding.html Thu, 10 Jun 2021 14:55:00 +0530 Pee Safe has raised Rs 25 crore in Pre-Series B funding in a round led by entrepreneur and investor Shaival Desai and existing Series A investor Alkemi Growth Capital.    Through this raise, Pee Safe aims to build depth in feminine hygiene and sexual wellness, and accelerate its personal care brand FURR as well as allocate funds for further R&D and product launches in the next one year. The brand is also looking at raising Series B funding later this year.    Speaking about this, Vikas Bagaria, Founder and CEO, Pee Safe, said, “We are happy about the growth prospects of Pee Safe as a brand that addresses personal and intimate hygiene holistically. The funding round will enable us to further research and development, as well as build Pee Safe as a forward-looking brand. We are happy to have Shaival Desai’s support. Alkemi Growth Capital have placed their trust in us once before and even this time, we will ensure that the association is a win-win in all respects.”    Pee Safe is helping India fight health issues brought on by unhygienic conditions through their complete personal hygiene and wellness products. Pee Safe’s online business has seen a 40 per cent jump in the current quarter and the brand has achieved over 70 per cent growth annually (FY20-21). Apart from raising $10 million in series B funding, Pee Safe is looking at expanding its retail presence from the current 10,000 stores to having a few franchise-owned brand exclusive stores (FOFO) to enhance the customer experience across India. They have already expanded overseas and are building local production of toilet seat sanitisers in Europe. ]]> https://biospectrumindia.com/news/86/18883/tata-digital-to-acquire-majority-stake-in-1mg.html https://biospectrumindia.com/news/86/18883/tata-digital-to-acquire-majority-stake-in-1mg.html Thu, 10 Jun 2021 13:00:00 +0530 Tata Digital is to acquire a majority stake in digital health company 1MG Technologies (1MG). The investment in 1MG is in line with Tata Group’s vision of creating a digital ecosystem that addresses consumer needs across categories in a unified manner. e-pharmacy, e-diagnostics and teleconsultation are critical segments in this ecosystem and have been among the fastest-growing segments in this space, as this sector enabled access to healthcare through the pandemic.    The overall market is around $1 billion and expected to grow at ~50 per cent CAGR driven by increased health awareness among consumers and greater convenience. This category will form a key element of the Tata Digital ecosystem offering.   Commenting on the investment, Pratik Pal, CEO, Tata Digital, said, “The investment in 1MG strengthens Tata’s ability to provide superior customer experience and high-quality healthcare products and services in e-pharmacy and e-diagnostics space through a technology-led platform.    Prashant Tandon, Co-Founder & CEO, 1MG, said, “We are delighted to join hands with one of India’s most iconic and respected conglomerates. This marks a significant milestone in 1MG’s journey to make high-quality healthcare products and services accessible to customers across India.” ]]> https://biospectrumindia.com/news/86/18865/stride-ventures-leads-rs-25-cr-debt-round-in-medibuddy.html https://biospectrumindia.com/news/86/18865/stride-ventures-leads-rs-25-cr-debt-round-in-medibuddy.html Tue, 08 Jun 2021 15:50:00 +0530 Stride Ventures has led a debt round of Rs 25 crore in MediBuddy MediBuddy. The digital healthcare platform will utilise the funding in further strengthening its technology, operations and marketing to move a step closer to its mission of providing high-quality healthcare to a billion people.   On the funding, Ishpreet Gandhi, Founder and Managing Partner, Stride Ventures, said “The need for remote examining and monitoring of patients, and contactless technology all over India is more imperative than ever. We are pleased to see how MediBuddy has leveraged technology to scale up rapidly with a clear vision to evolve health tech in India.”    Satish Kannan, Co-founder and CEO, MediBuddy, added, “Telemedicine is growing at a monumental pace in India and the pandemic has only further amplified the importance of going digital. We are excited to have Stride Ventures along on this journey."   Stride Ventures recently launched its second venture debt fund with a target corpus of over Rs 1,000 crore. It will continue to invest in early to late-stage startups across sectors through its innovative alternate financing solutions within venture debt. The firm has been one of the most active ventures debt companies this year, having disbursed over Rs 200 crores since January 2021.    ]]> https://biospectrumindia.com/news/86/18864/truemeds-raises-5-m-in-series-a-funding.html https://biospectrumindia.com/news/86/18864/truemeds-raises-5-m-in-series-a-funding.html Tue, 08 Jun 2021 14:55:00 +0530 Telehealth platform Truemeds closed its $5 million series A funding round led by InfoEdge Ventures, Asha Impact and Indian Angel Network Fund (IAN Fund). Since its seed round in May 2020, the company has witnessed a 40X growth in monthly orders, with over 50 per cent of orders resulting from strong word of mouth and organic discovery.Existing investor, InfoEdge Ventures, led the second consecutive funding round in Truemeds. The funding will be used to further expand its footprint to three additional cities, build product and technology and invest in improving the supply chain of generic medicines. Having repeat usage of over 60 per cent and a high annual purchase frequency (8-10 times), Truemeds is building a subscription-like service for chronic patients.Commenting on the announcement Akshat Nayyar, Co-founder & CEO, Truemeds said, “With this investment, we’ll be able to not only make the Truemeds experience even more seamless but also bring access to affordable medicines to more people in different parts of India.” ]]> https://biospectrumindia.com/news/86/18858/tata-digital-invests-up-to-75-m-in-curefit-healthcare.html https://biospectrumindia.com/news/86/18858/tata-digital-invests-up-to-75-m-in-curefit-healthcare.html Tue, 08 Jun 2021 00:00:00 +0530 Tata Digital, a 100 per cent subsidiary of Tata Sons, has entered a Memorandum of Understanding for an investment of up to $75 million in CureFit Healthcare, subject to completion of diligence process and other approvals.    CureFit Founder and CEO Mukesh Bansal will join Tata Digital in an executive role as President, Tata Digital. In addition, Bansal will continue in his leadership role at CureFit. Curefit, with its range of fitness & wellness offerings, will help Tata Digital expand into a pro-active health management space.   N Chandrasekaran, Chairman, Tata Sons said, “The CureFit partnership with its industry-leading platform in fitness and wellness aligns very well with our overall healthcare proposition where fitness is increasingly becoming an integral part of a consumers’ life.”    Mukesh Bansal, Co-founder & CEO of CureFit, said, “Joining Tata Digital marks an exciting new step for me and my team and is a recognition of the value we have created with CureFit for fitness enthusiasts in India. Being part of Tata Digital will enable us to nationally scale up our offerings for our customers.”   Sudhir Sethi, Chairman, Chirate Ventures from CureFit board said, “Tata digital partnership will significantly accelerate cure.fit’s growth as a fitness and wellness leader and it will open up access to a large set of the new consumer base. It is a strong validation of the category leadership that cure.fit has and helps cure.fit grow rapidly as digital health takes off in a big way in next decade.”  ]]> https://biospectrumindia.com/news/86/18853/vijaya-diagnostic-centre-files-drhp-with-sebi.html https://biospectrumindia.com/news/86/18853/vijaya-diagnostic-centre-files-drhp-with-sebi.html Mon, 07 Jun 2021 13:40:00 +0530 Vijaya Diagnostic Centre has filed Draft Red Hearing Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI).  Through the initial public issue, the company aims to achieve the benefits of listing the equity shares on the stock exchanges and carry out 'Offer of Sale' of up to 3.57 crore (3,56,88,064) equity shares by the selling shareholders.    The ‘Offer for Sale’ comprises up to 0.51 crore (50,98,296) equity shares by DS Surendranath Reddy (Promoter Selling Shareholder), up to 2.95 crore (2,94,87,290) equity shares by Karakoram and up to 0.11 crore (11,02,478) equity shares by Kedaara Capital Alternative Investment Fund- Kedaara Capital AIF 1. The face value of equity share is Rs 1 each. The company will not receive any proceeds from the offer.     ICICI Securities, Edelweiss Financial Services and Kotak Mahindra Capital Company are the Book Running Lead Managers to the issue. ]]> https://biospectrumindia.com/news/86/18846/jubilant-pharmova-posts-consolidated-pat-of-rs-213-90-cr-in-q4fy21.html https://biospectrumindia.com/news/86/18846/jubilant-pharmova-posts-consolidated-pat-of-rs-213-90-cr-in-q4fy21.html Fri, 04 Jun 2021 20:35:00 +0530 The Board of Jubilant Pharmova has approved the financial results for the quarter ended March 31, 2021. The company has reported total income of Rs 1586.47 crores during the period ended March 31, 2021 as compared to Rs 1774.93 crores during the period ended December 31, 2020. The company has posted net profit / (loss) of Rs 213.90 crores for the period ended March 31, 2021 as against net profit / (loss) of Rs 309.93 crores for the period ended December 31, 2020. It has reported EPS of Rs 13.43 for the period ended March 31, 2021 as compared to Rs 19.46 for the period ended December 31, 2020. In the year ended quarter FY 20-21, the company has reported total income of Rs 6116.18 crores during the 12 months ended March 31, 2021 as compared to Rs 6013.20 crores during the 12 months ended March 31, 2020. The company has posted net profit / (loss) of Rs 835.87 crores for the 12 months ended March 31, 2021 as against net profit / (loss) of Rs.898.24 crores for the 12 months ended March 31, 2020. It has reported EPS of Rs.52.48 for the 12 months ended March 31, 2021 as compared to Rs.56.39 for the 12 months ended March 31, 2020. Shyam S Bhartia, Chairman and Hari S Bhartia, Co-Chairman and MD, Jubilant Pharmova said, "With the demerger of LSI business into Jubilant Ingrevia effective February 1, 2021, the company’s consolidated results for Q4’FY21 include only one month of LSI business and consolidated results for FY21 include only ten months of LSI business. For FY21 our continuing operations, despite COVID-19 challenges, revenues were stable due to a diverse range of businesses. CDMO and Generics grew though we saw impact on radiopharma and had production impact at the Nanjangud API plant." They further said, "Specialty pharma segment especially radiopharma was impacted due to COVID-19 and competition in radiopharma. In radiopharmaceuticals, we are expanding our product pipeline with strategic partnerships and have begun to execute a detailed turnaround plan of radiopharmacy business. CMO and generics delivered strong growth and we plan to expand capacity in CMO and enhance number and complexity of products under development in generics." They added, "We are doubling our chemistry research capacity that should commission by Q2’FY22. Despite COVID-19 related lockdowns, we have been able to ensure continuity in most of our manufacturing operations across all business segments while at the same time ensuring safety of our employees.” ]]> https://biospectrumindia.com/news/86/18827/manipal-hospitals-acquires-100-stake-in-vikram-hospital.html https://biospectrumindia.com/news/86/18827/manipal-hospitals-acquires-100-stake-in-vikram-hospital.html Thu, 03 Jun 2021 11:00:00 +0530 Manipal Hospitals has entered into a definitive agreement with Multiples, a private equity firm, for a 100 per cent acquisition of Bengaluru-based Vikram Hospital. The announcement comes close on the heels of its acquisition of the India operations of Columbia Asia Hospitals in April 2021.  Dr Ranjan Pai, Chairman, Manipal Education and Medical Group (MEMG) said, “We are delighted to welcome Vikram Hospital into our network. Manipal Hospitals has been the top-ranked healthcare provider in Bengaluru for over two decades and this addition is a reiteration of our commitment to meet the healthcare needs of the city and the region. Two greenfield hospitals are currently under construction and once they are complete in the next 24 months, our network of 12 hospitals with over 2,300 beds would be best placed to provide ease of access and comprehensive care to everyone across this city.” Sharing her views on the transaction, Renuka Ramnath, Founder, Managing Director and CEO, Multiples said, “ We are pleased that we are handing over this marquee asset to an extremely worthy Manipal Hospital Group.” Allegro Capital acted as financial advisors while PwC served as financial and tax diligence advisors and Trilegal as legal advisors for Manipal Hospitals on this deal.  ]]> https://biospectrumindia.com/news/86/18808/-venus-remedies-posts-net-profit-of-rs-61-77-cr-in-fy-2020-21.html https://biospectrumindia.com/news/86/18808/-venus-remedies-posts-net-profit-of-rs-61-77-cr-in-fy-2020-21.html Tue, 01 Jun 2021 14:25:00 +0530   Venus Remedies Ltd (VRL), a leading research and development-driven pharmaceutical company, has recorded a 61 per cent increase in annual sales in 2020-21 as compared to the previous financial year. Driven by a robust supply of active pharmaceutical ingredients by key long-associated suppliers and riding on global exports, the company’s major growth driver, VRL’s annual sales grew from Rs 339.33 crore in FY 2019-20 to Rs 548.12 crore this fiscal. Announcing its audited, consolidated and standalone financial results for the quarter and year ending March 31, 2021, the company reported a net profit of Rs 61.77 crore. Its EBITDA grew by 59 per cent in FY 2020-21 to reach Rs 73.40 crore. “As on date, there are no secured borrowings from banks or financial institutions in the books of accounts of the company,” said Saransh Chaudhary, President, Global Critical Care, Venus Remedies, while commenting on the annual results. We have been putting in dedicated efforts and resources over the past two years to strengthen our relations with suppliers and customers, which helped us in gaining their confidence and proved to be a key turning point for the company,” he said. Speaking about the highlight of its operations in FY 2020-21, Chaudhary said that while the world reeled under the adverse impact of the pandemic, VRL rose to the occasion by catering to the requirements of COVID-19 patients through medicines addressing the problem of blood coagulation and other critical care antibiotics. ]]> https://biospectrumindia.com/news/86/18790/glenmarks-consolidated-revenues-grow-2-8-to-rs-109439-m-in-fy21.html https://biospectrumindia.com/news/86/18790/glenmarks-consolidated-revenues-grow-2-8-to-rs-109439-m-in-fy21.html Mon, 31 May 2021 10:50:00 +0530   Glenmark Pharmaceuticals announced its financial results for the fourth quarter and year ended March 31, 2021. For the fourth quarter of FY 2020-21, Glenmark's consolidated revenue was at Rs 28,599 million as against Rs 27,675 million recording an increase of 3.3 per cent.Consolidated EBITDA grew by 12.4 per cent to Rs 5,234 million in the quarter ended March 31, 2021 as against Rs 4,657 million in the previous corresponding quarter. The consolidated net profit was at Rs 2,339 million for the quarter ended March 31, 2021 as compared to Rs 2,203 million in the previous corresponding quarter, registering an increase of 6.2 per cent. For the year ended March 31, 2021, Glenmark's consolidated revenue was at Rs 1,09,439 million as against Rs 1,06,410 million, recording an increase of 2.8 per cent over the previous corresponding period. The consolidated EBITDA for the fiscal year ended March 31, 2021 stood at Rs 20,844 million as against Rs 16,981 million, recording an increase of 22.7 per cent in the previous corresponding period. Consolidated net profit grew by 25 per cent to Rs 9,701 million for the year ended March 31, 2021, as against Rs 7,760 million in the previous year. Earnings Per Share (EPS) is at Rs 34.38 as compared to Rs 27.5 in the previous year. "We delivered consistent performance during the year despite operational challenges due to the COVID-19 pandemic. We led from the front in India's fight against the pandemic at its very onset, with our leading brand FabiFlu," said Glenn Saldanha, CMD, Glenmark Pharmaceuticals. He further added, "We have in place strategic levers to grow our businesses sustainably, with a focus on strengthening our balance sheet." ]]> https://biospectrumindia.com/news/86/18772/metropolis-healthcare-registers-consolidated-revenue-of-rs-292-cr-in-q4fy21.html https://biospectrumindia.com/news/86/18772/metropolis-healthcare-registers-consolidated-revenue-of-rs-292-cr-in-q4fy21.html Fri, 28 May 2021 10:10:00 +0530 Diagnostic service provider Metropolis Healthcare has announced its audited consolidated financial results for Q4FY21 and FY21. The company has recorded consolidated revenue of Rs 292 crore in Q4FY21 registering a 42 per cent growth YoY. In Q4FY21, Profit after Tax (PAT) has been registered at Rs 61.3 crore as against Rs 15.5 crore in Q4FY20, resulting in a growth of 296 per cent YoY. The company posted a PAT at Rs 183.3 cr in FY21 as against Rs 127.5 crore in FY20, resulting in a growth of 44 per cent YoY. “We are pleased to post strong Q4 performance, recording our highest ever quarterly revenues driven largely by our non covid business. Metropolis continues to work and support the state governments in the fight against COVID-19. Our large capacities and expertise in specialised testing enabled us to seamlessly serve over eight lakh new customers for COVID tests. COVID tests and COVID allied tests have witnessed an uptick in Q1FY22. Our strong vision for digital transformation, our rich and growing test menu and a relentless pursuit of world-class customer experience has helped us build and grow our B2C revenues in our core markets and will help us gain market share in other key markets for us. We continue to prioritise safety, quality, and hygiene,” said Ameera Shah, Promoter and MD, Metropolis Healthcare. ]]> https://biospectrumindia.com/news/86/18771/sun-pharma-reportsindia-sales-at-rs-103432-m-for-fy20-21.html https://biospectrumindia.com/news/86/18771/sun-pharma-reportsindia-sales-at-rs-103432-m-for-fy20-21.html Thu, 27 May 2021 19:25:00 +0530 Sun Pharmaceutical Industries has reported financials for the fourth quarter and full-year ending March 31, 2021. In Q4FY21, the consolidated sales from operations at Rs 84,314 million, growth of 4.4 per cent over Q4 last year. The India sales at Rs 26,709 million, a growth of 12.9 per cent compared to Q4 last year. The R&D investments were at Rs 5,571 million (6.6 per cent of sales) compared to Rs 5,360 million (6.6 per cent of sales) for Q4FY20. The EBITDA was at Rs 19,568 million, up by 55.8 per cent over Q4 last year, with a resulting EBITDA margin of 23.2 per cent. The adjusted net profit for the quarter was at Rs 13,430.7 million, up by 103.3 per cent YoY, after excluding the exceptional items of Rs. 6,728.1 million, the exceptional tax item of Rs 1,212.3 million and relevant minority interest of Rs 1,026.6 million. The reported net profit for Q4FY21 was at Rs 8,941.5 million, up 124 per cent over Q4 last year. The full-year FY21 consolidated financials states that the consolidated sales from operations were at Rs 331,392 million, up by 2.5 per cent over the same period last year. India sales were at Rs 103,432 million, up by 6.5 per cent over the same period last year.  The adjusted net profit for the year was at Rs 59,317.8 million, up by 47.4 per cent YoY, after excluding the exceptional items of Rs 43,061.4 million, the exceptional tax item of Rs 4,095.1 million and relevant minority interest of Rs 8,686.7 million. The reported net profit for FY21 was at Rs 29,038.2 million, lower by 23 per cent over last year. Dilip Shanghvi, Managing Director, Sun Pharma said, “FY21 was a year marked by a highly volatile business environment due to the global Covid-19 pandemic and lockdowns in various countries. Despite these challenges, I am happy to see that we have been able to maintain business continuity and record positive overall growth. While our India business continues to outperform the average industry growth, our global speciality sales have continued to show an improving trend. Global Ilumya sales for the year have grown by 51 per cent to $143 million.” ]]> https://biospectrumindia.com/news/86/18769/wockhardt-posts-rs-433-cr-for-indias-continued-biz-in-fy20-21.html https://biospectrumindia.com/news/86/18769/wockhardt-posts-rs-433-cr-for-indias-continued-biz-in-fy20-21.html Thu, 27 May 2021 17:50:00 +0530 Wockhardt reported its fourth quarter results for Financial Year 2020-21. The company has reported an EBITDA loss of Rs (80) crore as compared to Rs 37 crore in the corresponding quarter of the previous year. Profit after Tax (PAT) for the quarter was Rs (93) crore against a marginal profit of Rs 15 crore in the previous quarter. PAT for FY21 is reported at Rs 686 crore as against a loss of Rs 69 crore in the corresponding period. Net debt-equity ratio as on March 31, 2021 stood at 0.54 (March 31, 2020 stood at 0.84). During the quarter ended March 31, 2021, India business (both continued and discontinued operations) stood at Rs 118 crore in Q4FY21 as compared to Rs 177 crore in Q4FY20. The Continuing Business stood at Rs 120 in Q4FY21 (PY Rs.74 crore) registering a growth of 63 per cent. India Business contributed 19 per cent of the global revenue. In the year ended March 31, 2021 quarter, India business stood at Rs 480 crore in FY21 as compared to Rs 883 crore in FY20. Continued operations of India Business stood at Rs 433 crore (PY Rs.402 crore) showing a growth of 8 per cent. India business continued operations contributed to 16 per cent of the global revenue. ]]> https://biospectrumindia.com/news/86/18731/cell-therapy-firm-eyestem-raises-funding-from-endiya-partners.html https://biospectrumindia.com/news/86/18731/cell-therapy-firm-eyestem-raises-funding-from-endiya-partners.html Tue, 25 May 2021 13:00:00 +0530 Bengaluru-based Eyestem has raised funding from Endiya partners, one of India’s leading VC Funds in Technology, Healthcare and Life-sciences. This funding will allow Eyestem to move one step closer to scaling up its platform and creating affordable cell therapies which are essential in democratizing access to a large section of humanity. This investment will enable Eyestem to reach their goal of becoming one of the first few companies in the world to develop a treatment for Dry Age-related Macular Degeneration (Dry AMD), the leading cause of incurable blindness affecting almost 170 million people – mostly above 50 years of age – across the globe. Founded by a highly experienced management team consisting of ophthalmology, cell therapy and clinical trial experts, Eyestem has created a platform for allogeneic, scalable cell therapy. Eyecyte RPE, the company’s patented flagship product, is close to finding a treatment for Dry AMD and the company has two more products in the pipeline for similar incurable diseases affecting humanity. The company has received several prestigious awards and grants from the Department of Biotechnology, Government of India. Indian investors are seeing a huge potential in this untapped market. “Healthcare, as we know it, is undergoing a transformation with new technologies providing treatment for diseases that have hitherto been deemed incurable. We are happy to be partnering with Dr Jogin Desai and the accomplished teams at Eyestem in their ambition to develop allogenic cell therapy products for such incurable diseases.We are particularly excited about the results we have seen in the product for treatment of Age-Related Macular Degeneration (AMD), a retinal degenerative disease” says Dr Ramesh Byrapeneni, Managing Director, Endiya Partners. ]]> https://biospectrumindia.com/news/86/18668/goldman-sachs-picks-minority-stake-in-aragen-life-sciences.html https://biospectrumindia.com/news/86/18668/goldman-sachs-picks-minority-stake-in-aragen-life-sciences.html Wed, 19 May 2021 05:25:00 +0530 Aragen Life Sciences, formerly known as GVK Biosciences and a leading contract research organization (CRO), has announced that Goldman Sachs, an active investor in India, has taken a significant minority stake in the company by acquiring shares previously held by ChrysCapital and other existing shareholders.Hyderabad based Aragen is a leading provider of outsourced discovery, development, and manufacturing services across both large and small molecule platforms. The company serves a worldwide customer base which spans to the United States, Europe, and Japan.  Aragen has demonstrated strong organic growth on the back of deep domain expertise, strong global delivery capabilities, and partnerships with global biopharmaceutical and biotech clients.“We believe this new investment at this important juncture in our company’s development underscores the tremendous opportunity ahead. Working with Goldman Sachs, we are well-positioned to address the opportunities in front of us to become a leading, global player with comprehensive end-to-end solutions for drug discovery and development,” said Manni Kantipudi, CEO of Aragen Life Sciences. “For more than five years, ChrysCapital has been a trusted investment partner. Following their successful exit, we are pleased to now enter a new phase in our continued evolution.” Goldman Sachs is an active investor in India, deploying more than $3.6 billion in capital since 2006. Previous investments in Indian healthcare include Biocon Biologics, BPL Medical Technologies, CyteCare Hospitals, Max India and Nova Medical Centers. ]]> https://biospectrumindia.com/news/86/18653/adb-issues-highest-ever-annual-lending-commitment-to-india-due-to-covid-19.html https://biospectrumindia.com/news/86/18653/adb-issues-highest-ever-annual-lending-commitment-to-india-due-to-covid-19.html Tue, 18 May 2021 00:00:00 +0530 The Asian Development Bank (ADB) has committed $3.92 billion in sovereign loans for 13 projects to India in 2020, including $1.8 billion in projects to support the Government of India’s COVID-19 pandemic response. This is ADB’s highest-ever annual lending commitment to India since the start of its lending operations in 1986. ADB also committed $356.1 million through its nonsovereign operations to India, including three COVID-19 support projects. As part of its pandemic support to India, ADB provided emergency assistance to contain the disease and establish social protection measures for relief to the poor and other vulnerable groups. ADB also approved financing to help the government improve equitable access to comprehensive primary health care in urban areas. “Going forward, ADB stands ready to provide additional resources to address India’s many COVID-19-related challenges, including funds to expedite the country’s ongoing vaccination program and build the health system’s resilience against future shocks, with supplementary support to protect small businesses and underpin education and social protection,” said ADB Country Director for India Takeo Konishi. “ADB is also expanding assistance to quality infrastructure development to support India’s fast economic recovery. ADB’s lending assistance will be further supported with knowledge work to help develop transformative projects.”   ]]> https://biospectrumindia.com/news/86/18618/equity-platform-multiples-led-consortium-buys-zydus-animal-health-biz-for-rs-2921-cr.html https://biospectrumindia.com/news/86/18618/equity-platform-multiples-led-consortium-buys-zydus-animal-health-biz-for-rs-2921-cr.html Wed, 12 May 2021 12:00:00 +0530 Private equity platform Multiples Alternate Asset Management (Multiples) led consortium, through an SPV controlled by them, have signed a Business Transfer Agreement (BTA) and other Ancillary Agreements to acquire Animal Healthcare Established Markets Undertaking (Zydus AH).  The consortium including Multiples, Canada Pension Plan Investment Board (CPP Investments) and RARE Enterprises, is buying the animal health business of Zydus AH focused on India and certain other countries on a going concern basis via a slump sale from Zydus Animal Health and Investments Limited (ZAHL), a wholly owned subsidiary of Cadila Healthcare. The lump sum consideration for the transaction is fixed at Rs 2921 crores on a cash free and debt free basis, subject to certain closing date adjustments and other conditions.  Zydus AH is the second largest and one of the fastest growing animal health businesses in India. The business enjoys a leadership position across a wide spectrum of therapeutic and nutritional products for livestock and poultry animal segments. It employs approximately 700 people and has one manufacturing facility in Haridwar. Multiples, along with its consortium partners, will acquire 100% business of Zydus AH through a slump sale transaction. The transaction is subject to closing conditions and receipt of all statutory and other approvals and is expected to be completed within a period of 90 days. Pankaj Patel, Chairman, Cadila Healthcare Ltd., said, “Over the last 3 decades Zydus AH has grown to become a pioneer and market leader in the Indian animal health industry. With Multiples and its consortium partners, committed to growing the business, we are sure that Zydus AH will continue to grow and strengthen its position in the industry.” ]]> https://biospectrumindia.com/news/86/18569/banks-receive-liquidity-facility-of-rs-50k-cr-for-emergency-health-services.html https://biospectrumindia.com/news/86/18569/banks-receive-liquidity-facility-of-rs-50k-cr-for-emergency-health-services.html Wed, 05 May 2021 13:05:00 +0530 The RBI Governor Shaktikanta Das has announced  a series of measures to support the nation’s fight against the second wave of COVID-19 infections. “Alleviating any constraint from the financing side for all stakeholders – government, hospitals and dispensaries, pharmacies, vaccine/medicine manufacturers/importers, medical oxygen manufacturers/suppliers, private operators engaged in the critical healthcare supply chain, and above all the common man who may be facing a sudden spike in health expenditure – requires a comprehensive targeted policy response. Small businesses and financial entities at the grassroot level are bearing the biggest brunt of the second wave of infections" said Das. The measures form the first part of a calibrated and comprehensive strategy against the pandemic, said the Governor. Term Liquidity Facility of Rs. 50,000 crore is being given with tenure of up to 3 years, at repo rate, to ease access to emergency health services, for ramping up COVID-related health infrastructure & services. Banks can give fresh lending support to a variety of stakeholders under this facility. This lending facility will be available up to March 31, 2022. Banks will be provided incentives to provide credit under this facility. RBI will closely monitor the impact of the second wave of COVID-19 on macroeconomic and financial conditions, he said. “We will work closely with the Government to alleviate extreme travails being undergone by citizens”, he stated in course of his address. ]]> https://biospectrumindia.com/news/86/18543/manipal-hospitals-completes-acquisition-of-100-stake-in-columbia-asia.html https://biospectrumindia.com/news/86/18543/manipal-hospitals-completes-acquisition-of-100-stake-in-columbia-asia.html Fri, 30 Apr 2021 12:05:00 +0530 Manipal Hospitals has announced the successful completion of acquiring 100% stake in Columbia Asia Hospitals Private Limited (Columbia Asia). The transfer of ownership has taken place post the completion of all regulatory approvals. With this acquisition, Manipal Hospitals becomes India’s second largest multi-speciality hospital chain. Today, the integrated organization with the strong clinical expertise and breadth of services of Manipal Hospitals, complemented by the strengths of Columbia Asia in clinical and service quality, is uniquely placed to enhance access and address the growing demand for high quality tertiary and quaternary healthcare in the country. Commenting on the completion of the deal, Dr Ranjan Pai, Chairman, Manipal Education and Medical Group (MEMG), said, “We are pleased to have completed the regulatory processes that now allow these two outstanding healthcare delivery organisations to function as one. The focus now is on integration that captures the best from both systems so as to offer a world class experience to all our patients. I once again welcome the entire team at Columbia Asia Hospitals to the Manipal family.” The acquisition helps Manipal Hospitals with a remarkable geographical and cultural fit that Columbia Asia offers to reach a larger national footprint.  Together, the combined entity now has 26 hospitals across 14 cities with 7,000+ beds, and a talented pool of 4,000+ doctors and 10,000+ employees. Treating over 4 million patients annually, the hospital chain today, ranks amongst the largest healthcare provider networks in the country. ]]> https://biospectrumindia.com/news/86/18533/fy21-revenue-up-14-at-rs-7360-cr-for-biocon.html https://biospectrumindia.com/news/86/18533/fy21-revenue-up-14-at-rs-7360-cr-for-biocon.html Thu, 29 Apr 2021 09:05:00 +0530 Biocon has announced its consolidated financial results for the fourth quarter and the fiscal year ended March 31, 2021. Commenting on the results, Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said: "In Q4FY21 our revenues grew 26% YoY to Rs 2,044 Crore driven by our Biosimilars, Research Services and  Generics businesses. On a full-year basis, we reported a revenue growth of 14% led by Biosimilars which grew by 21%, Research Services by 9% and Generics by 6%. For FY21, EBITDA was at Rs 1,907 Crore and core EBITDA margins at 33%. Our determination to keep investing in science to stay a step ahead of the pandemic is reflected in the 19% rise in our Gross R&D spends in the year." Q4FY21 revenue grew 53% YoY to Rs 664 Crore, driven primarily by strong sales of our biosimilar insulins and monoclonal antibodies in key emerging markets in Latin America and APAC along with improved performance in developed markets. Responding to the second wave of COVID-19 in India, Biocon Biologics stepped up its efforts to provide its anti-CD6 novel biologic Itolizumab (ALZUMAb-L) to patients. ALZUMAb-L has approval from the Drug Controller General of India for restricted emergency use in treating CRS (cytokine release syndrome) in patients experiencing moderate to severe ARDS (acute respiratory distress syndrome) due to COVID-19. Over 6,500 patients have been treated with Itolizumab so far in April 2021 alone.  ]]> https://biospectrumindia.com/news/86/18524/morepen-group-seals-rs-750-cr-investment-to-expand-diagnostic-biz.html https://biospectrumindia.com/news/86/18524/morepen-group-seals-rs-750-cr-investment-to-expand-diagnostic-biz.html Wed, 28 Apr 2021 12:00:00 +0530 The Board of Directors of Morepen Laboratories has approved the investment proposed by Corinth Group, a global private investment Group, headquartered in Switzerland, to the extent of $32.50 million in the parent company, Morepen Laboratories Limited, out of a total $100 million (Rs 750 crores approx) investment in the promoter group, subject to approval of the shareholders and other regulatory bodies. Following shareholder and regulatory approval, Corinth would be allotted 58.50 million new Equity shares on preferential basis. This shareholding would equate to 9.41% equity stake in the Company on a fully expanded capital base. The balance $67.50 million would be in the promoter group companies. The funds would be used in: The expansion/scaling up of the company’s R&D centre/facilities to meet the significantly enhanced Active Pharmaceutical Ingredient (API) demand, a market size of US$40 billion, that Morepen has in the pipeline for the next 3 years. Setting up new USFDA standard API plant to meet the significant ramp up in scale and pipeline the company is working on. Establishing a world class facility for Finished Dosages as per USFDA standards at Morepen’s pharma complex in Baddi, Himachal Pradesh, to cater to highly sophisticated/regulated markets such as the USA and Japan. Investment into world class diagnostics facilities including the manufacture of critical inputs/components/enzymes to meet regulated market standards.  Investment in new products and brands under the Dr Morepen umbrella, an existing household brand, to leverage its pan India distribution/supply chain and exponential growth in online sales. Investment in new age Personal Care/Skin Care brands “Gubb” and “Happier” that are seeing exponential online sales, as well as to leverage our Pan India pharmacy/retail chain network to significantly scale up distribution. ]]> https://biospectrumindia.com/news/86/18485/ivycap-ventures-sells-stake-in-leixir-dental-group-.html https://biospectrumindia.com/news/86/18485/ivycap-ventures-sells-stake-in-leixir-dental-group-.html Thu, 22 Apr 2021 13:00:00 +0530 IvyCap Ventures, one of the leading homegrown venture capital funds, has announced the sale of its stake in Leixir Dental Group with 4x returns. Leixir is a technology-enabled provider of outsourced dental solutions serving both the independent dentists and dental service organizations (DSOs) as well as technology and distribution companies. Leixir is pleased to welcome Comvest Partners as an investor. The company operates five dental laboratories across the U.S. in addition to a digital design and manufacturing facility in Gurugram, India. Harmeet Bindra, founder of Leixir, will continue in his role as CEO and Executive Chairman. Commenting on this financial deal, Vikram Gupta, Founder and Managing Partner, IvyCap Ventures Advisors Pvt Ltd, said, “We are pleased to be part of Leixir’s journey in its climb to becoming one of the leading dental labs in the US in India. Leixir has been a pioneer in this space in India and has many firsts, particularly in the use of technology for engagement with dentists and in core manufacturing operations. We are pleased that Leixir has put India in the offshoring map of the global dental industry and confident that this will scale well in the years to come.” IvyCap was the first institutional investor in Leixir in 2015. The core strategy was to build a cross border integrated dental lab network using digital technology to disrupt the sector. Leixir has since, acquired several leading labs in various geographies in North America and build an offshore centre for design and 3D printing in India. Leixir is the largest dental lab in India and one of the largest dental labs in the US.The company has grown significantly since IvyCap’s investments. ]]> https://biospectrumindia.com/news/86/18410/manipal-health-divests-stake-in-hospital-biz-in-malaysia.html https://biospectrumindia.com/news/86/18410/manipal-health-divests-stake-in-hospital-biz-in-malaysia.html Fri, 09 Apr 2021 18:00:00 +0530 Manipal Health Enterprises Pvt Ltd (Manipal Hospitals), one of India’s largest multi-speciality healthcare providers, have announced that they have entered into a definitive agreement to divest their hospital business at Klang, Malaysia to healthcare provider Ramsay Sime Darby Health Care (RSDH). The transfer of ownership shall take place post completion of closure obligations. Set up in 2016, Manipal Hospitals, Klang is a high end tertiary care hospital accredited by the Malaysian Society for Quality in Health (MSQH). The 220 bedded facility offers an extensive range of over 30 specialty services including Klang’s only state of the art trauma centre. Commenting on the deal, Dilip Jose, MD & CEO, Manipal Hospitals said, “We are proud of having created and grown a strong healthcare franchise in Malaysia, modelled on providing high quality, affordable and comprehensive healthcare services. We wish our team at Klang and RSDH the very best as they together take the hospital through its next phase of growth." The divestment comes at a time when Manipal Hospitals gears up for a smooth integration of Columbia Asia Hospitals India as that acquisition is nearing completion.  The Hospital group is also scouting to expand its footprint in Eastern India which is presently underserved and further enhance its presence in the existing geographies. ]]> https://biospectrumindia.com/news/86/18386/sram-mram-group-injects-rs-100-cr-to-manufacture-ppe-in-india.html https://biospectrumindia.com/news/86/18386/sram-mram-group-injects-rs-100-cr-to-manufacture-ppe-in-india.html Wed, 07 Apr 2021 17:00:00 +0530 SRAM & MRAM Group, a UK-based conglomerate that has been instrumental in contributing to the society and adding its bit to help fight the pandemic, is investing Rs 100 Crores in the Indian market. In its endeavor to help the world for upgrading safety measures, the company has planned to invest in manufacturing the PPE products under its flagship brand ‘Walletz4u’. The company is set to produce premium Nitrile Examination Gloves that are currently being produced from its factories in Malaysia, Thailand and Vietnam. With the series of investments and manufacturing units in place, the company is gearing up to become the leading original equipment manufacturers of Medical and Industrial grade gloves in East Asia. Under the 'Walletz4u' flagship, a brand owned by SRAM & MRAM Group, one of the world’s leading public health emergency management solutions companies, the brand is the leader in manufacturing their flagship ‘Medical Protection Supply’ products for consumers all across the globe. Speaking on the development, Dr. Sailesh Lachu Hiranandani, Chairman, SRAM & MRAM Group, said, “SRAM has geared itself to tackle the problem of PPE Shortage in the world by acquiring and leasing a whole lot of production lines to meet the ever increasing demand especially gloves of all types for all industry verticals.” Today looking at the current scenario, there is an unprecedented demand for protective gears like Sanitizers, Gloves, Face Shields, etc. And in order to cater to the same, SRAM & MRAM has been on a spree to set-up more than 12 factories all across Malaysia, Vietnam and India to produce these products under ‘Walletz4u’ branding. Furthermore, the group has plans to set up another 40 factories within the next 6 months across the globe to help build a viable PPE market.   ]]> https://biospectrumindia.com/news/86/18359/niifl-invests-rs-2100-cr-in-manipal-hospitals-.html https://biospectrumindia.com/news/86/18359/niifl-invests-rs-2100-cr-in-manipal-hospitals-.html Thu, 01 Apr 2021 17:50:00 +0530 National Investment and Infrastructure Fund Limited (NIIFL) has announced an investment of Rs 2,100 crore in Manipal Hospitals through its NIIF Strategic Opportunities Fund (SOF), the direct private equity fund of NIIF. This investment marks SOF’s first investment in the Indian healthcare sector and will support Manipal Hospital’s journey of growth to become one of India’s largest hospital chains. The transaction has been signed by both parties and the closing of the transaction is subject to receipt of certain approvals. Manipal Hospitals, headquartered in Bengaluru, Karnataka, has a major presence across India with 15 hospitals and a key focus on tertiary and quaternary care. The recent announcement of their acquisition of Columbia Asia Hospitals, a leading chain of hospitals, will augment their growth aspirations to become a healthcare provider of choice with high-quality multi-specialty offerings and a country-wide presence.   Sujoy Bose, Managing Director & Chief Executive Officer, NIIF, said, “Through this investment, NIIF looks forward to playing a role in serving the healthcare needs of India. The strong governance, processes and track record of Manipal Hospitals resonate well with NIIF’s investment philosophy. It is exciting to partner with a highly capable management team that has created one of the most efficient healthcare delivery platforms in the country.” Dr Ranjan Pai, Chairman, Manipal Education and Medical Group, said, “We are very pleased to join hands with NIIF as Manipal Hospitals continues on its path to reach many more geographies and under-served communities to provide both access and superlative clinical outcomes. Investing in the healthcare sector requires a long-term outlook as well as a sensitivity to social responsibilities, and I am glad that in NIIF we have a partner who shares these perspectives.” ]]> https://biospectrumindia.com/news/86/18350/piramal-pharma-acquires-hemmo-pharmaceuticals-for-rs-775-cr.html https://biospectrumindia.com/news/86/18350/piramal-pharma-acquires-hemmo-pharmaceuticals-for-rs-775-cr.html Wed, 31 Mar 2021 16:40:00 +0530 Piramal Pharma Limited’s (PPL) Contract Development and Manufacturing Organisation (CDMO), Piramal Pharma Solutions (PPS), announced that PPL has entered into an agreement to acquire a 100 per cent stake in Hemmo Pharmaceuticals Pvt Ltd (Hemmo) for an upfront consideration of Rs 775 crore and earn-outs linked to achievement of milestones. This acquisition marks PPS’ foray into the development and manufacturing of peptide APIs, a capability that complements PPS’ existing service offering. Hemmo is one of the few pure-play synthetic peptide API manufacturers in the global marketplace. With the addition of Hemmo’s capabilities, PPS will gain access to the growing peptide API market and enhance its ability to offer integrated services to its customers globally. Nandini Piramal, Chairperson, Piramal Pharma Limited said, “This is the third pharma acquisition this fiscal year, and yet another example of the implementation of our profitable growth strategy.” Peter DeYoung, CEO, Pharma Solutions, Piramal Pharma Limited said, “This acquisition enhances our ability to provide integrated solutions that our customers need and further expands ways in which we can help reduce the burden of disease on patients.” Madhu Utamsingh, Promoter and Managing Director, Hemmo said, “We are very excited about this transaction and believe PPS is an ideal partner to take the business through its next phase of growth.” The acquisition is expected to add more than two-hundred and fifty employees to PPS, including several PhD scientists and a quality team of more than sixty. The acquisition agreement is subject to customary regulatory closing conditions.  Kotak Mahindra Capital Company Ltd served as financial advisor and Economic Laws Practice (ELP) served as legal advisors to PPL on this transaction. Torreya Partners India LLP served as financial advisor and Desai & Diwanji, Mumbai Office served as legal advisors to Hemmo Pharmaceuticals and selling shareholders on this transaction. ]]> https://biospectrumindia.com/news/86/18333/art-fertility-clinics-invests-rs-250-cr-on-indian-expansion.html https://biospectrumindia.com/news/86/18333/art-fertility-clinics-invests-rs-250-cr-on-indian-expansion.html Fri, 26 Mar 2021 05:25:00 +0530 Gulf Capital, one of the largest and most active alternative asset managers in Growth Markets, has announced its two-year growth plans for ART Fertility Clinics, the fastest growing provider of fertility treatment services in the GCC. With increased awareness coupled with the technological advancements in the field, the fertility sector in India is forecasted to continue to grow at 12%+ CAGR annually over the next 5 years. The new chapter of ART Fertility Clinics will see the implementation of an ambitious two-year rollout of 18 IVF clinics across India. The first two clinics in Gurgaon and New Delhi have commenced medical operations. They are to be followed by clinics in Ahmedabad and Hyderabad (April), Mumbai and Chennai (May), Bangalore and Kolkata (July). The rest of the rollout will be announced in Sept 2021. Dr. Karim El Solh, Chief Executive Officer of Gulf Capital, said: “We are thrilled to back the strongest management and medical team within the IVF sector for its ambitious expansion in India. ART Fertility Clinics are the fastest growing IVF service provider in the GCC, and we are excited to be collaborating with ART Fertility’s management to take this platform to the next level. Our investment in ART Fertility Clinics is Gulf Capital’s largest equity investment to date and includes the first corporate carve-out in our Firm’s history (Gulf Capital invested over $ 100 Million to acquire a controlling stake in ART Fertility Clinics in Jan 2020). The rapid expansion of Art Fertility Clinics across Asia cements Gulf Capital’s long track record of building global leaders out of the GCC.” ]]> https://biospectrumindia.com/news/86/18248/advent-international-acquires-zcl-chemicals-for-rs-2000-cr.html https://biospectrumindia.com/news/86/18248/advent-international-acquires-zcl-chemicals-for-rs-2000-cr.html Fri, 12 Mar 2021 00:00:00 +0530 Parikh family, founder and promoters of ZCL Chemicals Limited has announced that they have sold the entire stake in the company to Advent International, one of the largest and most experienced global private equity investors, for an equity value of Rs 2,000 crore. Pursuant to the signing of definitive agreements last month, Parikh family sold its entire ~80 per cent holding and has completely exited ZCL. Of the above, ~26 per cent will be transferred subject to the customary closing conditions and receipt of all applicable regulatory approvals. Morgan Stanley Private Equity Asia, a private equity platform that acquired ~20 per cent stake in ZCL for Rs 150 crore in 2016, has also exited ZCL for Rs 390 crore. The Parikh family facilitated a seamless exit to the private equity fund through this transaction. In 2008, the Parikh family had acquired ZCL from Zandu Pharmaceuticals Limited at an equity valuation of  Rs 12.5 crore, resulting in a 160 times return in 12 years at the current valuations of Rs 2,000 crore. “On behalf of the Parikh family, I would like to thank all the stakeholders, leadership team and employees, who have collectively created this world-class Indian company. We are confident that Advent’s resources will be a catalyst for ZCL’s next stage of growth and innovation,” said Nihar Parikh, Founder and Promoter, ZCL. ZCL, which is a debt-free company as on date with surplus cash reserves, has posted a CAGR of 52.64 per cent in terms of its valuation for the last 12 years. ]]> https://biospectrumindia.com/news/86/18235/delhi-allocates-rs-50-cr-for-covid-19-vaccination-drive-in-state-budget.html https://biospectrumindia.com/news/86/18235/delhi-allocates-rs-50-cr-for-covid-19-vaccination-drive-in-state-budget.html Tue, 09 Mar 2021 00:00:00 +0530 Delhi Deputy Chief Minister Manish Sisodia has presented the AAP government’s budget for 2021-22. The key highlights of the healthcare sector are- The government has allocated Rs 9,934 crore to the health sector. Covid-19 vaccination will continue to be free of cost for Delhiites in government hospitals. Sisodia has allocated Rs 50 crore for the vaccination drive.  Special women-only clinics or "Mahila Mohalla Clinics" will be set up in Delhi from next year to ensure health access for every woman.  Rs 1,293 crore has been set aside for expansion of healthcare services, including opening new hospitals, renovating old ones and augmenting beds. Rs 25 crore has been allocated to promote Yoga in the city; yoga trainers will made available across the city.  ]]> https://biospectrumindia.com/news/86/18229/karnataka-state-budget-charts-projects-with-multi-crore-allocation-.html https://biospectrumindia.com/news/86/18229/karnataka-state-budget-charts-projects-with-multi-crore-allocation-.html Mon, 08 Mar 2021 19:30:00 +0530 BS Yediyurappa, Chief Minister, Karnataka has presented the state budget for 2021-22.  Key highlights for the healthcare & pharma sectors include- Bulk Drug Park to come up at Kadechuru Industrial Area, Yadgir at a cost of Rs 1,478 crore with assistance from Centre. ICUs of 25-bed and 6-bed capacities will be established in 19 districts and 100 taluka hospitals at a cost of Rs 60 crore in the next two years The government will set up an anti-microbial resistance unit for Rs one crore. Laboratories will be set up at Rs 10 crore to detect hereditary metabolic diseases at Bengaluru and Ballari, to reduce the infant mortality rate. Rs 2 crore allocated for Tele-ICU facilities. Ayurvedic College in Shivamogga to be upgraded to Ayush University. Regional cancer centres to come up along the lines of Kidwai Hospital at Mysuru and Shivamogga at a cost of Rs 100 crore. To encourage Ayurvedic medicine in veterinary science, a new research institute to come up at a cost of Rs 2 crore at Veterinary College, Shivamogga. Government’s aim is to reduce the death and impairment caused by snake bites to 50% by the year 2030. An Anti-Venom Research and Development Centre will be established at a cost of Rs 7 crore to develop next generation anti-venom and to provide it at an affordable price and make it available easily. An amount of Rs 2 crore would be allocated in the financial year 2021-22 for this purpose.                            “We welcome the measures announced by BS Yediyurappa in State Budget 2021-22. The budget rightly strikes a reasonable balance in addressing the key pillars of health and well-being. The array of measures announced are in line with our expectations. The substantial allocation in newborn screening and genomics will help detect hereditary metabolic diseases, controlling child mortality rate. In addition to these, setting up new institutes, health centres and mobile labs is also a welcoming move to strive for good standards of healthcare services”, said Aishwarya Vasudevan, Group Chief Operating Officer, Neuberg Diagnostics, Bengaluru.    ]]> https://biospectrumindia.com/news/86/18130/palladium-designs-indias-first-social-impact-bond-in-healthcare-sector.html https://biospectrumindia.com/news/86/18130/palladium-designs-indias-first-social-impact-bond-in-healthcare-sector.html Thu, 18 Feb 2021 18:45:00 +0530 Across the healthcare spectrum in India, inadequate healthcare infrastructure, shortage of skilled medical workforce and providing quality care to the patient are the major issues that can be identified. As this situation emphasises an urgent demand to improve both access to and quality of healthcare across service areas for all populations, we need to look at alternative financing mechanisms for the sector. Innovative financing is one such alternative financing mechanism, and Palladium, with 75 offices across the globe, has led to strong results in critical areas of healthcare and innovative financing in India.  Palladium has designed and manages the USAID-supported Utkrisht Development Impact Bond, which presents a potentially innovative and sustainable solution to quality improvement in private sector maternal and child healthcare in Rajasthan, India. Palladium has also been working with the City Transformation Office (CTO) of Pimpri Chinchwad Municipal Corporation (PCMC) in achieving its vision of making Pimpri- Chinchwad the most liveable city in India by 2030. Aiming to achieve higher standards of patient care and managing the ecosystem of healthcare facilities PCMC Authorities recently signed an MoU with UNDP India to co-create India’s first Social Impact Bond (SIB). According to Refinitiv, $12.7bn worth of social impact bonds were issued around the world in April, more than the total amount raised in 2019. Unlike other bonds like Green bonds, Sustainability bonds, Social Impact bond is at a nascent stage but is seeing a steady growth in last couple of years. Ron Erasmus, Managing Partner, Palladium, says, “We are excited to be part of this UNDP engagement to design India’s first Social Impact Bond (SIB) in the healthcare sector.” Amit Patjoshi, National Lead- India, Palladium says, “We hope that this will lead to the development of a successful public healthcare model which can further be adopted by other urban local bodies and will ultimately address the financial requirement for public welfare projects in the healthcare sector.”   ]]> https://biospectrumindia.com/news/86/18074/advent-international-acquires-majority-stake-in-zcl-chemicals.html https://biospectrumindia.com/news/86/18074/advent-international-acquires-majority-stake-in-zcl-chemicals.html Wed, 10 Feb 2021 00:00:00 +0530 Advent International, one of the largest and most experienced global private equity investors, announced that it has signed a definitive agreement to acquire a majority stake in ZCL Chemicals Limited, one the fastest growing pharmaceutical companies in India. The business was formerly known as Zandu Chemicals Ltd. With this transaction, Morgan Stanley Private Equity Asia (MSPEA), a private equity platform that previously managed a minority investment in ZCL, will exit their investment. ZCL is one of the fastest growing manufacturers of specialty active pharmaceutical ingredients (APIs) and advanced intermediates. “ZCL will be our third pharmaceuticals investment in India and the second in the API space. ZCL is a high-growth business, led by a capable management team, which will further fortify our presence in the API market, a key sub-sector focus of ours,” said Shweta Jalan, Managing Director and Head of India, Advent International, India. Over the last 12 months, Advent has committed over $1.2 billion globally across the healthcare sector. The firm has also committed over $600 million in four Indian businesses over the same period in varied sectors such as healthcare, consumer, and financial services amongst others. “The acquisition of ZCL helps us get closer to our goal of creating a top five merchant API platform in India,” said Pankaj Patwari, Director, Advent International India. “We are very pleased with this transaction and excited to partner with Advent. In the last 12 years we have established ZCL as one of the leading pure-play API companies in the country, and today marks an important milestone in these efforts,” said Nihar Parikh, Executive Director, ZCL Chemicals Ltd. The transaction will be subject to customary closing conditions. ZCL Chemicals was advised by Jefferies (Sole Financial Advisor), Bombay Law Chambers (Legal Counsel) and Deloitte (Finance and Tax). ]]> https://biospectrumindia.com/news/86/18046/fdi-india-provides-foreign-credit-options-to-pharma-sector.html https://biospectrumindia.com/news/86/18046/fdi-india-provides-foreign-credit-options-to-pharma-sector.html Thu, 04 Feb 2021 15:50:00 +0530 FDI India, a one-of-its-kind consultancy firm, is enabling pharma businesses by opening new avenues for foreign credit through the most credible route thereby enabling business growth. With FDI contributing significantly to the third largest sector setting India as the ‘Pharmacy of the World,’ the pharma sector is paving ways towards a growth projection of $100 billion by 2025. The government’s concerted push towards the pharma sector through initiatives such as  ‘Make in India’, Ayushman Bharat Scheme, National Digital Health Mission etc, the sector has emerged as a leading global capital market. With access to large consumer markets, generation of new employment opportunities, increase in research and development and rise in net foreign exchange earnings, the Indian as well as foreign businesses are betting big on the sector. Commenting on the same, Vishal Yadav, CEO & Founder, FDI India, said "The increasing FDI inflows is a reflection of the firm belief by global investors that India will lead as one of the major growth engines coupled with steady-state of market reforms. We are helping businesses with financial strength by giving them the right kind of consultancy to obtain soft loans. With our interactive platform, we are handholding businesses in the investment lifecycle right from pre-investment to after-care with a view to simplifying the business environment for them.” FDI India, with the largest network of global investors from across 15 countries, has been at the forefront in providing consultancy to hundreds of Indian businesses with a wide range of services including financial planning & assistance, connecting them to the right foreign investors and project planning. The company enables businesses to obtain soft loans with a minimum ticket size of Rs 25 cr at 3.25 per cent per annum on reducing balance. ]]> https://biospectrumindia.com/news/86/18034/carlyle-group-brighton-park-capital-acquire-minority-stakes-in-indegene-for-200m.html https://biospectrumindia.com/news/86/18034/carlyle-group-brighton-park-capital-acquire-minority-stakes-in-indegene-for-200m.html Wed, 03 Feb 2021 11:55:00 +0530 The Carlyle Group, Brighton Park Capital and Indegene, the Bengaluru-headquartered enterprise health-tech solutions provider, have announced that Carlyle and Brighton Park Capital will acquire minority stakes in the company for $200 million. The transaction, which is subject to customary regulatory approvals, consists of a secondary sale from existing shareholders of Indegene and a primary investment into the company. Manish Gupta, Co-Founder and CEO, Indegene, said, “Carlyle’s commitment to the healthcare sector with their global network and deep pharmaceutical expertise, coupled with Brighton Park’s deep experience in the technology sector and nuanced understanding of our space, makes the two firms the ideal partners to support our company’s continued growth.” Neeraj Bharadwaj, Managing Director, Carlyle Asia advisory team, said, “We look forward to leveraging our global healthcare network and capabilities to help the company further strengthen and expand its portfolio while deepening relationships with its global client base.”  Mark Dzialga, Managing Partner, Brighton Park Capital, said: “We are excited to partner with the company as we bring to bear our significant technology expertise to help accelerate Indegene’s global growth.” Over the last decade, Indegene has made significant organic and inorganic investments in building a technology portfolio that caters exclusively to healthcare. This has enabled the company to grow at more than 25 per cent revenue CAGR over a decade. This growth rate is accelerating with strong industry tailwinds driving a rapid shift towards digital-first operations. Torreya, Seyfarth Shaw, Deloitte, KPMG and Tatva Legal advised Indegene on this transaction. Moelis & Company, EY, Shardul Amarchand Mangaldas & Company, Latham & Watkins and Bain & Company acted as advisors for Carlyle. Brighton Park Capital was advised by EY, Paul Weiss and Bharucha & Partners. ]]> https://biospectrumindia.com/news/86/18020/government-allocates-rs-223846-cr-to-health-sector.html https://biospectrumindia.com/news/86/18020/government-allocates-rs-223846-cr-to-health-sector.html Mon, 01 Feb 2021 00:00:00 +0530 The Union Budget presented by the Finance Minister Nirmala Sitharaman strongly positioned Health & Wellbeing as one of the 6 crucial pillars of Aatma Nirbhar Bharat. Healthy India, along with other sectors “will further strengthen the sankalp of Nation First”, she stated while presenting the Union Budget 2021-22 in the Parliament. Underscoring the significant importance of health and wellbeing for the growth and development of the country, the budget allocation for the same has been increased to Rs 2,23,846 crore in Budget Expenditure (BE) 2021-22 as against last year’s BE of Rs 94,452 crore. This manifests into a sharp increase of 137 percentage.   Additionally, the Budget has brought a holistic approach to health as it has focused on strengthening three areas: Preventive, Curative, and Wellbeing. The Finance Minister stated that while the investment on Health Infrastructure in this budget has increased substantially, “progressively, as institutions absorb more, we shall commit more”.   Healthcare- Acknowledging the importance of robust health systems as a significant pillar of sustained progress in the health sector, a new centrally sponsored scheme, PM Aatma Nirbhar Swasth Bharat Yojana, will be launched with an outlay of about Rs 64,180 crore over 6 years. This will develop capacities of primary, secondary, and tertiary care Health Systems, strengthen existing national institutions, and create new institutions, to cater to detection and cure of new and emerging diseases. This will be in addition to the National Health Mission. The main interventions under the Scheme are: Support for 17,788 rural and 11,024 urban Health and Wellness Centers Setting up integrated public health labs in all districts and 3382 block public health units in 11 states; Establishing critical care hospital blocks in 602 districts and 12 central institutions; Strengthening of the National Centre for Disease Control (NCDC), its 5 regional branches and 20 metropolitan health surveillance units; Expansion of the Integrated Health Information Portal to all States/UTs to connect all public health labs; Operationalisation of 17 new Public Health Units and strengthening of 33 existing Public Health Units at Points of Entry, that is at 32 Airports, 11 Seaports and 7 land crossings; Setting up of 15 Health Emergency Operation Centers and 2 mobile hospitals; and Setting up of a national institution for One Health, a Regional Research Platform for WHO South East Asia Region, 9 Bio-Safety Level III laboratories and 4 regional National Institutes for Virology. The Finance Minister pointed out that the National Commission for Allied Healthcare Professionals Bill has been introduced in Parliament with a view to ensuring transparent and efficient regulation of the 56 allied healthcare professions. She announced that The National Nursing and Midwifery Commission Bill will be introduced by the government for passing to bring about transparency, efficiency and governance reforms in the nursing profession.   COVID-19 vaccine- Development of COVID-19 vaccines found a pride of place in the Union Budget.  Rs 35,000 crore have been allocated for COVID-19 vaccine in BE 2021-22. “I am committed to provide further funds if required”, the Finance Minister said. In addition, the Pneumococcal Vaccine, a ‘Made in India’ product, which is presently limited to only 5 states, will be rolled out across the country. This will avert more than 50,000 child deaths annually, the Finance Minister informed during the Budget speech.   R&D and Innovation- To strengthen the overall research ecosystem of the country, the Finance Minister has proposed an outlay of Rs 50,000 crore, spread over five years, for National Research Foundation. “It will ensure that the overall research ecosystem of the country is strengthened with focus on identified national-priority thrust areas”, she added.   PLI Scheme- The government has committed nearly Rs 1.97 lakh crore in the next 5 years starting FY 2021-22 to help bring scale and size in key sectors, create and nurture global champions and provide jobs to our youth. FM said that India's manufacturing companies need to become an integral part of global supply chains, possess core competence and cutting-edge technology to become a $5 trillion economy and for this, our manufacturing sector has to grow in double digits on a sustained basis.   Startups- In order to incentivize startups in the country, the FM announced extension in the eligibility for claiming tax holiday for startups by one more year till 31st March, 2022.  In order to incentivize funding of startups, she proposed extending the Capital Gains exemption for investment in startups by one more year till 31st March, 2022.    Increased FDI in insurance- Nirmala Sitharaman announced that the government will amend the Insurance Act, 1938 to increase the permissible FDI limit from 49% to 74% and allow foreign ownership and control with safeguards.   Click here to read the industry's postive & negative responses on the budget annoucements     ]]> https://biospectrumindia.com/news/86/17972/syngene-internationals-fy21-third-quarter-pat-up-11.html https://biospectrumindia.com/news/86/17972/syngene-internationals-fy21-third-quarter-pat-up-11.html Thu, 21 Jan 2021 15:20:00 +0530 Syngene International Limited has announced its third-quarter FY21 results. The Company posted quarterly revenue from operations of Rs 585 crore compared to Rs 519 crore in the corresponding quarter of last year. EBITDA and PAT for the quarter were both up 11 per cent to Rs 193 crore and Rs 102 crore respectively. Commenting on the results, Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Ltd said, “We are pleased to report third-quarter growth in line with our guidance with revenue from operations growing 13 per cent  while PAT was up 11 per cent. Sustained focus on employee and campus safety helped us maintain near-normal operations across all our campuses despite the continuing pandemic.” “Earlier in the quarter, we signed an agreement with Deerfield Discovery and Development (3DC) to advance therapeutic discovery projects from target validation through to pharmacological proof of concept and preclinical evaluation, both in large and small molecules. As part of this agreement, 3DC has awarded us four new IDD projects. Integrated drug discovery (IDD) is a strategic focus area for the Company.”   ]]> https://biospectrumindia.com/news/86/17906/adq-invests-rs-555-cr-in-biocon-biologics.html https://biospectrumindia.com/news/86/17906/adq-invests-rs-555-cr-in-biocon-biologics.html Thu, 07 Jan 2021 18:15:00 +0530 Biocon Ltd, an innovation-led global biopharmaceuticals company, has announced that the Board of its subsidiary Biocon Biologics Ltd has approved a primary equity investment by Abu Dhabi-based ADQ, one of the region’s largest holding companies.  As per the terms of the proposed agreement, ADQ will invest Rs 555 crore for a 1.80 per cent minority stake in the biosimilar business, valuing Biocon Biologics at a post money valuation of  $4.17 billion. The transaction is subject to customary condition precedents and approvals. Post the completion of this transaction, Biocon Ltd will hold 89.89 per cent stake in Biocon Biologics on a fully diluted basis. Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said: “We welcome ADQ as our investment partner as we pursue our shared goal of expanding access to high quality affordable biopharmaceuticals to patients across the globe.” Dr Christiane Hamacher, CEO & Managing Director, Biocon Biologics, said: “The ADQ equity funding in Biocon Biologics endorses the value of our business model and strengthens our resolve to be the global leader in biologics, delivering affordable access to innovative and inclusive healthcare solutions, transforming patients’ lives.” HE Mohamed Hassan Alsuwaidi, Chief Executive Officer, ADQ, said: “Our long-term ambition for ADQ’s healthcare and pharma portfolio is to create a provision-centred, digitally enhanced ecosystem that is anchored in world-class clinical excellence, effective population health management and resilient supply chain infrastructure.”   ]]> https://biospectrumindia.com/news/86/17892/govt-allocates-rs-201-58-cr-to-install-psa-medical-oxygen-generation-plants.html https://biospectrumindia.com/news/86/17892/govt-allocates-rs-201-58-cr-to-install-psa-medical-oxygen-generation-plants.html Wed, 06 Jan 2021 00:00:00 +0530 The Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund Trust is allocating Rs 201.58 crore for the installation of additional 162 dedicated Pressure Swing Adsorption (PSA) Medical Oxygen Generation Plants inside public health facilities in the country.  The total project cost includes Rs 137.33 crores towards supply and commissioning of the plants and Management fee of Central Medical Supply Store (CMSS) and around Rs 64.25 crores towards Comprehensive Annual Maintenance Contract. The procurement will be done by the Central Medical Supply Store (CMSS) – an autonomous body of Ministry of Health and Family Welfare. A total of 162 plants with total capacity of 154.19 MT are to be installed in 32 States/UTs. The government hospitals where these plants are to be installed have been identified in consultation with the States/UTs concerned. The plants have a warranty for the first 3 years. For the next 7 years, the project includes CAMC (Comprehensive Annual Maintenance Contract).  Routine operation and maintenance (O&M) is to be done by the hospitals/States. After the CAMC period, the entire O&M will be borne by the hospitals/States. This mechanism will further strengthen the public health system and enable long-term systematic augmentation of medical oxygen availability in a cost effective manner. ]]> https://biospectrumindia.com/news/86/17731/piramal-pharma-invests-32m-to-expand-us-facility-for-api-production.html https://biospectrumindia.com/news/86/17731/piramal-pharma-invests-32m-to-expand-us-facility-for-api-production.html Tue, 08 Dec 2020 16:35:00 +0530 Piramal Pharma Limited’s Pharma Solutions business, a leading Contract Development and Manufacturing Organization (CDMO), has announced plans to expand its facility in Michigan with additional capacity and new capabilities for the development and manufacturing of Active Pharmaceutical Ingredients (APIs). The company is investing $32 million in the facility to keep up with expected demand based on current forecasts, including potential new opportunities. This expansion of more than 25,000 square feet, which includes 8,500 square feet of production space, will provide significant benefits to customers and patients. Capacity will increase in large-scale manufacturing with the addition of new reactors capable of handling up to 4000L. Piramal Pharma Solutions (PPS) is also adding two new kilo labs for process development and GMP manufacture for clinical trials at scales up to 100L. New equipment of critical importance to the expansion includes a 1m2 filter dryer with glovebox technology, 3KL/4KL mild steel glass-lined reactor and 3KL Hastelloy reactor, all designed to handle potent compounds with OELs >1mcg/m3. Facility design procedures assure all appropriate safety measures, including controlled room pressurizations with air locks for safe movement of both people and materials, glovebox technology/contained systems for charging and discharging of potent compounds, and a scrubber to address any reaction off-gassing. The expansion is planned to be ready for customers beginning Summer 2022. It is expected that the expansion will add approximately twenty new hires to the site, bringing the total headcount to more than 180 employees and further benefitting the local economy. This would be the seventh major acquisition or expansion by PPS in North America in the past six years demonstrating a sustained substantial commitment to patients, customers, employment, and growth. ]]> https://biospectrumindia.com/news/86/17639/znz-pharma-2-acquires-majority-stake-in-celon-labs.html https://biospectrumindia.com/news/86/17639/znz-pharma-2-acquires-majority-stake-in-celon-labs.html Wed, 25 Nov 2020 00:00:00 +0530 A newly incorporated London-based biopharmaceutical platform, ZNZ Pharma 2 Ltd, has acquired majority (74 per cent) stake in Celon Laboratories Private Limited, a Hyderabad based specialty generics company having presence in India and emerging markets. The platform is backed by CDC Group, the UK’s publicly owned impact investor, Development Partners International (DPI) through its ADP III fund and the European Bank for Reconstruction and Development (EBRD). The platform company is co-founded by Hocine Sidi-Said, Chief Executive Officer and Alhadi Alwazir, Chief Strategy Office and Head of Corporate Development, both of whom have been inducted to the Board of Directors of Celon Labs. The platform is planning to invest in Celon’s development of a new, state-of-the-art oral and injectable manufacturing facility for both critical care and oncology that will serve a wider set of markets. Citadel Management Consulting, a Hyderabad based mid-market investment banking firm was the exclusive advisor to Celon on the transaction. “We are excited about this partnership to drive the growth of Celon in the coming years. The primary investment by our new shareholders will help Celon expand its capabilities and capacities to match market opportunities in both therapeutic segments on a much larger, global scale.” said Middey Nagesh Kumar MD, Celon Laboratories. ]]> https://biospectrumindia.com/news/86/17650/omron-invests-65-million-into-alivecor-for-remote-cardiovascular-condition-management.html https://biospectrumindia.com/news/86/17650/omron-invests-65-million-into-alivecor-for-remote-cardiovascular-condition-management.html Tue, 24 Nov 2020 18:20:00 +0530 Omron Healthcare Co, Ltd announced on November 24 additional investment into AliveCor by its parent company, Omron Corporation, as part of $65 million series E funding for the leader in AI-based personal electrocardiogram (ECG) technology. Omron led this round of investment, reinforcing the cross-company collaboration that began in 2017. The companies continue to build on their global alliance to accelerate development of solutions for cardiovascular disease management and remote patient monitoring utilising ECG technology. "Omron is committed to developing life-saving cardiovascular health technologies in pursuit of our 'Going for Zero' vision to eliminate heart attacks and strokes. That is why we seek like-minded partners, like AliveCor, to advance our initiatives and work together to save lives," said Isao Ogino, President and CEO, Omron Healthcare. "Our alliance with AliveCor will help enhance our current technology portfolio and provide hypertensive patients and healthcare professionals with data that can save lives--a complete picture of patients' cardiovascular health that can be achieved with personal remote monitoring technology used at home,” said Ogino. Omron's expanded investment into AliveCor builds upon the companies' ongoing collaboration. Omron expanded its blood pressure monitor portfolio with the launch of ‘Complete’ (TM) the first blood pressure monitor with ECG capability in a single device and the first FDA-cleared technology developed in collaboration with AliveCor in 2019. Currently available in the US at OmronHealthcare.com and participating retailers, expanded distribution of Complete (TM) is expected in other regions globally during the company's fourth quarter. ]]> https://biospectrumindia.com/news/86/17609/alivecor-raises-65m-to-expand-remote-cardiology-platform.html https://biospectrumindia.com/news/86/17609/alivecor-raises-65m-to-expand-remote-cardiology-platform.html Tue, 17 Nov 2020 16:00:00 +0530 AliveCor has announced a $65 million series E financing led by existing investors OMRON, Khosla Ventures, WP Global Partners, Qualcomm Ventures and Bold Capital Partners. Proceeds from this financing will be used to accelerate growth of AliveCor's remote cardiology platform both domestically and around the world. The company's AI-powered ECG determinations will be augmented with telehealth services, as well as with detection and condition management services for providers and institutions. The enhanced partnership with OMRON will also position the company to include hypertension management within its service portfolio. To date, AliveCor products have served more than one million customers around the world, and recorded more than 85 million ECGs. This vast data set gives the company a meaningful advantage in building new AI-based services to drive a new age of advanced and improved cardiological care. AliveCor believes that comprehensive services coupled with AI-powered diagnostics will have an ongoing impact on cost, quality, and most importantly on responsiveness: resolving false positives and improving response time in medical emergencies. “We are grateful for the continued confidence of our investors” said Priya Abani, CEO, AliveCor. “This financing speaks to the transformative power our technology brings to the healthcare system. We remain positioned to fulfil our vision of delivering AI-based, remote cardiological services for the vast majority of cases when cardiac patients are not in front of their doctor.” ]]> https://biospectrumindia.com/news/86/17558/biocon-biologics-receives-150m-capital-injection-from-goldman-sachs.html https://biospectrumindia.com/news/86/17558/biocon-biologics-receives-150m-capital-injection-from-goldman-sachs.html Mon, 09 Nov 2020 00:00:00 +0530 Biocon has announced that the Board of its subsidiary Biocon Biologics has approved a Rs 1, 125 Crore (~$ 150 million) capital injection from Goldman Sachs.  As per the terms of the proposed agreement, Goldman Sachs will be issued Optionally Convertible Debentures at a post money equity valuation of $ 3.94 Billion. The transaction is subject to customary approvals and conditions. Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said, “We are extremely pleased to welcome a capital injection by Goldman Sachs at this inflection point of  Biocon Biologics’ journey in its quest for global leadership in providing affordable access through Biosimilar drugs. This transaction is a part of the overall strategic plan of value creation for our shareholders through Biocon Biologics.” Dr. Christiane Hamacher, CEO, Biocon Biologics, said: “We believe Goldman Sachs’ capital infusion in Biocon Biologics demonstrates the confidence that large global institutions have in our capability to become a global leader in Biosimilars. With three of our products commercialized in the U.S. market, we continue to strive towards expanding access for our patients and unlocking value for our shareholders. This capital injection by Goldman Sachs will enable us to make prudent investments in R&D, high-quality manufacturing, as well as, establish a global commercial footprint. We are confident of achieving our aspiration of serving 5 million patients through our biosimilars portfolio and attaining a revenue target  of USD 1 billion by FY22, thereby creating value for our shareholders who have supported us in this journey.” Som Krishna, Managing Director, Merchant Banking Division at Goldman Sachs, said: “The global growth of biosimilars, coupled with collaborative regulatory pathways, is taking place at a rapid pace to drive market competition, budget sustainability for healthcare systems and improved patient access to treatments. Biocon Biologics, with a proven R&D track-record and established worldwide strategic partnerships, is well-positioned to continue to grow and be a major global player in this dynamic segment of the pharmaceutical industry.” Biocon Biologics has the full spectrum of insulins (regular, basal and rapid) in its pipeline and the global scale necessary to make a difference to diabetes patients worldwide. With the demand for biosimilars set to grow as patents of originator biologics expire and patients demand lower priced drugs, Biocon Biologics is well positioned to expand access. ]]> https://biospectrumindia.com/news/86/17528/acg-acquires-significant-stake-in-iqgen-x.html https://biospectrumindia.com/news/86/17528/acg-acquires-significant-stake-in-iqgen-x.html Wed, 04 Nov 2020 12:40:00 +0530 ACG, a leading supplier of integrated pharmaceutical manufacturing solutions announced acquisition of a significant stake in Mumbai-based startup IQGEN-X. IQGEN-X is a Contract Research Organisation (CRO) delivering niche and complex drug development technologies for the pharmaceutical industry. The move sees Mumbai based ACG expanding further into the R&D side of drug development and supports a firm group-wide commitment to improving customer experiences throughout the supply and value chains. The funds infused by ACG will be utilised for setting up a cGMP facility and also the development & filing of new ANDAs. "IQGENX's excellent track record in patents and Abbreviated New Drug Application (ANDAs) speaks for itself, and we look forward to benefitting from its niche technology, broad-based expertise and research specialisation that has been recognised globally by WHO and the US FDA," said Karan Singh, Managing Director, ACG. "For ACG, this partnership will immediately help expand our group capabilities, and will accelerate our innovation strategy of bold, disciplined investment and world class execution to drive sustainable long-term growth with drug companies in India and global markets.” Dr Mandar M Kodgule, Chairman & CEO, IQGEN-X commented that "We at IQGEN-X are delighted to have ACG as partner whose strong global footprints and excellent operational capabilities, bring great synergy to IQGEN-X's growth strategy. ACG's strategic investment augments our technical expertise, portfolio strategy and corporate vision to create a robust portfolio of limited competition complex products for regulated markets. We believe that this partnership will open several other opportunities which will accelerate growth of both companies.”   ]]> https://biospectrumindia.com/news/86/17512/manipal-hospitals-to-acquire-100-stake-in-columbia-asia.html https://biospectrumindia.com/news/86/17512/manipal-hospitals-to-acquire-100-stake-in-columbia-asia.html Mon, 02 Nov 2020 16:55:00 +0530 Manipal Hospitals, one of India’s largest multi-specialty healthcare providers, has announced its intent to acquire 100% stake in Columbia Asia Hospitals. The transfer of ownership to Manipal Hospitals is expected to be completed post regulatory approvals. Manipal Hospitals is among the top 5 healthcare providers in India serving over 3 million patients annually The strong clinical expertise and breadth of services of Manipal Hospitals, complemented by the strengths of Columbia Asia in clinical and service quality, will ensure that the integrated organization would be uniquely placed to improve access and address the growing demand for high quality tertiary and quaternary healthcare in the country. Columbia Asia Hospitals commenced operations in India in 2005 in Hebbal, Bengaluru and presently operates 11 hospitals across the country in Bangalore, Mysore, Kolkata, Gurugram, Ghaziabad, Patiala and Pune. The network comprises of over 1,300 beds, 1,200 clinicians and 4,000 employees. The acquisition of Columbia Asia offers a remarkable geographical and cultural fit, and provides Manipal Hospitals a larger national footprint.  Together, the combined entity will have 27 hospitals across 15 cities with 7,300+ beds, and a talented pool of 4,000+ doctors and 10,000+ employees. Treating over 4 million patients annually, it would rank amongst the largest healthcare provider networks in the country. ]]> https://biospectrumindia.com/news/86/17468/rockefeller-foundation-commits-1-billion-to-green-recovery-from-covid-19-pandemic.html https://biospectrumindia.com/news/86/17468/rockefeller-foundation-commits-1-billion-to-green-recovery-from-covid-19-pandemic.html Mon, 26 Oct 2020 17:20:00 +0530 The Rockefeller Foundation will commit $1 billion over the next three years to catalyse a more inclusive, green recovery from the COVID-19 pandemic. Building on current efforts and long-standing programmes, the Foundation will focus on two key areas: catalysing billions of dollars in private and concessional investments to scale distributed renewable energy across developing countries; and ensuring more equitable access to COVID-19 tests and vaccines, science-based tools, and data to fight the pandemic, while strengthening public health systems to prevent future outbreaks. In addition to this unique, one-time commitment of additional resources, The Rockefeller Foundation’s efforts and energies, as a whole, will be rededicated and reoriented toward improving the lives of the world’s poorest people and addressing inequities made worse by this virus. “There’s no going back to the past, to before-Covid. We need to reimagine the future we want,” said Dr Rajiv J Shah, President, Rockefeller Foundation. “To meet this moment, we must leverage all our resources and relationships to build an equitable, sustainable future, where everyone has the opportunity to realise their full potential and climate disaster is avoided. The time to act is right now to make sure vulnerable children and families are included in the pandemic response and recovery.”  Prior to the pandemic, half the world’s population lacked access to essential health services, and more than 800 million people worldwide lacked access to electricity. Billions more have their potential diminished by unreliable or insufficient energy access, predominantly provided by carbon-emitting fuels. The energy accessibility gap has further widened because of the pandemic. This year alone, more than 100 million people have seen their electricity access severed because they couldn’t pay their bills during the pandemic, with the toll falling disproportionately on the poor and most vulnerable. The World Bank also estimates that the combined impact of climate change and the damage done by COVID-19 will push 132 million people into poverty. This calls for bold action to address these disparities and ensure a global response that assures a more inclusive, sustainable future for all. ]]> https://biospectrumindia.com/news/86/17447/consolidated-revenue-at-biocon-grows-10-to-rs-1760-cr-for-q2fy21.html https://biospectrumindia.com/news/86/17447/consolidated-revenue-at-biocon-grows-10-to-rs-1760-cr-for-q2fy21.html Fri, 23 Oct 2020 00:00:00 +0530 Biocon Ltd has announced its consolidated financial results for the fiscal second quarter ended September 30, 2020. Commenting on the results, Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said: “Consolidated revenue for Q2FY21 increased 10% to Rs 1,760 Crore driven by 11% growth in Biosimilars, 12% in Research Services and 8% in Generics, businesses. EBITDA for the quarter stood at Rs 407 Crore and Net Profit (before exceptional item & discontinuing operations) was at Rs 174 Crore. Our profitability was impacted on account of higher R&D expenses, staff costs, other expenses and forex losses. However, our Core EBITDA margins stood at a healthy 32%, indicating sound operational performance.” “Our Insulin Glargine, Semglee®, was commercialized in the U.S. by our partner Mylan, during the quarter, thus heralding our entry into the US Insulins market.  With this launch, we have expanded our portfolio of Biosimilars and occupy a position of impactful influence in the Biosimilars segment.” “As a part of our commitment to address the novel coronavirus pandemic in India, the Biocon Group is working on a comprehensive portfolio of products for treating mild to severely ill COVID-19 patients. We have introduced ARAFLU® (Favipiravir) in addition to Cytosorb® and ALZUMAB-L™, and Syngene has started manufacturing Remdesivir under a voluntary licensing agreement with Gilead.” she added. ]]> https://biospectrumindia.com/news/86/17440/syngene-clocks-in-rs-533-cr-in-q2-fy21.html https://biospectrumindia.com/news/86/17440/syngene-clocks-in-rs-533-cr-in-q2-fy21.html Thu, 22 Oct 2020 00:00:00 +0530 Syngene International has announced its second quarter results. The Company posted quarterly total revenue of Rs 533 Cr compared to Rs 485 Cr in the corresponding quarter of last year. EBITDA for the quarter was up 6% to Rs. 169 Cr while PAT was up 2% to Rs. 84 Cr. Commenting on the results, Jonathan Hunt, Managing Director and Chief Executive Officer - Syngene International Limited, said: “The second quarter saw a positive return to growth following a muted first quarter that was impacted by COVID-19, with second quarter revenue from operations growing 12% year-on-year and a PAT growth of 2%. This result reflects a robust operating performance as we have adapted to the COVID-19 situation. We are at near normal operating levels with all our scientists working on site with proper protective measures. We are happy to continue to support the global health community in the fight against COVID-19 through our dedicated RT PCR testing laboratory, our research efforts and by developing and supplying reagents and oligonucleotides to diagnostic kit manufacturers." ]]> https://biospectrumindia.com/news/86/17432/adb-improves-healthcare-in-wb-with-medium-term-expenditure-framework.html https://biospectrumindia.com/news/86/17432/adb-improves-healthcare-in-wb-with-medium-term-expenditure-framework.html Wed, 21 Oct 2020 12:30:00 +0530 Since 2012, Asian Development Bank (ADB) has been in collaboration with the Government of West Bengal for increasing the total efficiency in public expenditure and ensuring that these expenditures are directly linked to the desired outcomes and achieve better service delivery. ADB’s Second West Bengal Development Finance Programme supported the introduction of medium-term expenditure framework (MTEF) in the Health and Family Welfare Department of West Bengal. MTEF is a transparent planning and budget formation process which allocates public resources according to their strategic priorities and desired outcomes while ensuring overall fiscal discipline. With adequate medium-term planning, West Bengal was able to establish outpatient department services in 41 hospitals, and provide free medical care, medicines, diagnostic tests and implants. In addition, the government implemented schemes to cover expenses on all surgeries performed on children and provide health insurance to cover hospitalisation costs of up to $7,000 per family per annum for 15 million families. ADB plans to further support the adoption of MTEFs by other departments as part of its proposed West Bengal Public Finance Management Reforms Programme. ]]> https://biospectrumindia.com/news/86/17428/market-markers-21oct20.html https://biospectrumindia.com/news/86/17428/market-markers-21oct20.html Wed, 21 Oct 2020 00:45:00 +0530 Nifty opened the day with a small gap-down at 11,864 and took resistance at 11,900 and 11,950 today. Pharma shares also took some profit booking initially but settled back up again with almost a flat price performance on a close-to-close basis. In the flat market Cadila healthcare showed 1.2% gains while Sanofi closed with -1.2%.   closing rates on: 20-Oct-20     S&P BSE Healthcare     19,772.27                29.54 0.1% Nifty Pharma     11,644.40                27.75 0.2% BSE SENSEX     40,544.37              112.77 0.3% NIFTY 50     11,896.80                23.75 0.2%         Dr.Reddy's Laboratories Ltd       5,071.75                13.60 0.3% Cipla Ltd          763.25 -                0.75 -0.1% Sun Pharmaceutical Industries Limited          483.65 -                3.00 -0.6% Divi's Laboratories Ltd       3,090.00 -                3.40 -0.1% Cadila Healthcare Ltd          428.00                  5.30 1.2% Biocon Ltd          439.65                  1.75 0.4% Sanofi India Ltd       8,555.00 -            100.70 -1.2% ]]> https://biospectrumindia.com/news/86/17418/market-markers-20oct20.html https://biospectrumindia.com/news/86/17418/market-markers-20oct20.html Tue, 20 Oct 2020 10:35:00 +0530     Pharma shares and indices showed correction on the back of strong performance at the close of the last week, while the overall market showed gains on the back of bank and auto shares.   Divi’s labs fell by 4.2% and evaporated all gain since last week with CIPLA and Biocon showing corrections of over 2% each. All constituents of the NSE Pharma index showed corrections resulting in 1.7% overall correction in the index to close at 11.616.65. The corrections and losses were not so widespread in the broader BSE healthcare index resulting in a comparatively mild correction of 0.9% at 19742.73 for the healthcare index.   Going forward, Torrent and Lupin are expected to witness activity leading the bullish trend in Pharma sector shares.   closing rates on: 19th Oct 2020       S&P BSE Healthcare     19,742.73 -            173.77 -0.9% Nifty Pharma     11,616.65 -            197.45 -1.7% BSE SENSEX     40,431.60              448.62 1.1% NIFTY 50     11,873.05              110.60 0.9%         Dr.Reddy's Laboratories Ltd       5,058.15 -              40.45 -0.8% Cipla Ltd          764.00 -              16.60 -2.2% Sun Pharmaceutical Industries Limited          483.65 -                2.85 -0.6% Divi's Laboratories Ltd       3,093.40 -            131.00 -4.2% Cadila Healthcare Ltd          422.70 -                7.20 -1.7% Biocon Ltd          437.90 -                9.95 -2.3% Sanofi India Ltd       8,655.70                13.70 0.2% ]]> https://biospectrumindia.com/news/86/17402/market-markers-beginning-of-the-week.html https://biospectrumindia.com/news/86/17402/market-markers-beginning-of-the-week.html Mon, 19 Oct 2020 07:45:00 +0530 Pharma and biotech shares ended the week on a note of continued cheer as the BSE healthcare index hit a record high of 20,404.76 during the trading on Friday, a gain of 86.4% over its 2020 low of 10947.99.  NIFTY Pharma also showed good gains on the back of Dr. Reddy’s, Divi’s labs and CIPLA. CIPLA and Lupin both rose significantly on the back of the news of their competitor, Perrigo, withdrawing from the US albuterol sulfate market.   Biotech sector shares were also booming as Cadila Healthcare closed at a gain of almost 3% while Biocon rose over 2%.   closing rates on 16th Oct 2020       S&P BSE Healthcare     19,916.50              259.72 1.3% Nifty Pharma     11,814.10              173.40 1.5% BSE SENSEX     39,982.98              108.12 0.3% NIFTY 50     11,762.45                46.00 0.4%    Rs.     Dr.Reddy's Laboratories Ltd       5,098.60                56.20 1.1% Cipla Ltd          780.60                13.85 1.8% Sun Pharmaceutical Industries Limited          486.50 -                1.90 -0.4% Divi's Laboratories Ltd       3,224.40                82.55 2.6% Cadila Healthcare Ltd          429.90                12.60 2.9% Biocon Ltd          447.85                  9.60 2.1% Sanofi India Ltd       8,642.00                32.00 0.4%     ]]> https://biospectrumindia.com/news/86/17396/market-markers-15oct20.html https://biospectrumindia.com/news/86/17396/market-markers-15oct20.html Fri, 16 Oct 2020 00:00:00 +0530   Closing rates on: 15th Oct 2020   S&P BSE Healthcare 19656.78 +3.41 (0.017%) Nifty Pharma 11,640.70 +2.80 (0.024%) BSE SENSEX 39,874.86 +146.45 (0.37%) NIFTY 50 11,716.45 +36.10 (0.31%)       Dr.Reddy's Laboratories Ltd 5,042.40 INR −13.85 (0.27%) Cipla Ltd 766.75 INR −1.55 (0.20%) Sun Pharmaceutical Industries Limited 488.40 INR −1.90 (0.39%) Divi's Laboratories Ltd 3,141.85 INR +30.45 (0.98%) Cadila Healthcare Ltd 417.30 INR +1.40 (0.34%) Biocon Ltd 438.25 INR +4.80 (1.11%)     ]]> https://biospectrumindia.com/news/86/17374/alembic-pharma-inks-oncology-deal-for-149-5m-with-curon-biopharma.html https://biospectrumindia.com/news/86/17374/alembic-pharma-inks-oncology-deal-for-149-5m-with-curon-biopharma.html Tue, 13 Oct 2020 01:05:00 +0530 Swiss firm Rhizen Pharmaceuticals S. A. (Rhizen), an associate of Vadodara based Alembic Pharma, and Curon Biopharmaceutical Limited (Curon), a clinical-stage innovative biopharmaceutical company with facility in Shanghai have announced that they have entered into an exclusive licensing agreement for the development and commercialization of Tenalisib, a dual PI3K delta & gamma inhibitor in the Greater China region. Under the terms of the agreement, Rhizen will receive an undisclosed upfront cash payment and is eligible to receive additional development and commercial milestone payments with an overall deal value of $149.5 million plus double-digit royalties on annual net sales of Tenalisib.    Curon obtains the exclusive development and commercialization rights of Tenalisib for Greater China across all oncology indications, and will lead the clinical development in that territory by leveraging its unique expertise in translational research, clinical development and regulatory registration and its extensive research collaboration experience, to accelerate the development of and regulatory approval of this product in Greater China. Tenalisib (RP6530) is a highly selective, next-generation, orally active, dual PI3K delta and gamma inhibitor, that is currently in Phase 2 clinical development for hematological malignancies. Tenalisib has been granted US FDA Fast Track & Orphan-Drug Designations for treatment of relapsed/refractory peripheral T-cell lymphoma and cutaneous T-cell lymphoma ]]> https://biospectrumindia.com/news/86/17341/piramal-pharma-receives-rs-3523-4-cr-on-closure-of-carlyle-deal.html https://biospectrumindia.com/news/86/17341/piramal-pharma-receives-rs-3523-4-cr-on-closure-of-carlyle-deal.html Wed, 07 Oct 2020 00:00:00 +0530 Piramal Pharma Limited (PPL), a subsidiary of Piramal Enterprises Limited (PEL), based in Mumbai, received Rs 3523.40 Crores on closure of the transaction for 20% equity investment from CA Alchemy Investments (formerly known as CA Clover Intermediate II Investments), an affiliated entity of CAP V Mauritius Limited, an investment fund managed and advised by affiliated entities of The Carlyle Group Inc. (Carlyle). The transaction values the Pharma Business at an enterprise value (EV) of $2,775 million with an upside component of up to $360 million depending on the company’s FY21 performance. This transaction is one of the largest private equity deals in the Indian pharmaceutical sector. It provides PPL growth capital that enables it to invest in accelerated business growth through both organic and inorganic opportunities. PPL’s business now effectively includes: (a) Piramal Pharma Solutions, an end-to-end contract development and manufacturing (CDMO) business (b) Piramal Critical Care, a complex hospital generics business selling specialized products across over 100 countries (c) Consumer Products Division, a consumer healthcare business selling over-the-counter products in India (d) PEL’s investment in the joint venture with Allergan India, a leader in ophthalmology in the domestic market and Convergence Chemicals Private Limited. This fresh growth investment into Piramal’s pharma business will be used as growth capital for the pharma businesses to expand capacity across PPL’s sites as well as to tap attractive acquisition opportunities within and outside India. In the interim, the proceeds from this capital raise will also enable further strengthening of the Company’s balance sheet through deleveraging in the near term. ]]> https://biospectrumindia.com/news/86/17295/sigachi-files-for-rs-60-cr-ipo-.html https://biospectrumindia.com/news/86/17295/sigachi-files-for-rs-60-cr-ipo-.html Tue, 29 Sep 2020 00:00:00 +0530 Hyderabad based, Sigachi Industries, one of the leading manufacturers of cellulose based excipients in India, in terms of volume with over 3 decades of experience and amongst the top 10 globally, has filed its DRHP (draft red herring prospectus) to raise approximately Rs 60 crore, as per market sources. The IPO is a fresh issuance of upto 28,41,500 equity shares of face value of Rs 10 each. The company is engaged in the manufacturing of microcrystalline cellulose (MCC), the polymer widely used for finished dosages in the pharmaceutical industry. The inert non-reactive, free flowing and versatile nature of MCC has varied applications in the pharmaceutical, food, nutraceuticals and the cosmetic industries. Presently, the company manufactures 50 different grades of MCC at its manufacturing units, situated at Hyderabad and Gujarat under the brand named HiCel  and AceCel. The net proceeds of the issue are to be used for expansion of production facilities of MCC at Dahej and Jhagadia in Gujarat between FY21 and FY22 as well as general corporate purposes. The proposed expansion will add 3600 MTPA capacity to the Dahej and Jhagadia facility, augmenting its capacity to 7890 MTPA and 5760 MTPA respectively. ]]> https://biospectrumindia.com/news/86/17251/bajaj-finserv-sets-up-health-tech-venture.html https://biospectrumindia.com/news/86/17251/bajaj-finserv-sets-up-health-tech-venture.html Wed, 23 Sep 2020 01:05:00 +0530 Pune based Bajaj Finserv has recently announced the launch of its fully owned subsidiary Bajaj Finserv Health Ltd., (BFHL), a health-tech solutions business, aimed at improving the health outcomes of Indian consumers through smarter, connected and holistic care plans. With this new venture, the company has now forayed into the healthcare ecosystem, aiming to disrupt the health segment and make the healthcare experience convenient and all-inclusive for consumers. The new venture, Bajaj Finserv Health, brings to the market its core offering - ‘Aarogya Care’, an industry-first product, providing Preventive, Personalized, Prepaid health care packages to consumers. With a mobile-first approach, ‘Aarogya Care’ integrates the various complementary components of the health ecosystem, to provide ease of access to quality and affordable healthcare, anytime, anywhere. The Bajaj Finserv Health App is like a personalized health manager, offering consumers a one-stop destination to avail convenient, connected and cost-effective health solutions, right at their fingertips. The company has already empanelled 112 hospital partners, operating 200 hospitals in India, 3 diagnostic and laboratory centres having 671 consumer touchpoints and over 9,000 doctors registered on the platform. With the combined strength and capability of the group businesses, a large pool of over 120 MM consumer franchise, the largest Health EMI financing and industry best claim pay-out experiences, Bajaj Finserv is uniquely positioned to service the needs of consumers with differentiated solutions.   ]]> https://biospectrumindia.com/news/86/17164/corona-remedies-pick-up-stake-in-la-chandra-pharmalab.html https://biospectrumindia.com/news/86/17164/corona-remedies-pick-up-stake-in-la-chandra-pharmalab.html Tue, 08 Sep 2020 11:15:00 +0530 Ahmedabad-based pharma major CORONA Remedies has picked up a minority stake in homegrown Hormone API manufacturer La Chandra Pharmalab as a part of a strategic collaboration between the two companies. La Chandra Pharmalab is an EU-GMP compliant API manufacturer having its production facility in Palanpur in north Gujarat. It has emerged as a leading manufacturer & supplier of pregnancy care drug Progesterone in India and holds international regulatory approvals for a range of Hormone APIs. CORONA Remedies makes a range of products for gastrointestinal therapy, pain therapy, cardiovascular therapy, gynecological therapy, among others. Priyvrat Gadhvi, Managing Director, La Chandra Pharmalab, said, “This collaboration heralds a new phase of exponential growth for us. Our technical capabilities and expertise in sunrise technologies in API manufacturing shall be greatly augmented with CORONA’s market strength." He added, "This alliance will also help us leverage our strong pipeline. The deal comes at the perfect time for us with a combination of macro parameters such as high demand, technology, Indian manufacturing and regulatory strengths defining an inflection point in our growth journey.” ]]> https://biospectrumindia.com/news/86/17080/lincoln-pharma-reports-23-rise-in-standalone-net-profit-at-rs-14-99-cr-in-q1fy21.html https://biospectrumindia.com/news/86/17080/lincoln-pharma-reports-23-rise-in-standalone-net-profit-at-rs-14-99-cr-in-q1fy21.html Fri, 21 Aug 2020 13:25:00 +0530 Ahmedabad based Lincoln Pharmaceuticals Ltd., one of the leading healthcare companies has reported a net profit of Rs. 14.99 crore for the Q1FY21 ended June 2020 as against a net profit of Rs. 12.16 crore in the corresponding period last year, growth of 23.2%.  Net revenue for the quarter ended June 2020 reported at Rs. 103.01 crores, higher by 7.11% over previous fiscal’s same period net revenue of Rs. 96.17 crore. EBITDA for the quarter ended June 2020 was reported at Rs.22.42 crores as compared to Rs.19.04 crores in the corresponding period last year. EPS was at Rs.7.50 per share for Q1FY21 as compared to Rs.6.08 in the corresponding period last year. The company has received European Union (EU) GMP certification from Germany FDA for its manufacturing facility located at Khatraj in Gujarat. The certification will allow the company to market its products in all the 27 member countries of EU and also give access to the European Economic Area (EEA) countries.  Exports have increased to 56% of total sales in FY20 from 11% of total sales in FY13. Company currently exports to 60 plus countries including East & West Africa, Central & Latin America, and Southeast Asia and has got many product registrations in these countries and is also awarded with a number of global tenders. The company has recently launched Chewable Vitamin C + Zinc Tablet for Indian market. The tablet is an evidence-based bio-active for natural immunity in a combination of zinc that boosts antiviral activity and protection against COVID 19. ]]> https://biospectrumindia.com/news/86/17043/sai-life-sciences-invests-more-than-rs-1000-cr-for-expansion.html https://biospectrumindia.com/news/86/17043/sai-life-sciences-invests-more-than-rs-1000-cr-for-expansion.html Mon, 17 Aug 2020 11:40:00 +0530 Hyderabad based, Sai Life Sciences, one of India's fastest growing Contract Development & Manufacturing Organization (CDMOs) recently announced the inauguration of its new Research and Technology (R&T) Centre in Hyderabad, India.  K T Rama Rao, Minister for Industry & Commerce and IT, Government of Telangana formally inaugurated the facility in the presence of other dignitaries. The new R&T facility has several unique aspects such as intelligent & ergonomic lab design to enhance safety and productivity, advanced automation for seamless data capture during process development, lean & 5S approach to enhance productivity, and collaborative workspaces for engendering innovation. The new 83,000 sq.ft. the facility houses state-of-the-art research capabilities and advanced technology platforms, augmenting the company's capabilities in providing superior scientific solutions to its pharma and biotech innovator customers globally. It has 24 chemistry labs with 250 fume hoods, analytical labs, a fully equipped technology suite, and a dedicated process safety lab. Sai Life Sciences began a process of organizational transformation in 2019 reinventing itself as a new generation global CDMO. Through this initiative, named Sai Nxt, the company is investing over $ 150M (> Rs 1000 Cr) to expand and upgrade its R&D and manufacturing facilities, induct top-notch global scientific and leadership talent, strengthen automation and data systems, and above all raise the bar for safety, quality and customer focus. ]]> https://biospectrumindia.com/news/86/16956/advent-to-acquire-controlling-stake-in-ra-chem-pharma.html https://biospectrumindia.com/news/86/16956/advent-to-acquire-controlling-stake-in-ra-chem-pharma.html Mon, 03 Aug 2020 07:15:00 +0530 Mumbai based Advent International, one of the largest and most experienced global private equity investors, has announced that it has signed a definitive agreement to acquire a controlling stake in RA Chem Pharma Limited, a vertically integrated pharmaceutical company from Micro Labs Limited. Founded in 2003 in Hyderabad, India, RA Chem Pharma is one of the most rapidly growing pharmaceutical companies in India. While the core focus is API, over time the company has forward integrated into Pellets, Formulations and Clinical Research to provide end-to-end offerings to its customers. Its product portfolio ranges from pharmaceuticals to niche areas of Animal health and Cosmeceuticals; supported by four manufacturing units, two R&D laboratories and a clinical research facility. Advent has committed over $1.7 billion globally in six companies across the healthcare sector in the last 12 months. The firm has also committed more than $700 million in seven Indian businesses over the same period in varied sectors such as healthcare, consumer, and financial services amongst others. ]]> https://biospectrumindia.com/news/86/16952/tcg-fund-to-invest-rs-225-cr-in-biocon-biologics.html https://biospectrumindia.com/news/86/16952/tcg-fund-to-invest-rs-225-cr-in-biocon-biologics.html Fri, 31 Jul 2020 13:05:00 +0530 As per the terms of the proposed agreement, Tata Capital Growth  (TCG) Fund will invest Rs 225 Crore for a 0.85% minority stake in the biosimilar business, valuing Biocon Biologics at an equity valuation of Rs 26,250 Crore, or ~USD 3.5 billion, and an enterprise valuation of Rs 30,400 Crore, or  ~USD 4.0 billion. The transaction is subject to standard condition precedents and approvals. Post the completion of this transaction, Biocon will hold 95.25% stake in Biocon Biologics. Dr. Christiane Hamacher, CEO, Biocon Biologics, said: “We are pleased with Tata Capital’s investment in Biocon Biologics, which is an endorsement of the value we have created through our demonstrated success and credibility as a global biosimilars player, with two products commercialized in the U.S. and the launch of the third biosimilar on the anvil. We appreciate the conviction of our institutional investors in the ‘value creation’ story of Biocon Biologics as a fully integrated ‘pure-play’ global biosimilars company. This equity infusion is the next step in our journey of unlocking value. Through prudent investments in R&D and high-quality manufacturing infrastructure we are confident of achieving our aspiration of serving 5 million patients through our biosimilars portfolio and achieving a target revenue of USD 1 billion in FY22.” Akhil Awasthi, Managing Partner, Tata Growth PE, said: “The fund is delighted to partner with Biocon Biologics, a pre-eminent player in Biopharmaceuticals on a global scale, as part of our focus on export-oriented manufacturing in world beating companies. The investment brings together 150+ years of brand equity of Tata’s and a very strong R&D based entrepreneur in Dr Kiran Mazumdar-Shaw with a golden track record of conceptualizing, investing and creating billion-dollar businesses by a meticulous combination of R&D strengths and an exceptional management team”. The equity infusion by Tata Capital will enable Biocon Biologics’ future growth through prudent capital allocation, while it continues investments in R&D and manufacturing to meet the growing demands of patients worldwide.  Having reputed investors as partners, in the journey of establishing Biocon Biologics, as a leading global player in biosimilars, is reflective of the confidence they have in the company’s current and future prospects, aimed at benefiting patients, partners and healthcare systems across the world. ]]> https://biospectrumindia.com/news/86/16903/biocon-q1fy21-revenue-stands-at-rs-1690-cr.html https://biospectrumindia.com/news/86/16903/biocon-q1fy21-revenue-stands-at-rs-1690-cr.html Fri, 24 Jul 2020 11:00:00 +0530 Biocon Ltd, an innovation-led global biopharmaceuticals company, has announced its consolidated financial results for the fiscal first quarter ended June 30, 2020. Commenting on the results, Kiran Mazumdar-Shaw, Executive Chairperson, said: “Our consolidated revenue for Q1FY21 stood at Rs 1,690 Crore, recording a strong growth of 14%, driven by robust performances by the Biosimilars and Generics business segments which grew by 19% and 16%, respectively. The Research Services business reported flat revenue growth at Rs 422 Crore due to slowdown of operations impacted by the COVID-19 crisis. EBITDA for the quarter stood at Rs 432 Crore and EBITDA margin was at 26%. Net Profit (from continuing operations) was at Rs 153 Crore. Profitability for the quarter was impacted due to higher R&D spend, lower profit share in the Biosimilars business, and lower profitability in the Research Services segment.”   “It has been a breakthrough quarter for Biocon as we made a significant contribution to the global efforts aimed at addressing the pandemic through our innovative science. Earlier this month, the Drugs Controller General of India (DCGI) granted ‘restricted emergency use approval’ for Itolizumab, our novel anti-CD6 biologic therapy for the treatment of cytokine release syndrome (CRS) in COVID-19 patients with moderate to severe acute respiratory distress syndrome (ARDS). The ‘proof of concept’ pivotal study data is encouraging and highlights the urgent importance of further evaluating the potential therapeutic efficacy of Itolizumab in a larger number of COVID-19 patients. As a part of our commitment to the DCGI, we have planned a 200-patient, pan-India Phase IV trial to be conducted across 10-15 hospitals with a high caseload of serious COVID-19 patients. The study protocol has been submitted to the DCGI and we will commence the trial soon.” she added. The Generics business reported a revenue growth of 16% for the quarter at Rs 599 Crore. The Generic Formulations business in the U.S. was the main driver of this growth with the formulations commercialized under our own label maintaining a steady high-teens market share. This was supplemented by the API business, which witnessed a higher than normal demand of certain key APIs such as statins and immunosuppressants in key geographies as customers picked up stocks to ensure continued ability to serve patient needs. The Biosimilars segment reported a strong growth of 19% to Rs 692 Crore in Q1FY21 driven by robust performance across Most of the World (MoW) markets and steady sales of our key biosimilars in U.S. and Europe, aided by a spillover of revenues from the previous quarter. ]]> https://biospectrumindia.com/news/86/16889/syngene-rings-in-rs-437-cr-in-q1-fy21.html https://biospectrumindia.com/news/86/16889/syngene-rings-in-rs-437-cr-in-q1-fy21.html Wed, 22 Jul 2020 17:00:00 +0530 Bengaluru based Syngene International Limited has announced its Q1 FY21 results. The Company posted quarterly revenue of Rs. 437 Cr, in line with guidance: Profit After Tax, was impacted less than expected, at Rs. 58 Cr for the quarter. Commenting on the results, Jonathan Hunt, Managing Director and Chief Executive Officer - Syngene International Limited, said: “In line with our guidance, Q1 revenue was flat at Rs. 437 Cr compared to the same quarter last year due to the temporary suspension of operations during the nationwide lockdown. However, the implementation of protective measures allowed all divisions to restart gradually and operate at close to normal levels for the last six weeks of the quarter. Across the Company, our teams have worked hard to get projects back on schedule. Recent good news was the improved credit rating from CRISIL to AA+ with a stable outlook. This is welcome recognition from the rating agency of the Company’s business model, strong client relationships, robust processes and sound risk profile. Overall Q1 performance was as expected and we look forward to returning to growth in 2Q.” Syngene’s first quarter performance was driven by solid performances in Discovery Services and the Dedicated Centres. The national lockdown resulted in a temporary suspension of operations in all divisions. Since restarting, the expansion of shift working and other protection measures for employees allowed the divisions to return to near normal levels of operation and get client projects largely back on schedule. ]]> https://biospectrumindia.com/news/86/16795/kkr-acquires-controlling-stake-in-j-b-chemicals-.html https://biospectrumindia.com/news/86/16795/kkr-acquires-controlling-stake-in-j-b-chemicals-.html Fri, 03 Jul 2020 17:00:00 +0530 US based global investment firm KKR has announced that it has entered into a definitive agreement to purchase a controlling stake in Mumbai based J.B. Chemicals & Pharmaceuticals Ltd., one of the leading Indian pharmaceutical companies specializing in branded formulations. As part of the agreement, KKR will acquire its stake from the founding Mody family at a purchase price of INR 745 per share and make an open offer for an additional 26% of the Company. Details of the open offer will be disclosed at the appropriate time. J.B. Chemicals currently exports its branded formulations to more than 40 countries around the world. J.B. Chemicals’ contract manufacturing capabilities also allow it to partner with large, international brands to develop a diverse range of innovative specialty products, including tablets, injectables, creams and ointments, lozenges, herbal liquids and capsules. KKR will fund this investment from Asian Fund III. The transaction is subject to regulatory and other customary approvals. J.B. Mody, Founder, Chairman and Managing Director of J.B. Chemicals, said, “For more than four decades, J.B. Chemicals’ mission has been to deliver affordable, high-quality pharmaceutical products that improve the lives of individuals living in India and around the world. We are thrilled that KKR – with its deep knowledge of the pharmaceutical industry and experience in investing in the sector, as well as its extensive investments in India – will take our mission forward and build on the foundation of core values that our family has instilled in this company. This will also create growth opportunities for our people to progress.” ]]> https://biospectrumindia.com/news/86/16756/carlyle-piramal-pharma-ink-20-strategic-growth-investment.html https://biospectrumindia.com/news/86/16756/carlyle-piramal-pharma-ink-20-strategic-growth-investment.html Mon, 29 Jun 2020 12:00:00 +0530 Piramal Enterprises Limitedand The Carlyle Group have announced that CA Clover Intermediate II Investments, an affiliated entity of CAP V Mauritius Limited, an investment fund managed and advised by affiliated entities of The Carlyle Group Inc., has agreed to invest fresh equity capital for a 20% stake in Piramal Pharma Limited, a wholly owned subsidiary of Piramal Enterprises Limited that will contain its pharmaceutical businesses. The transaction values the Pharma Business at an enterprise value (EV) of US$2,775 million with an upside component of up to US$360 million depending on the company’s FY21 performance. Based on the EV (excluding the upside component), exchange rate and pharma net debt as on 31st March 2020, the estimated equity capital investment for Carlyle’s 20% stake in Piramal Pharma would amount to ~US$490 million. The final amount of equity investment will depend on the net debt, exchange rate and performance against the pre-agreed conditions at the time of closing of the deal. Piramal Pharma will include (a) Piramal Pharma Solutions, an end-to-end contract development and manufacturing (CDMO) business; (b) Piramal Critical Care, a complex hospital generics business selling specialized products across over 100 countries; (c) Consumer Products Division, a consumer healthcare business selling over-the-counter products in India; and (d) PEL’s investment in the joint venture with Allergan India, a leader in ophthalmology in the domestic market and Convergence Chemicals Private Limited. This transaction is one of the largest private equity deals in the Indian pharmaceutical sector, and is expected to close in 2020, subject to customary closing conditions and regulatory approvals. Ajay Piramal, Chairman, Piramal Enterprises Limited, said, “We are pleased to announce the strategic growth investment by Carlyle, a marquee global investor, in Piramal Pharma. This is an affirmation of the strength of our ability to build new, attractive and scalable businesses with a significant runway for continued organic growth and opportunities for consolidation. This infusion of funds will further strengthen our balance sheet and provide us with a war chest for the next phase of our strategy. We are pleased to have an investor of this caliber join the Piramal family and continue our stellar track record of partnerships.” Neeraj Bharadwaj, Managing Director, Carlyle Asia Partners advisory team, said, “Piramal Pharma has built a strong, diversified pharma business with a solid market position and scale in each of its core business segments of Pharma Solutions, Critical Care and Consumer Products. Given global pharma industry trends, we see attractive opportunities for organic as well as inorganic growth in each of these businesses. We are excited to work with the company’s experienced management team, and will leverage our global network, extensive knowledge of the healthcare sector, and operating experience to seek to expand its platform, develop strategic opportunities and facilitate broader market access.” ]]> https://biospectrumindia.com/news/86/16645/dr-reddys-completes-select-biz-acquisition-of-wockhardt.html https://biospectrumindia.com/news/86/16645/dr-reddys-completes-select-biz-acquisition-of-wockhardt.html Thu, 11 Jun 2020 12:00:00 +0530 Dr. Reddy's Laboratories announces that it has completed the acquisition of select divisions of Wockhardt Limited’s branded generics business in India and a few other international territories of Nepal, Sri Lanka, Bhutan and Maldives. The business comprises of a portfolio of 62 brands in multiple therapy areas such as Respiratory, Neurology, VMS, Dermatology, Gastroenterology, Pain and Vaccines, which would transfer to Dr. Reddy’s along with related sales and marketing teams; and the manufacturing plant located in Baddi, Himachal Pradesh with all plant employees. On February 12, 2020, Dr. Reddy’s signed a Business Transfer Agreement (BTA) with Wockhardt, to acquire the above-referred business undertaking for an upfront consideration of Rs.1,850 crores. G V Prasad, Co-Chairman and Managing Director of Dr. Reddy’s said, “This deal is in line with our strategic focus on India and has paved a path for accelerated growth and leadership in the domestic market. We believe that the acquired portfolio offers a good growth potential for us. We welcome the employees joining us from Wockhardt to the family of Dr. Reddy’s.” ]]> https://biospectrumindia.com/news/86/16615/invasent-invests-rs-70-cr-in-sharp-sight-group.html https://biospectrumindia.com/news/86/16615/invasent-invests-rs-70-cr-in-sharp-sight-group.html Mon, 08 Jun 2020 08:00:00 +0530 InvAsent, a healthcare focused fund has invested Rs 70 crore in Delhi Based Eyecare chain Sharp Sight Group of Eye Hospitals to power its Expansion over the next 3 years. The chain was founded by two first generation entrepreneurs Dr Samir Sud and Dr Kamal B Kapur and it currently runs 7 hospitals in Delhi NCR & J&K. The eyecare chain driven by their CEO Deepshikha Sharma will be aiming at strengthening its foothold in tier 2 cities and underserviced areas over the next 3 years. There is a large unmet need for comprehensive eyecare services in North India especially tier 2 cities. Penetration of organised eyecare is relatively lower in North India as compared to southern and western parts of the country. We found that the thought process and ideology of InvAsent blended perfectly with our long termvision. We strongly believe we will be able to leverage their experience to our benefit as they have an expertise in backing many single speciality chains” quoted Deepshikha, CEO, Sharp Sight Group of Eye Hospitals. She further added, We also aim at creating social impact across regions where we expand . Most of the patients with visual impairment are dependent on his/her immediate family on a day to day basis. With rapid urbanisation happening in tier 2 cities we intend to create job opportunities and providequality training and employment generation in these cities.’’ We will also identify potential candidates from Govt. runs schools in these areas and trains them depending on their potential and learning capabilities and absorbs them within the organisation there itself said Dr Samir Sud Co- Founder, Sharp Sight Group of Eye Hospitals. Technology being a forefront in enabling access to one and all will be an area we will harness. We intend to use technology to bring Ophthalmology to the doorstep of every one in tier 2 cities by way of Eyecare @ home quoted Dr Kamal B Kapur Co-Founder, Sharp Sight Group of Eye Hospitals.   ]]> https://biospectrumindia.com/news/86/16609/medibuddy-docsapp-announce-merger.html https://biospectrumindia.com/news/86/16609/medibuddy-docsapp-announce-merger.html Fri, 05 Jun 2020 06:10:00 +0530 Industry pioneer DocsApp merges with MediBuddy’s digital consumer health business. This coming together of DocsApp, India’s largest online doctor consultation platform and MediBuddy, leader in digital consumer health for enterprises, creates India’s largest and most comprehensive digital healthcare platform. With digital health being the new normal, DocsApp and MediBuddy are experienced and equipped to be at the forefront, to help millions of Indians to access high-quality healthcare. Combining their respective strengths, thejoint entity is well-positioned to take a leadership position in enabling 24x7 access to healthcare. The platforms will continue to focus on enabling healthcare services like online specialist doctor consultations, lab tests, preventive health checks, delivery of medicines etc. to customers across India. Together, the combined entity is servicing the healthcare needs of over 3 crore Indians, with a partner network of over 90,000 doctors, 7000 hospitals, 3000 diagnostic centres and 2500 pharmacies covering over 95% of all pincodes in India. Addressing a press conference to announce the partnership, Mr. Satish Kannan, CEO of the merged entity said, “This combined entity will offer a comprehensive platform to our customers that delivers on the promise of a digital healthcare future. As first-movers, we are confident that we will establish market leadership and fulfil our mission to provide quality healthcare to every Indian.” Mr. Satish Gidugu, CEO, Medi Assist, added, “We are excited to join forces and set a bold new vision for the digital healthcare ecosystem in India. Combining the capabilities of DocsApp and MediBuddy will deliver an on-demand healthcare platform providing exceptional customer experience for both enterprise and retail users.” The interest and excitement around this healthcare platform are manifested in investments being directed towards the same, even at a time when uncertainty and caution are prevalent worldwide. Mr. Satish Kannan, CEO announced a $20 Million (150 Crore) Series B round of funding led by Bessemer Venture Partners, Fusian Capital, Mitsui Sumitomo (MSIVC) & Beyond Next ventures. Existing investors including Milliways Ventures and Rebright Partners also participated in this round. The joint entity will utilize the funding in further strengthening its doctor base, patient reach, product and technology to move a step closer to its mission of providing high-quality healthcare to a billion people.   Image caption- L-R- Enbasekar D., Co-founder & CTO, DocsApp and MediBuddy; Satish Kannan, Co-founder & CEO, DocsApp and MediBuddy ]]> https://biospectrumindia.com/news/86/16592/lupin-formulation-sales-dip-in-q4fy20.html https://biospectrumindia.com/news/86/16592/lupin-formulation-sales-dip-in-q4fy20.html Tue, 02 Jun 2020 10:10:00 +0530 Mumbai based Pharma major Lupin Limited has reported its financial performance for the quarter and fiscal year ending March 31, 2020. The gross profit was Rs 23,860 million compared to Rs 23,568 million in Q3 FY2020, with gross profit margin of 62.9 per cent. The Personnel cost was 20.1 per cent of sales, at Rs 7,635 million compared to Rs 7,407 million in Q3 FY2020. The manufacturing and other expenses were 30.4 per cent of sales at Rs 11,519 million compared to Rs 12,402 million in Q3 FY2020. The investment in R&D for the quarter was Rs 3,442 million i.e. 9.1 per cent of sales. Lupin’s India formulation sales for FY2020 were Rs 51,385 million, compared to Rs 46,382 million in FY 2019; accounting for 34 per cent of Lupin’s global sales. Q4 FY2020 sales were Rs 11,920 million, compared to sales of Rs 12,969 million during Q3 FY2020 and up 13 per cent compared to sales of Rs 10,525 million during Q4 FY2019. ]]> https://biospectrumindia.com/news/86/16586/max-healthcare-emerges-as-the-second-largest-healthcare-chain-by-revenue-in-india.html https://biospectrumindia.com/news/86/16586/max-healthcare-emerges-as-the-second-largest-healthcare-chain-by-revenue-in-india.html Mon, 01 Jun 2020 18:15:00 +0530 Max Healthcare Institute Limited has announced that consequent to the receipt of order of the National Company Law Tribunal (NCLT) sanctioning the Composite Scheme of Amalgamation and Arrangement (Scheme) involving demerger of allied health and associated activities of Max India Limited (Max India) into Advaita Allied Health Services Limited, an amalgamation of the residual Max India (post demerger) and demerger of healthcare business of Radiant Life Care Private Limited (Radiant) into Max Healthcare, the amalgamation and demergers as per the sanctioned scheme have been successfully completed. Abhay Soi will be the Chairman and Managing Director of MHIL. Max India shall stand dissolved effective today without being wound up and subsequently the equity shares of the MHIL will get listed on both Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE) in due course after completing procedures according to the related regulations. The record date for allotting equity shares of Max Healthcare to Max India shareholders as per the approved share exchange ratio has been set as June 15, 2020.  Max announce this as a significant step in the Scheme entailing demerger of Radiant’s healthcare business into MHIL, which will result in Abhay Soi and Kohlberg Kravis Roberts & Co. L.P (KKR) acquiring a significant majority stake in Max Healthcare and ultimately listing of the combined entity at BSE and NSE. Commenting on this development, Abhay Soi, Chairman, MHIL said, “We are very excited about our future as a combined entity which will augment our size, scale and capabilities to provide best-in-class healthcare services in the country. MHIL will emerge as the second-largest hospital chain in India with strongly established brand equity and centres of excellence for high-end quaternary care with significant part of its capacities in key metros, particularly Delhi-NCR and Mumbai. Our operating culture rests on the bedrock of medical and service excellence, high-quality patient experience, ethical practices, and adopting cutting-edge technology. I am confident that we will continue to incrementally contribute to the development of quality healthcare services and meet the growing medical needs of our country.” “Going forward, we plan to expand our operations by investing in growth and leveraging an asset light operating approach. Since the announcement of this transaction, MHIL over the last few quarters has implemented a robust business improvement plan, the results of which are visible in the financial performance of MHIL. I believe that several synergies will play out over the next 2 to 3 years, which will enable us to realize significant benefits from our coming together”, he added. MHIL will emerge as the second largest hospital network across India in terms of revenues and one of the top three hospital chains in the country in terms of bed capacity. MHIL will operate over 3,500 beds across India, including tertiary and quaternary care facilities, offering high-end critical and super specialty care, supported by strong local brands such as BLK Hospital, Max Hospital-Saket, Max Smart Hospital-Saket, Max Hospital – Patparganj, Max-Hospital-Shalimar Bagh, Nanavati Hospital, etc. MHIL will further build on its strong presence in the metros through brownfield expansion of bed capacity, enhancing the depth and width of its medical programs and enhancing its leadership position in these high-end markets. Radiant, promoted and founded by Abhay Soi and backed by KKR, had acquired a 49.7% stake in Max Healthcare in June 2019 for a consideration of around INR 2,136 crore. The transaction is being completed through the following steps as per the Scheme: Following the demerger, Radiant’s healthcare assets merged into Max Healthcare with simultaneous merger of residual Max India into Max Healthcare  As a result of this merger, shareholders of Max India will receive 99 equity shares of the Merged Entity (MHIL) of face value of INR 10 each for every 100 equity shares of face value of INR 2 each that they hold in Max India as on the relevant record date Shareholders of Radiant will receive 9,074 equity shares of face value of INR 10 each in Max Healthcare for every 10 equity shares of face value of INR 10 each held in Radiant as on the relevant record date Post-merger, Max India stands dissolved and MHIL, which is the newly merged entity comprising of combined healthcare assets of Radiant and Max Healthcare, will get listed on both the BSE and the NSE after completing necessary regulatory requirements Abhay Soi shall be the promoter of the merged entity (MHIL) and KKR shall be the co-promoter     ]]> https://biospectrumindia.com/news/86/16591/biocons-q4fy20-revenue-up-6-at-rs-1644-cr.html https://biospectrumindia.com/news/86/16591/biocons-q4fy20-revenue-up-6-at-rs-1644-cr.html Mon, 01 Jun 2020 01:00:00 +0530 Biocon Ltd announced its consolidated financial results for the fourth quarter and fiscal year ended on March 31st, 2020. Q4FY20 witnessed a muted growth of 6 per cent with revenues at Rs 1,644 crore due to operational challenges including one-time COVID-19 related impact on the biologics business. Small molecules and research services businesses, however, delivered robust growth of 15 and 14 per cent, respectively. On a full-year basis, Biocon reported a revenue growth of 15 per cent led by a strong performance by biologics which grew by 29 per cent, small molecules by 18 per cent and research services by 10 per cent. In the small molecules business, the company crossed an annual revenue milestone of Rs 2,000 crore for the first time. The revenue from generic formulations more than doubled during the quarter. Biocon commissioned a new research facility at Biocon Park in Bengaluru. It also repurposed one of its high-end laboratories to conduct RT-PCR tests for COVID-19, helping scale up testing capacity in Bengaluru, offering free testing services to city hospitals. The company partnered with Pune-based Mylab Discovery Solutions to supply reagents for use in its COVID-19 RT-PCR testing diagnostic kits. ]]> https://biospectrumindia.com/news/86/16551/poonawalla-group-sells-vaccines-unit-to-novavax-for-167m.html https://biospectrumindia.com/news/86/16551/poonawalla-group-sells-vaccines-unit-to-novavax-for-167m.html Thu, 28 May 2020 12:00:00 +0530 US based Novavax, Inc., a late-stage biotechnology company developing next-generation vaccines for serious infectious diseases, today announced the acquisition of Praha Vaccines a.s., part of the Cyrus Poonawalla Group, in an all cash transaction of approximately $167 million. The acquisition includes a biologics manufacturing facility and associated assets in Bohumil, Czech Republic. The facility is expected to provide an annual capacity of over 1 billion doses of antigen starting in 2021 for NVX‑CoV2373, Novavax’ COVID-19 vaccine candidate. NVX‑CoV2373 consists of a stable, prefusion protein antigen made using its proprietary nanoparticle technology and includes Novavax’ proprietary Matrix‑M™ adjuvant. “Manufacturing capacity is a critical component of our strategy to deliver a vaccine for the COVID-19 pandemic,” said Stanley C. Erck, President and Chief Executive Officer of Novavax. “This acquisition provides the vital assets required to produce more than 1 billion doses per year. In parallel with ramping up production at Bohumil, we will continue efforts to expand antigen capacity in the U.S. and Asia, and increase production of Matrix-M to match antigen capacity at multiple sites globally.” The acquisition includes a 150,000-square foot state of the art vaccine and biologics manufacturing facility and other support buildings, along with the existing employees and all related and required infrastructure. The facility is completing a renovation that includes Biosafety Level-3 (BSL-3) capabilities. As part of the transaction, approximately 150 employees with significant experience in vaccine manufacturing and support have joined Novavax. The acquisition of Praha Vaccines is supported by Novavax’ funding arrangement with the Coalition for Epidemic Preparedness Innovations (CEPI), enabling Novavax to dramatically expand its manufacturing capacity. Novavax will work collaboratively with the Serum Institute of India (SII), part of the Cyrus Poonawalla Group, to increase production levels at the Bohumil facility by the end of 2020. “We believe Novavax and Praha reflect the ideal complement of capabilities and expertise to advance innovative vaccines that are vitally needed at this critical time,” said Cyrus Poonawalla, Chairman and Founder of the Cyrus Poonawalla Group. “We are confident that the technologies and employees are in good hands and look forward to continuing our collaborations with Novavax.” ]]> https://biospectrumindia.com/news/86/16462/healthassure-acquires-fitmein.html https://biospectrumindia.com/news/86/16462/healthassure-acquires-fitmein.html Fri, 15 May 2020 00:00:00 +0530 Mumbai based HealthAssure, India’s foremost health-tech primary care services platform with a 25% of market share in the country acquires FitMeIn, an on-demand fitness subscription service delivered through a technology enabled network of 2500+ fitness centers and coaches. The acquisition will enable HealthAssure to address the comprehensive healthcare needs of its customer from wellness, preventive and insurance care services that the primary healthcare aggregator is known for. With this transaction, HealthAssure aims to serve the healthcare needs of more than 5 million individuals in the country from fitness solutions to primary care by the year end of 2020. HealthAssure is a pioneer in the primary healthcare space that provides the entire spectrum of primary care experience for an individual across 1,300 cities from diagnostics, pathology, consultation, pharmacy, etc. Founded in 2011, HealthAssure provides access to its platform to almost all Insurers in the market and many large Corporates viz. Max Bupa, Cigna, Aditya Birla Health, Loreal, Deloitte, Deutsche Bank, etc. Recently it has launched first of its kind OPD insurance products for B2C segment. FitMeIn is a wellness ecosystem that provides convenient access to a network of 2500+ Fitness Centres, Fitness Coaches, Nutritionists & Mental health practitioners across tier 1 & tier 2 cities. The startup, through a mobile and web platform, allows users to access its network in exchange for FitCoins (credits for the on-demand services on the App) across 20 cities in India. The wellness focused start-up has served over 5,00,000 individuals since its inception and will look to double up that number after joining hands with HealthAssure. With this acquisition, HealthAssure aims to integrate the offerings of both the brands under a single umbrella thereby extending their services from primary care to include preventive care through fitness and lifestyle choices. Speaking on the occasion, Mr. Varun Gera, Founder & CEO, HealthAssure says, “This acquisition signifies the integration of the curative and preventative healthcare platforms that will holistically cater to the growing health needs that our consumers have. HealthAssure has a unique network of primary care centers; with FitMeIn the company looks forward to augmenting its technology-enabled offering of health and wellness services that provides quality and access to its consumers. Looking at the large business opportunity in the sector we are enthused to build a more comprehensive offering for our customers in line with our goal of bringing good health closer to all. The team at FitMein has shownformidable progress within the fitness and wellness space in a short span of time and we look forward to combining forces that will enable us to design and deliver a more futuristic healthcare solution enabled by cutting edge technology, as we step into the new normal.” Vishesh Goel, Co-Founder, FitMeIn adds, “FitMeIn has been collaborating with the healthcare ecosystem as a core value since inception. An integrated, technology-first model with HealthAssure will unlock exponential synergies and opportunities to successfully solve for daily health needs of customers. This alliance will allow the development of disruptive solutions for the industry.” As a part of the combined team Vishesh will head the product team to drive innovation for deeper customer engagement and providing a seamless experience of the customer journey from fitness to cure. “FitMeIn’s vision of providing accessible & standardized fitness experience runs in parallel with HealthAssure’s philosophy of bringing health closer to people. Teaming up with HealthAssure will expedite our vision of creating an inclusive healthcare ecosystem that makes pursuing healthy choices easier for consumers. We're thrilled and look forward to achieving our goals together” says Nidhisha Varshney, Co-founder, FitMeIn. Nidhisha will be heading the wellness function at HealthAssure, driving a greater emphasis on customer retention and engagement through enhanced digital and offline fitnessexperiences. An industry study by Indian retail fitness services market suggests that there are six million active users in India who are spending on an average $350 to $400 annually towards fitness services, amounting to $2.6 billion market size. ]]> https://biospectrumindia.com/news/86/16415/carlyle-group-acquires-major-stake-in-sequent-scientific.html https://biospectrumindia.com/news/86/16415/carlyle-group-acquires-major-stake-in-sequent-scientific.html Tue, 12 May 2020 05:05:00 +0530 Global investment firm The Carlyle Group and the existing promoters of SeQuent Scientific Limited today announced that CA Harbor Investments, an affiliated entity of CAP V Mauritius Limited and The Carlyle Group (together, “Carlyle”), has agreed to acquire an equity stake of up to 74% in SeQuent Scientific Limited (“SeQuent”), the largest pure-play animal healthcare company in India. CA Harbor Investments proposes to acquire a majority stake in SeQuent via private share purchase agreements, for a purchase price of INR 86 per share. Pursuant to the Securities and Exchange Board of India (SEBI)’s Takeover Regulations, the proposed transaction will trigger a mandatory open offer by CA Harbor Investments and CAP V Mauritius Limited for the purchase of up to 26% equity shares of SeQuent from public shareholders to be identified in the open offer documents[1]. The transaction is expected to close in the third quarter of 2020, subject to customary closing conditions and regulatory approvals. Following the completion of this transaction, CA Harbor Investments will become the new promoter of SeQuent.  Headquartered in Mumbai, SeQuent is the largest Indian pure-play animal healthcare company with global operations. SeQuent provides animal health Active Pharmaceutical Ingredients (“API”), formulations, and analytical services in over 100 countries, with more than 1,700 employees and manufacturing operations in India, Spain, Turkey, Germany and Brazil. Arun Kumar, on behalf of the current promoter group of SeQuent, said, “We are pleased to have achieved this strategic outcome for SeQuent and its investors through this divestment. Our investment in this niche sector of the industry has played out as intended thanks to the leadership of Manish Gupta, his leadership team and employees, who have collectively created this world-class Indian animal health company. We are confident that Carlyle’s global network and resources will be a catalyst for SeQuent’s next stage of growth and innovation. We thank the Board of Directors, our employees, investors, banks and other stakeholders for their support in building SeQuent to what it is today and wish the SeQuent team the very best.” Neeraj Bharadwaj, Managing Director of the Carlyle Asia Partners team, said, “SeQuent is led by an experienced management team, and has built strong API and formulation businesses that are poised for continued growth in the evolving animal health industry. We will draw on our global network, industry knowledge and operating expertise in healthcare to advise SeQuent on its business expansion strategy, enhance its operations, and help the company drive sales and product innovation.” “We see strong growth potential in the global animal health industry, including the livestock segment where SeQuent is operating, thanks to increasing demand for animal protein, rising awareness of food safety, and growing disposable income,” he added. Manish Gupta, CEO of SeQuent, said, “SeQuent emerged as India’s leading animal healthcare company within six years, completing phase one of SeQuent’s growth journey. On behalf of the entire management team, I would like to thank Mr. Arun Kumar for his vision and support in building a global animal healthcare company. We look forward to a new phase of development, where we together with Carlyle will work to grow the company into one of the top global animal healthcare companies.” The Carlyle Group has a well-established history of investing in the healthcare sector, both in India and globally, fueled by a deep understanding of the market and an ability to create value through its operational expertise and close partnerships with management. Its investments in the Indian healthcare sector include Medanta Medicity Hospital, a leading hospital in the National Capital Region of Delhi, and Metropolis Healthcare, which operates a chain of diagnostic centers and laboratories. The Carlyle Group is a long-standing global investment firm in India, making investments in India since 2000. With global resources, deep industry expertise and strong local knowledge, Carlyle has invested more than US$2.5 billion in India as of March 31, 2020. Its other notable investments include SBI Life, SBI Card, HDFC, India Infoline, Delhivery and PNB Housing Finance. ]]> https://biospectrumindia.com/news/86/16419/abbvie-completes-transformative-acquisition-of-allergan.html https://biospectrumindia.com/news/86/16419/abbvie-completes-transformative-acquisition-of-allergan.html Mon, 11 May 2020 17:00:00 +0530 AbbVie, a research-based global biopharmaceutical company, announced that it has completed its acquisition of Allergan plc following receipt of regulatory approval from all government authorities required by the transaction agreement and approval by the Irish High Court.  “We are pleased to reach this important milestone for the Company, its employees, shareholders and the patients we serve” said Richard A. Gonzalez, chairman and chief executive officer, AbbVie. “Our new Allergan colleagues should be commended for all their efforts, along with those of our own employees, to achieve this turning point for our Company. The new AbbVie will be a well-diversified leader in many important therapeutic categories, with both on-market and pipeline assets, and our financial strength will allow us to continue to invest in innovative science and continue to serve unmet medical needs of patients that rely upon us. I am proud of both organizations and look forward to the opportunities ahead.”   Well-Positioned for Long-Term Growth in Key Therapeutic Areas The transaction significantly expands and diversifies AbbVie’s revenue base and complements existing leadership positions in Immunology, with Humira®, and recently launched Skyrizi TM and RinvoqTM, and Hematologic Oncology, with Imbruvica® and Venclexta®. Allergan provides new growth opportunities in Neuroscience, with Botox® Therapeutics, Vraylar® and UbrelvyTM and a global aesthetics business, with leading brands including Botox® and Juvederm®.  This diversified on-market portfolio will drive the existing AbbVie growth platform (ex-Humira) to approximately $30 billion in revenues in full year 2020, with combined revenues of approximately $50 billion. It also positions the Company for enhanced long-term growth potential, a growing dividend and investment in innovation in each of its therapeutic categories. The Company anticipates rapidly paying down the incremental debt with its increased operating cash flows.  Additionally, in connection with the closing of the transaction, the AbbVie Board of Directors has elected Thomas C. Freyman, retired Executive Vice President and Chief Financial Officer, Abbott to join the AbbVie board. Mr. Freyman recently served on the Allergan Board of Directors.   Financial Terms Under the terms of the transaction agreement, Allergan shareholders will receive 0.8660 AbbVie shares and $120.30 in cash for each Allergan share, for a total consideration of $193.23 per Allergan share (based on the closing price of AbbVie’s common stock of $84.22 on May 7, 2020). Allergan common stock ceased trading on the New York Stock Exchange as of the close of trading today. ]]> https://biospectrumindia.com/news/86/16286/ficci-ey-study-reveals-adverse-impact-of-pandemic.html https://biospectrumindia.com/news/86/16286/ficci-ey-study-reveals-adverse-impact-of-pandemic.html Thu, 23 Apr 2020 08:00:00 +0530 The already strained healthcare industry has been feeling the negative economic impact of COVID-19 with sliding bed occupancies and uncertainty of the burden of the virus. Yet, private hospitals and nursing homes, that constitute more than 60% of beds at 8.5-9 lac, 60% of inpatients and 80% of doctors in India, have been investing heavily over the past month in additional manpower, equipment, consumables and other resources to ensure 100% preparedness for safety in the healthcare facilities and eventual treatment of patients, if needed. While the government is taking cognizance of financial strain in sectors like hospitality, tourism, construction, little is being discussed regarding the distress felt by the private healthcare sector. Dr Sangita Reddy, President, FICCI and Joint Managing Director, Apollo Hospitals Enterprises, expressed that “the private healthcare sector in India has stood besides the government firmly to contain the virus and is deeply committed to the war against COVID-19. However, there is an urgent need to consider the healthcare industry’s triple burden viz. low financial performance in pre-COVID state; sharp drop in out-patient footfalls, diagnostic testing, elective surgeries and international patients across the sector is impacting cash flow; and the increased investments due to COVID-19; which has impacted the hospitals and laboratories like never before.” The Prime Minister‘s call to the nation to honour the healthcare professionals has indeed been a morale booster. However, with dwindling revenues, government measures in terms of liquidity infusion, tax reliefs and other waivers have become crucial for the survival of health services providers of the country. Dr Alok Roy, Chair- FICCI Healthservices Committee and Chairman, Medica Group of Hospitals shared that, “the financial distress accentuated by COVID-19 lockdown has forced several standalone and small nursing homes in tier II and III cities to down the shutters. Many others are at high risk of closing down soon since their cash flows have dried up, due to steep decline in patient footfalls, and they are facing liquidity crisis for even sustaining their staff salaries.” In view of this, FICCI in partnership with EY, carried out a study of the economic impact of COVID-19 on private healthcare sector. The report reveals that the private hospitals and laboratories, which were already facing multiple challenges, will witness an acute crisis due to COVID-19 and the subsequent lockdown, which has resulted in occupancy levels to fall to a mere 40% by late-March vis-à-vis pre-COVID occupancy levels of ~65-70%. This is expected to reduce even further. Impact on diagnostic labs is even worse, with almost 80% fall in patient visits and revenue. Kaivaan Movdawalla, Partner- Healthcare, EY India, while expressing concern, shared that “While the private sector stands fully committed to partner with the government as a national duty, it truly finds itself in a compelling situation to beseech the government for “differential” financial forbearance measures and to be supported well, in order to best utilise its capabilities and capacity to serve the nation in this hour of crisis”. FICCI-EY report recommends government support through Liquidity infusion for financing of the operating losses through short term interest free/ concessional interest rate loans to address the liquidity gap to the tune of Rs 14,000 -24,000 Cr. Although the government has issued a notification for the release of government dues under CGHS and ECHS schemes to private hospitals, which is in the range of INR 1700-2000 crores, the payment is yet to be processed. Immediate release of such dues is crucial. Other recommendations for providing urgent financial stimulus for the sector are: Indirect tax reliefs/ exemptions/ waivers like- recoup amount equivalent to ineligible GST credits paid on procurements for a stipulated period; Customs duty / GST exemption on essential medicines, consumables and devices for treatment of COVID patients; Waiver or reduction of health cess on medical devices, Extension of time under the EPCG scheme etc. Income tax benefits and deferment of statutory liability payments without interest, penalty for a stipulated period (3-6 months) Rebate on commercial rate of power for a stipulated period ]]> https://biospectrumindia.com/news/86/16265/global-digital-health-vc-funding-breaks-record-in-q1-2020-with-3-6-b.html https://biospectrumindia.com/news/86/16265/global-digital-health-vc-funding-breaks-record-in-q1-2020-with-3-6-b.html Tue, 21 Apr 2020 06:10:00 +0530 Mercom Capital Group, llc, a global communications and research firm, released its report on funding and merger and acquisition (M&A) activity for the Digital Health (Healthcare Information Technology) sector for the first quarter of 2020. Mercom's comprehensive report covers deals of all sizes from across the globe. Global venture capital (VC) funding, including private equity and corporate VC into Digital Health companies in Q1 2020, came to a record $3.6 billion in 142 deals compared to $1.7 billion in 142 deals in Q4 2019. VC funding in Q1 2020 increased by 79% compared to the same quarter of last year (Q1 2019) when $2 billion was raised in 149 deals. This was the single largest funding quarter ever for Digital Health. Several large VC deals spurred record funding. Of the $3.6 billion raised during the quarter, the top 10 deals (ClassPass, Alto Pharmacy, KRY, Concerto HealthAI, Element Science, Zhiyun Health, Tempus, Verana Health, Virta Health, and Hinge Health) accounted for about 42% of the total, bringing in $1.5 billion from some well-known investors, including GV (formerly Google Ventures), New Enterprise Associates (NEA), SoftBank Vision Fund 2, Bain Capital Ventures, and Bessemer Venture Partners. Digital Health companies have brought in over $47 billion in VC funding in 4,905 deals since 2010. The top-funded categories in Q1 2020 were: Telemedicine with $788 million, followed by Data Analytics with $573 million, Clinical Decision Support with $446 million, mHealth Apps with $365 million, Healthcare Booking with $306 million, and Wearable Sensors with $286 million. “There was no evidence of coronavirus affecting digital health funding in Q1. Going forward, we anticipate investors to become more selective in this environment. The era of “I don’t want to miss out” investments may be over. That may not be a bad thing,” said Raj Prabhu, CEO of Mercom Capital Group. ]]> https://biospectrumindia.com/news/86/16213/wellthy-therapeutics-raises-funding-worth-4m-.html https://biospectrumindia.com/news/86/16213/wellthy-therapeutics-raises-funding-worth-4m-.html Tue, 14 Apr 2020 04:00:00 +0530 Mumbai based Wellthy Therapeutics, one of Asia’s leading digital therapeutics (DTx) companies, has raised $4 million (~Rs 30 crores) from Saama Capital, as part of its Pre Series A round for a ~16% stake in the company. Wellthy Therapeutics works with leading insurance, pharmaceutical, medical device companies and large hospital systems to deliver clinically-validated digital therapies that improve the health outcomes and quality of life of those with a chronic condition. Apart from utilizing this raise to deepen its product-suite and expand geographically, the company will accelerate the launch of its respiratory digital therapeutic portfolio (amongst other new indications), which is especially relevant in the current situation. “The success of our initial commercial launch in FY2019-20 with our pharmaceutical, insurance, medical device, and healthcare systems partners has shown us the scope of what is possible in augmenting patient outcomes. The success stories of our patients, their unique patient journeys and the data collected inspires us to invest deeper into clinical validation, product and distribution. We are excited to kickstart FY2020-21 with an incredible new shareholder on our cap table. The funding will allow us to invest further into improving patient outcomes and generate further real world evidence, while expanding our therapeutic portfolio, geographic and stakeholder reach.” says Abhishek Shah, CEO and Co-founder of Wellthy Therapeutics. “Wellthy Therapeutics is bringing technology enabled, affordable digital therapeutics to make patient outcomes more accessible”, added Suresh Shanmugham, Managing Partner at Saama Capital. “The company uniquely combines real world evidence with clinically validated care pathways, to deliver its digital therapeutics across multiple therapeutic areas, via leading enterprise partners in healthcare, to patients in multiple countries. Wellthy Therapeutics has a unique opportunity to redefine chronic disease management, and we are excited to back their vision.” As part of the deal, Suresh will be joining Wellthy Therapeutics’ Board. ]]> https://biospectrumindia.com/news/86/16201/lupin-contributes-rs-21-cr-towards-covid-19-relief-efforts.html https://biospectrumindia.com/news/86/16201/lupin-contributes-rs-21-cr-towards-covid-19-relief-efforts.html Sat, 11 Apr 2020 08:00:00 +0530 Pharma major Lupin Limited (Lupin) announced a contribution of Rs 21 crores for relief efforts directed towards mitigating the COVID-19 crisis. Lupin’s Global Giving Program comprises of three separate contributions made by its employees, the Company and the promoter family. Lupin’s employees have contributed generously by giving two days of their individual salaries, together contributing a sum of Rs 5.5 crores to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund). Lupin has matched an equal sum of Rs 5.5 crores for direct initiatives that the company will implement to support overburdened national and state healthcare systems through donation of personal protective equipment, medicines and providing meals for front-line workers and the needy. In addition, the promoter Desh Bandhu Gupta family has committed a sum of Rs 10 crores for other direct impact initiatives in India and elsewhere in the world to supplement Lupin’s relief efforts to tackle the COVID-19 crisis. Commenting on this, Nilesh Gupta, Managing Director, Lupin said, “We commend the Central and State governments in India and other authorities globally for taking proactive measures to control the spread of the coronavirus. As one of the leading pharmaceutical companies globally, Lupin remains committed to ensure uninterrupted supply of medicines across India and global markets while ensuring safety of our personnel involved. We are grateful for this opportunity to support those who are at the front-line of this battle against COVID-19.” ]]> https://biospectrumindia.com/news/86/16125/alkem-labs-contributes-rs-7-cr-to-pm-cares-fund.html https://biospectrumindia.com/news/86/16125/alkem-labs-contributes-rs-7-cr-to-pm-cares-fund.html Fri, 03 Apr 2020 21:45:00 +0530 Mumbai based Alkem, as one of the leading pharmaceutical companies in the country, is committed in the above fight against this virus and is doing its bit to help the country and the world overcome these testing times. The team of over 18,000 dedicated and passionate Alkemites across various departments like Manufacturing, Quality, Supply Chain, Research, IT, Finance and HR is working around the clock to ensure uninterrupted production and supply of medicines and critical drugs in the market to help our patients comply with their treatment. Additionally Alkem is also making a contribution of Rs 7 Crores towards Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund to help the Government in their initiatives in combating this virus. ]]> https://biospectrumindia.com/news/86/16082/reliance-industries-donates-rs-500-cr-to-pm-cares-fund.html https://biospectrumindia.com/news/86/16082/reliance-industries-donates-rs-500-cr-to-pm-cares-fund.html Tue, 31 Mar 2020 13:05:00 +0530 Reliance Industries Ltd. (RIL) has announced a donation of Rs. 500 crore to PM CARES Fund in response to the call by the Prime Minister to support the nation’s fight against the Coronavirus onslaught. RIL also informed that in addition to the financial contribution to the PM’s Fund, the company has also provided contributions of Rs. 5 crore each to the governments of Maharashtra and Gujarat to support their fights against the Covid-19. RIL also continues its 24x7, multi-pronged, on-the-ground effort to do its bit to ensure the nation remains prepared, fed, supplied, safe, connected and motivated to fight and win against the unprecedented challenges brought upon by the Coronavirus pandemic. RIL has already deployed the strengths of the Reliance Family on this action plan against COVID-19. RIL and its motivated team have stepped up in the cities and villages, on roads and lanes, clinics and hospitals, grocery and retail stores, and it has pressed additional capabilities into the service of the nation. RIL and Reliance Foundation is leading with a significant effort that encompasses several initiatives. These include: • Contribution of Rs. 500 crore to the PM-CARES Fund • Contribution of Rs. 5 crore to the Chief Minister’s Relief Fund of Maharashtra • Contribution of Rs. 5 crore to the Chief Minister’s Relief Fund of Gujarat • India’s first 100 bed exclusive Covid-19 Hospital geared up in just two weeks to handle Covid-19 patients • Fifty Lakh free meals in the next 10 days across the nation and scaling up rapidly to more meals and newer areas • One Lakh masks daily for health-workers and caregivers • Thousands of PPEs daily for health-workers and caregivers • Free Fuel across the country to notified emergency response vehicles • Jio seamlessly connecting nearly 40 crore individuals and thousands and thousands of organisations daily on its telecom backbone via ‘work from home’, ‘study from home’ and ‘health from home’ initiatives, helping to keep the country going • Reliance Retail providing Essential supplies daily for millions of Indians via stores and home deliveries ]]> https://biospectrumindia.com/news/86/15929/lincoln-pharma-bets-big-on-exports.html https://biospectrumindia.com/news/86/15929/lincoln-pharma-bets-big-on-exports.html Mon, 09 Mar 2020 10:05:00 +0530 Lincoln Pharmaceuticals Limited, India's healthcare company is betting big on export business. With presence in more than 60 countries, company has reported export sales of Rs. 174.7 crore for the nine months ended Dec 2019 and expect it to cross Rs. 225 crore in FY19-20. Company is also expanding portfolio in lifestyle and chronic segment especially in women healthcare and dermatology to complement its strong presence in acute segment. In the next 2-3 years company is targeting sales of Rs. 500 crore. Mahendra Patel, Managing Director, Lincoln Pharmaceuticals Limited, said, "Export business has increased many fold to 54% of the sales in FY19 from 11% in FY11. For the FY2018-19 company registered exports of Rs. 197.43 crore. Export is the focus area for the company as margins are better and also the fact that off-late a lot of issues like price control, ban on FDC drugs (fixed dosage combination), sale of generic drugs, etc. have cropped up in the domestic market. Company has received many product registrations in countries like East and West Africa, South East Asia and Latin America and will look to expand presence in more countries." Company has presence in more than 60 countries encompassing Africa, Central America and Southeast Asia. Company's growth has been attributed to a strong performance in the domestic and international markets, new product approvals, healthy customer and product base and superior R&D capabilities supported by strong industry experience and improving market dynamics. “Going forward, we are building a strong portfolio in lifestyle and chronic segment especially in women healthcare and dermatology to complement our strong presence in acute segment. Company has recently secured patent for its liquid Diclofenac Metered-Dose Rectal Spray (Diclofenac Rectal Spray). The company has necessary approvals from Drug Controller General of India (DCGI) and is set to launch it in Indian markets very soon. The Company is also planning to apply for a Global Patent for this novel solution. Over the next 2-3 years company is targeting sales of Rs. 500 crore and vision to enter the league of 'Top 50 pharma cos' of India in the near future," said Mr. Patel.  Company has recently approved amalgamation of Lincoln Parenteral Ltd (subsidiary) with Lincoln Pharmaceuticals Limited. The restructuring aims to bring synergies for both companies including competitive strength, operational efficiencies, productivity gains, and logistic advantages, thereby significantly contributing to future growth. Going green, company has also set up a new Solar Plant of 1 MW at factory’s rooftop with a capacity of producing 15 Lakh Power Unit Per annum in addition to two windmills. This way we are producing renewable energy to nearly 65% of our consumption resulting significant saving in the electricity cost and helped the company to become a self-sustainable and environment-friendly organization. Company's long term ratings are revised from A-/stable to A-/positive and short term rating A2+by ICRA. The company has developed 300 plus formulations in 15 therapeutic areas and has a strong product/brand portfolio in anti-infective, respiratory system, gynaecology, cardio & CNS, anti-bacterial, anti-diabetic, anti-malaria among others. Company has filled 20 plus patent applications and is awarded five patents.     ]]> https://biospectrumindia.com/news/86/15831/marg-erp-eyes-rs-250-cr-from-pharmanxt-in-3-yrs.html https://biospectrumindia.com/news/86/15831/marg-erp-eyes-rs-250-cr-from-pharmanxt-in-3-yrs.html Mon, 24 Feb 2020 06:05:00 +0530 New Delhi based Marg ERP Limited, a leader in inventory and accounting software in India, has recently launched PharmaNXT, a platform for pharmacists in which they can get information about any drug or an item, its salt, the substitutes, HSN code etc. Chemists can also check the information of tax percentage, MRP, manufacturing company and many other details. The company is hoping to generate Rs. 250 crore revenue in the next three years. This unique platform will empower the chemists to find the nearest distributors according to their location, who are dealing in a specific item or a company. Since the competition is evolving every day even the small companies are manufacturing and distributing medicines at a local level. There are few items which even chemists are not aware of as a result, they have to lose the customers. With the help of PharmaNxt App or Marg ERP, the chemist will be able to locate the nearest suppliers dealing in the specific medicine as soon as they enter the medicine name in the search panel. This kind of platform was required by chemists & Pharma industry for years. Before this, there was no such platform available with the complete information about an item. Marg ERP became the first one to introduce such kind of platform to ease out the difficulties faced by pharma retailers or distributors. With this new invention all the information necessary for Pharma supply chain network will be easily accessible to the pharmacist in a single click. The chemist can use the platform in two ways, one is by downloading PharmaNxt mobile app from Google Play Store, second it is given in Marg ERP itself, this feature can be availed easily inside Marg ERP 9+ by clicking a button while billing. The company believes that within the next three months stockists, distributors, small manufacturers will unite on the platform to cross one lakh registered users. Currently, more than 2.5 lakh retailers and distributors use Marg software, so the company is hoping to benefit the industry immensely and the distributors & retailers will come close to each other. Sharing his views Thakur Anup Singh, Group CMD, Marg ERP said, “Today more than 1 lakh searches are being done on this platform every day and we hope that when a large number of distributors will get registered on the platform the search will increase to 4 to 5 lakhs, which will not only benefit chemists, but will help in the distributors’ business to grow. This is one of the reasons that distributors are registering themselves on this platform and so far 25,000 distributors have already joined Marg PharmaNxt.” He further added, “The facility of distributor registration has been offered only for the users of Marg ERP as more than 1.5 lakh distributors, stockists and propaganda companies (small manufacturers) are associated with Marg. Our first target is to bridge the gap between retailers and distributors associated with us, to facilitate the retailers as well as the manufacturers. This platform will work to connect smaller distributors and retailers in future.” ]]> https://biospectrumindia.com/news/86/15768/dr-reddys-inks-deal-with-wockhardt-worth-rs-1850-cr.html https://biospectrumindia.com/news/86/15768/dr-reddys-inks-deal-with-wockhardt-worth-rs-1850-cr.html Wed, 12 Feb 2020 00:00:00 +0530 Dr. Reddy’s Laboratories Ltd. has announced that it has entered into a definitive agreement with Wockhardt Limited to acquire select divisions of its branded generics business in India and a few other international territories of Nepal, Sri Lanka, Bhutan and Maldives for a consideration of Rs.1850 Crores. The business comprises of a portfolio of 62 brands in multiple therapy areas such as Respiratory, Neurology, VMS, Dermatology, Gastroenterology, Pain and Vaccines, which would transfer to Dr Reddy’s along with related sales and marketing teams; and the manufacturing plant located in Baddi, Himachal Pradesh with all plant employees. The business undertaking is being transferred on a slump sale basis. G V Prasad, the Co-Chairman and Managing Director of Dr. Reddy’s said “India is an important market for us and this acquisition will help in considerably scaling-up our domestic business. The acquired portfolio shall enhance Dr. Reddy’s presence in the high growth therapy areas with market-leading brands such as Practin, Zedex, Bro-zedex, Tryptomer and Biovac. We believe the portfolio holds a lot of potentials and will get an impetus under Dr. Reddy’s. We welcome the team joining as part of the deal to Dr. Reddy’s family.” The transaction is expected to be closed in the first quarter of the financial year 2020-21. ]]> https://biospectrumindia.com/news/86/15713/piramal-to-bring-pharma-biz-under-subsidiary.html https://biospectrumindia.com/news/86/15713/piramal-to-bring-pharma-biz-under-subsidiary.html Wed, 05 Feb 2020 06:05:00 +0530 Piramal Enterprises Limited has announced its consolidated results for the Third Quarter (Q3) and Nine Months (9M) FY2020 ended 31st December 2019. Revenue:  Up 9% to INR 3,806 Crores during Q3 FY2020 vs INR 3,489 Crores in Q3 FY2019 Up 14% to INR 10,915 Crores during 9M FY2020 vs INR 9,536 Crores in 9M FY2019 Net Profit: Up 20% to INR  724 Crores during Q3 FY2020 vs. INR 602 Crores in Q3 FY2019 Up 20% to INR  1,749 Crores during 9M FY2020 vs INR 1,462 Crores in 9M FY2019   Ajay Piramal, Chairman, Piramal Enterprises Ltd. said, “We are pleased to announce consistent performance demonstrated by 14% YoY revenue growth to INR 10,915 Crores and net profit growth by 20% YoY to INR 1,749 Crores for nine months FY2020, especially given the sectoral volatility in the markets that we operate in. By end of FY2020, we will have exceeded our earlier stated commitment of bringing in INR 8,000 – 10,000 Crores of equity in the Company, with inflows of up to ~INR 14,500 Crores, through various initiatives including Preferential Allotment to CDPQ, sale of DRG and our Rights Issue that witnessed active participation from most existing large investors including the promoters. Our repeated partnerships with marquee global and domestic investors are an affirmation of the robustness of our business model and future growth trajectory. With this capital infusion, our Company is well-capitalized to tap both organic and inorganic opportunities arising from industry consolidation and effectively transform our Financial Services business from a largely wholesale business into a well-diversified financial services business. In our Pharma business, that is consistently delivering robust performance quarter after quarter, we plan to further raise additional equity capital for its future growth. Infusion of additional capital in Pharma is the next step towards unlocking value of the Company.” Plans for infusing growth capital into the Pharma businesses Plan to bring Pharma businesses under a subsidiary and raise funds by issuing a minority stake (<20%) to potential financial investors This fund raise will not just provide capital for growth, but will also enable value discovery for our pharma business To target both organic and inorganic growth opportunities across businesses we operate in Evaluating re-entry in domestic formulations ]]> https://biospectrumindia.com/news/86/15699/jubilant-life-sciences-q3-9mfy20-results.html https://biospectrumindia.com/news/86/15699/jubilant-life-sciences-q3-9mfy20-results.html Fri, 31 Jan 2020 00:00:00 +0530 The Board of Jubilant Life Sciences Limited, an integrated global pharmaceutical and life sciences company met today to approve financial results for the quarter ended December 31, 2019. Commenting on the Company’s performance, Mr. Shyam S Bhartia, Chairman and Mr. Hari S Bhartia, Co-Chairman &  Managing Director, Jubilant Life Sciences said: “We reported stable performance YoY and growth in EBITDA with better margins sequentially and PAT was lower due to certain exceptional charges. Demand conditions across all Pharma businesses, Specialty Intermediates and Nutritional Products are strong. Overall we are confident of delivering strong performance going forward. The pharmaceutical segment reported steady revenue growth during the quarter. We witnessed healthy growth in Allergy Therapy Products and API businesses with stable performance in Radiopharma, CMO and Generics. EBITDA at Rs 411 Crore was up 6% YoY and 7% QoQ with margin of 28.4%, an improvement of 112 bps YoY and 180 bps QoQ. Adjusted EBITDA of the Pharmaceutical segment at Rs 414 Crore was 8% higher YoY with a margin of 28.6%. LSI segment revenue at Rs 797 Crore was lower 11% YoY but up 6% QoQ led by growth in Specialty Intermediates and Nutritional Products. Life Science Chemicals business’ revenue at Rs 381 Crore was down 30% YoY due to lower input prices of Acetic Acid. LSI EBITDA at Rs 100 Crore was down 21% YoY but up 10% sequentially with margins of 12.6%. The Drug Discovery Services business reported robust growth of 26% YoY in revenue and a ~2.7x increase in EBITDA with margin of 25% during the quarter. In view of the strong demand, we are making significant investments in this business to double capacities over the next 2-3 years. In our Proprietary Drug Discovery business, we are working on more than six programs targeting small molecule therapies in the area of oncology and auto-immune disorders with potential to fast track promising assets from discovery to clinical stage.” Q3’FY20 HighlightsConsolidated Revenue at Rs 2,315 Crore, a decrease of 3% YoY and an increase of 2% QoQ EBITDA at Rs 513 Crore decreased 2% YoY but increased 7% sequentially. EBITDA margin at22.2% vs. 22% in Q3’FY19 and 21.2% in Q2’FY20 Adjusted EBITDA after one-off expenses at Rs 516 Crore vs. Rs 518 Crore in Q3’FY19. AdjustedEBITDA margin for the quarter is 22.3% vs. 21.8% in Q3’FY19 Finance costs at Rs 72 Crore vs. Rs 53 Crore in Q3’FY19 and Rs 72 Crore in Q2’FY20 Exceptional charge of Rs 23 Crore related to prepayment of high yield bonds and NCDs and Rs11 Crore related to write-off of fixed assets not in use. Q3’FY19 charge of 15 Crore is related toIFC Stock settlement charge PAT at Rs 203 Crore down 22% YoY and 18% QoQ. EPS of Rs 12.8 for Re 1 FV Capital Expenditure of Rs. 111 Crore Gross Debt at Rs. 4,048 Crore and Net debt at Rs. 3,362 Croreo Net debt at Rs. 3,273 Crore on a constant currency basiso Average blended interest rate for 9M’FY20 @ 6.08%; INR loans @ 8.21% and USD loans @5.34% Segment Wise AnalysisA. Pharmaceuticals Segment Pharmaceuticals revenue at Rs 1,450 Crore, an increase of 2% YoY, contributing 63% to thecompany’s revenue as compared to 60% in Q3’FY19 EBITDA at Rs 411 Crore increased by 6% YoY and 7% QoQ with a margin of 28.4% as comparedto 27.2% in Q3’FY19 and 26.6% in Q2’FY20. Adjusted EBITDA at Rs 414 Crore increased by 8% YoY with a margin of 28.6% as compared to26.9% in Q3’FY19 R&D spent during the quarter of Rs. 72 Crore – 5% of segment’s sales. R&D debited to P&L is Rs.55 Crore – 3.8% of segment’s salesB. Life Science Ingredients Segment LSI revenue at Rs 797 Crore, decreased by 11% YoY and increased by 6% QoQ, contributing 34%to the company’s revenues EBITDA at Rs 100 Crore decreased by 21% YoY and increased by 10% QoQ with margin of 12.6%as compared to 14% in Q3’FY19C. Drug Discovery & Development Solutions 1 Segment Revenue increased by 26% YoY to Rs 68 Crore led by growth in Drug Discovery Services business EBITDA at Rs 17 Crore with margin of 25.4%o Drug Discovery Services EBITDA increased to Rs 21 Crore from Rs 5 Crore in Q3’FY19.Margin improvement to 31.1% from 8.6% in Q3’FY19 1. Drug Discovery & Development Solutions include the Drug Discovery Services (Jubilant Biosys & Jubilant Chemsys) businessand Proprietary Drug Discovery business (Jubilant Therapeutics) 9M’FY20 HighlightsConsolidated Revenue at Rs 6,763 Crore, increase of 1% from Rs 6,725 Crore in 9M’FY19 EBITDA flat at Rs 1,438 Crore as compared to Rs 1,423 Crore in 9M’FY19. EBITDA margin at21.3% against 21.2% in 9M’FY19 Adjusted EBITDA after one-off expenses at Rs 1,512 Crore vs. Rs 1,432 Crore in 9M’FY19,growth of 6% YoY. Adjusted EBITDA margin in 9M was 22.4% vs. 21.3% in 9M’FY19 Finance costs at Rs 216 Crore as compared to Rs 158 Crore in 9M’FY19. Exceptional charge of Rs 23 Crore related to prepayment of high yield bonds and NCDs and Rs11 Crore related to write-off of fixed assets not in use. 9M’FY19 charge of 45 Crore is related toIFC Stock settlement charge Net Profit at Rs 638 Crore down 5% YoY. EPS of Rs 40.0 for Re 1 FV Capital Expenditure of Rs. 428 Crore Segment Wise AnalysisD. Pharmaceuticals Segment Revenue at Rs 4,231 Crore, increased 7% YoY EBITDA at Rs 1,127 Crore up 4% YoY with a margin of 26.6% as compared to 27.6% in 9M’FY19 Adjusted EBITDA at Rs 1,192 Crore increased 9% YoY with a margin of 28.2% as compared to27.8% in 9M’FY19. One-off expenses of Rs 65 Crore related to related to site remediation,litigation expenses and penalties on non-supply R&D spent during 9M at Rs. 186 Crore – 4.4% to segment sales. R&D debited to P&L is Rs. 157Crore – 3.7% to segment sales E. Life Science Ingredients Segment LSI revenue at Rs 2,356 Crore, decrease of 11% YoY EBITDA at Rs 313 Crore decreased by 9% YoY with margin of 13.3% as compared to 13.1% in9M’FY19. Adjusted EBITDA at Rs 321 Crore, with a margin of 13.6% as compared to 13.1% in 9M’FY19 F. Drug Discovery & Development Solutions Segment Revenue increased 18% YoY to Rs 176 Crore EBITDA at Rs 39 Crore a YoY increase of 108%o Drug Discovery Services EBITDA increased to Rs 50 Crore up 168% YoY. Marginimprovement to 28.3% from 12.5% in 9M’FY19 ]]> https://biospectrumindia.com/news/86/15661/piramal-pharma-solutions-to-expand-canada-facility-.html https://biospectrumindia.com/news/86/15661/piramal-pharma-solutions-to-expand-canada-facility-.html Tue, 28 Jan 2020 10:00:00 +0530 Piramal Enterprises Limited’s Pharma Solutions business, a leading Contract Development and Manufacturing Organization (CDMO), has announced plans to expand its Aurora facility in Canada with the addition of a new state-of-the-art wing dedicated to manufacturing Active Pharmaceutical Ingredients (APIs). A total investment of ~CAD$25 million will be infused towards this expansion. Known for its world-class lab services and production plants, the Piramal Pharma Solutions’ (PPS) Aurora facility will enhance its offerings to customers with this new addition that features ~10,500 sq. ft. of new manufacturing space. The additional capacity will cater to increasing customer demand as well as support the facility’s ability to provide APIs and HPAPIs down to an Occupational Exposure Limit (OEL) of 1mcg/m3. It will also include filtration and drying capabilities that will enhance service offerings at Piramal Pharma Solutions’ Aurora facility. Peter DeYoung, CEO, Piramal Pharma Solutions said, “We are delighted to announce the capacity expansion at our Aurora facility in Canada. This additional capacity will help us to strengthen our presence in Canada as well as service other geographies such as North America and Europe, whilst enabling us to support our customer’s API requirements and market demand for integrated solutions. As a Patient-Centric organization, Piramal Pharma Solutions is committed to serving the patient community and reducing the burden of disease.” Apart from the existing production-scale reactors, this expansion will include two new reactor suites as well as a dedicated filter dryer room and a portable filter dryer. The expansion is expected to be completed and running by April 30, 2021. With successful inspections by the US FDA, the UK MHRA and the PMDA, Piramal Pharma Solutions’ Aurora facility has a stellar track record of regulatory compliance and is committed to maintaining gold standards of environmental performance, health & safety. This upcoming facility has been designed to meet the highest standards of global compliance and will employ highly qualified scientific, technical and professional staff, building on a business that has already seen staff numbers grow almost 2-fold to ~200 in recent years. ]]> https://biospectrumindia.com/news/86/15632/biocon-exhibits-6-5-dip-in-net-profit-in-q3fy20.html https://biospectrumindia.com/news/86/15632/biocon-exhibits-6-5-dip-in-net-profit-in-q3fy20.html Fri, 24 Jan 2020 10:00:00 +0530 Biocon Ltd, an innovation-led global biopharmaceuticals company, has announced its consolidated financial results for the fiscal third quarter ended December 31, 2019. FINANCIAL HIGHLIGHTS Q3FY20 Consolidated Revenue grew 14% to Rs 1,784 Crore from Rs 1,566 Crore in Q3FY19 Earnings before Interest, Depreciation and Amortization (EBITDA) increased 18% to Rs 480 Crore ( Rs 406 Crore in Q3FY19) Profit Before Tax (before exceptional item) was up 11% at Rs 315 Crore ( Rs 283 Crore in Q3FY19) Net Profit (before exceptional item) was up 6% at Rs 225 Crore ( Rs 211 Crore in Q3FY19). Net Margin (before exceptional item) 13%.  Net Profit at Rs 203 Crore ( Rs 217 Crore in Q3FY19) was impacted due to higher R&D expenses and tax impact of an exceptional item. Q3FY20 Core margin (e., EBITDA margin net of licensing, impact of forex and R&D) stood at 33%; EBITDA margin at 27%; Net Profit margin at 11%. Net R&D expenses for the quarter at Rs 131 Crore was up by 71% ( Rs 77 Crore in Q3FY19) corresponding to 11% of our revenue ex-Syngene. Gross R&D expenses were Rs 155 Crore, up 46% (vs. Rs 106 Crore in Q3FY19) corresponding to 13% of our revenue ex-Syngene.   Commenting on the highlights, Chairperson & Managing Director, Kiran Mazumdar-Shaw stated: "We witnessed a strong revenue growth of 14% to Rs 1,784 Crore in Q3FY20, led by Biologics, Small Molecules and Research Services businesses. We continued our journey of increasing access to high quality biosimilars and commercialized our biosimilar Trastuzumab in U.S., Canada and many EU markets this quarter. Net Profit before exceptional item at Rs 225 Crore reported a 6% growth. EBITDA at Rs 480 Crore reported a growth of 18%. Core margins were strong at 33% with EBITDA margin of 27% and Net Profit margin of 11%. “Importantly, we have initiated value unlocking of our biosimilars business with the dilution of a minority stake to True North for a primary equity investment of ~USD 75 million, which gives a pre-money equity valuation of ~USD 3 billion for Biocon Biologics. We plan to raise further capital at an opportune time in the   near future.” ]]> https://biospectrumindia.com/news/86/15583/piramal-divests-drg-business-for-950-m.html https://biospectrumindia.com/news/86/15583/piramal-divests-drg-business-for-950-m.html Mon, 20 Jan 2020 06:00:00 +0530 Piramal Enterprises Limited has announced that PEL DRG Dutch HoldCo BV, a 100% subsidiary of PEL and the holding company for Decision Resources Group (DRG) engaged in healthcare insights & analytics business, has signed a definitive agreement for the sale of DRG to Clarivate Analytics '  a global leader in providing trusted insights and analytics, for a sale consideration of US$950 Million (includes $900 million on closing and $50 million to be received at the end of 12 months from the date of closing). This transaction is subject to shareholder approval and is expected to be completed by end of February 2020. PEL had initially invested US$650 Million in 2012 to acquire DRG out of which $260 Mn was infused as equity. It has realized 2.3x its initial equity investment in INR terms. Along with the ongoing equity capital raise in PEL, this transaction not only further strengthens the company’s balance sheet but also marks another step towards significantly unlocking value in future.”  Ajay Piramal, Chairman, Piramal Group: “We are pleased to have grown DRG’s market leadership over the last few years and believe that through this combination, Clarivate, with its size and scale, is well-positioned to further accelerate DRG’s growth potential. This transaction demonstrates our continued commitment to creating sustained long term value for all stakeholders. Jerre Stead, Executive Chairman and CEO, Clarivate Analytics: “This is a milestone acquisition which doubles the size of our Life Sciences business, is accretive to our 2020 earnings and sets us up as an essential, end-to-end, industry-leading data and analytics provider in the highly attractive Life Sciences ecosystem. Both companies have a great heritage - built on talented people with deep industry subject matter and technical expertise. Together, we look forward to unlocking the tremendous potential of a unified team.” Vivek Sharma, CEO, DRG: “I am excited for this acquisition as it creates an even more powerful platform for DRG’s AI and analytics-enabled solutions to support our customers in their quest to improve patient health outcomes. This new and expanded platform will further empower our employees to continue their focus on customer centricity and collaborative innovation with our customers.” Mukhtar Ahmed, President, Science Group, Clarivate Analytics: “The addition of DRG’s services and solutions to our portfolio supports our focus on creating exceptional customer value through delivering highly specialized analytics and expert insights and a wider range of Life Sciences solutions that help solve their most difficult challenges when discovering, developing and commercializing new drugs, medical devices and technologies. The acquisition also means that by combining expertise, data and technologies, Clarivate will be able to pursue significant growth opportunities through new product development and deeper market penetration driven by offering them a broader portfolio of tools and services.” DRG, the high-value data, analytics and insights business of the Piramal Group, specializes in enabling the world’s leading pharma, biotech and medical technology companies to achieve commercial success in complex health markets with the creation of effective patient-centric commercial strategies. With this acquisition, the over US$5Bn Clarivate will be well-positioned in the $19 billion Life Sciences analytics market, which is enjoying double-digit growth, to support customers across the entire drug, device and medical technology lifecycle from research to outcome. It will offer a one-stop-shop for Life Sciences customers, helping them to improve the commercialization of life-changing therapies. ]]> https://biospectrumindia.com/news/86/15508/axio-biosolutions-raises-rs-36-cr-in-series-b-1-round.html https://biospectrumindia.com/news/86/15508/axio-biosolutions-raises-rs-36-cr-in-series-b-1-round.html Thu, 09 Jan 2020 11:45:00 +0530 Axio Biosolutions, the first Indian company to get USFDA clearance for a wound care product, has raised Rs 36 crores ($5.2 Mn) in Series B-1 round of funding led by Omidyar Network India, along with participation from existing investors Accel,  University  of  California  and  Ratan  Tata’s  UC-RNT  Fund,  Chiratae  Ventures.  The Bengaluru based company, with its manufacturing plant in Ahmedabad, plans to use the latest funding to expand its footprint, especially in USA and Western Europe, while continuing to develop novel surgical and wound care products for global wound-care market – poised to touch $24.8 billion by 2024 from $19.8 billion in 2019. Axio Biosolutions’ flagship invention, Axiostat, a US-Food and Drug Administration (USFDA) cleared hemostatic dressing made from Chitosan, a ‘magic’ polymer extracted from shellfish, has prevented countless deaths due to uncontrolled bleeding and grievous injuries. It has been the de-facto product of the Indian armed forces for the past 4 years and is a market leader in bleeding control during vascular closure procedures. Recently Axiostat made its foray into devices for surgical bleeding control. With more than 700,000 units shipped and approval in 20+ countries, Axiostat has become a category leader within a short span. Less than 12 months ago, the company launched MaxioCel for the chronic wound-healing (e.g. diabetic foot ulcers) market, and this has proven to be a game-changer in the advanced wound healing space within this short span of time. Commenting on the latest funding, Leo Mavely, Founder and CEO, Axio Biosolutions said, “We are excited to have Omidyar Network India on board with us, along with UC-RNT, Accel and Chiratae Ventures, who continue to support our vision. Today, we have a wide range of innovative offerings spanning pre-hospital, intra-operative and post-operative clinical needs. Axio Biosolutions’ purpose is to make meaningful impact in the surgical and woundcare space globally through our patented Chitosan-based technology. We are fortunate to have investors who recognise this and believe in the power of medtech innovation coming out of India. As the first global woundcare brand from India, we have plans to explore new markets and introduce more products in the woundcare and drug delivery space. With Axiostat receiving USFDA clearance, we are all set to enter the US market this year. Soon, we also will be launching our products direct to consumers for emergency trauma use. Badri Pillapakkam, Investment Partner at Omidyar Network India stated, “We need innovative, affordable solutions to make healthcare accessible and affordable to all, particularly in countries like India. Axio Biosolutions is the first company to cater to both advanced haemostatic and advanced wound care segments with its novel chitosan-based products, and it continues to innovate frugally for transforming wound care in emerging markets. We are thrilled to be a part of this remarkable journey with Leo & team as they seek to unlock immense opportunities in the wound care industry.” Barath Shankar Subramanian, Partner at Accel further added, “Axio Biosolutions is well poised to disrupt the global woundcare industry. Over the years, it has demonstrated that it is possible for an Indian company to build world-class products for the global market. Given the huge gap in the largely untapped woundcare segment, innovative and disruptive technologies are the need of the hour. We believe that there will be many more exciting, ground-breaking developments in the years to come." In 2016, Axio Biosolutions had raised Series A funding of $2.1 million from Accel Partners and Chiratae Ventures. In 2018, the investors joined a $7.4 million round, led by Ratan Tata’s UC- RNT Fund. ]]> https://biospectrumindia.com/news/86/15496/slayback-pharma-announces-50m-investment-by-everstone.html https://biospectrumindia.com/news/86/15496/slayback-pharma-announces-50m-investment-by-everstone.html Wed, 08 Jan 2020 10:00:00 +0530 Slayback Pharma LLC has announced an agreement with The Everstone Group to invest up to $50 million in Series B funding. Everstone has a significant resource base across its seven offices in Singapore, India (Mumbai, Delhi, Bangalore), London, New York and Mauritius. The new capital will be used to expand and accelerate further Slayback's already rich and differentiated pipeline of complex generic and specialty pharmaceutical products. In addition to the investment, Everstone Managing Directors Arjun Oberoi and Puncham Mukim will join Slayback's Board of Directors. Everstone joins existing institutional investor KKR, who first invested in Slayback with a $60 million commitment in December 2016. Slayback is a New Jersey-based company focused on complex generic and specialty pharmaceutical products with a team of 85 employees and operations in the U.S., India and Europe. Ajay Singh, Founder & CEO of Slayback, said: "We are delighted to partner with Everstone in our quest for smart solutions to complex pharmaceutical challenges. Their experience in investing in and building pharmaceutical businesses with a focus on regulated markets will help turbo-charge our growth pipeline of complex and specialty products. We are especially thrilled to welcome Arjun and Puncham to our board." Sameer Sain, Co-Founder & CEO of Everstone, said: "Slayback's expertise in complex generics fits well with our healthcare investment strategy. Slayback joins our list of notable healthcare investments, and we are optimistic about the commercial potential of Slayback's highly differentiated pipeline of complex generics developed by its strong R&D team in India. We are excited to become a part of Slayback as it is poised for its next wave of growth." Ali Satvat, Co-Head of KKR's Health Care investment team and member of Slayback's Board of Directors, said: "Since our initial investment in Slayback, the growth that the Company has achieved in its portfolio and pipeline has been rather remarkable. As we look ahead to the next chapter of Slayback's growth, we are delighted to be working with Everstone to help scale the Company and its differentiated products even further."     ]]> https://biospectrumindia.com/news/86/15476/true-north-to-invest-rs-536-25-cr-in-biocon-biologics.html https://biospectrumindia.com/news/86/15476/true-north-to-invest-rs-536-25-cr-in-biocon-biologics.html Mon, 06 Jan 2020 16:00:00 +0530 Biocon Ltd, an innovation-led global biopharmaceuticals company, has announced that the Board of its subsidiary Biocon Biologics India Ltd (Biocon Biologics) has approved a primary equity investment by True North. As per the terms of the proposed agreement, True North will invest Rs 536.25 Crore that will eventually translate to a 2.44% minority stake in the biosimilars business post all restructuring, including the filed merger of Biocon Research Ltd with Biocon Biologics, valuing Biocon Biologics at Rs 21,450 Crore or ~USD 3 billion on a pre-money equity basis. The transaction is subject to standard condition precedents including regulatory approvals. Post the completion of this transaction, Biocon will hold 96.07% stake in Biocon Biologics. Kiran Mazumdar-Shaw, Chairperson & Managing Director, Biocon said, “We are extremely pleased to welcome back True North as a shareholder in our group. True North has been a committed investor in both Biocon and Syngene prior to listing. This investment is an endorsement of the value that Biocon Biologics has demonstrated as a global biosimilars player, having commercialized three of its molecules in developed markets like EU, U.S., Japan and Australia. This is at an important inflection point as we gain commercial success with our first wave of Biosimilar products and invest in the long term through broadening our pipeline, expanding our manufacturing capacity and increasing our commercial footprint. We have thus started the value unlocking process with the aim of investing, competing and winning in the large and growing opportunity for biosimilars.” Dr. Christiane Hamacher, CEO, Biocon Biologics, said, “The investment by True North in Biocon Biologics is an exciting development, which validates our science, scale, scope and strategy. It also reflects a high level of conviction in Biocon Biologics' status as a global frontrunner in biosimilars that is leveraging its large scale manufacturing capabilities to shift the access paradigm for these life-saving therapies. Through prudent investments in R&D, high quality manufacturing infrastructure as well as commercial and market access infrastructure, we are confident of achieving our aspirational goal of serving 5 million patients through our biosimilars portfolio and reaching our aspirational revenue target of USD 1 billion in FY22.” Chinappa M.B., CFO, Biocon Biologics, said, "The equity infusion by True North will enable expansion of our R&D and manufacturing capabilities to meet the growing demands of patients worldwide. It will fuel the future growth of the business as we pursue our mission to establish Biocon Biologics as a leading global player in biosimilars. The pre-money equity valuation reflects the confidence in Biocon Biologics' current business and future prospects." Satish Chander, Partner, True North, said, “Healthcare and Life Sciences has been a focus sector for True North with investment of USD 600 million across 10 companies till date. True North has had a long successful association with Kiran Mazumdar-Shaw and the entire Biocon team and see them as pioneers and leaders in specialized niches. We truly admire their ability in incubating and scaling up new focused businesses and we have had the opportunity to invest earlier in two such businesses - Biocon and Syngene. We are happy to associate with them for the third time through this investment in Biocon Biologics. Biosimilars is a fast growing industry that addresses a fundamental need of bringing affordability to specialized effective biologic products. Biocon Biologics has been one of the global leaders with their early success in developing and commercializing multiple products across geographies. We are very excited at this opportunity to partner with Biocon Biologics which is poised for explosive growth.” ]]> https://biospectrumindia.com/news/86/15368/dahcl-raises-rs-215-cr-for-expansion.html https://biospectrumindia.com/news/86/15368/dahcl-raises-rs-215-cr-for-expansion.html Thu, 19 Dec 2019 06:25:00 +0530 Dr. Agarwal’s Healthcare Ltd. (DAHCL) has raised Rs. 215 crores of debt from CDC Group to expand the geographical footprint of the eye care chain across India, Africa and South Asia along with significant investments in latest technology for super specialty eye-care. The group has recently set up its first hospital in Mumbai in partnership with Advanced Eye Institute in Navi Mumbai. Dr. Agarwal’s Healthcare Ltd. (DAHCL) had raised Rs. 270 crore investments from Temasek, a global investment company headquartered in Singapore earlier this year.  CDC Group is a development finance institution funded by the UK government. The CDC group has primarily focused on investing in developing countries for the past 70 years across sectors such as healthcare, financial services, infrastructure, manufacturing, food and agriculture, construction and real estate, education, etc. Its direct investments in health care in India include Rainbow Hospitals, CARE Hospitals, Asian Institute of Medical Sciences and Narayana Health.  “CDC’s investment will immensely help in furthering our vision in bringing affordable world class eye-care services to patients across the globe.” said Prof. (Dr.) Amar Agarwal, (MS, FRCS, FRC Ophth), Chairman, Dr. Agarwal’s Group of Eye Hospitals.  Dr. Adil Agarwal, CEO, Dr. Agarwal’s Group of Eye Hospitals said that “The investment will be used to support the business through its next phase of growth, including the acquisition of small hospitals and chains. With CDC’s focus on Africa and South Asia, the group is looking to bolster its international presence. We are also looking to expand aggressively in Maharashtra, Kerala and central India besides penetrating deeper into our existing markets. We will also be investing more in cutting edge technology such as SMILE, Femto Laser and Robotic Cataract Surgery across our centers.”  The Dr. Agarwal’s group has been at the forefront of innovation in the field of Ophthalmology with procedures such as Glued IOL (to treat patients with complicated lens problems), PDEK (an ultra-modern form of Corneal transplants) and PhakoNIT (Removal of Cataract through a sub 1mm incision). The latest invention from the group is a novel technique called “Single-Pass Four Throw” (SFT) along with “Pin Hole Pupilloplasty”, which is also referred to as PPP. The surgical technique is being used to help in pupillary reconstruction as well as to treat complicated cases of Narrow Angle Glaucoma.  There is also a lot of focus on education and training and the group attracts doctors from across the globe for its training programs; They also offer a DNB (post-graduate) program and various fellowship programs to train young, budding surgeons. “With CDC’s expertise and relentless focus on developing markets, the group is poised to move towards greater heights.” said Mr. Suresh Prabhala, ADV Partners. A fund advised by ADV Partners invested Rs 270 crores in Dr Agarwal’s HealthCare Ltd in 2016 and has been a key component of the company’s board and growth story.  Srini Nagarajan, Managing Director and Head of Asia CDC Group said, “Our 70 years’ plus track record of investing responsibly across Asia and Africa will help drive Dr. Agarwal’s Group’s expansion plans. Furthermore, we will share our broad healthcare sector experience with this ambitious management team, helping to bring eyecare to many people in India, Africa and beyond. We look forward to embarking on a prosperous relationship with Dr. Agarwal’s Group.”  Veda Corporate Advisors, a leading mid-market investment bank advised the company on the transaction.  ]]> https://biospectrumindia.com/news/86/15295/merck-inks-2-7b-acquisition-deal-with-arqule.html https://biospectrumindia.com/news/86/15295/merck-inks-2-7b-acquisition-deal-with-arqule.html Tue, 10 Dec 2019 11:10:00 +0530 Merck, known as MSD outside the United States and Canada, and US based ArQule, Inc. have announced that the companies have entered into a definitive agreement under which Merck, through a subsidiary, will acquire ArQule for $20 per share in cash for an approximate total equity value of $2.7 billion. ArQule is a publicly traded biopharmaceutical company focused on kinase inhibitor discovery and development for the treatment of patients with cancer and other diseases. ArQule’s lead investigational candidate, ARQ 531, is a novel, oral Bruton’s tyrosine kinase (BTK) inhibitor currently in a Phase 2 dose expansion study for the treatment of B-cell malignancies. “ArQule’s focus on precision medicine has yielded multiple clinical-stage oral kinase inhibitors that have novel and important properties,” said Dr. Roger M. Perlmutter, president, Merck Research Laboratories. “This acquisition strengthens Merck’s pipeline with the addition of these strategic assets including, most notably, ARQ 531, a compelling candidate for the treatment of B-cell malignancies.” BTK inhibition has been shown to prevent B-cell receptor signaling that is critical for the survival and proliferation of leukemic cells in many B-cell malignancies. ARQ 531 is a highly selective, reversible inhibitor that blocks both wild-type BTK and the C481S mutant form of the enzyme that is commonly associated with resistance to other BTK inhibitors. In early clinical trials, ARQ 531 demonstrated a manageable safety profile and early signs of anti-tumor activity for the treatment of patients with relapsed or refractory chronic lymphocytic leukemia (CLL) and Richter’s Transformation. Final data from the Phase 1 study of ARQ 531 will be presented on Dec. 9, 2019 at the 61st American Society of Hematology (ASH) Annual Meeting & Exposition in Orlando, Florida. “We are proud that Merck has recognized the contributions that ArQule, together with its scientific collaborators, has made to the field of precision medicine in oncology with ARQ 531 for the treatment of B-cell malignancies and with the rest of our clinical-stage pipeline,” said Paolo Pucci, CEO, ArQule. “With this agreement, ArQule’s pipeline will benefit from Merck’s vast capabilities and determined engagement to benefit the patients who we have always strived to serve.” Under the terms of the acquisition agreement announced today, Merck, through a subsidiary, will initiate a tender offer to acquire all outstanding shares of ArQule. The closing of the tender offer will be subject to certain conditions, including the tender of shares representing at least a majority of the total number of ArQule’s outstanding shares, the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary conditions. Upon the successful completion of the tender offer, Merck’s acquisition subsidiary will be merged into ArQule, and any remaining shares of common stock of ArQule will be canceled and converted into the right to receive the same $20 per share price payable in the tender offer. The transaction is expected to close early in the first quarter of 2020. ]]> https://biospectrumindia.com/news/86/15238/zumutor-biologics-raises-4m-to-enable-pivotal-milestones.html https://biospectrumindia.com/news/86/15238/zumutor-biologics-raises-4m-to-enable-pivotal-milestones.html Mon, 02 Dec 2019 07:10:00 +0530 US headquartered biotech startup Zumutor Biologics with its R&D facility in Bengaluru, has raised $4 Million in series A2 funding taking its total raise to $20Million. Zumutor is an Immuno-Oncology company developing novel mABs to drive transformational changes in the treatment of cancer. The company has developed a compelling pipeline of immuno-oncotherapeutics molecules leveraging its antibody discovery platform, INABLR® The round includes funding by new investor Bharat Innovation Fund (BIF) with participation from its existing investor, Accel Partners. Zumutor’s growth strategy is focused on Natural Killer (NK) cell activating targets. Kavitha Iyer Rodrigues, Founder-CEO said: “Our first-in-class lead molecule, ZM 008 has made industry validated progress and is poised for IND filing with Phase 1a/1b clinical trials likely to commence end 2020. Series A 2 funding will enable pivotal milestones in development stages” Ashwin Raguraman, Founding Partner, Bharat Innovation Fund said: “We are excited to back a world class scientific team, a second time entrepreneur and a company developing immuno-therapeutic products using their proprietary platforms. The strong pipeline that Zumutor has developed combined with a relatively differentiated NK cell approach could lead to breakthrough treatments for multiple cancers” Barath Shankar Subramanian, Partner at Accel said: “Accel is excited to continue to partner with and support Zumutor in its quest to bring in transformational changes to the way cancer is treated” ]]> https://biospectrumindia.com/news/86/15147/medikabazaar-raises-rs-112-cr-in-series-b-funding-.html https://biospectrumindia.com/news/86/15147/medikabazaar-raises-rs-112-cr-in-series-b-funding-.html Wed, 20 Nov 2019 05:05:00 +0530 Medikabazaar, India’s largest online B2B platform for medical supplies, recently secured Rs 112 crores during a Series B funding round, led by healthcare-centric VC firm, Health Quad , Ackermans & van Haaren, a diversified group from Belgium, Rebright Partners & Toppan Printing Co limited from Japan in its maiden start up investment in India.  Existing investors CBC co., ltd., Elan Corporation, Mitsui Sumitomo Insurance Venture Capital, Kois Invest from Belgium, angel investors Sunil Kalra and Arun Venkatachalam also participated in the round. with few other prominent angel investors. The funding is in-line with Medikabazaar’s plans for rapid expansion and product diversification, with a target of $100 million in revenue and 5X growth by the end of the current financial year. The funds from the current round will be used to augment its technology capabilities and supply chain infrastructure as well as building its team strength. The company’s current focus is on optimizing its fulfilment capabilities for better delivery management, especially across Tier 2, Tier 3 cities and rural areas. Since its inception in 2015, Medikabazaar has successfully established itself as a leader in the online B2B healthcare space. The company’s strategy is based on sustained research and analysis of the requirement in the Indian healthcare market for the immediate and near future. It has actively worked towards product and category expansion as well as various partnerships to introduce state-of-the-art medical devices, tools, materials and services to healthcare providers in the market. These include innovative products in oncology, neurology, dentistry, minimally invasive diagnostics and other therapeutic areas. The company further plans to diversify into other categories such as devices for vascular surgery, ENT, laser devices for varicose veins, gynaecology, interventional radiology and OT environment safety. Additionally, Medikabazaar has successfully deployed its proprietary AI and ML-based smart inventory tool ‘VIZI’, to streamline inventory management for numerous healthcare providers across the country. The company also has plans to foray into pharma supplies in a large manner. Speaking on the funding, Vivek Tiwari, Founder and CEO, Medikabazaar, said, “At Medikabazaar, it is our constant endeavour to not only give a larger number of people access to quality healthcare, but also to play a role in its organised delivery across all parts of the country. We are aiming to secure 10% of the organized market share by 2025, and will continue to channel our efforts towards this goal, with a key focus on smaller cities and remote areas.” He further added, “At present, Medikabazaar has 17 fulfillment centres pan-India, and the current investment will help us grow this number over the next few years by establishing a larger number of distribution hubs. So far, we have seen an extremely positive response to our efforts, and our growth over the past year is a testament to this. We are happy that HealthQuad, Ackermans & van Haaren, Rebright & Toppan, along with our existing investors trusted our vision and joined us on our journey towards building a robust infrastructure for last-mile delivery of quality healthcare across the country.” Commenting on the investment, Charles-Antoine Janssen, Chief Investment Officer, HealthQuad said “Inefficiency in the supply chain continues to ail the ability of healthcare providers to deliver quality care at an affordable price. Medikabazaar has created India’s largest tech-enabled B2B medical supplies platform providing transparent and efficient supply chain management solution for healthcare providers in India. The company has validated our strong use case hypothesis, which has translated into rapid business ramp-up and high repeatability. We remain committed to support the company’s robust future strategy of leveraging economies of scale, deriving data insights to automate inventory management and deepening market penetration.” John-Eric Bertrand, member of the executive committee of AvH: “As a long-term investor, we, at Ackermans & van Haaren, look forward to supporting Medikabazaar’s outstanding management team in building out its market leadership position and in fulfilling its vision of making quality healthcare products more affordable and accessible in India. Medikabazaar’s offering addresses the challenges currently faced by many Indian healthcare providers related to procurement and inventory management, such as ordering from multiple vendors, lack of adequate information on products and pricing, inventory shortages and inefficient logistics.” Medikabazaar has previously raised funds from HealthQuad, Kois, Rebright, MSIVC, CBC Co., Ltd, Elan Corporation, Sasaki Foods, Sunil Kalra & Arun Venkatachalam in its Series A round in October 2018, amounting to USD 5 million, followed by an undisclosed amount of funding earlier this year from prominent industry leaders  Karan Singh, MD, Bain & Co &  Arpan Sheth, Partner Bain & other Angel Investors. ]]> https://biospectrumindia.com/news/86/15124/lincoln-pharma-reports-its-net-profit-increased-by-26-.html https://biospectrumindia.com/news/86/15124/lincoln-pharma-reports-its-net-profit-increased-by-26-.html Fri, 15 Nov 2019 11:15:00 +0530 Lincoln Pharmaceuticals Limited, one of the leading healthcare companies reported net profit of Rs. 18.92 crore for the Q2 FY 2019-20 ended September 2019 as against net profit of Rs. 15 crore in the corresponding period last year, growth of 26%. Net revenue for the quarter ended September 2019 reported at Rs. 115.21crore were higher by 7.64% over previous fiscal’s same period net revenue of Rs. 107crore. EPS has at Rs. 9.46 per share for the Q2FY20 against EPS Rs. 7.50 in correspondence period Last year.  Recently company was awarded with a patent for its liquid Diclofenac Metered-Dose Rectal Spray (Diclofenac Rectal Spray). The company has necessary approvals from Drug Controller General of India (DCGI) and planning to launch it in the Indian market by January 2020. The Company is also planning to apply for a Global Patent for this novel solution.  Lincoln Pharmaceuticals Ltd has a strong R&D team including 30 plus scientists. It has filled 20 plus patent applications and is awarded five patents. The company has developed 300 plus formulations in 15 plus therapeutic areas including anti-infective, respiratory system, cardio & CNS, anti-bacterial, anti-diabetic, anti-malaria among others.  During the quarter, board of directors of the company approved the scheme of amalgamation between Lincoln Parenteral Ltd ("Transferor Company") and Lincoln Pharmaceuticals Ltd ("Transferee Company"). Lincoln Parenteral Ltd is subsidiary company of Lincoln Pharmaceuticals Ltd engaged in the business of small Parenteral Injection Products.  The corporate restructuring practice will bring lot of synergies for the both the company and will lead to increased competitive strength, cost reduction and efficiencies, productivity gains, and logistic advantages, thereby significantly contributing to future growth.  Going green, company has also set up a new Solar Plant of 1 MW at factory’s rooftop with a capacity of producing 15 Lakh Power Unit Per annum in addition to two windmills. Company's long term bank facilities are rated by A- by CRISIL and ICRA and short term bank facilities are rated as A2+.   ]]> https://biospectrumindia.com/news/86/15091/lupin-sells-japanese-subsidiary-to-unison-for-rs-3702-cr.html https://biospectrumindia.com/news/86/15091/lupin-sells-japanese-subsidiary-to-unison-for-rs-3702-cr.html Tue, 12 Nov 2019 07:00:00 +0530 Pharma major Lupin Limited has announced that it has entered into a definitive agreement for the sale of its entire stake in its Japanese subsidiary Kyowa Pharmaceutical Industry Co., Ltd. to Unison Capital Partners IV, LPS and Unison Capital Partners IV (F). L.P., a leading private equity fund in Japan with a strong track record of success in the healthcare sector. The Board of Directors of Lupin approved this transaction today. The transaction will be subject to customary closing conditions including approval by Lupin’s shareholders. Under the terms of the agreement, Lupin’s subsidiary Nanomi B.V. will divest its entire stake (99.82%) in Kyowa to Unison’s entity Plutus Ltd. for an enterprise value of JPY 57,361 million, subject to closing adjustments. The divested business recorded revenues of JPY 14,241 million in H1, FY 2020 (JPY 28,335 million in FY 2019). The proposed transaction values Kyowa at an enterprise value of JPY 57,361 million (~Rs 37,024 million) and will generate post tax net cash inflow of approximately JPY 32,596 million (~Rs 21,039 million).  The transaction is expected to be EPS accretive and will significantly strengthen the consolidated balance sheet of the Company. The post transaction impact on the consolidated balance sheet is as follows: Net debt of the Company will stand at Rs 11,290 million compared to Rs 43,618 million as on September 30, 2019 Net debt to equity ratio shall improve to 0.08 as compared to 0.32 as on September 30, 2019 Vinita Gupta, CEO, Lupin speaking on the proposed divestiture commented, “We are very pleased to partner with Unison, a leading healthcare focused private equity player. This transaction will build upon the strong foundation our team has established in Japan. We acquired Kyowa in 2007 and since then have made a material difference to the Japanese healthcare system with the affordable medicines we brought to market. This transaction is aligned with our vision to focus on our key markets and strategic priorities to achieve sustainable growth in the mid to long-term. The deal proceeds will be utilized to strengthen Lupin’s balance sheet as well as provide growth capital to support organic and inorganic initiatives for our focus markets”. Nilesh Gupta, Managing Director, Lupin said, “Driven by the incentives provided by the Japanese government to increase generic utilization and our R&D, manufacturing and commercial strengths, we grew the Kyowa business multifold in the last 12 years to emerge as the 5th largest generic company in Japan. This transaction leverages Kyowa’s strong position in CNS generics, long-listed and specialty products with Unison’s investments in healthcare to create a leading CNS healthcare player. We believe that the partnership with Unison will enable Kyowa to leverage its strong platform and human capital to achieve its full potential. We remain committed to advancing our complex generics, biosimilars and specialty portfolio globally, including Japan”. Tatsuya Hayashi, Founding Partner of Unison, said, “We are delighted to welcome Kyowa into our portfolio and support its next phase of growth, both in its existing business, as Kyowa continues to center its strategy of strengthening its hybrid (brand/generics) pharma model in Japan, and in expanding its influence in the CNS space to beyond drugs. We look forward to actively working with Kyowa to leverage our unique set of resources in the healthcare market – including our own portfolio companies, and our network of experienced health care advisors and strategic partners – to enable Kyowa’s vision of growth. We also look forward to supporting Kyowa’s partnership with Lupin and exploring opportunities for Unison to collaborate further in the healthcare sector with Lupin and its unparalleled global network in the healthcare industry.” ]]> https://biospectrumindia.com/news/86/14995/piramal-enterprises-raises-capital-of-rs-5400-cr.html https://biospectrumindia.com/news/86/14995/piramal-enterprises-raises-capital-of-rs-5400-cr.html Mon, 28 Oct 2019 10:00:00 +0530 Piramal Enterprises Limited has announced that its Board, at its meeting held recently, has approved fresh capital raise of ~Rs 5,400 Crores ($ 770 Million) through a Rights Issue and preferential allotment of Compulsory Convertible Debentures (CCDs).  The Rights Issue of ~Rs 3,650 Crores (~$ 520 Million) at Rs 1,300 per share, is intended to give an opportunity to all its existing shareholders to participate in the capital raise at an attractive price. The Promoters will participate in and are committed to the success of the Rights Issue. In addition, the company plans to raise ~Rs 1,750 Crores ($ 250 Million) through the preferential allotment of CCDs (at a conversion price of Rs 1,510 per share) to Canadian institutional investor, Caisse de dépôt et placement du Québec (CDPQ). The preferential allotment will take place by end November 2019 and the Rights Issue is expected to be completed by end February 2020. Ajay Piramal, Chairman, Piramal Enterprises Limited said, “This fresh equity infusion from CDPQ, an existing global, marquee, long-term investor in PEL, especially in the current market scenario is a validation of the robustness of the Company’s business model and long-term growth trajectory. We also want to offer our existing investors, to get an equal opportunity to participate in this capital raise and benefit from the attractive price of the Right Issue. As promoter family, we remain fully committed and would like to further increase our investment in the Company. These funds will further strengthen our balance sheet, fortify & insulate us against any external shocks to the financial system in the future as well as enable us to tap organic and inorganic opportunities arising out of market consolidation across our Financial Services, Pharmaceuticals and Information Management businesses.” “We are delighted to deepen our partnership with Piramal Enterprises, a company whose value creation approach aligns well with CDPQ’s long-term objectives and perspective as a global institutional investor,” said Anita M. George, Executive Vice-President and Head of Strategic Partnerships, Growth Markets at CDPQ. “This transaction further demonstrates CDPQ’s commitment to invest in India over the long run.” CDPQ has a long-standing partnership with PEL. It had participated as the anchor investor during PEL’s previous capital issuance, investing $ 175 million out of the total issue size of $750 million. Additionally, CDPQ’s real estate subsidiary, Ivanhoé Cambridge, has committed $ 250 million towards a co-investment platform with PEL to provide long-term equity to blue-chip residential developers. This is a testimony to CDPQ’s long-term partnership approach and its confidence in the Company’s business model. Since 1988, the Promoters have increased their stake in the Company. Current promoter holding of 46% in the Company represents highest effective promoter holding amongst major Financial Institutions in India. This reflects their confidence in the fundamentals of the business model, Company’s future plans and the value creation potential of the Company. PEL is well-positioned to take advantage of the potential organic, as well as inorganic growth opportunities, arising from the present environment across both Financial Services and Pharma businesses. Growth drivers for: Financial Services: o   Enter consumer lending, driven by technology at its core o   Further increase share of Housing Finance in overall loan book and achieve scale by targeting self-employed customers and tapping newer markets (Tier 2/3 cities) o   Selectively tap superior ‘risk-reward’ opportunities in wholesale lending, e.g. co-origination with banks and ‘last-mile’ funding to developers o   Opportunities arising from consolidation, particularly in retail financing and managing wholesale loan portfolios of distressed entities Pharma: o   Grow organically and inorganically in Global Pharma and in India Consumer Products o   Evaluate re-entry into domestic formulation and leverage its synergies with Consumer Products business The consolidated equity (pro-forma as of Sep 30, 2019) of PEL post equity capital infusion will be at ~Rs 32,000 Crores, bringing our consolidated debt-equity ratio to under 1.7x. This puts the Company in a significantly advantageous position to leverage both organic and inorganic growth opportunities in future. PEL has delivered a solid track record of long-term shareholder value creation. In has generated 42% annual shareholder returns for the last 5 years and 29% annual shareholder returns for the last 30 years (up to August 31, 2018). ]]> https://biospectrumindia.com/news/86/14977/syngene-reports-robust-q2-fy20-growth.html https://biospectrumindia.com/news/86/14977/syngene-reports-robust-q2-fy20-growth.html Wed, 23 Oct 2019 12:00:00 +0530 Syngene International Limited has announced its Q2 FY20 results. The Company posted quarterly revenue of Rs. 485 Cr, an increase of 11% from the corresponding quarter of FY19. Commenting on the results, Jonathan Hunt, Chief Executive Officer - Syngene International Limited, said: “We are pleased to report robust revenue growth of 11% in Q2, with revenue growing from Rs. 437 Cr in Q2 last year to Rs. 485 Cr this quarter. Continued growth in our Discovery Services business, combined with consistent performances in our Dedicated R&D Centres and Development Services business were key to this performance. The quarter also saw the successful completion of another US FDA inspection of our facility in Bengaluru as an analytical laboratory for general GMP coverage. This outcome reflects the importance we place on quality and compliance as well as the ongoing investments we are making in staff training, systems and culture to ensure we continue to keep pace with evolving global standards. Our focus on building world class safety systems and processes won us the Utthama Suraksha Puraskar award from the National Safety Council of India. Overall, performance in the H1 ensures we are making good progress towards achieving our FY goals.”   Business Updates Syngene’s Q2 FY20 business performance was primarily driven by continued growth in the Discovery Services business and consistent performance of the Dedicated R&D Centre and Development Services business. During the quarter, the first phase of our new research facility in Hyderabad became operational. Phase I covers 50,000 sq ft of laboratory space and will house a team of around 150 discovery research scientists. Continuing with its strong track record of regulatory compliance, the Company successfully completed another US FDA inspection of its facilities as an analytical laboratory for general GMP coverage. While a formal communication is awaited from the regulator, no form 483 was issued at the conclusion of the inspection. During the quarter, the Company received an interim payment of Rs. 97 Cr towards its insurance claim for the S2 building. The receipt after adjusting for losses incurred has resulted in an exceptional gain of Rs. 46 Cr, net of taxes. The Company also received the Utthama Suraksha Puraskar award from the National Safety Council of India for its safety management systems and safety performance. This comes as recognition of the strong focus the Company places on safety and sustainability. ]]> https://biospectrumindia.com/news/86/14832/univercells-receives-eur-20m-financing-to-accelerate-vaccine-portfolio-.html https://biospectrumindia.com/news/86/14832/univercells-receives-eur-20m-financing-to-accelerate-vaccine-portfolio-.html Fri, 04 Oct 2019 12:35:00 +0530 The European Investment Bank (EIB) and Univercells S.A have signed a EUR 20 million loan agreement to support the development of a portfolio of four essential and undersupplied vaccines to be delivered at an affordable price. The portfolio – including polio, measles and rubella, and rabies vaccines – requires significant investment in process development through to clinical and regulatory validation. In funding Univercells, the EIB is aiming to promote the delivery of such vaccines, increasing their availability for diseases with high unmet medical needs. The fight against infectious diseases is of high policy relevance for the European Union and for the EIB, its financing arm. While infectious diseases are already amongst the leading causes of death worldwide, the emergence of resistant pathogens is on the rise and anti-microbial resistance is therefore expected to become the leading cause of death by the middle of this century. At the same time there is little investment in drugs and vaccines to fight infectious diseases and a limited number of players in the field. Univercells recently introduced its NevoLine biomanufacturing platform capable of delivering large quantities of vaccines at a fraction of the traditional cost. With the support of the EIB, the company will leverage the technology to pursue its mission and make four global health vaccines more available and affordable to all. This EIB venture debt financing is backed by the “InnovFin – EU-finance for innovators” programme, a joint European Commission and EIB Group initiative funded by Horizon 2020, the EU’s research and innovation programme. More specifically, the “InnovFin – Infectious Diseases Finance Facility” (IDFF) targets the development of innovative vaccines, drugs, medical devices and novel research infrastructures for combatting infectious diseases. Through this support from InnovFin IDFF, the EIB can provide stable long-term funding with a flexible repayment and interest structure, limiting the cash outflow from the company and thereby enabling it to focus on investing in innovation and growth.  Univercells has also benefited from InnovFin Advisory, one of the InnovFin tools, which identified the company as innovative and provided it with advice to improve its access to finance. ]]> https://biospectrumindia.com/news/86/14767/usv-to-invest-rs-4000-m-in-new-formulation-plant-.html https://biospectrumindia.com/news/86/14767/usv-to-invest-rs-4000-m-in-new-formulation-plant-.html Wed, 25 Sep 2019 15:40:00 +0530 Continuing with its journey towards global competitiveness, consolidating on its leadership in the diabetes segment and also leveraging on the Government’s surprise corporate tax rate cut, USV Private Limited has announced that it will immediately proceed with its investment on a new state-of-art formulation plant at Vadodara. USV has three plants based at Daman and Baddi manufacturing Tablets, Capsules: Sterile injectables & Ophthalmic Products, one API plant at Chiplun and biotechnology facility in Nerul Mumbai. The recent announcement by the government has provided the much needed boost to the pharmaceutical manufacturing sector that requires investments to provide world class medicines to the population, at large. While the tax cut announced by the government will increase capital spending and generate employment in the pharmaceutical sector, these investments will also go a long way to improve sustainability and capacities in pharmaceutical manufacturing. Managing Director, Mr. Prashant Tewari, stated that, “The construction for the new facility at Vadodara will start as early as October 2019, with an initial capital investment of around Rs 4000 million. The facility will provide employment to more than 350 people, despite being a very highly automated plant. The company will manufacture its leading products in diabetes and hypertension segments in this facility. The plant will supply to both the domestic and export markets.” The design of the plant will incorporate energy efficient systems, renewable energy sources and water conservation features such as automated material transfers, solar plants and rainwater harvesting. The facility will have well designed programs around skill development and training of manpower. The company is separately investing in a new Active Pharmaceutical Ingredient (API) plant at Ambernath. ]]> https://biospectrumindia.com/news/86/14735/strides-board-approves-incremental-investments-in-stelis.html https://biospectrumindia.com/news/86/14735/strides-board-approves-incremental-investments-in-stelis.html Mon, 23 Sep 2019 10:35:00 +0530 Bengaluru based Strides Pharma Science Limited has announced that the Board of Directors of the Company have approved an additional investment up to a maximum of ~$ 40 million over a period of 24 months for a controlling stake in Stelis Biopharma Private Limited (Stelis). The proposed new investments will be a primary infusion into Stelis which will enable Stelis to achieve its objective of becoming a compelling global player in the biopharmaceutical space and also accelerate Strides’ re-entry into sterile injectables business post the completion of the Company’s non-compete period in December 2019. As on date, Stelis has invested over ~$160 million, of which ~$ 91 million is represented by equity capital infused by Strides and its equity partners. Strides has invested ~$ 35 million for a ~43% ownership in Stelis. With the aforementioned infusion up to ~$ 40 million by Strides and pending equity commitments from the other partners, Stelis would have attained a critical size to break even at the operational level which is expected in the next 18 months. Stelis was set up to pursue a global biopharmaceutical business with a strategy to develop competitively priced biopharma products and offer high-end CDMO services covering end-to-end biopharmaceutical value chain. The principal shareholders of Stelis are Strides Pharma, Tenshi Life Sciences Private Limited ( ntegrated Life Sciences Company) and GMS Holdings (Group of diversified business and assets with a strong biopharma franchise in the MENA region). ]]> https://biospectrumindia.com/news/86/14713/asg-hospitals-secures-investment-worth-rs-308-cr.html https://biospectrumindia.com/news/86/14713/asg-hospitals-secures-investment-worth-rs-308-cr.html Thu, 19 Sep 2019 14:55:00 +0530 ASG Hospital Private Limited, founded in 2005 by Dr. Arun Singhvi and Dr. Shashank Gang, India’s fastest growing eye-healthcare services provider, which has treated over five million patients since inception across its 33 centers in India, Africa and Nepal, has announced Rs 308 crore investment led by Foundation Holdings. Foundation Holdings, a global investment firm focused on building sustainable, industry defining companies in the healthcare and education sectors, and Symphony International Holdings Limited (“Symphony”), an investor in consumer-related businesses, primarily in the healthcare, hospitality and lifestyle sectors, together have entered into a transaction with the Company and its promotors for an investment in ASG Hospitals. As per CRISIL, owing to the rising proportion of ageing population, high prevalence of eye disorders, innovative models for improving penetration of medical facilities, increasing disposable income and rising insurance penetration, the eye healthcare delivery market is expected to reach USD 4.4 billion by 2020, with a compounded annual growth rate (CAGR) of 12 per cent over FY15-FY20. Surgery has a majority share in the market accounting for over 80%+ of the market while outpatient (consultation and diagnosis) account for the remaining ~20%. Dr. Arun Singhvi, Chairman and Managing Director of ASG Hospitals said, “ASG’s core purpose is to enhance the quality of life of our patients by providing comprehensive, high-quality healthcare services. We do this in such a way that the Group is trusted as the most respected provider of healthcare services by patients, doctors and funders of healthcare. Foundation Holdings’ passion, operational approach and focus on healthcare delivery makes them the ideal partner for the next phase of growth for ASG Hospitals and will bolster both our healthcare delivery and our mission - to bring quality and affordability to all Indians when it comes to eye health. We have spent the last couple of years strengthening and expanding the bench strength of our senior management team led by Dr. Himanshu & Dr. Vikas, which positions us well to enter this next phase of the Company.” Aakash Sachdev, Managing Director of Foundation Holdings said, “We are excited to partner with ASG Hospitals. Our mandate is to help successful companies, their founders and management teams realize their potential and thereby creating a substantial impact. Our focus is to invest in market segments that are underserved and where our investment can result in a social impact while providing economic returns. ASG Hospitals, with its industry-leading scalable clinic delivery model, socially diverse patient mix, impeccable focus on quality and incredible growth profile makes it the perfect partner for Foundation Holdings. This investment will allow ASG Hospitals to pursue organic and inorganic expansion strategies to facilitate the consolidation of the highly fragmented eye healthcare services sector, a USD 4.4 billion opportunity in India alone. Bringing its industry leading full-service hub offering to its regional partners will result in service offering enhancements for the patients in these micro markets.” Earlier this year in July, Foundation Holdings also closed its maiden education transaction in India. Foundation Holdings through its industry leading K-12 managed school platform already impacts 21,000 students across West and South India and aims to impact 100,000 students in the next 3 to 5 years. This USD 100 million joint venture platform will formally be branded and launched in Q4 2019. Abhishek Sharma, CEO Foundation Holdings, said, “The emerging markets’ ophthalmology and single speciality healthcare sector have been in our sight for years, however, until we met ASG Hospitals, we struggled to find truly high-quality partners. ASG Hospitals immediately stood out due to their inherent focus on high quality healthcare services, a strategic expansion plan to address an under-served and fragmented market, and a very capable clinical and administrative team that can successfully execute its plan.” The Company was advised by ICICI Securities and AZB & Partners for this investment. ]]> https://biospectrumindia.com/news/86/14667/strides-acquires-strategic-stake-in-fairmed-healthcare-ag.html https://biospectrumindia.com/news/86/14667/strides-acquires-strategic-stake-in-fairmed-healthcare-ag.html Fri, 13 Sep 2019 12:00:00 +0530 Bengaluru based Strides Pharma Science Limited (Strides) has announced that its step down subsidiary Strides Pharma Global Pte Ltd (SPG) has acquired a majority stake in Fairmed Healthcare AG (Fairmed), a Switzerland based company with a portfolio of high‐quality generic products encompassing prescription and over‐the‐counter drugs across several therapeutic segments. Strategic Rationale The Other Regulated market for Strides comprises of its businesses in UK, EU, South Africa, Canada and the supplies to Australia.  It is the fastest growing market for Strides led by a hybrid R&D strategy based on portfolio maximization across multiple markets, leveraging its established regulated market portfolio. This market contributed 26%  to  FY19  revenues,  growing 30% +  YoY  primarily  on  portfolio  expansion  and enhanced marketing  footprint across key regulated markets outside of the US. Fairmed  has  built  a  strong  franchise  of  supplying  high‐quality  Rx  and  OTC  products  in  key  European markets and the acquisition will augment Strides’ footprint in continental Europe with a direct presence in the German speaking markets of Germany, Austria and Switzerland collectively called as DACH region. Strides’ vast international product portfolio and Fairmed’s market access in the DACH region is a highly complementary combination to pivot an extensive growth in the coming years Fairmed had a net sales of  Euro 5.8 million in CY 18 driven mainly by its frontend presence and a  portfolio of 30+ products. The  business  will  incrementally  have  access  to  Strides’  already  approved  product  portfolio  for  the markets Fairmed operates in with supplies from several of its EU approved facilities.    Transaction terms and structure   Under the terms of the agreement, SPG will hold 70% of the issued capital of Fairmed. Strides has infused CHF 2.2 Million into the entity in lieu of the equity stake.   ]]> https://biospectrumindia.com/news/86/14639/serum-institute-invests-rs-3000-cr-in-new-vaccines-facility.html https://biospectrumindia.com/news/86/14639/serum-institute-invests-rs-3000-cr-in-new-vaccines-facility.html Tue, 10 Sep 2019 10:45:00 +0530 Serum Institute of India (SII), the world's largest vaccine manufacturer by number of doses produced and sold globally; has inaugurated it’s new multifunctional production facility for vaccines in the presence of Union Health Minister Dr. Harsh Vardhan along with Adar Poonawalla, CEO of SII and President of IVMA, in Pune. With an investment of over Rs 3000 crores so far, the plant operates with state-of-the-art equipment and facilities for an enhanced production quantity.   Spread across 2 million square feet, the expansive new facility will cater to 150 countries across the European and American continents, increasing SII’s market share to 10-15% internationally. The new facility, with a production capacity of half a billion doses manufactured annually, will also help in creating 3000 jobs in the next 5 years.  The manufacturing plant will commence its production from November 2019 and aims to provide additional capacity as well as improved flexibility in production. Focused on the American and European continents, the expansive unit is equipped with a wide array of state-of-the-art equipment, in compliance with the regions’ respective vaccine manufacturing regulations.  The new plant will maximize the production of vaccines such as HPV and TDAP in addition to Thermostable Rotasiil along with monoclonal antibodies like Trastuzumab (Herceptin) and Ustekinumab (Stelara®). Each of the vaccines will help protect and provide a healthy life to recipients. Commenting on the inauguration, Adar Poonawalla, CEO of SII, said, “Better healthcare and immunization cover for children across the world is a cause that is very close to my heart, and the new plant, with enhanced production capacity, is a step towards the same direction. Both in the Indian and international markets, SII aims to provide necessary vaccine cover with ease of access and at affordable prices. As an organization, our goal is to effectively utilize our resources to provide the best preventive healthcare solutions to the global population.” Dr. Harsh Vardhan, Honourable Minister for Health and Family Welfare, Science & Technology; and Earth Sciences, said, “It is our prerogative to ensure that the Indian population has a healthy life, and for that vision, we have worked on several campaigns. Initiatives like Serum Institute of India’s new plant at Manjri will help us ensure that we have the ease of access and availability to fulfil the needs of the Indian people.” Recently, Serum of Institute of India (SII), in association with NIH (USA), developed a thermostable rotavirus vaccine. Touted as a revolutionary development, the vaccine remains stable and has the highest level of potency for a longer duration in non-regulated temperatures. The vaccine, called Rotasiil, remains stable for up to 30 months at a temperature of 25°C.  Recognized as India's No. 1 biotechnology company, SII has also been instrumental in leading a pan-India, immunization campaign – Swasth Immunised India. The campaign takes forward the cause of spreading awareness regarding the importance of immunization, and aims to drive the country towards a healthy and an immunized future. The initiative aims to spread awareness as well as encourage the masses to accept and administer necessary vaccinations to prevent fatal diseases among children and expectant mothers. Driving the importance of full immunization coverage, Poonawalla as the president of IVMA has constantly strived to address and resolve the redundant processes, lack of infrastructure and other major challenges that are stalling India from becoming a fully-immunized nation. The association efficiently works towards bringing meaningful reforms in the country and enable a smoother functioning ecosystem by working closely with the relevant stakeholders and Government bodies. The key areas that the association will look into in addition to rectifying infrastructure are lack of adequate storage facilities for the vaccines and proper modes of transportation, among other issues.   ]]> https://biospectrumindia.com/news/86/14632/hgs-recovers-1b-in-healthcare-payments.html https://biospectrumindia.com/news/86/14632/hgs-recovers-1b-in-healthcare-payments.html Fri, 06 Sep 2019 18:25:00 +0530 Hinduja Global Solutions (HGS) has announced that it has recovered $1 billion in denied insurance payments on behalf of healthcare systems, a major milestone in what are some of providers’ toughest claims. “As macroeconomic headwinds continue to impact the U.S. healthcare market, providers often struggle to walk the fine line between the push for healthier patient outcomes and an unsustainable cost structure. At the same time, the provider revenue cycle is becoming increasingly complex,” said Dan Schulte, Senior Vice President, HGS Healthcare. “Providers need a strong partner to help them pursue smaller insurance claims properly and recover payments that go right back to their bottom line. We’re thrilled to have reached the $1 billion milestone and recover some of the toughest claims for our provider customers.” The average hospital costs must fall 24% by 2022 in order for healthcare systems to break even, a recent Black Book Market Research LLC survey found. By getting denied insurance claims adjudicated, properly appealed and collected, HGS is able to contribute up to 5% to healthcare systems’ bottom line. Having strong relationships with both payers and providers, HGS brings unique and in-depth expertise to provider revenue cycle management. To-date, the company has collected more than $3 billion in accounts receivable on behalf of healthcare systems. ]]> https://biospectrumindia.com/news/86/14626/sri-kauvery-medical-care-raises-rs-1400-mn.html https://biospectrumindia.com/news/86/14626/sri-kauvery-medical-care-raises-rs-1400-mn.html Fri, 06 Sep 2019 15:50:00 +0530 With a plan to fuel the next phase of expansion, Sri Kauvery Medical Care (India) Limited (Kauvery Hospitals) has raised Rs 1,400 million of equity from LGT Lightstone Aspada. The proceeds from this round will be used to deepen Kauvery’s presence in Tamil Nadu and expand its footprint across South India. “Kauvery Hospitals is excited to welcome LGT Lightstone Aspada as its new investor. We are looking at adding 12-15 hospitals with an aggregate capacity of 3,000+ beds to our network over the next 3-5 years with a major focus on South India. The expected funds to be deployed for this proposed expansion will be around Rs 7,000 million. This expansion will be done through a mix of strategic partnerships, acquisitions and brownfield hospitals.” said Dr. S. Chandrakumar, Founder, Executive Chairman, Kauvery Hospitals. Dr. S. Manivannan, Co-founder, Managing Director, Kauvery Hospitals said that “We believe that the investment from LGT Lightstone Aspada is an endorsement of Kauvery Hospital’s success in creating a model delivering high quality healthcare services at affordable prices to its patients across all markets. Kauvery Hospitals will continue to drive growth with focus on efficiency and patient care”. “Healthcare is one of our core themes of focus. Our investment in Kauvery is an important milestone in our effort to contribute towards building an interconnected healthcare system in India that improves overall health outcomes and affordability. We are excited to partner with the team at Kauvery in their goal of setting the benchmark for care-standards and affordability at scale in the Indian hospital segment” said Kartik Srivatsa, Managing Partner LGT Lightstone Aspada. Veda Corporate Advisors, a leading mid-market investment bank advised the Company on the transaction. ]]> https://biospectrumindia.com/news/86/14596/indegene-acquires-majority-stake-in-dt-associates.html https://biospectrumindia.com/news/86/14596/indegene-acquires-majority-stake-in-dt-associates.html Wed, 04 Sep 2019 11:25:00 +0530 Indegene, a leading next-generation solutions organization for the Life Sciences industry globally based in Bengaluru, has entered into an agreement to acquire a majority stake in London-based DT Associates, a consulting company exclusively focused on helping pharmaceutical companies achieve excellence in Customer Experience (CX) and Digital Operations (DX). DT Associates will operate as a separate entity in Indegene Private Ltd, as 'DT Consulting' effective immediately. "Right now, we see Life Sciences organizations struggle to overhaul their commercial model to close down on shifting customer needs, as well as thrive on business technology changes and operational and capital efficiencies. We believe that the modern commercial organization is more customer-centric than what it is today and will deliver enhanced sales with higher profitability by using enterprise-wide capabilities that allow for customer engagement with intelligence, scale, speed, and context. While we successfully offer extensive capabilities already in customer experience and hybrid selling enablement, marketing technology, data & analytics, and medical expertise; with the addition of DT we can truly help our clients end-to-end—from objectively measuring the current maturity of digital and customer excellence, to designing commercial models that suit them best, to further supporting clients with change management throughout their transformation journeys," said Manish Gupta, Co-Founder & CEO, Indegene. "We thank DT's leadership for supporting this acquisition and look forward to building out an even stronger enterprise solution for Customer Excellence," added Dr. Rajesh Nair, Co-Founder & President, Indegene. Tim van Tongeren, Managing Partner and co-founder of DT, said: "It didn't take a long time to realize Indegene and DT have a common vision for the future in Life Sciences. When differentiated customer experiences become the core business driver, you as a consulting and operations partner will be required to define, plan, implement and optimize this for clients. I believe we are uniquely positioned to do so end-to-end with our clients." Dennis van Rooij, Managing Partner and co-founder of DT, adds: "The prospect of helping our clients beyond DX/CX measurement, benchmarking, and transformation management consulting, with deep expertise and capabilities in establishing consolidated centers of excellence for digital content, channel operations, performance measurement, and customer innovation is very exciting." Since being founded in 2014, DT Associates successfully helped large pharmaceuticals around the world identify, plan for and capture the commercial opportunity behind their DX/CX transformation, and developed proprietary solutions for the objective measurement of Customer Experience (CX) and Digital Maturity (DX). Next to its diverse services portfolio, DT Consulting is an industry-leading source of DX/CX transformation insights, best practices, and peer-to-peer networking for DX/CX senior leaders. Its client roster includes companies such as Pfizer, Sanofi, AstraZeneca, Takeda, Novo Nordisk and more. ]]> https://biospectrumindia.com/news/86/14578/ajinomoto-bio-pharma-acquires-remaining-interest-in-indian-joint-venture.html https://biospectrumindia.com/news/86/14578/ajinomoto-bio-pharma-acquires-remaining-interest-in-indian-joint-venture.html Fri, 30 Aug 2019 16:05:00 +0530 Ajinomoto Bio-Pharma Services (“Aji Bio-Pharma”), a leading provider of biopharmaceutical contract development and manufacturing services has announced its intention to purchase the remaining 50 percent ownership interest in its Visakhapatnam, India joint venture, Granules OmniChem Private Limited (GOC) from its joint venture partner, Granules India Limited. Financial terms were not disclosed. The GOC joint venture was formed in 2011 by S.A. Ajinomoto OmniChem N.V. (now doing business as Ajinomoto Bio-Pharma Services) and Granules India Limited, providing small molecule intermediates and active pharmaceutical ingredients (API) manufacturing to the pharmaceutical industry. “This investment is an important follow-up to Aji Bio-Pharma’s October 2018 small and large molecule business integration and bolsters our commitment to simplifying our clients’ supply chains, while providing a wide range of CDMO offerings,” said David Enloe, CEO, Ajinomoto Bio-Pharma Services. “GOC has been a well-run producer of high-quality API since its formation, which was designed, constructed and is managed based on our Belgian sites’ GMP operating standards and quality systems. This allows us to provide a seamless experience for our clients as they continue to deepen their partnerships with us on key programs in their product pipelines.” “We are extremely pleased to now be a fully integrated member of Aji Bio-Pharma,” said K.V.V. Raju, CEO, Granules OmniChem Pvt. Ltd. He further added, “As an official part of this CDMO, our team can further enhance Aji Bio-Pharma’s ability to deliver value to our customers and contribute to the improving the health of humankind mission.” Conclusion of this transaction is subject to fulfillment of certain closing conditions and customary government approvals. Closing is expected to be completed during fourth quarter 2019.   ]]> https://biospectrumindia.com/news/86/14555/everstone-group-makes-significant-investment-in-translumina.html https://biospectrumindia.com/news/86/14555/everstone-group-makes-significant-investment-in-translumina.html Wed, 28 Aug 2019 12:35:00 +0530 The Everstone Group has made a significant investment to acquire a stake in Translumina. The proceeds from the investment will help Translumina accelerate the company’s growth and scale its operations globally. Founded in Hechingen, Germany, Translumina is a leading global manufacturer and distributor of cardiac stents and cardiovascular medical devices. Translumina’s technologies were developed in collaboration with the German Heart Centre and are endorsed by the European Society of Cardiology. Translumina combines the best of German technology, intellectual property and high-quality standards with Indian capabilities of manufacturing innovative products at affordable prices. Translumina benefits from end-to-end development and manufacturing capabilities of stent delivery systems in India and Germany. The company distributes its products in over 30 countries across Europe, Asia, Latin America and Middle East. Everstone’s partnership will help the Company to acquire global assets, augment the company’s research and development efforts, bolster its India manufacturing capabilities and enhance Translumina’s distribution ecosystem. “We are excited to partner with Everstone group who possess the best expertise in the market today to guide young companies to become large multinationals. Everstone’s sectoral and international experience will help Translumina achieve its’ global ambition by strengthening our organization and systems while retaining our agility and entrepreneurial spiritto create strong footprints in healthcare market” said Gurmit Singh Chugh, Chairman of Translumina. “Translumina is extremely well positioned to emerge as a global leader in stents and cardiovascular technologies at highly affordable prices. Everstone’s expertise in healthcare will help unlock the company’s full potential by scaling manufacturing, strengthening its global distribution and driving new product development” said Arjun Oberoi, Managing Director, Everstone Group. ]]> https://biospectrumindia.com/news/86/14449/sun-pharma-reports-q1-net-profit-at-rs-1387-.html https://biospectrumindia.com/news/86/14449/sun-pharma-reports-q1-net-profit-at-rs-1387-.html Wed, 14 Aug 2019 13:25:00 +0530 Sun Pharmaceutical Industries Ltd. reported financials for the first quarter ending June 30th, 2019. Its net profit for the quarter stand at Rs. 1,387 crore with resulting a net profit margin at 16.8 per cent. The company's sales/income from operations was at Rs. 8,259 crore, a growth of 16 per cent over the same quarter of last year. The company's India sales stood at Rs. 2,314 crore, a growth of 8 per cent over Q1 last year. Dilip Shanghvi, managing director of the company said, We have recorded growth across most of the markets for the quarter and our performance is in-line with our full-year guidance. We are consistently focusing on improving our efficiencies and cost structure to ensure reasonable returns for our generics business. At the same time, we continue our unwavering efforts on building the specialty business and are encouraged by the potential of one of our pre-clinical research molecules which is likely to enter clinical trials next year.The recent out-licensing of tildrakizumab and Cequa for Greater China market and the regulatory filing of tildrakizumab in Japan reflects our global aspirations for the specialty business. Ilumya/Ilumetri is gradually gaining traction in the US and Western Europe." Sales in the US were US$ 424 million for the quarter, a growth of 12 per cent over same period last year and accounted for 36 per cent of total sales. Sales for the quarter include the contribution from a significant business of generic supply to a customer. Taro also posted Q1FY20 sales of US$ 161 million, up 4 per cent over Q1 last year. Taros net profit for Q1 was US$ 66 million, marginally down over Q1FY19. The company's sales in emerging markets were at US$ 194 million for Q1; flat over same quarter last year. While the business has grown on constant currency basis, unfavorable currency movements have impacted the overall growth. Sales in emerging markets accounted for 16 per cent of total sales for the quarter. Formulation sales in Rest of World (ROW) markets excluding US and Emerging Markets were US$ 167 million in Q1FY20, a growth of 56 per cent over Q1 last year and accounting for approximately 14 per cent of revenues. Growth drivers include both, organic initiatives as well as consolidation of Pola Pharma (Japan) business. The company's API business imparts benefits of vertical integration for our formulations business. We continue to increase the API supply for captive consumption for key products. For Q1FY20, external sales of API were at Rs. 461 crore, up by 17 per cent over Q1 last year. The consolidated R&D investment for Q1FY20 was Rs. 422 crore, or 5.1 per cent of sales compared to Rs. 500 crore or 7 per cent of sales for Q1 last year. ]]> https://biospectrumindia.com/news/86/14424/siemens-healthineers-to-acquire-corindus-vascular-robotics-for-1-1b.html https://biospectrumindia.com/news/86/14424/siemens-healthineers-to-acquire-corindus-vascular-robotics-for-1-1b.html Mon, 12 Aug 2019 11:20:00 +0530 Corindus Vascular Robotics, a leading developer of precision vascular robotics, has announced that it has entered into a definitive merger agreement to be acquired by Siemens Healthineers AG. Under the terms of the merger agreement, Siemens Medical Solutions, a wholly-owned subsidiary of Siemens Healthineers AG, a German stock listed company, will acquire all issued and outstanding shares of common stock of Corindus for $4.28 per share in cash, representing an aggregate purchase price of approximately $1.1 billion. The transaction has been approved by the Board of Directors of Corindus and is expected to close in the fourth quarter of 2019, subject to approval by Corindus stockholders, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and the satisfaction of other customary closing conditions. “Corindus has established a leading position in vascular robotics with a compelling technology platform for robotic-assisted coronary, peripheral, and neurovascular procedures,” said Michel Therin, President, Advanced Therapies at Siemens Healthineers. “The acquisition of Corindus, combined with Siemens’ strong advanced therapies portfolio will help further advance the growth of vascular robotics. The integration of our technologies could lead to reduced variability, improved efficiency, expanded access to care, and ultimately improved patient outcomes. We look forward to welcoming the Corindus team to Siemens Healthineers.” ]]> https://biospectrumindia.com/news/86/14419/hcg-reports-a-growth-of-19-yoy.html https://biospectrumindia.com/news/86/14419/hcg-reports-a-growth-of-19-yoy.html Fri, 09 Aug 2019 16:50:00 +0530 HealthCare Global Enterprises Limited (“HCG”), the leader in India in speciality healthcare services focused on oncology, fertility and precision diagnostics has announced its financial results for the quarter (“Q1”) ended June 30 for fiscal year (“FY20”). Effective 1 April 2019, the Company has adopted IND AS 116 'Leases' standards, applied to lease contracts existing on 1 April 2019. The effect of this adoption have not been retrospectively adjusted for the year ended 31 March 2019 and previous period financials are not comparable. Highlights for quarter ended 30th June 2019- Consolidated Income from Operations (“Revenue”) was Rs 2,689 mn as compared to Rs 2,266 mn in the corresponding quarter of the previous year, reflecting a year-on-year increase of19%. Consolidated Profit Before Depreciation and Amortization, Finance Costs, Exceptional Items and Taxes (“EBITDA”) was Rs 462 mn including IND AS116 adjustment and Rs 317 mnexcluding IND AS116 adjustment, as compared to Rs 315 mn in the corresponding quarter of the previous year. Consolidated Profit Before Other Income, Depreciation and Amortization, Finance Costs, Exceptional Items and Taxes (“Operating EBITDA”), was Rs 449 mn including IND AS116 adjustment and Rs 304 mn excluding IND AS 116 adjustment, as compared to Rs 306 mn in the corresponding quarter of the previous year. Operating EBITDA for existing centers was Rs 491 mn including IND AS116 adjustment and Rs 394 mn excluding IND AS116 adjustment, reflecting an Operating EBITDA margin of 17%excluding IND AS116 adjustment. Loss from new centers was Rs 424 mn including IND AS116 adjustment and Rs 90 mn excluding IND AS116, as compared to loss of Rs 57 mn in the corresponding quarter of the previous year. Consolidated Profit after Taxes and Minority Interest (“PAT”)(4) was a loss of Rs 180 mn including IND AS116 adjustment and loss of Rs 100 mn excluding IND AS116 adjustment, as compared to loss of Rs 34 mn in the corresponding quarter of the previous year. Business Updates for Q1 FY20- 34% growth in Gujarat as multiple new centres ramp up o    Presence across 4 cities, now contributes 31% to HCG centers revenues: o    78% revenue growth at Bhavnagar driven by ramp up of the new oncology unit o    Baroda cancer center, launched in May’ 2016, clocking double digit EBITDA margin consistently o    Rajkot center ramping up well with reduction in losses, nearing break-even point Continuing strong growth in Maharashtra region, with 25% revenue growth y-o-y: o    Continued reduction in losses from Borivali and Nagpur new centers o    Nashik center expansion driving enhancement of specialized service offerings in the region Kolkata cancer center launched, offering comprehensive services in an upcoming urban locality Positive trend at Milann reflected in growth in registrations, IVF cycles and revenues New first of its kind Oncology Information System goes live at Bengaluru - Center of Excellence which will drive digital transformation and set the foundations for data driven analytics and research towards improving clinical outcomes   Commenting on the results, Dr. B.S. Ajaikumar, Chairman and CEO, HealthCare Global Enterprises Ltd. said, “We are pleased to report Q1 FY20 results with continuing growth across ourbusinesses. Our core HCG oncology business continues to get stronger with enhanced presence and scale across attractive markets, at a time when cancer incidences are on a rising trend. Our oncology focused business model is fundamentally robust - clinical and operational excellence, economies of scale and especially with majority capex and investment cycle behind us, we remainexcited about the growth prospects for the business, in spite of short-term challenges and negative outlook in the ecosystem for healthcare, industry and economy at large. With strong performance of existing centers as the base foundation, and new centers nearing inflexion point to replicate the existing centers as the future growth drivers, we are positively looking forward towards superior cash flows and return generation from the capital deployed over the last few years. Having created a unique platform across oncology, fertility and precision diagnostics, with Pan-India leadership, we remain committed to driving value creation for all our stakeholders.” ]]> https://biospectrumindia.com/news/86/14397/cipla-announces-q1-fy20-results-profit-rises-5-97.html https://biospectrumindia.com/news/86/14397/cipla-announces-q1-fy20-results-profit-rises-5-97.html Thu, 08 Aug 2019 11:35:00 +0530 Cipla Limited has announced its unaudited consolidated financial results for quarter ended June 30, 2019. Key highlights of the quarter: Profitability: Despite significant global volatility and revenue deferrals for the quarter, profitability maintained. India continues strong secondary performance across key therapies and outpacing the market in Respiratory and Cardiology South Africa private business continues to outpace the market; grew over 2 times the market at 7.3% US business – 61% growth year on year (in US $ terms) for the quarter; base business grows year on year Quality Focus: Received EIR for Kurkumbh plant for the inspection by the United States Food and Drug Administration (USFDA) from 11th March 2019 to 20th March 2019  Net profit of Cipla rose 5.97% to Rs 478.19 crore in the quarter ended June 2019 as against Rs 451.25 crore during the previous quarter ended June 2018. Sales rose 1.26% to Rs 3894.46 crore in the quarter ended June 2019 as against Rs 3845.84 crore during the previous quarter ended June 2018. ]]> https://biospectrumindia.com/news/86/14328/dr-reddys-q1-net-profit-rises-to-rs-663-crore.html https://biospectrumindia.com/news/86/14328/dr-reddys-q1-net-profit-rises-to-rs-663-crore.html Tue, 30 Jul 2019 14:45:00 +0530 Dr. Reddy’s Laboratories Ltd. has announced its consolidated financial results for the quarter ended June 30, 2019 under International Financial Reporting Standards (IFRS). Commenting on the results, CEO and Co-chairman, GV Prasad said “This quarter, we grew in most of our key markets and hope to continue this momentum with a sharper focus on performance. We will continue our journey of operational excellence, cost leadership and innovation across our businesses”. Revenues from Global Generics (GG) segment at `33.0 billion. Year-on-year growth of 8%, primarily driven by Emerging Markets, India and Europe. Sequential growth is 9%. Revenues from North America at `16.3 billion. Year-on-year growth is 3%. Sequential growth of 9%, is driven by contribution from new products and increase in volumes, partly offset by price erosion coupled with adverse foreign exchange movement. Revenues from Emerging Markets at `7.3 billion. Year-on-year growth is 10%. Sequential growth is 4%. - Revenues from Russia at `4.0 billion. Year-on-year growth of 5%. Growth primarily driven by new launches and better realizations in some of the key molecules. - Revenues from other CIS countries and Romania market at `1.2 billion. Year-on-year growth of 2%. - Revenues from Rest of World (RoW) territories at `2.1 billion. Year-on-year growth of 27%, primarily driven by new products, traction in new markets and volume traction in base business. Revenues from India at `7.0 billion. Year-on-year growth of 15%, driven by volume traction and improved realizations in base business and new product launches. Sequential growth is 7%. Revenues from Europe at `2.4 billion. Year-on-year growth of 19%, primarily on account of new products and volume traction on account of improvement in supplies. Net Finance income at `393 million compared to `156 million in Q1 FY19. The increase is primarily on account of higher profit on sales of investments by `202 million during the quarter. Profit after Tax at `6.6 billion. The effective tax rate is around 22% for the quarter.Diluted earnings per share is at `39.91.Capital expenditure is at `1.1 billion. Organizational Update: With effect from August 1, 2019, Erez Israeli will be elevated as Chief Executive Officer (CEO) of Dr. Reddy’s Laboratories Limited. GV Prasad will continue as the Co-Chairman and Managing Director and Erez Israeli will continue to report to him. Since joining Dr. Reddy’s as Chief Operating Officer (COO) in April 2018, Erez has spear -headed the transformation agenda of the organization by ensuring clear focus and strategy, setting foundations for a sustainable financial growth and leading business delivery. His appointment will help to propel the organization’s growth agenda forward. ]]> https://biospectrumindia.com/news/86/14289/syngene-announces-q1-fy20-results.html https://biospectrumindia.com/news/86/14289/syngene-announces-q1-fy20-results.html Thu, 25 Jul 2019 16:40:00 +0530 Revenue up 4% to Rs. 441 Cr, Profit After Tax increases 9% to 72 Cr; Dr. Mahesh Bhalgat appointed Chief Operating Officer (COO), confirms opening of new Hyderabad Research Centre. Syngene International Limited has announced its Q1 FY20 results. The Company posted quarterly revenue of Rs. 441 Cr, an increase of 4% from the corresponding quarter last year. Commenting on the results, Jonathan Hunt, Chief Executive Officer - Syngene International Limited, said: “Q1 FY20 revenue grew 4% to Rs. 441 Cr. from Rs. 425 Cr in the corresponding quarter of FY19. The quarter saw continued steady growth in the Discovery Services and Dedicated R&D centres verticals. Growth in Development Services and Manufacturing Services was impacted by project phasing and is expected to pick up through the remainder of the year. Profit margins for the quarter remained steady and consistent with long term target ranges. Continuing our strong regulatory compliance track record, we are pleased to announce the successful completion of a USFDA inspection of our Human Pharmacology Unit (HPU).” During the quarter, we were delighted to appoint Dr. Mahesh Bhalgat as Chief Operating Officer and look forward to benefitting from the extensive experience he brings to the company, especially in GMP manufacturing and biologics. Additionally, as part of our long-term growth strategy, we confirmed the expansion of our operations, with the setting up of a new research centre in Hyderabad. The facility is scheduled to be operational during Q2 this fiscal.” Business Updates Q1 FY20 business performance was driven by good growth in Discovery Services and steady performance in the Dedicated R&D Centre business. During the quarter, the Company successfully cleared the USFDA inspection of its HPU facility in Bengaluru without any observations. This is Syngene’s seventh successful USFDA inspection and reinforces the Company’s commitment to ensuring the highest quality standards in its operations. In order to meet the growing demand for its services, the Company has identified Hyderabad as the location for the next phase of R&D expansion. The Company evaluated various locations before finalizing on Hyderabad due to excellent infrastructure, availability of “turnkey” R&D facilities and extensive scientific talent pool. The facility is in the final stages of commissioning and is scheduled to be operational during Q2 FY20.   ]]> https://biospectrumindia.com/news/86/14210/boehringer-ingelheim-acquires-amal-therapeutics-for-325m-.html https://biospectrumindia.com/news/86/14210/boehringer-ingelheim-acquires-amal-therapeutics-for-325m-.html Wed, 17 Jul 2019 10:50:00 +0530 Boehringer Ingelheim has announced its acquisition of all shares of AMAL Therapeutics SA, a private Swiss biotechnology company focused on cancer immunotherapy and advancing first-in-class therapeutic cancer vaccines derived from its technology platform KISIMA. AMAL’s lead vaccine ATP128 is currently developed for stage IV colorectal cancer and is slated to begin first-in-human trials later this month. Boehringer Ingelheim plans to develop new therapies by combining assets from its cancer immunology portfolio with AMAL’s proprietary KISIMA immunization platform. “Acquiring AMAL is part of Boehringer Ingelheim’s long-term strategy to enhance our existing position as an innovator of novel cancer therapies, including immuno-oncology treatments, which leverage cutting-edge scientific discoveries and their applications,” said Michel Pairet, member of Boehringer Ingelheim’s Board of Managing Directors with responsibility for the company’s Innovation Unit. “We want to pioneer new paradigms of biology-based care for cancer patients, and the technologies and expertise developed at AMAL are critical to our efforts.” The total transaction could amount up to EUR 325 million, and is comprised of an upfront payment as well as contingent clinical, development and regulatory milestones plus up to EUR 100 million if certain commercial milestones are hit. “I am extremely proud of the hard work of AMAL’s entire team, which is validated by this acquisition, and very excited to further develop the KISIMA technology platform within Boehringer Ingelheim,” said Madiha Derouazi, Ph.D., Founder and Chief Executive Officer of AMAL Therapeutics. “Our new relationship with Boehringer Ingelheim will enable us to realize the full potential of our KISIMA platform to fight solid cancers while preserving AMAL’s approach to biotechnology research and our scientific and academic networks. Moreover, sharing resources and capabilities in clinical development will greatly help us to move ATP128 and other assets forward.” Boehringer Ingelheim’s Cancer Immunology group is built to discover therapies that engage triggering of immune responses against non-inflamed, “cold” tumors, which represent a large group of cancer types refractory to many treatments, including checkpoint inhibitor drugs. Immune targeting of cold tumors is a particular challenge. AMAL’s KISIMA vaccine technology, designed to stimulate potent immune responses, is a promising therapeutic option for patients with these type of cancers. The AMAL acquisition, along with that of the 2018 acquisition of Vira Therapeutics (Vira-T) and in-license of OSE Immunotherapeutics’ SIRP-alpha targeting antibody, significantly strengthens Boehringer Ingelheim’s strategic focus on immune cell-directed therapies. By combining its world-class in-house research and development with that of highly innovative biotechnology companies, Boehringer Ingelheim is developing innovative immuno-oncology therapies and accelerating the delivery of the next-generation of cancer treatments. AMAL is headquartered on the medical campus of the University of Geneva, from which it was spun-out in 2012, with financial backing from a syndicate of both corporate and institutional investors, including the Boehringer Ingelheim Venture Fund and High-Tech Gründerfonds as the initial seed investors. Additional investments were provided by VI Partners, Helsinn Investment Fund, BioMed Partners and Schroder Adveq. AMAL’s technology platform and derived products are protected by a broad portfolio of patents and licenses. ]]> https://biospectrumindia.com/news/86/14168/healthassure-raises-2-5m-in-series-a-funding-.html https://biospectrumindia.com/news/86/14168/healthassure-raises-2-5m-in-series-a-funding-.html Mon, 15 Jul 2019 09:00:00 +0530 HealthAssure, India’s foremost health-tech primary care services platform based in Mumbai, has announced a $2.5 million Series A round led by Blume Ventures, an early stage venture capital fund. HealthAssure will use the funds to augment its health-tech platform, create sharper products that serve various primary care needs of the Indian market more effectively including insurance OPD products, build better data capabilities leveraging AI & ML and strengthen distribution. Speaking on the occasion, Mr. Varun Gera, Founder & CEO of HealthAssure says, “We are proud to be associated with Blume through this round of funding.  Blume has established itself as one of the most vibrant start-up ecosystems in India and we look forward to leveraging their strengths in our journey of consumerising healthcare. We will infusing the funds raised in our business to further deepen our technology, build new products, create a more robust distribution network and grow inorganically as well. HealthAssure aims to make quality healthcare easily accessible and affordable for the Indian populationand would continue to touch the lives of millions of new customers over next 2 years.” ]]> https://biospectrumindia.com/news/86/14172/piramals-pharma-business-grows-over-10-to-4786-crore-in-fy19.html https://biospectrumindia.com/news/86/14172/piramals-pharma-business-grows-over-10-to-4786-crore-in-fy19.html Fri, 12 Jul 2019 09:00:00 +0530 Over 90% of Piramal’s Pharma revenues derived from niche businesses of complex generics and Contract Development and Manufacturing Operations (CDMO). This is in stark contrast to most large India Pharma Companies that have less than 5% of its business in these categories, opting for the large volume generics business. Commenting on this growth, Mr. Ajay Piramal, Chairman, Piramal Enterprises states that “Our differentiated business model in Pharma has enabled sustained revenue growth despite pricing pressures and regulatory concerns that impacted the industry. During the year, our Pharma business grew 11% y-o-y to ₹4,786 Crores. The margin profile for this business has improved significantly, over the last few years. Global Pharma business EBITDA crossed ₹1,000 Crores in FY2019, with EBITDA margins at 23% in FY2019 as compared to 10% in FY2011.” The business has completed 70 integrated projects of which 28 were completed in FY2019 alone. Piramal Pharma Business has expanded its offering with integration of key acquired products from Janssen, launch of Sevoflurane Integrated Closure variant Miglustat in select European markets and MITIGO TM introduced in the US. The OTC business has also expanded with a Direct reach to ~4.2 lakh outlets. Pharmaceutical business had a challenging regulatory environment. Piramal focused on quality control, regulatory compliance and reliable customer service to maintain strong growth. Over the past few years, Piramal Enterprises Limited (PEL) has made significant investments in activating various growth levers, which are expected to drive the next round of growth for its Pharma business. ]]> https://biospectrumindia.com/news/86/14146/six-sigma-healthcare-sets-up-rs-750cr-project-in-rudraparayag.html https://biospectrumindia.com/news/86/14146/six-sigma-healthcare-sets-up-rs-750cr-project-in-rudraparayag.html Wed, 10 Jul 2019 09:00:00 +0530 Uttarakhand would soon have a High Altitude institute of mountain medicine, training and research center. Once completed, the institute dealing with health issues related with high altitudes would be first of its kind in Asia. Six Sigma health care, a company which at present is operating hospitals in Kedarnath, Tungnath and Madmaheshwar has proposed to set up the mega Rs 750 cr project in Rudraprayag district of Uttarakhand. On Saturday, a delegation of the Six Sigma health met the Chief Minister Trivendra Singh Rawat at his residence. The proposal for setting up the institute was given by the medical director of Six Sigma Healthcare, Dr Pradeep Bhardwaj. The CM accepted the proposal and said that the government would provide land for the institute in Rudraprayag district. He appreciated the team of Sigma health care for providing healthcare facility in Kedarnath. The CM added that the state government is committed to provide quality health services in the mountainous areas and for it work under Uttarakhand Health system development project is being done.  On the occasion, the CM felicitated Dr Pradeep Bhardwaj, Dr Arvind Kumar, Dr Parvej Ahmed, Dr Anita Bhardwaj, Bhim Bahadur and Debjit Nayak. Dr Pradeep Bharadwaj, Director of the Six Sigma Healthcare said that, “the government has agreed to provide 30 acres of land for the project. The institute once operational would provide jobs to 1227 youths. Dr Bhardwaj said that the objective of the institute is to develop all type of research in Allopathy, Homeopathy, Ayurveda, Naturopathy and Yoga concerning High Altitude Mountains and to educate professionals in mountain medicines”. The institute would also train armed forces and para-military personnel in Mountain Medicines and would offer courses in mountains medicines and high altitude rescue. It would also train local people, schools, colleges in high altitude rescue and disaster. Dr Bhardwaj added that the institute would help in checking migration and provide employment opportunities for locals. Dr. Bhardwaj claimed that the institute would be best of its kind in Asia and it would provide necessary high altitude medical services to pilgrims and tourists. The proposed institute would also help in enchansing high altitude communications (HAM) and endeavour to develop better food product and beverages. ]]> https://biospectrumindia.com/news/86/14092/transasia-invests-rs-50cr-to-expand-sikkim-facility.html https://biospectrumindia.com/news/86/14092/transasia-invests-rs-50cr-to-expand-sikkim-facility.html Wed, 03 Jul 2019 11:20:00 +0530 Transasia Bio-Medicals Ltd., India’s leading in-vitro diagnostics company has announced a Rs. 50 crore investment in the expansion of its manufacturing facility in Sikkim. The largest of its India manufacturing plants, Sikkim is the fourth one after Mumbai, Daman and Baddi. Also, the first-ever diagnostics manufacturing facility in the Northeast, the expanded facility will significantly enhance Transasia’s capacity to cater to the growing Indian and overseas market demands. Spread over 2 acres, the state of the art facility can produce 6000+ instruments monthly including the complete range of semi-automated analyzers. Announcing the new facility, Suresh Vazirani, Chairman & Managing Director, Transasia Bio-Medicals Ltd., said, “Sikkim is fast becoming a major hub for healthcare manufacturing with 14 major players already there. Transasia’s new facility will further reinforce this besides providing employment to local youth who otherwise would need to move out of the state for such quality opportunities. With this addition of capacity, we are well placed to deliver to the demand arising from continued growth posted by the company both in Indian and overseas markets.” Limited access to quality medical infrastructure, including skilled manpower and technologies have been the pain points of over 70% of Indians who live in smaller towns and rural areas. Transasia addresses this through its competitive pricing, which makes diagnostics affordable besides having a sales & service network present nationwide.     ]]> https://biospectrumindia.com/news/86/14047/andhra-govt-receives-328m-to-improve-health-services.html https://biospectrumindia.com/news/86/14047/andhra-govt-receives-328m-to-improve-health-services.html Mon, 01 Jul 2019 10:25:00 +0530 The government of Andhra Pradesh and the World Bank Executive have signed a loan agreement of $ 328 million to help improve the quality and responsiveness of public health services in Andhra Pradesh. The World Bank loan will support the Government of Andhra Pradesh (GoAP) as it scales up its efforts to bring better health care to all its citizens, especially pregnant women and those at risk of non-communicable diseases, like hypertension, diabetes and cervical cancer. The loan agreement was signed by Sameer Kumar Khare, Additional Secretary in the Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India; Shanker Lal, Acting Country Director, World Bank India and Dr KS Jawahar Reddy, Principal Secretary, Department of Health, Medical & Family Welfare, Government of Andhra Pradesh. The project will facilitate engagement of private service providers for improved quality of care of public health facilities;, improve the existing pharmaceutical stock management system and encourage empanelment of private pharmacies to dispense state-financed medicines to improve their access to the population. It will also support the rollout of a system for measuring and reporting on patient experience. ]]> https://biospectrumindia.com/news/86/13995/radiant-life-care-completes-stake-acquisition-in-max-healthcare.html https://biospectrumindia.com/news/86/13995/radiant-life-care-completes-stake-acquisition-in-max-healthcare.html Tue, 25 Jun 2019 11:45:00 +0530 Radiant Life Care Private Limited, a leading Indian hospital management company promoted by Abhay Soi and backed by KKR, has completed the previously announced acquisition of a 49.7% stake in Max Healthcare Institute Limited from South Africa-based hospital operator Life Healthcare.  Abhay Soi will now lead Max Healthcare as Chairman of its Board and Executive Council. Radiant’s stake acquisition is one of several steps that will eventually result in Mr. Soi and KKR together acquiring a controlling stake in Max Healthcare by combining the health care assets of Max Healthcare, Max India Limited, and Radiant to create the largest hospital network in North India. As part of the transaction, Max India’s promoters have received an advance of INR 361 crore (US $52.2 million) from KKR in exchange for a 4.99% stake in the merged entity. Max India’s promoters have used the funds for deleveraging purposes. Analjit Singh, Founder & Chairman of Max Group, said, “Max Healthcare and Radiant possess complementary sets of capabilities in running healthcare establishments and KKR brings with it extensive global experience in healthcare investments and capabilities in prudent financial management. Radiant-KKR are the best suited partners to further the culture of clinical and service excellence that Max Healthcare has become known for. The merger and the future planned expansion will provide the scale that MHC needs for profitable growth at a time when healthcare margins are being tested. I also want to thank our outgoing JV partner Life Healthcare for being supportive participants in MHC’s growth and progress.” Mohit Talwar, Vice Chairman of Max Group, said, “The combination of Max Healthcare-Radiant will give shareholders the opportunity to benefit from the performance of the third largest hospital chain in a rapidly growing Indian healthcare market. It will also allow Max India to focus on enhancing shareholder value creation by growing our other businesses and seeding new ones.” Abhay Soi, Chairman Radiant Life Care and Max Healthcare, said, “I am happy to have been able to complete the acquisition of Life’s stake in Max Healthcare as a first step towards integration of the two companies, and fortunate to have a PE firm such as KKR backing us in our journey. We believe we have all the wherewithal to grow our business organically and inorganically during this challenging phase for the healthcare sector. Our interests are also very aligned with our Prime Minister’s vision of strengthening brand India globally by focusing on the 5 T’s of tourism, tradition, technology, trade and talent." Sanjay Nayar, Member & CEO of KKR India, added, “We are excited about building Max Healthcare into an outstanding company governed by world-class board members and standing for the highest standards of clinical outcomes.” Radiant funded this acquisition with an investment from KKR’s Asian Fund III. The process of combining Radiant Life Care and Max Healthcare and the eventual listing of Max Healthcare is underway and is likely to be completed in 6 to 8 months, subject to receipt of the requisite approvals.   ]]> https://biospectrumindia.com/news/86/13930/varian-completes-acquisition-of-cancer-treatment-services-international.html https://biospectrumindia.com/news/86/13930/varian-completes-acquisition-of-cancer-treatment-services-international.html Wed, 19 Jun 2019 09:00:00 +0530 Varian has announced that it has successfully completed its acquisition of Cancer Treatment Services International (CTSI). Varian Medical Systems announced its definitive agreement to acquire CTSI for $283 million on May 20, 2019. Privately held, CTSI operates the American Oncology Institute in Hyderabad and 10 multidisciplinary—radiation, medical and surgical oncology— cancer centers across the Indian subcontinent as well as a U.S.-based Oncology Solutions division that provides cancer care professional services to healthcare providers worldwide. This transaction will accelerate identification of unmet clinical and operational needs to facilitate advances in technology and services. As a result, the combined companies will be positioned to create new multidisciplinary solutions based on robust clinical information benefiting oncologists, and ultimately resulting in better care for patients. These fast-growing offerings will allow Varian to expand its solutions, while helping to support the continued growth trajectory of the company's oncology systems business. Dow Wilson, president and chief executive officer of Varian said, "At Varian, the patient and clinician are at the center of our thinking as we evolve into a broad-based cancer care solutions company. Our acquisition of CTSI is consistent with this strategy and will allow us to better support oncology centers globally, accelerate access to technology-driven care and build a feedback loop that will drive cost-effective innovation. We look forward to pooling the ingenuity of our combined team with the power of data, technology and clinical insights to achieve new victories against cancer, especially for the millions of patients globally without access to appropriate care." This transaction will increase Varian's expertise in cancer center operations, allowing for new partnerships globally to deliver value-based care in developed and emerging markets.  In addition, the transaction expands the scope and geographic reach of CTSI's technology-enabled clinical solutions. Andrew Shogan, co-founder and executive director, CTSI said, "We are excited to continue our mission to address the growing global incidence of cancer and the disparity in access to treatment between the developed and emerging markets. Together with Varian, we will be better equipped to provide new solutions that empower more patients globally to fight cancer." Stanley M. Marks, M.D., co-founder of CTSI and chairman of UPMC Hillman Cancer Center said, "Effectively addressing the growing global cancer burden requires not just new technology and research, but also new ways of collaborating and partnering. This acquisition should now expand the development and implementation of new solutions for cancer care around the world." Varian will finance the acquisition with a combination of borrowings under its credit facility and cash on hand.   ]]> https://biospectrumindia.com/news/86/13897/india-alternatives-invests-8m-in-brinton-pharma.html https://biospectrumindia.com/news/86/13897/india-alternatives-invests-8m-in-brinton-pharma.html Mon, 17 Jun 2019 09:00:00 +0530 India Alternatives Investment Advisors Ltd. invested up to USD 8 million for a significant minority stake in Brinton Pharmaceuticals Limited. Among the fastest growing companies in the Indian pharmaceutical market, Brinton is focused on dermatology and has recently expanded into the paediatric dermatology & respiratory segments.  Speaking on the occasion, Mr. Rahulkumar Darda, Chairman & Managing Director, Brinton Pharmaceuticals said, “We are excited to partner with an investor of the calibre of India Alternatives and strongly believe this association will bring synergies and help us continue our profitable growth journey. This investment will enhance our capabilities in formulations and Research & Development for niche areas of dermatology and cosmetology and support expansion of the company’s footprint within India as well as globally.”  Mr. Vijey Christopher J, Director, Brinton Pharmaceuticals added “In a short span of time Brinton has made its presence felt both in dermatology and paediatrics through our innovative high quality products stemming from world-class R&D units across the globe. We are aiming for a leadership position in our represented product markets and have a strategic road-map to achieve several milestones in the coming years.”        Commenting on the investment, Ms. Shivani Bhasin Sachdeva, Founder & CEO, India Alternatives said, “India Alternatives’ investment in Brinton reflects its recognition of the Company’s solid management team, differentiated brands and focus on niche therapeutic segments. The investment in Brinton fits very well with two of our themes of women oriented consumption and health & wellness. We are excited to partner with Rahul and his team to support them through the next leg of their journey.” ]]> https://biospectrumindia.com/news/86/13802/lilly-buys-non-opioid-pain-asset-from-centrexion-therapeutics.html https://biospectrumindia.com/news/86/13802/lilly-buys-non-opioid-pain-asset-from-centrexion-therapeutics.html Thu, 06 Jun 2019 09:00:00 +0530 Eli Lilly and Company has announced a license agreement to acquire the exclusive worldwide rights for CNTX-0290 from Centrexion Therapeutics Corporation, a company focused on developing non-opioid, non-addictive therapeutics for the treatment of chronic pain. CNTX-0290, is a novel, small molecule somatostatin receptor type 4 (SSTR4) agonist that is currently being studied in Phase 1 clinical testing as a potential non-opioid treatment for chronic pain conditions. Under the terms of the agreement, Lilly will pay Centrexion an upfront payment of $47.5 million and Centrexion may be eligible for up to $575 million in potential development and regulatory milestones. If CNTX-0290 is successfully commercialized, Centrexion would be eligible for up to $375 million in potential sales milestones and tiered royalties ranging from the high-single to low-double digits. Lilly and Centrexion may also elect at a later date to co-promote CNTX-0290 in the U.S. Mark Mintun, M.D., vice president of pain and neurodegeneration research at Lilly said, "Lilly is committed to developing new medicines for people struggling with chronic pain. We are pleased to license this early-phase molecule from Centrexion, and look forward to developing it further as a potential non-opioid treatment option for multiple pain conditions." Jeffrey B. Kindler, chief executive officer of Centrexion said, "This collaboration marks an important step for Centrexion in the progress of its pipeline and demonstrates our ability to identify promising early stage assets working at new targets for chronic pain and efficiently take them through to development. Lilly's robust pain management portfolio and successful track record developing and commercializing novel therapies make them an ideal company to advance CNTX-0290.  Importantly, this agreement aims to efficiently deliver an innovative new treatment to patients that can address the significant unmet medical need of chronic pain."  This transaction is subject to customary closing conditions. ]]> https://biospectrumindia.com/news/86/13741/aster-dm-healthcares-q1-revenue-increases-to-rs-7963-crore.html https://biospectrumindia.com/news/86/13741/aster-dm-healthcares-q1-revenue-increases-to-rs-7963-crore.html Wed, 29 May 2019 14:50:00 +0530 Aster DM Healthcare, one of the largest private healthcare service providers in multiple GCC states and an emerging healthcare player in India has announced its financial results for the quarter & full year ended March 31, 2019. The Company recorded a net profit of Rs. 335 crore for the full year ending March 31, 2019. This represents a year-on-year increase 140% when compared to an adjusted PAT of Rs. 139 crore in full-year ending March 31, 2018. For the quarter ending 31st March 2019, revenue from operations increased by 23% to Rs. 2,201 and EBITDA increased by 33% to Rs. 350 crore. The Company recorded a net profit of Rs. 209 crore for the quarter ending March 31, 2019. This represents a year-on-year increase when compared to an adjusted PAT of Rs. 145 crore registered in the same quarter of 2018 which is an increase of 44%. Sustained revenue growth has resulted from its existing operations that includes 24 hospitals, 114 clinics and over 219 pharmacies in nine countries, including India. The Company’s strong growth is a reflection of its focus on quality healthcare, the strength of its diversified healthcare offerings and a strong thrust on enhancing efficiencies. Financial Performance HighlightsPerformance Review for Q4FY19 vs. Q4FY18 Revenue from operations improves by 23% to Rs. 2,201 crore compared to Rs. 1,784 crore EBITDA (excluding other income) increases by 33% Y-o-Y to Rs. 350 crore compared to Rs. 263 crore PAT (adjusted for exceptional income in previous year) increases to Rs. 209 crore compared to Rs. 145 crore  Performance Review for FY19 vs. FY18 Revenue from operations improves by 18% to Rs. 7,963 crore compared to Rs. 6,721 crore EBITDA (excluding other income) grew by 41% Y-o-Y to Rs. 863 crore compared to Rs. 613 crore PAT (adjusted for exceptional income in previous year) increased by 140% to Rs. 335 crore compared to Rs. 139 crore  Commenting on the performance for Q4 & FY19, Dr. Azad Moopen, Chairman, Aster DM Healthcare, said: “We are very happy to report strong growth at both the top line and EBITDA level. All hospitals in the GCC and India are performing well and new hospitals in India are also doing better than expected. In line with our asset light focus, work at all our new hospital pipeline projects both in GCC and India are progressing well. We are optimistic however that all these facilities will achieve swift break even on the back of increasing occupancy and better utiiisations.. The quarter under review has been our best quarter in the year under review with seasonality too playing to our favour.” Segmental PerformanceHospitals Revenues increased by 22% to Rs. 3,969 crore in FY19 from Rs. 3,241 crore in FY18. EBITDA (excluding other income) increased by 37% from Rs. 364 crore in FY18 to Rs. 501 crore in FY19. The EBITDA margin was at 12.6% in FY19 compared to 11.3% in FY18. This performance was driven by addition of new specialties, services and increase in beds.Clinics Revenues for GCC clinics increased by 14% to Rs. 1,990 crore in FY19 from Rs. 1,748 crore in FY18. EBITDA for GCC clinics increased 50% from Rs. 210 crore in FY18 to Rs. 315 crore in FY19. The EBITDA margin was at 15.9% in FY19 compared to 12% in FY18. This performance was driven by ramp up in new clinics set up in GCC states in the recent past and increase in footfalls from existing clinics.Pharmacies Revenues increased by 21% to Rs. 2,178 crore in FY19 from Rs. 1,798 crore in FY18. EBITDA increased 20% from Rs. 186 crore in FY18 to Rs. 223 crore in FY19.  ]]> https://biospectrumindia.com/news/86/13695/cipla-announces-q4-and-fy19-results.html https://biospectrumindia.com/news/86/13695/cipla-announces-q4-and-fy19-results.html Wed, 22 May 2019 14:25:00 +0530 Cipla Limited has announced its audited consolidated financial results for quarter and full year ended March 31, 2019 Key highlights of the quarter and year Continued growth momentum in private market [non-tender] segments continues across India, South Africa and key Emerging Markets US business - New launches drive significant growth Q4: 41% YoY and 38% QoQ growth FY19: 18% YoY growth Umang Vohra MD and Global CEO, Cipla Ltd said, “FY’19 ended on a strong note for Cipla. While our home markets of India and South Africa continued to lead the way, our US business established robust base growth from differentiated direct-to-market launches. Our planned build-up of respiratory pipeline in the US remains on track. Challenges in the tender businesses and certain volatile markets played out as guided previously. Most importantly, in FY’19, we made important strides in broadening our offerings to patients around the world through health campaigns, innovative products, strategic acquisitions and digital healthcare solutions. From a sustainable growth and direction perspective, we are well-poised for FY20.” India Cipla continued its outperformance in FY19; grew by 11.2% vs market growth of 10.5% Strong execution supported by superior prescription generation and market beating growth across key therapies; in-licensed products ramping up Chronic therapies: Cipla became the 2nd biggest player growing over 18% vs market growth of 13% Strategic partnership with LG Life Sciences for Women Health Portfolio ]]> https://biospectrumindia.com/news/86/13682/varian-to-acquire-cancer-treatment-services-international-for-283m.html https://biospectrumindia.com/news/86/13682/varian-to-acquire-cancer-treatment-services-international-for-283m.html Tue, 21 May 2019 10:25:00 +0530 Taking an important step to accelerate innovation of new multidisciplinary solutions to address the growing global cancer burden, Varian Medical Systems has announced that it has entered into a definitive agreement to acquire Cancer Treatment Services International (CTSI) for $283 million. Privately held, CTSI operates the American Oncology Institute in Hyderabad and 10 multidisciplinary—radiation, medical and surgical oncology— cancer centers across the Indian subcontinent as well as a U.S.-based Oncology Solutions division that provides cancer care professional services to healthcare providers worldwide. This transaction will accelerate identification of unmet clinical and operational needs to facilitate advances in technology and services. As a result, the combined companies will be positioned to create new multidisciplinary solutions based on robust clinical information benefiting oncologists, and ultimately resulting in better care for patients. These fast-growing offerings will allow Varian to expand its solutions, while helping to support the continued growth trajectory of the company’s oncology systems business. “At Varian, the patient and clinician are at the center of our thinking as we evolve into a broad-based cancer care solutions company,” said Dow Wilson, president and chief executive officer of Varian. “Our acquisition of CTSI is consistent with this strategy and will allow us to better support oncology centers globally, accelerate access to technology-driven care and build a feedback loop that will drive cost-effective innovation. We look forward to pooling the ingenuity of our combined team with the power of data, technology and clinical insights to achieve new victories against cancer, especially for the millions of patients globally without access to appropriate care.” This transaction will increase Varian’s expertise in cancer center operations, allowing for new partnerships globally to deliver world-class, value-based care in developed and emerging markets.  In addition, the transaction expands the scope and geographic reach of CTSI’s technology-enabled clinical solutions. “We are excited to continue our mission to address the growing global incidence of cancer and the disparity in access to treatment between the developed and emerging markets,” said Andrew Shogan, co-founder and executive director, CTSI. “Together with Varian, we will be better equipped to provide new solutions that empower more patients globally to fight cancer.” “Effectively addressing the growing global cancer burden requires not just new technology and research, but also new ways of collaborating and partnering,” said Stanley M. Marks, M.D., co-founder of CTSI and chairman of UPMC Hillman Cancer Center.  “This acquisition should now expand the development and implementation of new solutions for cancer care around the world.” Key acquisition highlights: Brings Varian closer to the patient and provider to gain clinical data and insights critical to enhancing existing portfolio and expanding into new products and services Facilitates identification of unmet clinical needs to drive development of new technology-enabled services Increases Varian’s expertise in cancer center operations, and allows for new partnerships with providers globally to expand access to technology-driven care Transaction and Closing Details Varian will finance the acquisition with a combination of borrowings under its credit facility and cash on hand. The transaction is anticipated to close in approximately two weeks, subject to the satisfaction of customary closing conditions. CTSI generated annual revenues of $43.5 million in the fiscal year ended March 31, 2019. Varian estimates the transaction will have a 6 cents per share dilutive impact to earnings on a GAAP basis and a 3 cents per share dilutive impact to earnings on a Non-GAAP basis for the remainder of fiscal year 2019. The Company expects this acquisition to be accretive to earnings per share during fiscal year 2021 on a Non-GAAP basis and fiscal year 2022 on a GAAP basis. Updated Guidance for Full Fiscal Year 2019 Given the pro-forma impact of the CTSI acquisition and the gross impact from recently announced incremental tariffs, Varian is adjusting its FY19 annual guidance.   Prior Guidance   Updated Guidance Revenues $3.09 to $3.18 billion   Unchanged   Y/Y 6% to 9%   Non-GAAP operating earnings as a percentage of revenues 17.0% to 18.0%   16.5% to 17.5% Non-GAAP net earnings per share – diluted $4.60 to $4.75   $4.55 to $4.70 Cash flows from operations $460 to $510 million   $440 to $490 million   The guidance continues to assume a Non-GAAP effective tax rate of 21 percent to 22 percent, a weighted average diluted share count of 92 million, currency rates as of the beginning of the company’s third fiscal quarter of 2019 and excludes any future acquisitions. ]]> https://biospectrumindia.com/news/86/13675/jubilant-life-sciences-announces-q4-12mfy19-results.html https://biospectrumindia.com/news/86/13675/jubilant-life-sciences-announces-q4-12mfy19-results.html Mon, 20 May 2019 11:45:00 +0530 The Board of Jubilant Life Sciences Limited, an integrated global pharmaceutical and life sciences company recently met to approve financial results for the quarter and full year ended March 31, 2019. Commenting on the Company’s performance, Mr. Shyam S Bhartia, Chairman and Mr. Hari S Bhartia, Co-Chairman & Managing Director, Jubilant Life Sciences said, “The Company reported record performance in revenue and profitability in FY 19 led by robust growth in our Pharmaceuticals segment. Our strategic focus on de-risked business model and being closer to customer with leadership position in key products has driven this growth. Our global competitive edge due to low cost, vertical integration and capacity additions with commitment to ensure high level of compliance will further strengthen our businesses. We witnessed healthy performance during the quarter, which was offset by certain one-time charges. We continue to remain focused on generating operating cash to invest to support our growth and reduce the debt for a strong balance sheet.”  FY19 Highlights Consolidated Consolidated revenue up 21% YoY to Rs 9,111 Crore EBITDA up 14% YoY to Rs. 1,775 Crore with EBITDA margin of 19%. Finance costs at Rs. 220 Crore vs. Rs. 284 Crore last year Normalised PAT at Rs. 855 Crore with Normalised EPS at Rs. 54 for Re. 1 FV. Capital Expenditure of Rs. 567 Crore Gross Debt at Rs. 4,860 crore and Net debt at Rs. 3,490 Crore Net debt at Rs. 3,370 Crore on a constant currency basis Generated operating cash of Rs 848 Crore before capex and product development of Rs 698 Crore Average blended interest rate for FY19 at 6.18% pa – Re loans @ 8.4%, $ loans @ 4.91% Segment Wise Analysis Pharmaceuticals Segment Pharmaceuticals segment’s revenue up 33% YoY in FY19 to Rs. 5,324 Crore contributing 58% to the company’s revenue as compared to 53% in FY18 EBITDA of Rs. 1,386 Crore, up 38% YoY with margins of 26%. R&D of Rs. 244 Crore – 4.6% to segment sales. R&D debited to P&L is Rs. 190 Crore – 3.6% to segment sales. Life Science Ingredients Segment LSI revenue at Rs. 3,545 Crore, up 7% YoY, contributing 39% to the company’s revenues EBITDA at Rs 445 Crore with a margin of 13%. Others Segment (Including Drug Discovery and India Branded Pharmaceuticals) Revenues at Rs. 242 Crore, up 24% and contributing 3% to total revenues EBITDA was at Rs. 4 Crore as compared to Rs. (9) Crore. Q4’FY19 Highlights Consolidated Consolidated revenue at Rs. 2,386 Crore, up 6% YoY EBITDA at Rs. 351 Crore, with margin of 15%. Finance costs at Rs 62 Crore as compared with Rs 72 Crore last year. Normalised PAT at Rs. 135 Crore with Normalised EPS at Rs. 8.5 for Re. 1 FV. Capital Expenditure of Rs. 165 Crore Segment Wise Analysis Pharmaceuticals Segment Pharmaceuticals revenue at Rs. 1,399 Crore, up 13% YoY, contributing 59% to the company’s revenues Segment EBITDA at Rs 287 Crore with a margin of 21%. R&D spent during the quarter of Rs. 68 Crore – 4.8% to segment sales. R&D debited to P&L is Rs. 51 Crore – 3.7% to segment sales Life Science Ingredients Segment LSI revenue of Rs. 912 Crore vis-a-vis Rs 968 Crore in Q4 last year LSI segment’s EBITDA at Rs. 101 Crore with a margin of 11%. Others Segment Revenues up 45% YoY to Rs. 74 Crore, contributing 3% to company’s total revenues Segment’s EBITDA at Rs. (3) Crore as compared to Rs. 5 Crore in Q4’FY18. Outlook The Company continues to work on its strategic focus on being closer to the customer and further strengthening its leadership position in defined businesses. We expect stable performance in FY20. The Pharma segment is expected to continue to deliver steady revenues with range bound margins across businesses. In LSI segment, growth will be led by Nutrition and Specialty Intermediates businesses. The company is focused on generating operating cash to invest in building a R&D led product pipeline particularly in Specialty Pharmaceuticals business and on strengthening of its balance sheet by reducing debt to ensure sustainable growth.     ]]> https://biospectrumindia.com/news/86/13662/avantor-announces-pricing-of-ipo.html https://biospectrumindia.com/news/86/13662/avantor-announces-pricing-of-ipo.html Fri, 17 May 2019 10:50:00 +0530 Avantor, a leading global provider of mission-critical products and services to customers in the biopharma, healthcare, education & government, and advanced technologies & applied materials industries has announced that it has priced the initial public offering of 207,000,000 shares of its common stock at a price to the public of $14.00 per share and a concurrent public offering of 18,000,000 shares of its 6.250% Series A Mandatory Convertible Preferred Stock at a price to the public of $50.00 per share. In connection with the offerings, Avantor has granted the underwriters a 30-day option to purchase up to an additional 31,050,000 shares of common stock and an additional 2,700,000 shares of the Mandatory Convertible Preferred Stock, as applicable, in each case, solely to cover over-allotments.  The offerings are expected to close on May 21, 2019, subject to customary closing conditions.  Avantor intends to use a portion of the net proceeds received from the offerings to redeem all outstanding shares of its existing Series A Preferred Stock and use the remaining proceeds to repay a portion of its outstanding indebtedness under its senior secured term loan facilities.  The completion of the offering of Mandatory Convertible Preferred Stock is contingent upon the completion of the offering of common stock. Avantor's common stock and Mandatory Convertible Preferred Stock will each be listed on the New York Stock Exchange, and each are expected to begin trading on May 17, 2019.  Avantor's common stock will trade under the ticker symbol "AVTR," while the Mandatory Convertible Preferred Stock will begin trading under the ticker symbol "AVTR PRA." Goldman Sachs & Co. LLC and J.P. Morgan are serving as the joint book-running managers and as representatives of the underwriters for the offerings. BofA Merrill Lynch, Barclays, Jefferies, Credit Suisse, Deutsche Bank Securities, Evercore ISI, Guggenheim Securities, Morgan Stanley, UBS Investment Bank, Citigroup, Cowen, Piper Jaffray and RBC Capital Markets are also acting as bookrunners for the offerings. Baird, William Blair, Janney Montgomery Scott, KeyBanc Capital Markets, PJT Partners LP, Raymond James, Stephens Inc., Stifel, SunTrust Robinson Humphrey, Wells Fargo Securities and Drexel Hamilton are acting as co-managers for the offerings. Unless converted earlier, each share of the Mandatory Convertible Preferred Stock will automatically convert on May 15, 2022 (subject to postponement for certain market disruption events) into between 3.0395 and 3.5714 shares of Avantor's common stock, subject to certain customary anti-dilution adjustments. Dividends on the Mandatory Convertible Preferred Stock will be payable on a cumulative basis when, as and if declared by Avantor's board of directors, at an annual rate of 6.250% on the liquidation preference of $50.00 per share. If declared, these dividends will be paid in cash, or, subject to certain limitations, in shares of Avantor's common stock or in a combination of cash and shares of Avantor's common stock, at Avantor's election, on February 15, May 15, August 15and November 15 of each year, commencing on August 15, 2019, and continuing to, and including, May 15, 2022. A registration statement, including separate prospectuses, relating to these securities, was declared effective by the Securities and Exchange Commission on May 16, 2019. Avantor is a leading global provider of mission-critical products and services to customers in the biopharma, healthcare, education & government, and advanced technologies & applied materials industries. We operate in more than 30 countries and deliver an extensive portfolio of products and services. We set science in motion to create a better world. ]]> https://biospectrumindia.com/news/86/13655/morgan-stanley-invests-rs-1-bn-in-healthmap-diagnostics.html https://biospectrumindia.com/news/86/13655/morgan-stanley-invests-rs-1-bn-in-healthmap-diagnostics.html Fri, 17 May 2019 09:00:00 +0530 Manipal Health Enterprise Pvt Ltd (“MHEPL”), the healthcare arm of Manipal Education and Medical Group, has announced an Rs 1.45 Billion equity commitment from Morgan Stanley India Infrastructure (“MSII”) in HealthMaP Diagnostics Pvt Ltd (“HealthMaP”), a wholly owned subsidiary of MHEPL.  MSII will make an initial investment of Rs 1 Billion in HealthMaP. HealthMaP is a Public Private Partnership (“PPP”) initiative for diagnostic imaging in Indian healthcare. HealthMaP is addressing an enormous shortage in affordable diagnostic imaging services throughout India by partnering with state-owned hospitals that serve over 500 million Indians.  Set up in 2015, HealthMaP has concessions to operate 37 imaging centres across the states of Haryana and Jharkhand, of which 30 are already operational. The core of HealthMaP’s business is a “shop-in-shop” model in which the company owns and operates the diagnostic imaging units inside these hospitals through exclusive long-term contracts. The company proposes to expand its footprint to 75 centres in the next three years. “Millions of our citizens are pushed deeper into poverty each year because of healthcare emergencies and costs.  Very often, early diagnostic imaging can help them avoid such emergencies but the cost of the tests can be a deterrent. HealthMaP has been at the forefront of making quality diagnostic imaging available to the masses and we are proud to play a role in advancing affordable healthcare in India. With the introduction of universal healthcare in the country through the Ayushman Bharat programme, HealthMap is also exploring the opportunity to partner with private hospitals to set up facilities for diagnostics and treatment of cardiac ailments as well as cancer, and to increase access for patients especially in the underserved States”, said Dilip Jose, Managing Director and CEO of Manipal Health Enterprises.    Backed by shareholders including Temasek and TPG, HealthMaP’s parent company, MHEPL, provides healthcare services across India through eleven multi-specialty hospitals in Karnataka, Andhra Pradesh, Tamil Nadu, Delhi, Rajasthan and Goa.  It also manages five teaching hospitals in Karnataka and Sikkim as well as several fertility clinics across the country. “We are delighted to partner with MHEPL and the Manipal Group at an inflection point in the affordable healthcare revolution in our country as underscored by the recent launch of the world’s largest universal healthcare coverage program.  This creates vast opportunities for HealthMaP and, combined with MHEPL’s reputation for clinical excellence, positions HealthMaP as one of India’s leading affordable healthcare platforms”, said Raja Parthasarathy, a Managing Director with Morgan Stanley India Infrastructure. Morgan Stanley India Infrastructure is the India infrastructure investing platform of Morgan Stanley Infrastructure Partners.  Part of Morgan Stanley Investment Management, Morgan Stanley Infrastructure Partners is a leading global infrastructure investment platform with offices in New York, Houston, San Francisco, Toronto, London, Amsterdam, Frankfurt, Mumbai, Hong Kong and Melbourne. “We are excited with the confidence reposed by the shareholders in HealthMaP. The Public Private Partnership is a huge opportunity in diagnostic and other healthcare models. Quality of service is our credo and we endeavour to deliver the best diagnostic at affordable cost to the masses”, said Niraj Arora, CEO of HealthMaP Diagnostics. ]]> https://biospectrumindia.com/news/86/13582/procter-gamble-announces-q3-results.html https://biospectrumindia.com/news/86/13582/procter-gamble-announces-q3-results.html Wed, 08 May 2019 18:00:00 +0530 Procter & Gamble Hygiene and Health Care Ltd. (PGHHCL) announced its financial results for the quarter ended March 31, 2019. The company delivered sales of 699 crores, up 23% vs year ago (comparable sales* up 15%) behind brand fundamentals, product innovation, strength of the product portfolio, and improved in-store execution. The Profit After Tax (PAT) was 90 crores, up 8% vs year ago behind continued focus on productivity and cost efficiency. Madhusudan Gopalan, Managing Director, Procter & Gamble Hygiene and Health Care Ltd. said, “We have delivered strong double-digit growth for the third consecutive quarter this year driven by robust volume growth, category development and execution excellence. Our focus on raising the bar on superiority, innovation, improving productivity, and strengthening our organization and culture is delivering strong results in a competitive market environment. We will continue to focus on balanced top and bottom line growth to create value for shareholders.” Both the Feminine Care and Health Care businesses recorded double-digit growth. *Comparable sales: Reported sales adjusted for impact of GST change versus previous year. ]]> https://biospectrumindia.com/news/86/13529/asia-healthcare-holdings-acquires-nova-ivi-fertility.html https://biospectrumindia.com/news/86/13529/asia-healthcare-holdings-acquires-nova-ivi-fertility.html Fri, 03 May 2019 10:45:00 +0530 Asia Healthcare Holdings (AHH), a healthcare operating platform founded by TPG Growth, has signed definitive agreements to acquire Nova IVI Fertility. Nova fertility operates India’s second largest network of IVF centres with 20 centres across 15 cities. AHH currently operates a chain of 12 women & children’s hospitals across India under the Motherhood brand. Between Motherhood and Nova, AHH will create the largest mother and child-focused healthcare platform in India. TPG Growth has been one of the most active investors in healthcare in India and south Asia in the last five years, with a strong thematic approach and commitment of close to $400M across a variety of segments, including medical technology, delivery, life sciences and pharmaceuticals. The AHH platform, which is funded by TPG Growth, helps power multiple single specialty healthcare delivery companies through a single management team. The platform is unique to Indian healthcare and unparalleled in the region – and reflects TPG’s commitment and focus to leading India’s healthcare investing landscape. Consistent with its global philosophy of deep engagement with founders and management teams, TPG has partnered with Vishal Bali at AHH to build a market leading franchise in single specialties across India and South Asia. AHH currently runs a network of 13 oncology hospitals under the name of American Oncology Institute (AOI), a network of 12 Women & Children hospitals under the Motherhood brand and Ampath, network of Pathology Diagnostics labs. “TPG and AHH are the leaders when it comes to creating innovative healthcare models and investments in India. We are excited to see Nova Fertility join the AHH platform which has proven expertise in growing and scaling healthcare delivery systems. This will unlock Nova’s growth potential and strengthen our proposition in India’s fast-growing fertility segment,” said Naresh Rao, CEO of Nova Fertility. “Vishal and the TPG team know how to grow great businesses, and we look forward to partnering with them” ]]> https://biospectrumindia.com/news/86/13523/pfizer-reports-q1-2019-results.html https://biospectrumindia.com/news/86/13523/pfizer-reports-q1-2019-results.html Thu, 02 May 2019 15:40:00 +0530 Pfizer reported financial results for first-quarter 2019 and raised the midpoint of its 2019 financial guidance for adjusted diluted EPS. At the start of the 2019 fiscal year, Pfizer reorganized its commercial operations into three businesses: Pfizer Biopharmaceuticals Group, a science-based innovative medicines business, which includes all of the previous Innovative Health business units (except Consumer Healthcare) as well as a new Hospital business unit that commercializes Pfizer’s global portfolio of sterile injectable and anti-infective medicines and includes Pfizer’s contract manufacturing operation, Pfizer CentreOne. Pfizer also incorporated its biosimilar portfolio into its Oncology and Inflammation & Immunology business units and certain legacy established products into the Internal Medicine business unit. Upjohn, a global, off-patent branded and generic established medicines business, which includes 20 off-patent solid oral dose legacy brands including Lyrica, Lipitor, Norvasc, Viagra and Celebrex, as well as certain generic medicines. Consumer Healthcare, which includes Pfizer’s over-the-counter medicines.   Pfizer Biopharmaceuticals Group Revenue Highlights First-quarter 2019 Biopharma revenues totaled $9.2 billion, up 7% operationally, primarily driven by: Eliquis globally, up 36% operationally, primarily driven by continued increased adoption in non-valvular atrial fibrillation as well as oral anti-coagulant market share gains; Ibrance globally, up 25% operationally, primarily driven by: 107% operational growth in international markets, reflecting continued strong uptake following launches in developed Europe, Japan and certain emerging markets; and 2% growth in the U.S., reflecting continued moderating volumes in approved metastatic breast cancer indications; Prevnar 13/Prevenar 13 globally, up 10% operationally, primarily driven by: 31% operational growth in emerging markets, reflecting the favorable overall impact of timing and increased volume associated with government purchases for the pediatric indication and increased shipments associated with Gavi, the Vaccine Alliance, partially offset primarily by the non-recurrence of volumes associated with an adult national immunization program in first-quarter 2018; and 6% growth in the U.S., reflecting increased government purchases in first-quarter 2019 for the pediatric indication, partially offset by the continued decline in revenues for the adult indication due to a declining “catch up” opportunity compared to the prior-year quarter; and Xeljanz globally, up 34% operationally, driven by: 89% operational growth in international markets, primarily reflecting continued uptake in the rheumatoid arthritis indication as well as from the recent launch of the ulcerative colitis indication in certain developed markets; and 18% growth in the U.S., reflecting continued strong volume growth in the rheumatoid arthritis indication and from the launches of the psoriatic arthritis and ulcerative colitis indications, partially offset by expected higher rebating and unfavorable channel mix in first-quarter 2019, partially offset primarily by lower revenues for: the Hospital business in the U.S., down 8%, primarily due to the continued expected negative impact from generic competition for products that have previously lost marketing exclusivity; and certain rare disease products, including the hemophilia franchises primarily due to competitive pressures, and Genotropin in the U.S., primarily due to unfavorable channel mix. Upjohn Revenue Highlights First-quarter 2019 Upjohn revenues totaled $3.1 billion, up 1% operationally, reflecting: 25% operational growth in emerging markets, driven by strong, volume-driven operational growth in China, primarily from Lipitor, Norvasc and Celebrex; and 10% operational growth in Japan, primarily driven by strong volume growth from Lyrica and Celebrex, partially offset by: 13% operational decline in developed markets excluding Japan, primarily driven by lower revenues for: Viagra and Upjohn’s authorized generic for Viagra in the U.S. resulting from increased generic competition following Viagra’s December 2017 patent expiration; Lyrica, primarily due to lower volumes in the U.S., reflecting wholesaler destocking in advance of anticipated generic competition beginning on June 30, 2019, and in developed Europe, reflecting continued generic competition; and Greenstone, Upjohn’s authorized generic subsidiary, primarily due to continued industry-wide pricing challenges in the U.S. Consumer Healthcare Revenue Highlights First-quarter 2019 Consumer Healthcare revenues totaled $858 million, down 2% operationally, reflecting an 8% decline in the U.S., partially offset by 4% operational growth in international markets. Dr. Albert Bourla, Pfizer’s Chief Executive Officer, stated, “Our first-quarter 2019 financial results were strong, driven by continued strength from certain Biopharma brands, primarily Eliquis, Ibrance, Prevnar 13/Prevenar 13 and Xeljanz, as well as strong operational growth from certain Upjohn brands, primarily in China. Our new commercial structure is designed to maximize today’s revenue growth opportunities while transitioning the company to a period post-2020 where we expect sustained mid-single-digit operational revenue growth through 2025. We remain focused on executing on our commercial strategies, managing expenses, advancing our pipeline and prudently allocating our capital to position Pfizer for sustainable success. “Our pipeline continues to deliver differentiated therapies that have the potential to improve the standard of care for patients across multiple therapeutic areas. In the first four months of 2019, we have received five regulatory approvals and presented Phase 3 data for Xtandi in metastatic hormone-sensitive prostate cancer as well as Phase 2 immunogenicity data in adults for our 20-valent pneumococcal vaccine candidate. Over the rest of 2019, we are looking forward to potential U.S. regulatory approvals for tafamidis in transthyretin cardiomyopathy, our Bavencio-Inlyta combination for the treatment of first-line renal cell carcinoma as well as for our biosimilar rituximab, bevacizumab and adalimumab molecules. We also expect Phase 3 read outs in 2019 for PF-04965842, our Janus kinase-1 (JAK1) inhibitor in development for moderate-to-severe atopic dermatitis, and rivipansel, in development for vaso-occlusive crisis from sickle cell disease. I believe our pipeline today represents an unprecedented opportunity to deliver a life-changing impact for millions of patients while enhancing value for all of our stakeholders,” Dr. Bourla concluded. Frank D’Amelio, Chief Financial Officer and Executive Vice President, Business Operations and Global Supply, stated, “Overall, I was pleased with our first-quarter 2019 financial performance. We were able to achieve 5% operational revenue growth and delivered Adjusted diluted EPS growth of 13%, primarily reflecting the strong performance of certain key products and the net impact of our share repurchases. We reaffirmed our 2019 financial guidance for revenues. Additionally, we raised the midpoint of our guidance range for Adjusted diluted EPS by $0.01, reflecting a $0.03 operational improvement, primarily due to approximately $100 million of incremental Adjusted other income that was recorded in first-quarter 2019, partially offset by a $0.02 negative impact reflecting unfavorable changes in foreign exchange rates since mid-January 2019. Finally, in first-quarter 2019, we returned $10.9 billion directly to shareholders through share repurchases and dividends.”   ]]> https://biospectrumindia.com/news/86/13483/sanofi-delivers-strong-q1-2019-business-eps-growth-of-9-4-at-cer.html https://biospectrumindia.com/news/86/13483/sanofi-delivers-strong-q1-2019-business-eps-growth-of-9-4-at-cer.html Fri, 26 Apr 2019 16:35:00 +0530 In the first quarter of 2019, Sanofi generated net sales of €8,391 million, an increase of 6.2% (up 4.2% at CER). First-quarter other revenues increased 41.2% (up 31.6% at CER) to €322 million, reflecting the VaxServe sales contribution of non-Sanofi products (€241 million, up 32.0% at CER) and the royalties received from Swedish Orphan Biovitrum AB. First-quarter Gross Profit increased by 8.7% to €6,097 million (up 6.3% at CER). The gross margin ratio was 72.7% (72.4% at CER) versus 71.0% in the first quarter of 2018 and benefited from the strong performance of Vaccines and Pharmaceuticals in China, the growth in Specialty Care including the contribution from Bioverativ as well as the end of royalty payments to Bristol-Myers Squibb on Plavix and Avapro sales(11). These positive drivers more than offset the negative impact from U.S. Diabetes net price evolution and Established Rx Products decrease in mature markets. In the first quarter of 2019, the gross margin ratio of segments was 76.0% for Pharmaceuticals (up 1.7 percentage points), 68.5% for CHC (up 0.7 percentage points) and 62.2% for Vaccines (up 5.1 percentage points). In 2019, Sanofi expects its gross margin ratio to be around 70% at CER. Research and Development (R&D) expenses increased by 8.2% to €1,385 million in the first quarter of 2019. At CER, R&D expenses increased 4.9%, mainly reflecting the acquisitions of Bioverativ and Ablynx together with investments in diabetes, rare blood disorder and immunology programs. Excluding the impact of acquisitions and Generics in Europe(12), R&D expenses would have risen by 1.9% at CER in the quarter. First-quarter selling general and administrative expenses (SG&A) increased by 3.0% to €2,380 million. At CER, SG&A expenses were up 0.6% mainly reflecting the consolidation of Bioverativ and Ablynx. Excluding the impact of acquisitions and Generics in Europe(12), SG&A expenses were stable at CER, reflecting investments in Specialty Care offset by cost efficiency measures notably in Primary Care. In the first quarter, the ratio of SG&A to sales decreased by 0.8 percentage points to 28.4% compared to the first quarter of 2018. First-quarter operating expenses were €3,765 million, an increase of 4.9% and 2.1% at CER. Excluding the impact of acquisitions and Generics in Europe(12), operating expenses would have risen by 0.7% at CER in the first quarter of 2019. First-quarter other current operating income net of expenses was -€102 million versus -€31 million in the first quarter of 2018. This line included the share of profit/loss to Regeneron of the monoclonal antibodies Alliance net of associated marketing expenses incurred by Regeneron. In the first quarter of 2019, this line also included a legal contingency provision of €56 million. The share of profits from associates was €71 million in the first quarter, down 4.1%. This line included the contribution of the share of profits in Regeneron. In the first quarter, non-controlling interests were -€10 million versus -€30 million and reflected the restructuring of the Alliance with Bristol-Myers Squibb related to Plavix and Avapro. First-quarter business operating income increased by 12.6% to €2,291 million. At CER, business operating income increased by 11.3%. The ratio of business operating income to net sales increased by 1.5 percentage points to 27.3% versus the first quarter of 2018. Over the period, the business operating income ratio of segments was 38.2% for Pharmaceuticals (up 0.7 percentage points), 34.9% for CHC (up 0.7 percentage points) and 27.1% for Vaccines (up 9.1 percentage points). Net financial expenses were -€45 million in the first quarter versus €2 million in the same period of 2018. Net financial expenses included a gain of €76 million in the first quarter of 2018. In the first quarter of 2019, net financial expenses included the cost associated with the Bioverativ and Ablynx acquisitions. A €26 million financial gain was also recognized in connection with contingent payments on future regulatory milestones. The first-quarter effective tax rate was stable at 22%. Sanofi expects its effective tax rate to be around 22% in 2019. First-quarter business net income(10) increased 10.5% to €1,765 million and 9.0% at CER. The ratio of business net income to net sales was 21.0%, up 0.8 percentage points compared with the first quarter of 2018. In the first quarter of 2019, business earnings per share(10) (EPS) increased 10.9% to €1.42 and 9.4% at CER. The average number of shares outstanding was 1,245.8 million in the first quarter of 2019 versus 1,248.2 million in the first quarter of 2018. Sanofi Chief Executive Officer, Olivier Brandicourt, commented: "I am pleased with the strong start in 2019 as we sustained our new growth phase and delivered business EPS growth of 9.4%. We executed on key launches in Specialty Care led by the impressive uptake of Dupixent(R) in atopic dermatitis and asthma and also delivered strong growth in Vaccines. At the same time, our new GBU structure enabled us to optimize our growth opportunity in China & Emerging Markets and to adapt to the pressures in Primary Care. Based on our performance in the first quarter, we remain confident in the growth outlook for our business over the rest of the year despite challenging industry dynamics." ]]> https://biospectrumindia.com/news/86/13468/syngene-records-strong-q4-and-fy19-growth.html https://biospectrumindia.com/news/86/13468/syngene-records-strong-q4-and-fy19-growth.html Thu, 25 Apr 2019 19:00:00 +0530 Syngene International Limited has announced its fourth quarter and full year financial results for FY19. The Company posted Q4 revenue of Rs. 555 Cr, an increase of 30% from the prior year quarter. Full year revenue was up 28% to Rs 1901 Cr compared to the previous year. Commenting on the results, Mr. Jonathan Hunt, Chief Executive Officer - Syngene International Limited said, “We are very pleased to report strong revenue growth of 30% for Q4 FY19, with revenues growing to Rs 555 Cr from Rs 426 Cr in the prior year. The growth was driven by strong performances in both Discovery Services and Development Services. EBITDA for the quarter was up 24% to Rs. 181 Cr, while PAT was up 19%. On a full year basis, revenue grew at a robust 28% from Rs. 1485 Cr in FY18 to Rs. 1901 Cr in FY19. During the year we strengthened our partnerships with key strategic clients such as Baxter, Merck KGaA, Bristol-Myers Squibb, Amgen and GSK as well as improved our position within the emerging biopharma segment. Our CAPEX investment programme through the year has added capacity and new capability to drive future growth and our ongoing initiatives to improve service delivery, safety and quality are already beginning to have a positive impact.” Q4 FY19 was a record quarter that saw revenue crossing the Rs 500 Cr mark for the first time. The strong growth was driven by sustained growth in the discovery and development services. During the quarter, Syngene and the Government of India’s Biotechnology Industry Research Assistance Council (BIRAC) collaborated to set up a Centre for Advanced Protein Studies (CAPS) at its Bengaluru campus. The Centre hosts a state-of-the-art GLP accredited analytical laboratory which will be available to BIRAC-funded start-ups, SMEs/MMEs and academia in India at an affordable cost. For the full year, Syngene recorded strong growth of 28% with revenue increasing from Rs. 1485 Cr to Rs. 1901 Cr in FY19. The growth was driven by robust performances in both Discovery Services and our Dedicated R&D Centre business. The Company expanded its customer base, adding new clients as well as extending existing clientrelationships, taking the total active client base in FY19 to 331 from 316 in FY18. The expansion of our ongoing strategic collaboration with Baxter Inc. led to the commissioning of additional infrastructure for Baxter. Discovery Services delivered strong growth on the back of both contract renewals and new client wins. The Company invested in adding new competencies in small and large molecules, Antibody Drug Conjugates (ADCs), and Oligonucleotides that will enable it to address emerging client requirements. The collaboration with GSK, entered into in FY18,was made fully operational during the year, while the collaboration with Merck KGaA was extended until 2022. Within Discovery Services, our bioinformatics group entered into a collaboration with a French biotech company to develop a novel tool that will enable better prediction of the toxic impact of drug candidates on the liver. The Development and Manufacturing businesses completed development and clinical manufacturing of drug products for multiple clients during the year in both small and large molecules. The refurbished S2 unit was re-commissioned bringing online 35,000 sq ft laboratory capacity that was earlier non-operational. The Company continued to make investments in the areas of improving safety and operational excellence as well as strengthening the leadership team. With this, Syngene has announced the appointment of Dr. Kenneth Barr as Senior Vice President of Discovery Services. Kenneth is a Ph.D. from the Massachusetts Institute of Technology and has done his Postdoctoral study from the University of Texas. His experience of over two decades in drug discovery includes working with large, small and virtual pharma companies. In his most recent role as the Head of R&D Strategic Global Operations at FORMA Therapeutics, Kenneth was responsible for driving research effectiveness through optimisation of internal and external R&D research efforts, including providing alliance management for key CRO relationships. Prior to FORMA, Kenneth spent a number of years with Merck in their Discovery & Preclinical Sciences group. At Syngene, Kenneth will focus on cross-functional collaboration acrossSyngene’s Discovery research services, capable of driving large or small molecule programs from target identification and validation all the way through the IND.innovation focused global discovery, development and manufacturing organisation providing integrated scientific services to the pharmaceutical, biotechnology, nutrition, animal health, consumer goods and specialty chemical industries around the world. Syngene’s clientele includes world leaders such as Bristol-Myers Squibb, Baxter, Amgen, GSK, Merck KGaA, and Herbalife. Its innovative culture is driven by the passion of its 3500-strong team of scientists who work with clients from around the world to solve their scientific problems, improve R&D productivity, speed time to market and lower the cost ofinnovation. Syngene is an innovation-focused global discovery, development and manufacturing organisation providing integrated scientific services to the pharmaceutical, biotechnology, nutrition, animal health, consumer goods and specialty chemical industries around the world. Syngene’s clientele includes world leaders such as Bristol-Myers Squibb, Baxter, Amgen, GSK, Merck KGaA, and Herbalife. Its innovative culture is driven by the passion of its 3500-strong team of scientists who work with clients from around the world to solve their scientific problems, improve R&D productivity, speed time to market and lower the cost ofinnovation. ]]> https://biospectrumindia.com/news/86/13381/cipla-medpro-acquires-a-stake-in-brandmed.html https://biospectrumindia.com/news/86/13381/cipla-medpro-acquires-a-stake-in-brandmed.html Sun, 21 Apr 2019 09:00:00 +0530 In recognition of the importance of the critical shift to a more patient-centric, integrated and predictive healthcare environment, Cipla Medpro, wholly-owned subsidiary of Cipla Limited and South Africa’s third largest pharmaceutical company in the private sector, will acquire a 30% stake upon closure in the connected healthcare company, Brandmed (Pty) Limited. In February, Cipla had announced a similar partnership in India with Wellthy Therapeutics to offer a clinically-validated digital disease management platform to patients in cardio-metabolic health. Following the Definitive Agreement, Cip Tec will make an upfront payment of $22 million to Pulmatrix in exchange for assignment of all rights for Pulmazole in relation to pulmonary indications to Cip Tec. Thereafter, both parties will equally share costs related to the future development and commercialization of Pulmazole, and equally share worldwide free cash flow from future sales of Pulmazole. Pulmatrix will remain primarily responsible for the execution of the clinical development of Pulmazole, and Cip Tec will be responsible for the commercialization of the product. The partnership will be overseen by a Joint Steering Committee with equal representation from both companies. Brandmed, founded in 2014, has developed a unique fully integrated end to end solution to address outcomes and value-based care for patients with chronic lifestyle and Non-Communicable- Diseases (NCDs) such as hypertension, diabetes, high cholesterol, asthma and chronic obstructive pulmonary disease. KardioGroup, a subsidiary of Brandmed was awarded the prestigious Frost & Sullivan South African Product Line Strategy Leadership, Internet of Medical Things South Africa, award in 2019. The Brandmed ecosystem, developed in South Africa, seamlessly integrates a combination of connected solutions across the health continuum for patients, healthcare professionals, practices and institutions, and aims to deliver personalised patient care. Paul Miller, CEO of Cipla Medpro, said: “This transaction will help to transition healthcare from being reactive to a proactive and real-time monitoring model that focuses on promoting wellness instead of managing illness. This aligns with Cipla’s vision and focus on ‘human care’ and a future where good health is expected, not for the few, but for the many.” “By pairing our strengths with Brandmed’ s innovative, patient centric approach to healthcare, Cipla Medpro will enhance its diverse portfolio in the NCD area to provide holistic care to patients from awareness through to disease management, thereby enabling patient adherence and compliance.” The brainchild behind Brandmed, cardiologist Dr Riaz Motara, said: “Drugs alone are not enough to manage a disease and the disease burden will become unmanageable unless innovative solutions are implemented.” “We’re integrating medical expertise with ground-breaking technology to deliver better patient care and offer an integrated disease management solution. We’re also shifting the focus from managing diseases in separate silos to a comprehensive risk reduction and treatment approach. Greater success in patient health outcomes, value-based care and efficiencies could be achieved in South Africa if more healthcare stakeholders are willing to work together,” said Motara. The Indigo Wellness Index report reveals that South Africa has tremendous scope for improvement on various health indicators. Measures captured included healthy life expectancy, blood pressure, blood glucose (diabetes risk), obesity, depression, happiness, alcohol use, tobacco use, inactivity (too little exercise), and government spending on healthcare. According to the World Health Organisation, NCDs – mainly cardiovascular diseases, cancers, chronic respiratory diseases, and diabetes – are the leading cause of death worldwide. More than 38 million people die annually from NCDs (63% of global deaths), including 16 million people who die before the age of 70. Nearly 50% of global disability is attributed to NCDs. Reducing the avoidable burden caused by NCDs and their risk factors means taking actions now to change the narrative around NCDs. ]]> https://biospectrumindia.com/news/86/13315/indiarf-invests-144-m-in-panacea-biotec.html https://biospectrumindia.com/news/86/13315/indiarf-invests-144-m-in-panacea-biotec.html Tue, 09 Apr 2019 14:30:00 +0530 India Resurgence Fund (“IndiaRF”), promoted by Piramal Enterprises Limited and Bain Capital Credit, along with its affiliates today announced an investment of up to INR 992 crores/ USD 144 million in New Delhi based Panacea Biotec Limited (“Company”). The investment proceeds will be used for a one-time settlement with existing lenders, general working capital and growth requirements of the Company. This investment is structured by way of Non-Convertible Debentures (NCDs) of up to INR 864 crores and subscription amount of INR 32 crores towards share warrants to be allotted on a preferential basis. The subscription amount represents 25% of total amount of INR 128 crores proposed to be raised upon issuance of equity shares against warrants as per SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. Subject to exercise of warrants, IndiaRF (along with its affiliates) will collectively end up owning 10.4% stake in the company on a fully diluted basis. Commenting on the investment, Shantanu Nalavadi, Managing Director, IndiaRF said, “We are pleased to partner with Panacea Biotec, as it embarks on an exciting journey to enhance its market position as a strong, research-focused pharmaceutical and biotechnology company. The purpose of this investment is to not only restructure the Company’s balance sheet, but more importantly, work closely with the promoters and management team, to drive rapid revenue growth and sustainable profitability improvement. IndiaRF continues to remain focused on providing long term strategic solutions that enable an effective turnaround for high quality companies that have the potential for accelerated growth and profitability.” Dr. Rajesh Jain, Managing Director, Panacea Biotec said, “We are delighted to partner with IndiaRF at this critical juncture in Panacea Biotec’s journey. We look forward to leveraging their proven global expertise in restructuring and turnarounds, and are certain that our combined efforts will now help accelerate our ambitious growth and profitability targets.” Panacea Biotec is a progressive, innovative, research & development-focused biotechnology company focused on manufacturing and marketing of pharmaceutical formulations, biopharmaceuticals and vaccines. Brescon & Allied Partners LLP were the exclusive advisors to the Company on this transaction, advising on the one time settlement with the banks and raising funding to back the revival plan. ]]> https://biospectrumindia.com/news/86/13312/olon-to-acquire-mahad-plant-in-india.html https://biospectrumindia.com/news/86/13312/olon-to-acquire-mahad-plant-in-india.html Mon, 08 Apr 2019 12:20:00 +0530 OlonS.p.A., a world leading Active Pharmaceutical Ingredients (API) contract development and manufacturing organization (CDMO) and generics supplier has announced the closing of the acquisition of the manufacturing facility in Mahad, India. Paolo Tubertini, CEO of Olon, commented, "With this acquisition Olon achieved another successful milestone toward our growing strategy." Following the acquisition of Ricerca Biosciences' Chemical Division in mid-2017 and Capua BioServices S.p.A. - the global provider of CDMO services in the field microbial fermentation in January 2019 - we have now completed a further step in our strategic plan. With this acquisition, Olon has successfully finalized its 3 years' development plan, we will move to the next target: to play an important role in the manufacturing of biologics API's. The CEO of Olon India Mr Claudio Massari, told: "A new most important journey will start for Mahad site with the new company Olon API India Pvt Ltd. I am looking forward to the future of this company in India as one of Company leader in the API manufacturing not only for the Indian market but for the entire world. Thanks to the excellent facility, strong experienced and talented people, I'm proud to lead Olon India and sure of the long success". After the carve out from Sandoz, as part of the asset purchase agreement, the parties have committed to sign a long-term supply contract to guarantee continuous supply of Sandoz products manufactured in Mahad. The plant's main product is Rifampicin - used to treat several types of bacterial infections, including tuberculosis - and its derivate. Olon intends to invest in the site and pursue business development opportunities to optimize the plant's utilization and expand its customer base. The new company Olon API India Pvt Ltd. has already launched important investment project, establishing a new head office in Mumbai, hiring additional people, improving the organization and Indian market presence and beginning a Technology Transfer introducing new production to the Mahad site. The Mahad site, which supplies products to Sandoz, a division of the Novartis Group,is an established and reputable API manufacturing facility in India with a reaction capacity of 580 m3 and approximately 270 employees. This site provides a number of lifesaving medicines to the Indian healthcare system and patients around the world, with a 2018 turnover equally divided between Indian and foreign markets.  Olon is an Italian company leader in the production of Active Pharmaceutical Ingredients (APIs) via synthesis and biological processes for the generic market and for contract development and manufacturing (CDMO) requirements. Complementary to its activities is the Dossier Unit, whose team of dedicated professionals work on the development of the Finished Drug Formulations (FDFs) and the preparation of the Common Technical Documents (CTD) dossier. Turnover in 2018 of US$ 400 million, with more than 230 APIs (20 under CMO) for the Generic market and 33 chemical intermediates (under CMO). Olon is holder of about 155 active US DMFs and 69 granted CoS. and is able to handle several particular process technologies, such as Fluorination, Carbonylation and Fermentation. With 2000 employees, of which 200 alone are in the specialized R&D team, Olon offers complete integrated packages and services to support  full development of APIs based on strong knowledge in both Chemical and Biological process, all in full cGMPs and with  regulatory coverage. Headquartered in Rodano (Milan, Italy), Olon has 10 manufacturing facilities – 8 located in Italy, 1 in Spain and 1 in USA, all compliant with international requirements, and 3 branch offices in Hamburg (Germany), Florham Park NJ (USA) and Shanghai (China). The manufacturing sites are regularly inspected by the most important national and international Authorities, and regularly audited by our partners and customers. The facilities are FDA-inspected and self-identified under GDUFA. ]]> https://biospectrumindia.com/news/86/13100/everstone-backed-everlife-invests-in-cpc-diagnostics.html https://biospectrumindia.com/news/86/13100/everstone-backed-everlife-invests-in-cpc-diagnostics.html Thu, 14 Mar 2019 14:45:00 +0530 The Everstone Group via its pan Asian healthcare platform Everlife, has acquired a stake in Chennai based CPC Diagnostics, to include core in-vitro diagnostics (IVD) segments in its portfolio of medical devices and extend its geographical presence to India, with this first investment in the country. Founded in 1987, CPC Diagnostics (“CPC”) is a medical devices manufacturer and distributor with presence across India, Sri Lanka and Bangladesh, and exports to countries in Middle East and Europe. It supplies a wide range of products and services to research and clinical laboratories. With this strategic investment, Everlife plans to support CPC’s manufacturing and distribution capabilities within India and South-East Asia, to become the leading IVD distributor in India. The in-vitro diagnostics (IVD) segment is one of the largest within the medical devices market. CPC’s portfolio already overlaps with IVD’s biggest segments, namely the immunoassay, bio-chemistry and haematology segments. The investment would allow CPC to consolidate their position in these core segments while expanding territorial reach. Everlife also has investments in Malaysia-based Chemopharm Group, a leading provider of products and solutions to laboratory, research and medical facilities in South-East Asia; DV Medika Group, manufacturer and distributor of one of Indonesia’s top brands of hospital furniture and other imported medical equipment and supplies; and Singapore-based Bio-REV Pte. Ltd., which specializes in distribution of reagents, media and consumables to the Life Sciences industry. ]]> https://biospectrumindia.com/news/86/13084/puig-invests-in-indian-ayurvedic-beauty-and-wellness-brand.html https://biospectrumindia.com/news/86/13084/puig-invests-in-indian-ayurvedic-beauty-and-wellness-brand.html Wed, 13 Mar 2019 12:05:00 +0530 Puig announces a minority investment in Kama Ayurveda, India’s leading authentic Ayurvedic brand of beauty and personal care products.  As part of its investment, Puig will infuse approximately INR 100 crore into Kama Ayurveda to further the company’s domestic and international expansion, as well as have the option to further increase its stake in the years ahead. With this investment Puig enters an emerging market with vast growth opportunity for beauty and personal care products, as well as fragrances.  Kama Ayurveda was founded in 2002 by Vivek Sahni, Dave Chang, Rajshri Pathy and Vikram Goyal. The company’s offerings are rooted in the ancient Indian medical science of Ayurveda, which fosters the harmony of physical, emotional, spiritual and mental state for holistic wellbeing. Kama Ayurveda’s philosophy and products have won an avid and loyal following in the domestic and international markets.  Kama Ayurveda currently operates 52 stand-alone and shop in shop retail outlets across India, and has a strong on-line presence as well. The partnership will leverage Puig’s strong global presence to support further expansion of Kama Ayurveda into global markets. In addition, Kama gains access to Puig’s expertise and resources in brand building, technology skincare and scent.  ]]> https://biospectrumindia.com/news/86/13054/stellar-biotechnologies-and-edesa-biotech-sign-share-exchange-agreement.html https://biospectrumindia.com/news/86/13054/stellar-biotechnologies-and-edesa-biotech-sign-share-exchange-agreement.html Mon, 11 Mar 2019 12:00:00 +0530 Stellar Biotechnologies, a leading manufacturer of a key protein utilized in immunotherapy and immuno-oncology development pipelines, has executed a share exchange agreement with privately-held Edesa Biotech Inc, a Canadian company, and Edesa's shareholders to create a company focused on the development of innovative therapeutics for dermatological and gastrointestinal indications with clear unmet medical needs. Under the terms of the share exchange agreement, Edesa shareholders have agreed to exchange their shares of Edesa for newly-issued common shares of Stellar. At the closing, Edesa will become a wholly-owned subsidiary of Stellar. Following the closing, current Stellar shareholders are expected to own approximately 10%, and the current shareholders of Edesa are expected to own approximately 90%, of the combined company on a fully-diluted basis, subject to a 2% upward or downward adjustment based upon the amount of Stellar's working capital balance immediately prior to the closing. Following the closing, Stellar will change its name to "Edesa Biotech Inc." "We believe this proposed business combination provides new growth opportunities for Stellar shareholders. We have been impressed with Edesa's management team and are looking forward to implementing a new vision for the combined company," said Frank R. Oakes, Stellar President and Chief Executive Officer. "This agreement marks another milestone for Edesa and our mission to efficiently develop novel, safe and effective treatments for conditions where patients have limited treatment options available," said Par Nijhawan, MD, Chief Executive Officer of Edesa. "We believe we are at a significant inflection point in our company's history and look forward to offering shareholders additional value creation opportunities as we reach milestones in our clinical programs." The proposed transaction, which will result in a change in control, is expected to close during the second quarter of 2019, subject to customary closing conditions, including Stellar shareholder approval for the issuance of Stellar common shares to acquire Edesa. Following closing, Stellar intends to develop a plan for the disposition of Stellar's operations, which is expected to include the wind down or spin-off of Stellar's legacy business. Following a diligent review of strategic alternatives, Stellar's Board of Directors has determined that the share exchange agreement is fair and in the best interests of Stellar and Stellar's shareholders. ]]> https://biospectrumindia.com/news/86/13052/suven-to-buy-assets-of-us-firm-rising-pharma.html https://biospectrumindia.com/news/86/13052/suven-to-buy-assets-of-us-firm-rising-pharma.html Mon, 11 Mar 2019 11:55:00 +0530 SUVEN LIFE Sciences Limited, a biopharmaceutical company provider of Contract Research and Manufacturing Services (CRAMS) for global life science companies, has announced that it has entered into a “stalking-horse” asset purchase agreement to buy the assets of Aceto Corporation’s Rising Pharmaceuticals and Rising subsidiaries through its joint venture partner Shore Suven Pharma, Inc., subject to Court-approved bidding process under Section 363 of US Bankruptcy Code. Shore Suven Pharma, Inc. is a joint venture between Suven Life Sciences and Shore Pharma Investments, LLC of USA. “We are very pleased to have completed a “stalking-horse” asset purchase agreement of Rising Pharmaceuticals through our joint venture partner, Shore Suven Pharma, Inc. This potential acquisition of Rising’s assets would transform Shore Suven Pharma into a strong U.S. generic pharmaceutical company. Leveraging Rising’s extensive product portfolio to become vertically integrated with our already world class API and finished dose manufacturing capabilities will enable us to better serve U.S. customers,” said Venkat Jasti, CEO & Chairman of Suven Life Sciences. “The opportunity to work with Rising’s suppliers and employees to ensure continuity of product supply to customers in connection with this proposed integration will be our top priority. We have an exceptional generic pharmaceutical management team ready to facilitate a smooth transition while maximizing the value of these assets. We look forward to working towards a successful closing,” said Vimal Kavuru, who will serve as CEO of Shore Suven Pharma. ]]> https://biospectrumindia.com/news/86/13036/opto-circuits-expects-to-grow-at-25-during-the-current-year.html https://biospectrumindia.com/news/86/13036/opto-circuits-expects-to-grow-at-25-during-the-current-year.html Fri, 08 Mar 2019 14:20:00 +0530 Opto Circuits India, the leading global medical devices and technology group with a diversified product portfolio, dealing in products like vital signs monitoring, emergency cardiac care, vascular treatments and sensing technologies expects to grow at 25% during the current year. The company has already achieved last year revenues in the first three Quarters [April to Dec 2018]of the year and expected to deliver good fourth quarter performance. This would result in 25% growth in revenues and profitability of the company during the current year. The company has undergone various market related challenges across the geographies and is fairly able to come out of majority of them and had started fresh life last year with a profit of Rs. 35 crore and revenues of Rs. 225 core. Going forward the company is expecting good growth from both domestic and international business. The company’s subsidiaries also seeing good flow of orders. The Indian medical device market is growing steadily and it is valued at US $4.8 billion. With the company’s focus on driving organic growth in India and with the Indian medical device industry though in its nascent stages shows great potential for the company. Other factors like strong private healthcare system, growing middle class with increasing income levels, change in the disease profiles (lifestyle diseases), greater penetration of health insurance, Government focus on healthcare infrastructure development and arising awareness of personal health care the company sees a great scope for its growth in India. Currently the company along with its subsidiaries are engaged in the design, development, manufacture, marketing and distribution of a range of medical products that are used by primary, secondary and tertiary healthcare establishments as well as in public access facilities such as schools, fire stations, policy offices in over 150 countries. The company specializes in vital signs monitoring, emergency cardiac care, vascular treatments and sensing technologies. The US FDA listed and CE marked products are manufactured in India, Malaysia, Germany and the United States. The company’s biggest competitive advantages is the propriety technology developed by the  in house teams which gives the company the control over features and intellectual property costs of devices and helps minimize their dependence on third party technologies. The focus on research and development activities has enabled the company to develop devices which are technologically superior to other devices available in the market. Commenting on the development, Mr. Vinod Ramnani, Chairman, Opto Circuits India said, “As India's economic, healthcare, and social landscapes evolve, its medical device market emerges as a promising opportunity for manufacturers like us. Also, with medical tourism and luxury healthcare markets are among India's fastest growing industries, which create significant demand for specialized, high-tech medical equipment. We have streamlined all our businesses and on the path of delivering healthy growth for the next two to three years.” ]]> https://biospectrumindia.com/news/86/12834/glenmark-announces-q3-fy-2019-results.html https://biospectrumindia.com/news/86/12834/glenmark-announces-q3-fy-2019-results.html Fri, 15 Feb 2019 09:55:00 +0530 Glenmark Pharma has announced its financial results for the third quarter ended December 31 of the financial year 2018-19. In the third quarter ended December 31, 2018, Glenmark’s consolidated revenue was at Rs. 25,550.45 Mn. (USD 355.87 Mn.) as against Rs. 22,036.62 Mn. (USD 340.69 Mn.) in the previous corresponding quarter, recording an increase of 15.95%. Consolidated Net Profit was at Rs. 1,163.41 Mn. for the quarter ended December 31, 2018 as compared to Rs. 1,047.43 Mn. in the previous corresponding quarter, registering an increase of 11.07%. Consolidated EBITDA was at Rs. 4,346.80 Mn. in the quarter ended December 31, 2018 as against Rs. 3,226.93 Mn. in the previous corresponding quarter, an increase of 34.70%. Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals said, “We have reported healthy numbers in Q3 on the back of good growth in our key markets like the US, India and Europe. We continue to receive approval for niche generic products in the US, whereas in India and Europe, increased market penetration and product launches continue to drive growth. We have expanded our presence in the US market through our foray into the branded dermatology segment and we continue to invest in furthering our specialty products’ pipeline. We have also decided to spin off our innovation business into a new company in the US to provide enhanced focus to the business and accelerate the innovative assets’ pipeline towards commercialization.” India Formulations Sales from the formulation business in India was at Rs. 6,675.30 Mn. (USD 92.49 Mn.) for the third quarter ended December 31, 2018, as against Rs. 5,785.02 Mn. (USD 89.40 Mn.) in the previous corresponding quarter, recording a growth of 15.39%. As per IQVIA MAT December 2018, Glenmark Pharmaceuticals is ranked 14th with a market share of 2.16% in the Indian Pharmaceutical Market. Glenmark’s India business has consistently grown ahead of the industry. The company’s market share increased in cardiac and respiratory segments during the quarter. Glenmark’s consumer care business, consisting of 3 major brands Candid, VWash and Scalpe, grew in excess of 33% in the third quarter of FY 2018-19. USA Formulations Glenmark Pharmaceuticals Inc. U.S.A registered revenue from sale of finished dosage formulations of Rs. 8,556.75 Mn. (USD 119.36 Mn.) for the quarter ended December 31, 2018 as against Rs. 7,358.89 Mn. (USD 113.70 Mn.) in the previous corresponding quarter, recording an increase of 16.28%. In the third quarter of FY 2018-19, Glenmark was granted approval for 9 products in the US market, including 8 final approvals and 1 tentative approval. As of December 31, 2018, Glenmark’s marketing portfolio consists of 148 generic products authorized for distribution in the US market. The company currently has 54 applications pending in various stages of the approval process with the US Food and Drug Administration (US FDA), of which 28 are Paragraph IV applications. During the third quarter, Glenmark announced its foray into the branded dermatology segment in the US. Europe Formulations Glenmark Europe’s revenue for the third quarter of FY 2018-19 was at Rs. 3,217.39 Mn. (USD 45.09 Mn.) as against Rs. 2,247.52 Mn. (USD 34.78 Mn.) in the previous corresponding quarter, recording an increase of 43.15%. The European region growth was led by multiple product launches across all key markets. The Western European business continued expanding through increased penetration in the Nordic region, Germany, Spain and the Netherlands. The Central Eastern European region business also recorded strong secondary sales growth. Glenmark launched 5 products in the Nordic countries, 2 products each in the Netherlands and Germany, and 3 products in Poland. Africa, Asia and CIS Region (ROW) For the third quarter, revenue from Africa, Asia and CIS region was Rs. 3,401.20 Mn. (USD 47.57 Mn.) as against Rs. 3,221.30 Mn. (USD 49.86 Mn.) in the previous corresponding quarter, an increase of 5.58%. Latin America Glenmark’s revenue from its Latin American and Caribbean operations was at Rs. 1,014.33 Mn. (USD 14.11 Mn.) for the third quarter of FY 2018-19, as against Rs. 898.38 Mn. (USD 13.89 Mn.), recording an increase of 12.91%. Active Pharmaceutical Ingredients (API) For the third quarter of FY 2018-19, revenue from external sale of API globally was Rs. 2,392.47 Mn. (USD 33.28 Mn.), as against Rs. 2,316.46 Mn. (USD 35.83 Mn.) in the previous corresponding quarter, recording an increase of 3.28%. The major products contributing to the sales during the third quarter were Lercanidipine, Amiodarone, Olmesartan, Perindopril and Etoricoxib. Glenmark completed transfer of its API business into a wholly-owned subsidiary, Glenmark Life Sciences Ltd, effective January 1, 2019. This step is aimed at further unleashing the potential of the API business in the global market. Research & Development Currently, Glenmark has 3 specialty assets and 8 innovative assets in its pipeline in various stages of development.   ]]> https://biospectrumindia.com/news/86/12832/dr-agarwal-group-raises-rs-270-cr-from-temasek.html https://biospectrumindia.com/news/86/12832/dr-agarwal-group-raises-rs-270-cr-from-temasek.html Fri, 15 Feb 2019 09:00:00 +0530 Dr. Agarwal’s Healthcare Ltd. (DAHCL) has raised Rs. 270 crore investment from Temasek, a global investment company headquartered in Singapore. The investment will be used to expand the Indian geographical footprint of the international eye care chain, along with significant investments in latest technology for super specialty eye-care. Temasek is a global investor anchored in Asia, with India accounting for around 4% of its S$308 billion (US$235b) portfolio as at 31 March 2018. Temasek‘s healthcare portfolio in India includes investments in Medanta MediCity, Manipal Hospitals and HealthCare Global. “The Agarwal Group is excited to welcome Temasek as an investor. We believe their expertise and support will help our company expand our network of clinics and operations to better meet the growing demand for affordable and quality eye care across India.” said Prof. (Dr.) Amar Agarwal, (MS, FRCS, FRC Ophth), Chairman, Dr. Agarwal’s Group of Eye Hospitals. Dr. Adil Agarwal, CEO, Dr. Agarwal’s Group of Eye Hospitals said that “We are looking at adding anywhere between 50-75 hospitals to our network over the next 3-5 years with a major focus on metro cities as well as tier 2 and tier 3 towns. The expansion will be done through a mix of strategic partnerships, acquisitions and greenfield hospitals. Innovation and technology will continue to be at the forefront of our growth, and we will be investing more in cutting edge technology such as SMILE, FemtoLaser and Robotic Cataract Surgery across our centers. Our aim is to deliver high quality eye care at affordable prices at people’s doorsteps”. Veda Corporate Advisors, a leading mid-market investment bank advised the Company on the transaction. Veda also advised the Company on its previous round of investment from ADV Partners. The Dr Agarwal Eye Hospital group has been at the forefront of innovation in the field of Ophthalmology with procedures such as Glued IOL (to treat patients with complicated lens problems), PDEK (an ultra-modern form of Corneal transplants) and PhakoNIT (Removal of Cataract through a sub 1mm incision). The latest invention from the group is a novel technique called “Single-Pass Four Throw” (SFT) along with “Pin Hole Pupilloplasty”, which is also referred to as PPP. The surgical technique is being used to help in pupillary reconstruction as well as to treat complicated cases of Narrow Angle Glaucoma.  There is also a lot of focus on education and training and the group attracts doctors from across the globe for its training programs; They also offer a DNB (post graduate) program and various fellowship programs to train young, budding surgeons. “ADV welcomes Temasek as a new partner in Dr Agarwal’s growth story; this investment will further strengthen the company’s leadership position in India’s eye-care ecosystem” said Mr. Suresh Prabhala, Co-founder, ADV Partners. ADV Partners invested Rs 270 crores in Dr Agarwal’s HealthCare Ltd in 2016 and has been a key component of the company’s board and growth story. ]]> https://biospectrumindia.com/news/86/12818/take-solutions-acquires-dataceutics-in-a-rs-318-cr-deal.html https://biospectrumindia.com/news/86/12818/take-solutions-acquires-dataceutics-in-a-rs-318-cr-deal.html Wed, 13 Feb 2019 15:25:00 +0530 TAKE Solutions Ltd., a globally recognized domain intensive services provider in Life Sciences, has announced that it will be acquiring Life Sciences services player, DataCeutics in North America. The company has also recently declared its financial results for Q3FY19. The acquisition as part of the 2021 growth strategy spearheads the growth of Clinical business in accordance with the global Clinical market which is expected to reach $32.9 billion by 2020 . TAKE is poised to gain from the strategic acquisition of DataCeutics, a specialty Clinical Functional Service Provider (FSP) providing quality SAS based statistical programming, clinical reporting and clinical data management. DataCeutics strengthens TAKE in its high-end Data Sciences capabilities that include Clinical Data Management, Biostatistics and Statistical programming, Medical Writing, Data Standards and conversions as well as depth of major pharma relationships in North America. TAKE plans to complement DataCeutics’ capabilities with its own AI-driven clinical platform and near real-time data insights and analytics to deliver improved outcomes for clients across safety, quality, compliance, cycle time and cost. The company has core Clinical Functional Service Provider (FSP) experience and experienced resources in Oncology, Cardiology, Pulmonology, Infectious Disease and CNS. TAKE reported a revenue growth of Rs 5,216.4 Million, registering a growth of 27.8% as against Rs 4080.2 Million in the corresponding quarter of FY18. Total income rose 28.1% to Rs 5,243.3 Million in Q3FY19 as compared to Rs 4,093.9 Million in Q3FY18. Ram Yeleswarapu, President and CEO, TAKE Solutions said, “We are delighted to begin 2019 on a high note with this key acquisition. DataCeutics strengthens our capabilities in Data Sciences and FSP / BPO services and widens our therapeutic expertise in Cardiology, Oncology, Pulmonology, CNS, Infectious diseases etc.The addition of these competencies translates to business expansion in North America, Europe and Asian markets.” He further added, “Our quarter 3 results indicate a strong orderbook growth and an on target YoY growth. We are looking forward to bolstering the Clinical business further translating to a healthier pipeline in the coming quarters.”   ]]> https://biospectrumindia.com/news/86/12754/ciplas-q3-fy19-reflects-strong-performance-in-the-us.html https://biospectrumindia.com/news/86/12754/ciplas-q3-fy19-reflects-strong-performance-in-the-us.html Thu, 07 Feb 2019 09:45:00 +0530 Cipla Limited has announced its unaudited consolidated financial results for quarter ended December 31, 2018. Key highlights of the quarter were: R&D investments at ~INR 299cr / ~7.5% of sales Continued growth momentum: Secondary growth in private market [non-tender]segments continues strong across India, South Africa and key Emerging Markets US business sales growth momentum continues 18% YoY and 10% QoQ growth driven by contribution from new launches. Challenges in the tender business with CGA business declining 48% YoY in Q3 Quality Focus: USFDA inspection at Kurkumbh and Invagen ended with minor andprocedural observations; Invagen EIR received already. Company receivedobservations from the recent PAI inspection at Goa; responses will be submitted within stipulated time “This quarter, our US business has delivered strongly as a result of scale-up of newlaunches. We are tracking well on our guidance on limited competition launches andANDA approvals. Overall, challenges in this quarter were along expected lines andwe remain optimistic as we enter FY’20. Our plan to drive YoY growth from the coming quarters in on track. Our key focus markets remain growth anchors, we have built further on our existing specialty pipeline, and we continue to explore innovative ways of going beyond the pill to meet unmet patient needs," said Umang Vohra, MD and Global CEO, Cipla Ltd. In India, Cipla continued its outperformance growing by 12% vs market growth of 10%; market share increased to 5.41% Efforts on prescription generation and therapy focus have resulted in strong marketperformance across its key therapies in India Chronic segment is increasingly becoming the growth driver; gained a rank tobecome No. 2 in Chronic Segment, growing ~19% vs 13% market growth Market shares improved across all key therapeutic areas such as RespiratoryInhalation, Urology and CNS Award-winning Respiratory campaign ‘BerokZindagi’ has become a benchmarkinitiative to build public awareness   ]]> https://biospectrumindia.com/news/86/12742/dr-reddys-announces-q3-fy19-financial-results-.html https://biospectrumindia.com/news/86/12742/dr-reddys-announces-q3-fy19-financial-results-.html Wed, 06 Feb 2019 13:10:00 +0530 Dr. Reddy’s Laboratories has announced its consolidated financial results for the quarter ended December 31, 2018 under International Financial Reporting Standards (IFRS). Segmental Analysis Global Generics (GG) Revenues from GG segment at `31.3 billion. Year-on-year growth of 4%, primarily driven by contributions from Emerging Markets, India and favorable forex. Sequentially the sales grew by 3%. Revenues from North America at `14.8 billion. Year-on-year decline of 8%. Sequential growth of 4%, aided by higher volume offtake, new launches and favorable forex offset by higher price erosion in some of the key molecules. During the quarter, 10 new products were launched and we have filed 3 ANDAs with the USFDA. As of 31st Dec 2018, cumulatively 103 generic filings are pending for approval with the USFDA (100 ANDAs and 3 NDAs under 505(b)(2) route). Of these 100 ANDAs, 59 are Para IVs, and we believe 33 have ‘First to File’ status. Revenues from Emerging Markets at `7.7 billion. Year-on-year growth is 31%, primarily on account of new launches, traction in new markets and improved volume off take in our existing markets. Sequential growth is 3%. Revenues from India at `6.7 billion. Year-on-year growth of 10%, primarily driven by volume traction and new products. Sequentially the revenues declined by 2%. Revenues from Europe at `2.0 billion. Year-on-year growth of 1%, primarily on account of new products and volume uptake largely offset by higher price erosion in some of the key molecules. Sequential growth is 6%. G.V. Prasad, CEO and Co-chairman, Dr Reddy’s said, “We continued to improve our performance in the third quarter of FY 19, supported by significant growth in emerging markets and India, pickup in new product launches, and improvements in cost structure. We are on track towards delivering sustainable & profitable growth.” Income Statement Highlights: SG&A expenses at `12.0 billion, remained flat on a year-on-year basis and declined by 3% sequentially. Spend control is largely on account of cost optimization and productivity improvement initiatives. R&D expenses at `3.7 billion, year-on-year decline of 21%. Decline is largely on account of timing variation in development related activities coupled with productivity improvement measures. As % to revenues- Q3 FY19: 9.5% | Q2 FY 19: 10.8% | Q3 FY18: 12.3%. Other (income)/expense, net includes gain of `423 million on account of sale of the API business manufacturing unit located at Jeedimetla, Hyderabad. Net finance expense at `13 million compared to net finance income of `851 million in Q3 FY18. The movement is largely due to higher income from investments, in the previous year. Profit after Tax at `4.9 billion. Effective tax rate for the quarter is 16.4%. Lower rate is primarily on account of reduction of the federal income tax rate from 35% to 21% in the United States and claim of deduction of an item in the current quarter, which was previously disallowed for tax purpose. Diluted earnings per share is at `29.21 Capital expenditure is at `1.5 billion. ]]> https://biospectrumindia.com/news/86/12721/tpg-growth-to-invest-in-solara-active-pharma.html https://biospectrumindia.com/news/86/12721/tpg-growth-to-invest-in-solara-active-pharma.html Tue, 05 Feb 2019 09:00:00 +0530 TPG Growth has announced that it would invest $30 million in Solara Active Pharma, a leading global manufacturer of active pharmaceutical ingredients (API) with a network of customers including several top global generic companies in the US and Europe and a robust selection of products. The investment will be focused on supporting Solara Active Pharma's growth initiatives as they expand capacity in regulated markets. The transaction is expected to close in early 2019 subject to shareholder and regulatory approval. The investment builds on TPG's position as one of the world's largest healthcare investors, with more than $13 billion in equity capital invested across the sector globally. The investment also marks TPG Growth's first investment in India focused on life sciences, a growing sector where it is able to leverage its global healthcare portfolio and experience to gain unique insights into the market, as well as its extensive business building capability. ]]> https://biospectrumindia.com/news/86/12701/jubiliant-life-sciences-reports-q3-fy19-results.html https://biospectrumindia.com/news/86/12701/jubiliant-life-sciences-reports-q3-fy19-results.html Fri, 01 Feb 2019 18:25:00 +0530 The Board of Jubilant Life Sciences Limited, an integrated global pharmaceutical and life sciences company met to approve financial results for the quarter ended December 31, 2018.Commenting on the Company’s performance, Mr. Shyam S Bhartia, Chairman and Mr. Hari S Bhartia, Co-Chairman & Managing Director, Jubilant Life Sciences said “The continued record performance in revenues and profits is driven by robust results in all key businesses in the Pharmaceuticals segment, especially in our CDMO and US Generic businesses. Weexpect to continue healthy performance going forward in the Pharmaceuticals segment and steady performance in Life Science Ingredients segment and generate adequate cash to invest to support our growth and reduce the debt for a strong balance sheet.” Q3’FY19 Highlights Consolidated Consolidated revenue at Rs. 2,377 Crore, up 15% YoY EBITDA up 24% YoY to Rs. 522 Crore, with EBITDA margin of 22% Finance costs at Rs 68 Crore as compared with Rs 77 Crore last year. Finance costs includeborrowing costs of Rs. 53 Crore and non-cash Stock Settlement charge of Rs. 15 Crore PAT at Rs. 261 Crore up 23% YoY with Net margin at 11.0% and EPS of Rs. 16.7 for Re. 1 FV Capital Expenditure of Rs. 134 Crore Net debt reduction of Rs 46 Crore during the quarterSegment Wise AnalysisA. Pharmaceuticals Segment Pharmaceuticals revenue at Rs. 1,418 Crore, up 29% YoY, contributing 60% to the company’srevenues Segment EBITDA at Rs 393 Crore, up 63% YoY EBITDA margin stood at 27.7%, up from 22% last year R&D spent during the quarter of Rs. 64 Crore – 4.5% to segment sales. R&D debited to P&L isRs. 52 Crore – 3.7% to segment sales B. Life Science Ingredients Segment LSI revenue of Rs. 899 Crore, down 3% YoY contributing 38% of the company’s revenues LSI segment’s EBITDA at Rs. 126 Crore vs. Rs 206 Crore last year EBITDA margin was recorded at 14% in Q3’FY19 vs 22.3% in Q3 last year C. Others Segment Revenues at Rs. 60 Crore, growing 23% YoY and contributing 3% to company’s total revenues Segment’s EBITDA at Rs. (0.2) Crore as compared to Rs. (4) Crore in Q3’FY18 9M’FY19 Highlights Consolidated Consolidated revenue at Rs. 6,725 Crore, up 28% YoY EBITDA up 32% YoY to Rs. 1,423 Crore with EBITDA margin of 21.2% Finance costs at Rs. 204 Crore, lower by 4% YoY. Finance costs include borrowing costs of Rs. 158 Crore and non-cash Stock Settlement charge of Rs. 46 Crore PAT at Rs. 674 Crore up 38% YoY, with Net Margins at 10% and EPS of Rs. 43.2 for Re. 1 FV Capital Expenditure of Rs. 402 Crore Gross Debt at Rs. 3,800 crore and Net debt at Rs. 3,282 Crore including mandatory convertible loan of US$56.4 Mn with the conversion option at IPO of Jubilant Pharma o Net debt at Rs. 3,118 Crore on a constant currency basis, with debt reduction of Rs. 113Crore during 9M’FY19o Average blended interest rate for 9M’FY19 at 6.18% pa – Re loans @ 8.43%, $ loans @4.85% Segment Wise Analysis A. Pharmaceuticals Segment Pharmaceuticals segment’s revenue up 42% YoY in 9M’ FY19 to Rs. 3,925 Crore contributing58% to the company’s revenue as compared to 52% in 9M’FY18 EBITDA of Rs. 1,099 Crore, up 57% YoY with margins of 28% R&D of Rs. 177 Crore – 4.5% to segment sales. R&D debited to P&L is Rs. 138 Crore – 3.5% tosegment sales B. Life Science Ingredients Segment LSI revenue at Rs. 2,633 Crore, up 12% YoY, contributing 39% to the company’s revenues Segment’s EBITDA was recorded at Rs 344 Crore as compared to Rs 445 Crore last year EBITDA margin stood at 13.1% C. Others Segment Revenues at Rs. 168 Crore, up 17% and contributing 2% to total revenues EBITDA was at Rs. 7 Crore as compared to Rs. (14) Crore Outlook The company has maintained guidance of better performance in H2’FY19 as compared to H1’FY19 in both Pharmaceuticals and LSI segments driven by growth in existing products and capacity expansions for new product launches. The company has in place strategic levers for growth in revenues and profitability over the medium term. It continues to work towards strengthening of the balance sheet by reducing debt and thereby improving financial ratios. ]]> https://biospectrumindia.com/news/86/12661/marinomed-announces-strong-investor-demand-.html https://biospectrumindia.com/news/86/12661/marinomed-announces-strong-investor-demand-.html Wed, 30 Jan 2019 10:45:00 +0530 Marinomed Biotech AG has already received subscription orders for more than 299,000 new bearer shares (base deal incl. 15% over-allotment /Greenshoe) as part of the current IPO and listing on the Vienna Stock Exchange (the "Offering"). The transaction meets the requirements of a qualified public offer in accordance with the terms and conditions of the convertible bonds issued in 2017 that are traded on the Third Market of the Vienna Stock Exchange. The Offer Price is expected to be EUR 75 per share. No adjustment of the Conversion Price I (as defined in the terms and conditions of the convertible bonds) is therefore expected to be necessary. The expected settlement date and first trading day is 1 February 2019. From this date the Marinomed shares are intended to be traded under the symbol "MARI" on the official market (prime market segment) of the Vienna Stock Exchange. ]]> https://biospectrumindia.com/news/86/12627/ziqitza-to-bring-up-40-million-for-its-expansion.html https://biospectrumindia.com/news/86/12627/ziqitza-to-bring-up-40-million-for-its-expansion.html Mon, 28 Jan 2019 15:00:00 +0530 Ziqitza Healthcare Ltd.(JHL), India's second-largest emergency medical services provider, is planning to raise around $40 million from private equity investors. The company is in talks with investors from India and abroad, to close the deal by April 2019. Ziqitza runs 108 emergency ambulances and 102 ambulances especially for pregnant women. It also runs mobile medical units (MMU) in seven states under PPP (public private partnership) model. In the last decade, ZHL has been instrumental in making the emergency aid available round the clock. Through dial 1298, Ziqitza operates pay-for-use private ambulance service, providing outsourced ambulance fleets to hospitals and corporates. Currently, the company functions across 16 states in India. It recently launched a private ambulance service in UAE as well. Since its inception, Ziqitza has raised two rounds of funding. The company raised Rs 7 crore from the US-based Acumen Fund in 2007, before raising further $3 million in 2010 from Acumen, IDFC and True North. At present, Ziqitza healthcare Ltd is planning to use the proposed fund for setting up 108, 102 and MMU operations in more states, enhance pay-for-use and ambulance outsourcing services and expand operations in the Gulf. Operating around 3,200 ambulances, Ziqitza employs about 9100 people. It owns more than one-third of the ambulances. The rest were given by the government or taken on lease from third parties. Using its platform on lines of cab hailing services Ola and Uber, the company allows private owners to operate their ambulances. Talking about the growth of the company, Manish Sacheti, Chief Financial Officer of Ziqitza said, "We are growing at 30-40% per year. There will be lot of working capital requirement to fund the growth.” Sacheti expects Ziqitza to end FY19 with Rs 450 crore revenues. The company is targeting Rs 700 crore for FY20. The growth of the company will be primarily driven by winning new PPP contracts from the state governments. Many of them including UP, Karnataka, West Bengal, and Jammu & Kashmir will be coming up with tenders to select vendors for operating emergency medical services in their respective states. Today, the company caters to more than 10,000 emergencies and serves around 2400 pregnant women on daily basis. Having served more than 70 lakh people in the last two years, India's leading emergency service provider is setting new benchmarks in the healthcare industry.     ]]> https://biospectrumindia.com/news/86/12596/bristol-myers-reports-fourth-quarter-financial-results.html https://biospectrumindia.com/news/86/12596/bristol-myers-reports-fourth-quarter-financial-results.html Fri, 25 Jan 2019 11:50:00 +0530 Bristol-Myers Squibb Company has reported results for the fourth quarter and full year of 2018 which were highlighted by strong demand for Opdivo (nivolumab) and Eliquis (apixaban) and a robust operating performance across the portfolio. Giovanni Caforio, M.D., chairman and chief executive officer, Bristol-Myers Squibb said, “I am proud of our results in 2018, which were based on superior commercial performance for our prioritized brands and important scientific advances that continue to diversify our R&D pipeline. We are beginning 2019 with good momentum in our current business, with Opdivo and Eliquis continuing as strong and growing franchises.” “Our planned acquisition of Celgene will position us to create a leading biopharma company, with best-in-class franchises, significant near-term launch opportunities and a deep and broad pipeline, creating an even stronger foundation for long-term sustainable growth”, he added. FOURTH QUARTER FINANCIAL RESULTS Bristol-Myers Squibb posted fourth quarter 2018 revenues of $6.0 billion, an increase of 10% compared to the same period a year ago. Revenues increased 12% when adjusted for foreign exchange impact. S. revenues increased 16% to $3.3 billion in the quarter compared to the same period a year ago. International revenues increased 3%. When adjusted for foreign exchange impact, international revenues increased 7%. Gross margin as a percentage of revenue increased from 69.2% to 71.7% in the quarter primarily due to higher inventory write-offs and startup charges in the fourth quarter last year. Marketing, selling and administrative expenses increased 2% to $1.3 billion in the quarter. Research and development expenses decreased 29% to $1.4 billion in the quarter primarily due to license and asset acquisition charges of $377 million in the fourth quarter last year. The effective tax rate was 23.1% in the quarter, compared to 433.7% in the fourth quarter last year. The tax rate in the fourth quarter last year was impacted by a one-time $2.9 billion charge resulting from U.S. tax reform. The company reported net earnings attributable to Bristol-Myers Squibb of $1.2 billion, or $0.73 per share, in the fourth quarter, compared to a net loss of $2.3 billion, or $1.42 per share, for the same period in 2017. The results in the fourth quarter last year included the transitional impact of U.S. tax reform. The company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $1.5 billion, or $0.94 per share, in the fourth quarter, compared to net earnings of $1.1 billion, or $0.68 per share, for the same period in 2017. An overview of specified items is discussed under the “Use of Non-GAAP Financial Information” section. Cash, cash equivalents and marketable securities were $10.7 billion, with a net cash position of $3.3 billion, as of December 31, 2018.   ]]> https://biospectrumindia.com/news/86/12570/jj-reports-2018-fourth-quarter-results.html https://biospectrumindia.com/news/86/12570/jj-reports-2018-fourth-quarter-results.html Wed, 23 Jan 2019 11:50:00 +0530 Johnson & Johnson has announced sales of $20.4 billion for the fourth quarter of 2018, an increase of 1.0% as compared to the fourth quarter of 2017. Operational sales results increased 3.3% and the negative impact of currency was 2.3%. Domestic sales increased 1.5%. International sales increased 0.4%, reflecting operational growth of 5.1% and a negative currency impact of 4.7%. Excluding the net impact of acquisitions and divestitures, on an operational basis, worldwide sales for the fourth quarter of 2018 increased 5.3%, domestic sales increased 2.6% and international sales increased 8.3%. Worldwide sales for the full-year 2018 were $81.6 billion, an increase of 6.7% versus 2017. Operational results increased 6.3% and the positive impact of currency was 0.4%. Domestic sales increased 5.1%. International sales increased 8.5%, reflecting operational growth of 7.7% and a positive currency impact of 0.8%. Excluding the net impact of acquisitions and divestitures, on an operational basis, worldwide sales for the full-year 2018 increased 5.5%, domestic sales increased 3.4% and international sales increased 7.8%. Net earnings and diluted earnings per share for the fourth quarter of 2018 were $3.0 billion and $1.12, respectively. Fourth-quarter 2018 net earnings included after-tax intangible amortization expense of approximately $1.0 billion and a net charge for after-tax special items of approximately $1.4 billion. Fourth-quarter 2017 net earnings included after-tax intangible amortization expense of approximately $0.9 billion and a net charge for after-tax special items of approximately $14.6 billion. Included in these special items was the provisional amount of approximately $13.6 billion associated with the enactment of tax legislation. Excluding after-tax intangible amortization expense and special items, adjusted net earnings for the current quarter were $5.4 billion and adjusted diluted earnings per share were $1.97, representing increases of 12.5% and 13.2%, respectively, as compared to the same period in 2017. On an operational basis, adjusted diluted earnings per share increased 16.1%. Net earnings and diluted earnings per share for the full-year 2018 were $15.3 billion and $5.61, respectively. Full-year net earnings included after-tax intangible amortization expense of approximately $3.9 billion and a net charge for after-tax special items of approximately $3.1 billion. Full-year 2017 net earnings included after-tax intangible amortization expense of approximately $2.5 billion and a charge for after-tax special items of approximately $16.2 billion. Included in these special items was a provisional amount of approximately $13.6 billion associated with the enactment of tax legislation. Excluding after-tax intangible amortization expense and special items, adjusted net earnings for the full-year of 2018 were $22.3 billion and adjusted diluted earnings per share were $8.18, representing increases of 11.4% and 12.1%, respectively, as compared to the same period in 2017. Alex Gorsky, Chairman and Chief Executive Officer said,"Johnson & Johnson delivered another year of strong operational sales growth of 6.3% and achieved our 35th consecutive year of adjusted operational earnings growth at 9.8% in 2018. This can be attributed to accelerated underlying sales performance across each of our businesses, where we also leveraged our scale across the enterprise to improve margins. Looking ahead, the strength of our broad-based business and disciplined approach to portfolio management positions us to continue to fuel investments in innovation that enable us to capitalize on strategic opportunities and deliver strong performance over the long-term.” Gorsky continued, “Our performance is the result of our talented Johnson & Johnson colleagues and their extraordinary dedication to help advance health and well-being for patients and customers around the world.” In December, the Company announced a share repurchase program of up to $5.0 billion of the Company's common stock. Repurchases may be made at management's discretion from time to time on the open market or through privately negotiated transactions. The Company announced its 2019 full-year guidance for sales of $80.4 billion to $81.2 billion reflecting expected operational growth in the range of 0.0% to 1.0% and expected adjusted operational growth in the range of 2.0% to 3.0%. The Company also announced adjusted earnings guidance for full-year 2019 of $8.50 to $8.65 per share reflecting expected operational growth in the range of 5.7% to 7.6%.   ]]> https://biospectrumindia.com/news/86/12564/strong-growth-in-india-for-the-german-glass-conglomerate-schott.html https://biospectrumindia.com/news/86/12564/strong-growth-in-india-for-the-german-glass-conglomerate-schott.html Tue, 22 Jan 2019 21:10:00 +0530 SCHOTT AG has announced a successful fiscal year 2017/2018 (October 1, 2017, to September 30, 2018), as all its key financial figures continued to develop positively or remained at the good level of the previous year. Globally, a record net profit of EUR 208 million (approximately INR 1687 crores) was achieved, which resulted in a return on sales of 13%. Important impetus was provided to achieve future growth, with special focus on Asian markets such as India and China. (Asia represented a 25% share in the group’s global market.) “We are very satisfied with the past fiscal year. Despite unfavorable currency influences, we achieved the targets we had set for ourselves, especially in terms of profitability,” emphasized Dr. Frank Heinricht, Chairman of the Board of Management, at the annual results press conference. India alone saw sales of approximately INR 341 crores – an increase of 32.6% which converted into 26.2% after currency effects. Key growth driver segments for India were SCHOTT’s Tubing, Pharma-Packaging and Flat Glass for Cooking. Murali Viswanathan, Managing Director SCHOTT India, shared his views on the growth of the Tubing and pharma packaging segment, “According to a government owned report, the Indian pharma industry is expected to grow over 15% till 2020, to outperform the global pharma industry, which is set to grow at an annual rate of 5%. Responsible pharmaceutical companies as well as the end users are increasingly emphasizing on the need of high-quality packaging that ensures drug safety. This, clubbed with the conducive environment for manufacturing industry enhanced via ‘Make in India’, has been a driving factor for our exemplary growth.” Next to organic growth, SCHOTT also plans to further enhance its offerings through focused, strategic acquisitions. Seven M&A transactions took place in the past fiscal year, with a strong focus in the fields of big data and artificial intelligence. This expansion of the innovation pipeline also led to introduction of unprecedented 100% inspection systems in SCHOTT’s plant in Jambusar, Gujarat. The largest foreign investment was the expansion of production capacity for pharmaceutical packaging at the St. Gallen site in Switzerland. One of key offerings from this plant, the syriQ® BioPure prefillable staked-needle syringe (PFS) was introduced in the Indian market last month.   Outlook for fiscal year 2018/2019: further growth planned Looking ahead, the company will invest around EUR 300 million in property, plant and equipment. Apart from expanding production capacities in Europe, the investment focus will remain on expanding the existing Indian plant and the construction of a new plant in China.   One of most growing division for SCHOTT Group in India is its tubing division, which completed 20 years of India operations last year. Its VP- Sales and Marketing, Sundeep Prabhu stated, “SCHOTT intends to continue its course of sustainable, profitable growth in the current fiscal year. The new tank facility being set up in Jambusar is expected to be complete by 2020 and will increase our production capacity by an additional 50%. This will be help us to address the expanding client demands for our high-quality offerings in India as well as other foreign markets.”     The planned growth will be achieved with both proven and new products. “SCHOTT offers key components for global megatrends such as health care, mobility and energy. Our broad portfolio opens up good prospects for the current fiscal year and beyond,” said CEO Dr. Heinricht. Major highlights of the fiscal year are: Sales growth of 6.3%, record annual profit of EUR 208 million (~INR 1687 crores) India sales growth at ~33% in 2017-18, with total sales of over INR 300 crores High investments creating sustainable growth: Ongoing expansion in Jambusar plant worth EUR 20 million (~INR 162 crores), with completion of 20 years of India operations   ]]> https://biospectrumindia.com/news/86/12521/rht-health-completes-disposal-of-entire-asset-portfolio.html https://biospectrumindia.com/news/86/12521/rht-health-completes-disposal-of-entire-asset-portfolio.html Thu, 17 Jan 2019 12:20:00 +0530 The Trustee-Manager of RHT Health Trust is pleased to announce that the Disposal was completed recently. Following Completion, FHML, HEPL, IHL and EHSSHL have ceased to be subsidiaries of RHT and FHTL has ceased to be an associated company of RHT. The adjusted gross Consideration received from Fortis in connection with the Disposal is approximately S$895.55 million (the “Adjusted Gross Consideration”).  The overall consideration paid for the transaction was around Rs 4,666 crore. Originally, in November 2017, Fortis had said it planned to purchase RHT Health’s assets for Rs 4,650 crore, including debt of Rs 1,152 crore.   RHT Health had listed its units on the Singapore Exchange in 2012 after raising 510.7 million Singapore dollars ($419 million then) through an initial public offering (IPO). This was the largest IPO of a business trust sponsored by an Indian company in Singapore and the second-largest primary listing in the island city-state that year.  With the completion of the transaction, RHT Health's subsidiaries International Hospital Ltd, Fortis Health Management Ltd, Fortis Hospotel Ltd, Escorts Hearth and Super Speciality Hospital Ltd, and Hospitalia Eastern Pvt. Ltd have become the wholly-owned units of Fortis. These subsidiaries combined own two hospitals, 12 clinics, four new clinics and one clinic under construction.  The transaction was approved by an overwhelming majority of Fortis shareholders with a voting in favour of the transaction in excess of 99% , the company said.  The transaction will be value accretive for the company as it would save significant clinical establishment fees. The transaction is also expected to result in significant improvement in the company’s operating profitability and cash flows. RHT has proposed that a substantial part of the net proceeds received by it as consideration for the transaction shall be distributed to its unit-holders.   ]]> https://biospectrumindia.com/news/86/12492/amacathera-raises-3-25m-for-phase-i-trials.html https://biospectrumindia.com/news/86/12492/amacathera-raises-3-25m-for-phase-i-trials.html Mon, 14 Jan 2019 17:30:00 +0530 AmacaThera, Toronto-based company commercializing hydrogel-based drug delivery platforms, has already raised $3.25 million (CAD) in seed financing from Sprout BioVentures, Viva Biotech, and Grey Sky Venture Partners and welcomes additional investors. AmacaThera's founding technology was discovered at the University of Toronto by Dr. Molly Shoichet, a leading expert on polymer design and recent winner of the prestigious Killam Prize in Engineering. One of the key scientists involved in this research, Dr. Mike Cooke, will serve as the CEO of the new company. AmacaThera envisions their proprietary technology to allow sustained and controllable release of diverse therapeutic agents from injectable, biocompatible hydrogels. Their first product, AMT-143, targets superior post-operative pain control with the goal of eliminating opioid use following surgery. The funding raised in this round will be used to advance AmacaThera's drug delivery platform technology through Phase I clinical proof-of-concept. AmacaThera is excited about the initial close and is currently in discussions with additional investors and angels for a second closing, which is anticipated in the coming months. AmacaThera's financing round was co-led by Sprout BioVentures and Viva Biotech. Venture partner Mike Serrano-Wushared his excitement to work with AmacaThera: "We jumped at the chance to work with Molly and Mike and break open the field of hydrogel-encapsulated therapeutics. The unique inverse thermal gelling property of AMT-143 will lead to multiple opportunities for the AmacaThera platform to significantly improve patient care." Grey Sky Venture Partners have also joined the seed round. Todd McIntyre, partner at Grey Sky Venture Partners said: "Grey Sky is very pleased to work with the AmacaThera team to bring AMT-143 to market. There is a large unmet need for a non-opioid pain control following surgery, and AmacaThera's technology provides a unique solution to the sustained release of acute pain medications." AmacaThera was nurtured in Dr. Shoichet's laboratory with assistance from numerous accelerators, including the Creative Destruction Lab at the Rotman School of Management, University of Toronto Early-Stage Technology, the Ontario Biosciences Innovation Organization, MaRS Innovation, and the U of T Innovations & Partnership Office. ]]> https://biospectrumindia.com/news/86/12462/neosensory-announces-10m-series-a-financing-round.html https://biospectrumindia.com/news/86/12462/neosensory-announces-10m-series-a-financing-round.html Thu, 10 Jan 2019 10:20:00 +0530 Neosensory, a company that pioneers devices to send information to the brain non-invasively has announced that it has received $10 million of Series A financing.  Excel Venture Management and DigiTx Partners co-led the round, with participation from existing investors True Ventures, Tao Capital, and several angel investors. With total funding of $16 million since launch, Neosensory plans to release their first product -- a wristband called the Buzz -- later this year.  Excel's Juan Enriquez and DigiTx's David Kim will join Neosensory's Board of Directors. Co-founded by neuroscientists David Eagleman and Scott Novich, Neosensory develops consumer-friendly, non-invasive technology that was first introduced in a TED talk entitled Can we create new senses for humans? Their patented devices transform data streams into patterns of touch. One application relays sounds normally captured by the ear into vibrations on the skin, overcoming the cost and limitations of hearing aids and cochlear implants. Versions of Neosensory's technology were recently featured on National Geographic and in Season 2 of HBO's Westworld. "Neosensory's technology has the potential to extend our natural biological limitations," said Juan Enriquez, Managing Director at Excel Venture Management. "In the context of hearing loss, we believe the market is going to incorporate wearable devices such as Neosensory's wristband." Dr. David Kim, Managing Director of DigiTx Partners, added, "Dr. Eagleman and the Neosensory team are pushing the envelope in the field of sensory substitution. We are excited to support the transformation of the company from cutting-edge R&D to a strong commercial company serving the needs of millions of people." "We're just scratching the surface of how powerful sensory substitution can be when combined with well-designed wearables," said Eagleman, Neosensory's Chief Executive Officer. "The support and expertise of our investors will help us execute our vision rapidly and worldwide." ]]> https://biospectrumindia.com/news/86/12442/pravesha-industries-to-divest-majority-stake-in-crest-cellulose-to-roquette.html https://biospectrumindia.com/news/86/12442/pravesha-industries-to-divest-majority-stake-in-crest-cellulose-to-roquette.html Tue, 08 Jan 2019 15:25:00 +0530 Hyderabad based Sathguru Management Consultants has announced that they have exclusively advised Pravesha Industries Private Limited for divestiture of majority stake in its subsidiary Crest Cellulose Private Limited to Roquette Freres SA. Roquette is involved in specialty food ingredients and pharmaceutical excipients with a presence in 100 countries and turnover of around 3.3 billion euros. Crest manufactures pharmaceutical excipients in a state-of-the-art manufacturing plant in Andhra Pradesh, India. It is a wholly-owned subsidiary of Pravesha Industries, which offers packaging and printing services to global pharmaceutical companies. The creation of this joint-venture will reinforce Roquette’s position as a major supplier to the pharmaceutical industry and a global leader in superior natural-based pharmaceutical excipients. The addition of Crest Cellulose’s know-how and production capabilities to Roquette’s strong expertise and track-record in the pharmaceutical excipients market will create new opportunities for both Roquette’s and Crest Cellulose’s customers and employees as the companies both share a commitment towards innovation, quality and excellence. Sathguru Management Consultants anticipates continued M&A momentum in the $33 billion pharmaceutical sector across segments. The Indian pharmaceutical sector is large and fast-growing and the size of this market which was estimated at US$ 33 billion in 2017 and is growing at over 10% per year. API, excipients and specialty inputs will be a particularly attractive segment for both domestic and international investors given the high level of shortage, criticality of backward integration for formulation suppliers and Chinese supply disturbances.  The transaction will allow Roquette to expand its product portfolio and leverage Crest’s robust infrastructure and superior production capabilities to enhance its geographic presence in Asia and address a global growing market.   ]]> https://biospectrumindia.com/news/86/12431/vyome-raises-22m-to-advance-dermatology-pipeline.html https://biospectrumindia.com/news/86/12431/vyome-raises-22m-to-advance-dermatology-pipeline.html Mon, 07 Jan 2019 16:20:00 +0530 Vyome Therapeutics Inc, a clinical-stage specialty pharmaceutical company developing novel medicines for treating skin diseases caused by resistant microbes has announced the closing of a $22 million financing. Vyome Therapeutics Inc. will primarily use the funds to advance its lead molecule, VB1953, through phase 2 studies for treatment of moderate to severe acne and for operations. Part of the funds raised are used for facilitating a secondary transaction. Venkateswarlu Nelabhotla, Chief Executive Officer of Vyome Therapeutics said, “The closing of Vyome’s Series D comes at a transformational time for the company, as we prepare to initiate a phase 2b clinical trial with our lead candidate, VB 1953, and as we establish the center of operations and headquarters in the United States through a corporate restructuring exercise. We see this investment as validation of Vyome’s innovative approach to efficient specialty pharmaceutical development and the ability of the company’s scientific platform to help solve the problem of microbial resistance in dermatology.” The financing was led by Iron Pillar, a venture growth investment fund with locations in Palo Alto and Mumbai. Existing investors, including Perceptive Advisors, Romulus Capital and Kalaari Capital also participated in this round. Mohanjit Jolly, Partner at Iron Pillar, added “We are thrilled to partner with Vyome and cement our long-standing relationship with the co-founders. This investment fits well with Iron Pillar’s approach of backing visionary entrepreneurs, together with patented platform technologies and products that have the potential to leapfrog the current market. Our advisors, who are dermatology experts in the U.S., are very encouraged by the early clinical efficacy and safety data from studies of VB 1953, and the depth and quality of science around the novel mechanism. We look forward to leveraging our cross-border network and U.S. capital markets experience to support Vyome as it seeks to establish itself as a leading specialty pharmaceuticals company.” Vyome’s lead molecule, VB 1953, is a topical bactericidal antibiotic candidate with a novel mechanism of action that includes inflammation reducing capabilities as well as the demonstrated ability to treat antibiotic resistant P. acnes strains and currently, a US phase 2b clinical trial is being initiated. In preclinical studies, VB 1953 is active against clindamycin resistant P. acnes bacteria, has a low emergence of resistance and reduces inflammation. VB 1953 is delivered with a microtechnology gel system that ensures the drug is retained at the site of infection and minimizes systemic exposure. ]]> https://biospectrumindia.com/news/86/12381/deloitte-haskins-resigns-as-fortis-healthcares-auditor-.html https://biospectrumindia.com/news/86/12381/deloitte-haskins-resigns-as-fortis-healthcares-auditor-.html Mon, 31 Dec 2018 15:20:00 +0530 Fortis Healthcare has said that its statutory auditor Deloitte Haskins and Sells LLP has tendered resignation as the company's largest shareholder Malaysian firm IHH prefers to align its auditors on a group-wide basis.  "Pursuant to the issuance of 235,294,117 equity shares to Northern TK ventures Pte Limited, a subsidiary of IHH, IHH has become the largest shareholder in the company," Fortis Healthcare said in a filing to the BSE, reported PTI. Post induction of additional nominee directors of IHH on the boards of the company, IHH prefers to align its auditors on a group-wide basis, it added.  "This may lead to streamlining the audit process and also bring in efficiencies from a cost and time perspective," Fortis Healthcare said. "The aforesaid matter was discussed with the statutory auditors of the company - Deloitte Haskins and Sells LLP. After due consideration, the auditors have tendered their resignation with effect from December 28, 2018," it added. Earlier in November this year, Fortis had announced issuing of 235.3 million equity shares through preferential allotment to IHH Healthcare Berhad for around Rs 40 billion, a move that helped the Malaysian firm take 31.1 per cent stake in the company.    ]]> https://biospectrumindia.com/news/86/12347/radiant-life-care-kkr-acquires-majority-stake-in-max-healthcare.html https://biospectrumindia.com/news/86/12347/radiant-life-care-kkr-acquires-majority-stake-in-max-healthcare.html Wed, 26 Dec 2018 10:55:00 +0530 Radiant Life Care Private Limited, a leading Indian hospital management company promoted by Abhay Soi and backed by global investment firm KKR has announced that it has entered into a transaction whereby its shareholders will eventually acquire a majority stake in Max Healthcare Institute Limited from Max India Limited. The acquisition will be undertaken through a series of transactions, including Radiant’s purchase of a 49.7% stake in Max Healthcare from South Africa-based hospital operator Life Healthcare in an all cash deal, followed by demerger of Radiant’s healthcare assets into Max Healthcare which will result in KKR and Radiant promoter Abhay Soi together acquiring a majority stake in Max Healthcare. The combination of Radiant and Max Healthcare will create the largest hospital network in North India, which will become among the top three hospital networks in India by revenue and the fourth largest in India in terms of operating beds. The merged entity will operate over 3,200 beds throughout 16 hospitals across India, including tertiary and quaternary care facilities offering high end critical and super speciality care supported by strong local brands such as BLK Hospital, Max Saket Hospital, Max Smart Hospital, Max Patparganj Hospital, and Nanavati Hospital. The combined business is expected to provide significant growth potential and compelling business synergies. By providing best-in-class patient care, the combined business plans to address India’s growing demand for quality medical treatment. Upon closing, Abhay Soi will lead the combined company as its Chairman, supported by a strong leadership team. Abhay Soi, Chairman and Managing Director of Radiant, said, “Radiant has achieved significant growth and expansion during a time of rapid industry consolidation, and the proposed acquisition of a majority stake in Max Healthcare marks an exciting step forward in our strategy to increase scale by merging with a leading and complementary hospital network. We are fortunate to have strong support from KKR as we continue our mission of providing superior medical services in India.” Analjit Singh, Founder & Chairman Emeritus of Max Group, said, “Max Healthcare has been an integral part of my entrepreneurial journey and I can’t think of better partners than Radiant, backed by KKR, to carry forward this legacy. Over the years, the business has come to be known for its consistently high level of service and clinical excellence across 14 world class facilities, and to this day, it continues to set new benchmarks in clinical quality. The merger offers significant growth potential with revenue and cost efficiencies to be extracted. Both Max and Radiant possess complementary sets of capabilities in running healthcare establishments and KKR brings with it extensive global experience and expertise in healthcare investments as well as capabilities in prudent financial management and efficient capital allocation.” Sanjay Nayar, Member & CEO of KKR India, said, “We are excited to back Radiant’s efforts towards consolidation in the healthcare sector by helping them create an effective platform in India for the highest-quality healthcare service providers, best in class infrastructure, practices, doctors and management teams. The country’s private hospital market has grown rapidly in recent years, and we expect demand for quality healthcare to outpace overall economic growth as Indians demand better quality care. The combined business will enjoy a leadership position amongst the attractive metros of Delhi and Mumbai.” Transaction Details: As per the Composite Scheme announced by Max India, the transaction will be completed through the following steps: Prior to the merger transaction involving Radiant and Max Healthcare, Max India will demerge its non- healthcare businesses (comprising of Max Bupa and Antara Senior Living) into a new wholly owned subsidiary of Max India whose shares will be listed separately on both BSE Limited and National Stock Exchange of India Limited. This new company will be spun off, and shareholders of Max India will receive one share of INR 10/- each of the new company for every five shares of Rs 2/- each that they hold in existing Max India. Following the demerger and the spin-off, Radiant’s healthcare assets will be demerged into Max Healthcare which will then undertake a reverse merger with Max India to create Merged Max Healthcare (“Combined Entity” or “Merged Entity”). As a result of the reverse merger, shareholders of Max India will receive 99 shares of the Merged Entity of INR 10/- each for every 100 share of INR 2/- each that they hold in Max India. Post-merger, Max India will get dissolved without being wound up and subsequently the equity shares of the Merged Entity will get listed on both BSE Limited and National Stock Exchange of India Limited. Based on the share exchange ratio recommended in the valuation report issued by S.R. Batliboi & Co LLP and B.S.R Associates LLP, the resultant shareholding of the Combined Entity will be 51.9%, 23.2% and 7.0% (post sale of 4.99% as mentioned below) held by KKR, Abhay Soi and Max Promoters respectively, with the balance being held by public and other shareholders. A record date will be fixed in due course by the Board of Max India in conjunction with the Board of Radiant. The Combined Entity will be promoted by Abhay Soi and co-promoted by KKR. Max India’s current promoters (“Max Promoters”) will subsequently step down through the process of de-promoterisation after completion of the merger. KKR will also acquire an additional stake of 4.99% in the Merged Entity from Max Promoters, funded primarily from KKR Asian Fund III. The transaction is subject to regulatory approvals and other customary closing conditions. The merged entity will continue to use the current brand name Max Healthcare, with appropriate adjustments to its logo. ]]> https://biospectrumindia.com/news/86/12317/jj-declares-5b-share-repurchase-program.html https://biospectrumindia.com/news/86/12317/jj-declares-5b-share-repurchase-program.html Thu, 20 Dec 2018 12:10:00 +0530 Johnson & Johnson has announced that the Board of Directors has authorized the repurchase of up to $5 billion of the company's common stock. "Based on our continued strong performance and, more importantly, the confidence we have in our business going forward, the Board of Directors and management team believe that the company's shares are an attractive investment opportunity," said Alex Gorsky, Chairman and Chief Executive Officer.  "Our strong cash flow enables us to simultaneously return value to shareholders through our regular quarterly dividend and share repurchases, while at the same time continuing to deploy capital that will further strengthen our robust enterprise pipeline and drive long-term growth." Repurchases may be made at management's discretion from time to time on the open market or through privately negotiated transactions. The repurchase program has no time limit and may be suspended for periods or discontinued at any time.  Any shares acquired will be available for general corporate purposes. The company had approximately 2,683.2 million shares of common stock outstanding as of September 30, 2018.  The company does not expect to incur debt to fund the share repurchase program. Johnson & Johnson reaffirms its full-year 2018 sales and adjusted earnings per share guidance of $81.0 to $81.4 billion and $8.13 to $8.18 per share, respectively. ]]> https://biospectrumindia.com/news/86/12215/cx-partners-buys-major-shares-in-veeda-clinical-research.html https://biospectrumindia.com/news/86/12215/cx-partners-buys-major-shares-in-veeda-clinical-research.html Fri, 07 Dec 2018 16:35:00 +0530 A consortium of growth oriented private equity investors led by CX Partners Fund 2 Limited have acquired a significant equity ownership in Veeda Clinical Research Private Limited. The investors will make additional investments in the company over a period of time to fund the growth requirements of the company. The Board of Directors of the company will be reconstituted to have representatives from the incoming investors. Apurva Shah and Binoy Gardi, the promoters, will continue on the Board of the company and lead the management team. Veeda is the largest independent Clinical Research Organization in India established in 2004 with its headquarters in Ahmedabad. Veeda offers a diverse range of clinical studies including healthy volunteers and patient trials for Generics, NCE and Biopharmaceuticals. Veeda is a partner of choice for many global pharmaceutical companies and is reputed for its knowledge, quality and ethics. CX Partners Fund 2 Limited is a Mauritius-based growth oriented private equity investment fund focusing on high growth mid-market companies that are industry leaders in India. CX Partners had, from its prior Fund 1, invested in leading healthcare companies including Natco Pharma Ltd, Thyrocare Technologies Ltd and Healthium Medtech Pvt Ltd. Other past investments where CX Partners took a significant equity stake include Minacs Group, a leading Business Process Outsourcing firm, Sapphire Foods India Pvt. Ltd, a leading franchisee of Yum! Brands, Barbeque Nation Hospitality Ltd and Mrs Bectors Food Specialties Ltd. ]]> https://biospectrumindia.com/news/86/12159/jubilant-life-arm-inks-pact-to-acquire-inipharm-inc.html https://biospectrumindia.com/news/86/12159/jubilant-life-arm-inks-pact-to-acquire-inipharm-inc.html Sat, 01 Dec 2018 05:45:00 +0530 Drug firm Jubilant Life Sciences has said that its subsidiary Drug Discovery and Development Solutions Ltd Singapore has entered into an agreement to acquire 10 per cent stake in Inipharm Inc USA for around USD 28.5 million (over Rs 199 crore). The company's wholly-owned subsidiary has entered into a stock purchase agreement to acquire 534,194 shares of common stock of biotechnology firm Inipharm Inc USA, for a cash consideration of USD 534.20 per share, Jubilant Life Sciences said in a filing to BSE. The indicative time period for completion of the acquisition is three months, it added.   ]]> https://biospectrumindia.com/news/86/12118/sun-pharma-to-take-over-japans-polo-pharma.html https://biospectrumindia.com/news/86/12118/sun-pharma-to-take-over-japans-polo-pharma.html Tue, 27 Nov 2018 10:40:00 +0530 Sun Pharmaceutical Industries Ltd has agreed to buy Japan's Pola Pharma Inc. for $1 million (Rs 7.1 crore). The acquisition is in line with the company's strategy to strengthen its global dermatology business. Pola Pharma, part of POLA ORBIS Group, makes and sells branded and generic products in Japan. The company has two factories in Japan to make topical products and injectables. It has research and development capabilities to develop new technologies and formulations. Pola Pharma will help Sun Pharma launch its speciality and generic dermatology products in Japan in the future. The deal is expected to close on or before 31 January 2019, subject to completion of closing conditions. ]]> https://biospectrumindia.com/news/86/12099/strides-board-to-invest-15m-in-stelis-biopharma.html https://biospectrumindia.com/news/86/12099/strides-board-to-invest-15m-in-stelis-biopharma.html Fri, 23 Nov 2018 12:25:00 +0530 Strides Pharma has announced that the Board of Directors of the Company have approved the participation of Strides in the Series B fundraiser of Stelis Biopharma with a commitment of US$ 15 million in a US$100 million fund raise. Strides currently own 36.25% stake in Stelis, the former biopharma division of Strides. In the last 24 months, Stelis has advanced significantly with two of its lead assets now ready for filing in the regulated markets. The first close of the current fund raise is US$ 35 million of which Strides will commit US$15 million and US$ 20 million is from other existing shareholders. "With the first close of Series B, Stelis would have raised an equity capital of ~US$ 114 million of which Strides would have invested ~US$ 37 million for an effective ownership of ~38%," the company said. ]]> https://biospectrumindia.com/news/86/12087/piramal-enterprises-plans-to-raise-up-to-rs-1000-cr-via-ncds.html https://biospectrumindia.com/news/86/12087/piramal-enterprises-plans-to-raise-up-to-rs-1000-cr-via-ncds.html Thu, 22 Nov 2018 13:35:00 +0530 Piramal Enterprises has said that it plans to raise up to Rs 1,000 crore through issue of secured non-convertible debentures (NCDs) on private placement basis. The administrative committee of the board approved issue of secured NCDs on private placement basis up to Rs 500 crore with an option to retain over-subscription of up to Rs 500 crore, aggregating the total issue size to Rs 1,000 crores in two series, the company said in a filing to the BSE. The issue size of Series 1 is Rs 100 crore, it added. The size of Series 2 is Rs 400 crore with green shoe option of Rs 500 crore, so that the total value shall not exceed Rs 900 crore, Piramal Enterprises said. The company, however, did not specify what it wants to do with the funds to be raised, reported PTI. The issue size of Series 1 is Rs 100 crore, it added. The size of Series 2 is Rs 400 crore with green shoe option of Rs 500 crore, so that the total value shall not exceed Rs 900 crore, Piramal Enterprises said. Read more at://economictimes.indiatimes.com/articleshow/66733163.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst The issue size of Series 1 is Rs 100 crore, it added. The size of Series 2 is Rs 400 crore with green shoe option of Rs 500 crore, so that the total value shall not exceed Rs 900 crore, Piramal Enterprises said. Read more at://economictimes.indiatimes.com/articleshow/66733163.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst The issue size of Series 1 is Rs 100 crore, it added. The size of Series 2 is Rs 400 crore with green shoe option of Rs 500 crore, so that the total value shall not exceed Rs 900 crore, Piramal Enterprises said. Read more at://economictimes.indiatimes.com/articleshow/66733163.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst The issue size of Series 1 is Rs 100 crore, it added. The size of Series 2 is Rs 400 crore with green shoe option of Rs 500 crore, so that the total value shall not exceed Rs 900 crore, Piramal Enterprises said. Read more at://economictimes.indiatimes.com/articleshow/66733163.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst The issue size of Series 1 is Rs 100 crore, it added. The size of Series 2 is Rs 400 crore with green shoe option of Rs 500 crore, so that the total value shall not exceed Rs 900 crore, Piramal Enterprises said. Read more at://economictimes.indiatimes.com/articleshow/66733163.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst The issue size of Series 1 is Rs 100 crore, it added. The size of Series 2 is Rs 400 crore with green shoe option of Rs 500 crore, so that the total value shall not exceed Rs 900 crore, Piramal Enterprises said. Read more at://economictimes.indiatimes.com/articleshow/66733163.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst ]]> https://biospectrumindia.com/news/86/12021/aster-dm-healthcare-reports-q2-net-profit-at-rs-11-crore.html https://biospectrumindia.com/news/86/12021/aster-dm-healthcare-reports-q2-net-profit-at-rs-11-crore.html Wed, 14 Nov 2018 13:15:00 +0530 Aster DM Healthcare, one of the largest private healthcare service providers in multiple GCC states and an emerging healthcare player in India has announced its financial results for the quarter & half year ended September 30, 2018. According to the news reported by PTI, the Company recorded a net profit of Rs. 11 crore for the quarter ending September 30, 2018. This represents a year-on-year increase when compared to a PAT of Rs. 0.51 crore registered in the same quarter of 2017. Revenue from operations for Q2FY19 recorded an increase of 17% reaching Rs. 1,837 crore on sustained organic growth from its existing operations that includes 21 hospitals, 113 clinics and over 216 pharmacies in nine countries, including India. The Company’s strong growth is a reflection of its focus on quality healthcare, the strength of its diversified healthcare offerings and a strong thrust on enhancing efficiencies.   Financial Performance Highlights   Performance Review for Q2FY19 vs. Q2FY18   Revenue from operations improves by 17% to Rs. 1,837 crore compared to Rs. 1,566 crore EBITDA (excluding other income) reduces by 9% Y-o-Y to Rs. 125 crore compared to Rs. 138 crore PAT increases to Rs. 11 crore compared to Rs. 0.51 crore Diluted Earnings Per Share up to Rs. 0.22 as compared to Rs. 0.01 Performance Review for H1FY19 vs. H1FY18 Revenue from operations improves by 16% to Rs. 3,612 crore compared to Rs. 3,123 crore EBITDA (excluding other income) grew by 40% Y-o-Y to Rs. 249 crore compared to Rs. 178 crore PAT increases to Rs. 23 crore compared to loss of Rs. 76 crore Diluted Earnings Per Share up to Rs. 0.47 as compared to loss of Rs. 1.65   Commenting on the performance for Q2 & H1FY19, Dr. Azad Moopen, Chairman, Aster DM Healthcare, said: “We are happy with our performance in a quarter that is generally more muted because of the seasonal nature of businesses in the GCC. Our results are a reflection of our continuous striving for clinical excellence, our light asset business model and thrust on efficiencies. Our India operations too improved despite the unfortunate floods in Kerala. India has embarked on a potentially path breaking initiative of Ayushman Bharat which we believe will have far reaching consequences in the tackling of morbidity & mortality rates across states in India, enabling quality affordable healthcare to all and creating a strong collaborative opportunity between the public and private sectors. As we enter the second half of the year we look forward to further improved financial and operating performance backed by enhanced levels of clinical excellence.” Aster DM Healthcare is a 30-year-old integrated and comprehensive healthcare service organization. The Company is one of the few entities across the globe providing the complete circle of care from primary, secondary, tertiary to quaternary medical care. These are manned by its 17,700+ employees from across the world, delivering on a simple yet strong promise to its people: “We’ll treat you well.” The Company has the unique distinction of serving people by providing quality healthcare to all segments of the society regardless of their economic or social positioning. In line with this, Dr. Azad Moopen, Founder Chairman and Managing Director at Aster DM Healthcare conceptualized the Company’s three brands - Medcare for the high income, Aster for the middle-income and Access for low-income strata of the population. The Company has an asset light business model wherein the land and civil structure of most of its hospitals are leased. It is also optimally positioned in the Medical tourism sector with a large number of GCC residents visiting India to avail quality and cost-effective healthcare.   Seasonality Seasonality is unique to GCC businesses and skews the picture significantly for the first and second half-financial year results. There is a decline in volumes across hospitals, pharmacies and segments during the summer months in the GCC countries. Expats form a major proportion of the population in GCC countries barring Saudi Arabia and during the extreme summer season and school holidays, a large amount of population leave the GCC region. Some doctors also travel back to their home country during this period as well. The impact is visible across industries and reflected particularly more in primary care facilities like clinics and pharmacies. H1 and H2 revenues in GCC are usually split in 45%-55% but the EBITDA split can vary as much as 30% and 70% for H1 and H2. Increase in revenue in H2 results in proportionately larger increase in profitability due to operating leverage. Seasonality variation has consistently been visible over several years and can be expected to continue.   Segmental Performance   Hospitals Revenues increased by 18% to Rs. 1,825 crore in H1FY19 from Rs. 1,547 crore in H1FY18. EBITDA increased by 55% from Rs. 128 crore in H1FY18 to Rs. 198 crore in H1FY19. The EBITDA margin was at 10.8% in H1FY19 compared to 8.3% in H1FY18. This performance was driven by addition of new specialties, services and increase in beds. In-patient count was 106,200+ H1FY19 as compared to 100,200+ in H1FY18, a growth of 6%. Out-patient visit was 1.53 mn in H1FY19 as compared to 1.4 mn in H1FY18 with a growth of 9%.   Clinics Revenues for GCC clinics increased by 13% to Rs. 915 crore in H1FY19 from Rs. 811 crore in H1FY18. EBITDA for GCC clinics increased 44% from Rs. 68 crore in H1FY18 to Rs. 98 crore in H1FY19. The EBITDA margin was at 10.7% in H1FY19 compared to 8.4% in H1FY18. This performance was driven by ramp up in new clinics set up in GCC states in the recent past and increase in footfalls from existing clinics.   Pharmacies Revenues increased by 23% to Rs. 952 crore in H1FY19 from Rs. 774 crore in H1FY18. EBITDA increased 14% from Rs. 54 crore in H1FY18 to Rs. 62 crore in H1FY19. ]]> https://biospectrumindia.com/news/86/12019/sun-pharma-q2-net-loss-at-rs-219-cr.html https://biospectrumindia.com/news/86/12019/sun-pharma-q2-net-loss-at-rs-219-cr.html Wed, 14 Nov 2018 13:05:00 +0530 Drug major Sun Pharmaceutical Industries has reported a consolidated net loss of Rs 218.82 crore for the July-September quarter on account of a Rs 1,214-crore provision for the settlement of the Modafinil antitrust case in the US. The company had posted a net profit of Rs 912.12 crore for the corresponding period of the previous fiscal, company said in a BSE filing. After accounting for the provision of Rs 1,214 crore for the estimated settlement amount payable to all the remaining plaintiffs related to the Modafinil antitrust litigation in the US, the net loss for the quarter was at Rs 219 crore, it said. The company had entered into settlement with some complainants in the antitrust case last year. Adjusted net profit for the second quarter of FY19 was at Rs 996 crore with resulting adjusted net profit margin at 14.5 per cent. Consolidated revenue from operations of the company stood at Rs 6,846.48 crore for the quarter under consideration. It was Rs 6,590.06 crore for the same period a year ago. On the results, Sun Pharma MD Dilip Shanghvi said “Our soft Q2 performance is not a reflection of the underlying health of the overall business. We continue to focus on strengthening our core operations and enhancing our overall efficiencies. We are fairly positive on our performance for the rest of the year. We are excited with the successful launch of Ilumya in the US.” Sale of branded formulations in India for the second quarter of FY19 was at Rs 1,860 crore, down by 16 per cent mainly due to a planned one-time inventory reduction in the supply chain coupled with a higher base of second quarter last year, Sun Pharma said. Sales in the US were at $342 million (around Rs 2,484 crore) for the quarter, a growth of 11 per cent over same period last year and accounting for 35 per cent of the total sales for the quarter, it added. The company’s sales in emerging markets were at $195 million (around 1,416 crore) for the quarter under consideration, flat over same quarter last year, Sun Pharma said. Formulation sales in Rest of World (ROW) markets excluding US and emerging markets were at $108 million (around Rs 784 crore) in second quarter of FY19, a de-growth of 2 per cent from the same qurter last year, reported PTI. “Our API business imparts benefits of vertical integration for our formulations business. We continue to increase the API supply for captive consumption for key products. For Q2 FY19, external sales of API were at Rs 426 crore, up by 10 per cent over Q2 last year,” Sun Pharma said. Consolidated research and development expense for the second quarter of the current fiscal was Rs 452 crore, 6.6 per cent of sales compared to Rs 511 crore (7.7 per cent) of sales for the second quarter of the last year, it added. ]]> https://biospectrumindia.com/news/86/12017/glenmark-pharmaceuticals-q2-net-profit-jumps-93-3.html https://biospectrumindia.com/news/86/12017/glenmark-pharmaceuticals-q2-net-profit-jumps-93-3.html Wed, 14 Nov 2018 12:50:00 +0530 Glenmark Pharmaceuticals has reported a 93.3 per cent jump in consolidated net profit at Rs 4.14 billion for the quarter ending September boosted by the sale of its orthopaedic and pain management business in India. The company had posted a consolidated net profit of Rs 2.14 billion in the previous corresponding quarter, Glenmark Pharmaceuticals said in a statement. During the period under review, consolidated revenue was at Rs 25.81 billion against Rs 22.56 billion in the year-ago period. In the second quarter, the company had one-time exceptional income of Rs 1.67 billion Glenmark had transferred its orthopaedic and pain management India business, valued at Rs 63.5 million to Integrace Pvt Ltd by way of a slump sale during the second quarter. Commenting on the performance, Glenmark Pharmaceuticals Chairman & MD Glenn Saldanha said, "Our healthy performance in the second quarter can be attributed to good growth in most of our markets globally." The US business growth was driven by the launch of certain limited-competition generic products even though the overall market environment remains challenging, he added. Sales from the formulation business in India was at Rs 7.78 billion for the second quarter as against Rs 7.10 billion in the previous corresponding quarter, a growth of 9.52 per cent, the company said. In the US, sale of finished dosage formulations stood at Rs 8.10 billion as compared to Rs 7.27 billion in the year-ago period, an increase of 11.44 per cent. Glenmark said its revenue from Europe operations stood at Rs 2.60 billion, as compared to Rs 2 billion in the second quarter last fiscal, up 30.37 per cent. Revenue from Africa, Asia and CIS region was at Rs 3.05 billion, up 21.03 per cent from Rs 2.52 billion in the previous corresponding quarter, the company said, which was reported by PTI. ]]> https://biospectrumindia.com/news/86/12009/kilitch-drugs-india-records-a-robust-growth-in-q2fy19.html https://biospectrumindia.com/news/86/12009/kilitch-drugs-india-records-a-robust-growth-in-q2fy19.html Tue, 13 Nov 2018 11:35:00 +0530 The Board of Directors of Kilitch Drugs India Limited announced its un-audited results for the second quarter ended on September 30, 2018 following its approval by the Board of Directors in a meeting held in Mumbai on November 07, 2018.  Q2FY19 Performance (YoY) The Company’s total revenues increased to Rs. 26.72 crores as compared to Rs. 14.95 crores in the last financial year. The net sales for the half yearly at Rs. 58.94 crores – accounting for more than 151.13% of the company’s net sales in FY18. The company registered an EBIDTA (Earnings before Interest, Depreciation, Taxation & Amortization) improved to Rs. 6.41 crore as compared to Rs. 2.69 crore in Q2FY18. The EBIDTA for the quarter accounted for Rs. 138.29% of the total EBIDTA posted in FY19 EBIDTA margin were driven by improved demand as well as exchange rate gains. Net profit for the quarter increased to Rs. 4.49 crore in Q2FY19 from Rs. 2.23 in Q2FY18. Kilitch Drugs EPS has increased to Rs. 3.20 in September 2018 from Rs. 1.69 in September 2017. The company remained a zero-debt company during the quarter   Business Developments during Q2FY19 The company continued its focus on its Cephalosporin plant in Addis Ababa, Ethiopia – the first such plant in the country for Kilitch Drugs which is set up in partnership with Estro. With the aim to produce 20-25 million vials capacity in manufacturing multiple products including dry syrup, tablets, capsules, the plant is on-course to commence commercial production by mid FY2019. The plant will significantly boost the company’s presence in the African markets in terms of improved margins and high capacity. The revenue generation from the plant is expected to contribute Rs 100 crore in sales beginning FY2020. The company is also scouting opportunities to start manufacturing in 2-3 large African countries through partnerships. The company so far registered 320 products across Africa, plans to scale it up to 500 products in coming quarters.     Speaking on the performance,Mukund P Mehta, Managing Director, Kilitch Drugs (India) Ltd. stated, “In the second quarter of the financial year, our robust operations have increased manifold as per the estimates. The company recorded a strong growth in exports both in terms of value & volume and will continue its growth trajectory. The Company continues to enjoy a comfortable liquidity position.”   ]]> https://biospectrumindia.com/news/86/11984/natco-pharma-posts-over-two-fold-jump-in-q2-pat-to-rs-181-6-cr-.html https://biospectrumindia.com/news/86/11984/natco-pharma-posts-over-two-fold-jump-in-q2-pat-to-rs-181-6-cr-.html Tue, 06 Nov 2018 13:45:00 +0530 Natco Pharma has reported over two-fold increase in consolidated profit after tax at Rs 181.6 crore for the second quarter ended September 30, 2018. The company had posted a consolidated profit after tax of Rs 84.4 crore in the same quarter last fiscal, Natco Pharma said in a regulatory filing. Total revenue during the period under review stood at Rs 583.5 crore. It was at Rs 432.2 crore in the year-ago quarter. The company said its board of directors at its meeting on Monday had approved the buyback of fully paid-up equity shares of face value of Rs 2 each at a price not exceeding Rs 1,000 per share for an aggregate amount of Rs 2,50 crore from the open market through stock exchange mechanism. The maximum buyback size represents 8.10 per cent and 8.22 per cent of the aggregate of the total paid up equity capital and free reserves, respectively, of the company, it added. ]]> https://biospectrumindia.com/news/86/11978/unichem-picks-up-stakes-in-optimus-group.html https://biospectrumindia.com/news/86/11978/unichem-picks-up-stakes-in-optimus-group.html Mon, 05 Nov 2018 22:40:00 +0530 Unichem Laboratories has acquired 19.99% each in two bulk drug companies of Hyderabad-based pharmaceutical group Optimus for a total of Rs 120 crore ($16.5 million). As part of the transaction, the firm bought stake in Optimus Drugs Pvt. Ltd for Rs 72.08 crore and acquired holding in Optrix Laboratories Pvt. Ltd for Rs 47.92 crore. The acquisition will give Unichem access to the active pharmaceutical ingredient (API) facilities of the two companies in Hyderabad and Visakhapatnam. The deal will also provide the acquirer with additional capacity to fulfil its export orders.   ]]> https://biospectrumindia.com/news/86/11973/cipla-announces-q2-fy19-results.html https://biospectrumindia.com/news/86/11973/cipla-announces-q2-fy19-results.html Mon, 05 Nov 2018 15:15:00 +0530 Cipla Limited has announced its unaudited consolidated financial results for quarter ended September 30, 2018. Key highlights of the quarter are: R&D investments at approximately INR 316cr or approximately 8% of sales Growth in private market [non-tender] segments continues strong across India, the US, South Africa and other emerging markets US business sales trajectory improves with 12% YoY growth driven by contribution from new launches. 7 new approvals in the quarter with multiple limited competition assets getting launched Inspection at Goa plant concludes with minor procedural observations In India, as per IQVIA (IMS) Q2’18, Cipla continued its outperformance growing by 14% Performance in key therapeutic areas as follows: Cipla gained one Rank in Cardiology and now stands at 4th position growing 500bps higher than market at 19% Continued leadership position in Respiratory growing at 23%. Cipla’s flagshipinhalation awareness campaign “Berok Zindagi’on a good start Urology maintained its leadership position with over 15% market share “We had a modest quarter but maintained a strong performance in our private market segment across geographies. I am pleased to see that our limited competition assets in theUS are ramping up to drive quarter on quarter growth. We also recently announced the approval of Metoprolol, another limited competition asset. As we enter the second half of this fiscal, multiple headwinds are likely to impact our reported performance. Having said that, we are focusing on positioning our businesses for long term growth," said Umang Vohra, MD and Global CEO, Cipla Ltd. ]]> https://biospectrumindia.com/news/86/11969/torrent-pharma-reports-12-25-dip-in-its-q2-net-profit.html https://biospectrumindia.com/news/86/11969/torrent-pharma-reports-12-25-dip-in-its-q2-net-profit.html Mon, 05 Nov 2018 13:15:00 +0530 Drug firm Torrent Pharmaceuticals has reported a 12.25 per cent dip in its consolidated net profit to Rs 179 crore for the quarter ended September 2018 due to one-time impact of a product recall in the US and rupee depreciation. The company had posted a net profit of Rs 204 crore for the corresponding period of the previous fiscal, Torrent Pharmaceuticals said in a statement. Its total revenue, however, on a consolidated basis rose to Rs 1,894 crore for the quarter under consideration as against Rs 1,417 crore for the same period a year ago. The company's net profit was impacted as depreciation and amortisation was higher by Rs 68 crore on account of acquired business, one time impact of product recall in US of Rs 25 crore and lower hedging gains due to rupee depreciation, Torrent Pharmaceuticals said. The research and development spend for the second quarter this fiscal was also higher at Rs 136 crore as against Rs 107 crore in the year ago period, it added. ]]> https://biospectrumindia.com/news/86/11956/strides-pharma-to-get-20m-from-icp-.html https://biospectrumindia.com/news/86/11956/strides-pharma-to-get-20m-from-icp-.html Thu, 01 Nov 2018 15:40:00 +0530 Strides Pharma Science Ltd said its board has approved ICP-III Investment Advisors infusing $20 million growth capital into its two consumer healthcare business arms, the company said. The company’s consumer healthcare business had revenue of $6.4 mln in 2017-18 (Apr-Mar), Strides Pharma said. “The proposed transaction involves subscribing to the equity capital of Strides Consumer Pvt Ltd, India and Strides Global Consumer Healthcare Ltd, UK, which are currently wholly owned subsidiaries of the company,” Strides Pharma said. "Board of directors has approved the execution by Strides of definitive agreements with funds advised by ICP-III Investment Advisors (ICP) to provide growth capital and focused attention to its Consumer Healthcare Business (CHC)," Strides Pharma Science said. It also added that ICP would provide the business with a $20 million capital for growth. Strides consumer healthcare business comprises key brands including JointFlex, Pediacare, NiteThru and NixItsold across key regulated and emerging markets in categories of smoking cessation, oral and topical analgesic, sleep aids, and products for pediatric care.   ]]> https://biospectrumindia.com/news/86/11953/lupin-q2-net-profit-drops-41-5-pc-to-rs-266-cr.html https://biospectrumindia.com/news/86/11953/lupin-q2-net-profit-drops-41-5-pc-to-rs-266-cr.html Thu, 01 Nov 2018 12:40:00 +0530 Drug maker Lupin has reported a 41.5 per cent decline in its consolidated net profit at Rs 266 crore for the second quarter ended September 30, 2018 as sales slipped in the US market. The Mumbai-based company had reported a net profit of Rs 455 crore for the July-September period of 2017-18. Sales for the quarter increased marginally to Rs 3,890.9 crore as compared to Rs 3,874.2 crore in the corresponding period last fiscal, Lupin said in a regulatory filing. Lupin's North American sales stood at Rs 1,248.7 crore, down 8.25 per cent from Rs 1,361.1 crore in July-September period of the last fiscal. The quarter witnessed some promising developments on the specialty front with the Solosec launch in full swing and a positive CHMP opinion for NaMuscla, Lupin Managing Director Nilesh Gupta said. "Aided by forex and markets like the US starting to stabilise, we are now getting back on growth mode," he added. The company has made meaningful progress on its cost optimisation efforts and these should start playing out from the next fiscal, Gupta said, reported PTI. "Our growth will be fueled by new product launches in the near term and meaningful evolution of products in the complex generic, biosimilar and specialty space in the mid to long-term," he added. The company's India formulations sales during the quarter under review stood at Rs 1,203.2 crore, up by 3.8 per cent as compared to Rs 1,159.3 crore in the second quarter of 2017-18. ]]> https://biospectrumindia.com/news/86/11948/columbia-asia-sells-ahmedabad-unit-to-zydus-.html https://biospectrumindia.com/news/86/11948/columbia-asia-sells-ahmedabad-unit-to-zydus-.html Thu, 01 Nov 2018 10:20:00 +0530 Columbia Asia Hospitals Pvt. Ltd has sold one of its dozen hospitals in India to Zydus Hospitals for an undisclosed amount. According to Columbia Asia, it has sold its only hospital in Ahmedabad (Gujarat), of 90 beds, set up in 2014. The buyer, Zydus, already has two hospitals in Gujarat: a 650-bed unit in Ahmedabad and another in Anand. Columbia Asia has plans to relocate its employees at the Ahmedabad unit to its other hospitals in the country. The firm will compensate those who choose to stay back in Ahmedabad. All the hospitals of Columbia Asia have been set up by the firm itself, which will be open to acquiring hospitals as well. Columbia Asia's remaining 11 hospitals are mostly in Bengaluru. Meanwhile, the company is planning to open a new hospital in Pune, which will be its largest in India. ]]> https://biospectrumindia.com/news/86/11934/granules-indias-net-profit-grew-by-49-to-rs-60-cr-.html https://biospectrumindia.com/news/86/11934/granules-indias-net-profit-grew-by-49-to-rs-60-cr-.html Tue, 30 Oct 2018 12:15:00 +0530 Granules India Ltd., a growing pharmaceutical manufacturing company has announced its financial results for the second quarter ended 30th September 2018. The company reported total income of Rs 585 Crores and has reported Y-o-Y growth at 46%. EBITDA grew by 25% and the company reported PAT growth of 49% at Rs 60 Crores. The Company’s Board of Directors has approved second interim dividend of 25 paise per share of face value of Rs. 1 each. The Board has appointed Mr. Arun Sawhney as an Additional Director, categorized as Independent.  “We are pleased with the strong Revenue growth reported in this quarter combined with a significant increase in our Profit over the corresponding quarter of the previous year which reflects our relentless execution and operational excellence. The growth is attributed to increased sales from API and formulation business. The adverse impact on our gross margin owing to the spike in raw material prices continues, but we have been able to successfully pass on the incremental cost to our customers, though with a small lag. We hope to maintain this momentum of growth and fiscal prudence in subsequent quarters. In addition, this quarter was very special for Granules in terms of achieving a key milestone. We have successfully launched the generic version of Methocarbamol and Metformin XR in the United States under our own label without any marketing partner. We would like to inform you that we have recently concluded US FDA audit at our Virginia facility with two observations. This was a five-day ‘prior approval inspection’ which is an integral part of the ANDA approval process for the products filed by GPI”, said Mr. Krishna Prasad Chigurupati, Chairman & Managing Director, Granules India Limited.   ]]> https://biospectrumindia.com/news/86/11928/divis-labs-q2-profit-surges-by-92-.html https://biospectrumindia.com/news/86/11928/divis-labs-q2-profit-surges-by-92-.html Mon, 29 Oct 2018 16:10:00 +0530 Divi's Laboratories, a Rs.3,800 crore plus manufacturer of active pharmaceutical ingredients and intermediates major from Hyderabad, has registered impressive top line and bottom line growth during the second quarter ended September 2018. Its standalone net profit has taken a quantum jump of 92.3 per cent to Rs.397.65 crore from Rs.206.78 crore in the corresponding period of last year despite significant higher tax provision. Its tax provision went up by 122 per cent to Rs.153.90 crore from Rs.69.33 crore and Forex gain for the quarter amounted to Rs.53 crore as against a gain of Rs.11 crore in the last period. Its sales also moved by 44.4 per cent to Rs.1,285 crore from Rs.890 crore. With strong growth in profits, EPS went up to Rs.14.98 from Rs.7.79 in the last period. The company's net sales for the first half ended September 2018 went up by 33.3 per cent to Rs.2,280 crore from Rs.1,711 crore in the similar period of last year. Its net profit went up 73.2 per cent to Rs.663.81 crore from Rs.383.32 crore. Forex gain for the current half-year amounted to Rs.79 crore as again a gain of Rs.18 crore.  The company is investing Rs.1,200 crore for two brownfield projects. It is investing Rs.600 crore in DCV SEZ Unit at Visakhapatnam and Rs.600 crore in Bhuvangiri-Yadadri district of Telangana state. These projects are likely to go on stream by end of the year 2019. It is also taking up debottlenecking programmes at Unit-I as well as Unit-2 by investing an aggregate amount of Rs.300 crore. ]]> https://biospectrumindia.com/news/86/11900/pharma-sector-growth-to-moderate-at-7-9-cagr-for-fy-2018-21.html https://biospectrumindia.com/news/86/11900/pharma-sector-growth-to-moderate-at-7-9-cagr-for-fy-2018-21.html Tue, 23 Oct 2018 16:20:00 +0530 The growth trajectory for the Indian pharmaceutical industry is likely to be moderate at 7-9% over FY2018 to FY2021, on the back of healthy demand from the domestic market given increasing spend on healthcare along with improving access though constrained by regulatory interventions and slowing growth from the US given the relatively moderate growth prospects. According to an ICRA report covering a sample of 21 firms in the industry the concerns in the domestic market pertain to price control and mandatory genericisation whereas US concerns pertain to relatively moderate proportion of large size drugs going off patent, increased competition leading to price erosion albeit at moderate pace, generic adoption reaching saturation levels and; regulatory overhang along with base effect catching up. According to Gaurav Jain, Vice President & Co-Head, ICRA, “The revenue growth from US remained sluggish during Q1FY2019 at 1.5% compared to 4.0% in FY2017 and -13.1% in FY2018 despite consolidation benefits. The growth momentum for US business is likely to remain in low single digit for FY2019, led by limited near term first to file (FTF) generic opportunities, pricing pressures and product rationalization for US base business. The base business in US continuing to face high single digit price erosion (compared to low double digit earlier) and regulatory overhang for select companies.” Aggregate revenues of sample grew at 15.4% in Q1FY2019 vis-à-vis the prior year as against FY2018 growth of 0.1%. The year on year revenue growth for Q1FY2019 reflect low base for domestic business. The first quarter’s growth last year was incrementally impacted by domestic trade channel de-stocking in view of GST implementation leading to loss of 20-25 days of sales in addition to US generic business facing steep pricing pressure. The aggregate domestic growth was 27.2% in Q1FY2019 compared to 4.6% in FY2018 and -8.8% in Q1 FY2018. Besides low base, growth during Q1FY2019 was also supported by volume growth and new product launches. The growth during Q1FY2019 was also supported by 3.4% WPI linked price increase on National List of Essential Medicines (NLEM) portfolio. Growth from European markets benefitted from higher tender wins, new product introduction in B2B segments and low base effect though healthcare reforms resulting in price cuts continue to pose challenge. Unlike in the past, when several Indian pharma companies ramped up their R&D spend, targeting pipeline of specialty drugs, niche molecules and complex therapies, this time around companies are optimising their R&D spend. This is led by challenging US market conditions characterized by steep pricing pressures, high competitive intensity led by faster ANDA approvals and lower than expected revenue growth. Also with competitive pressures expected to sustain in the near to medium term, companies are exiting product development of easy to manufacture, simple generics with multiple players and focusing on complex generics and specialty products. The aggregate R&D spends of top few domestic companies which had increased from 5.9% of sales in FY2011 to close to 9.0% in FY2017, moderated to 8.8% during FY2018 and further to 8.6% in Q1FY2019. ICRA expects R&D budgets to remain at 8.6%-8.8% given the growing focus both on regulated markets and complex molecules/therapy segments such as injectables, inhalers, dermatology, controlled-release substances and biosimilars. Indian companies have gained adequate scale and drug development capabilities over last decade of growth which will keep them in good stead to capture new opportunities in the developed market. As for industry’s profitability, the same has moderated over the last few years with aggregate EBITDA margins at 19.7% for Q1FY2019 (vis-a-vis 22.9% FY2017 and 20.1% FY2018). This is due to growth pressures along with sustained R&D and compliance related investments. Though margins remain healthy, the lower margins are due to pricing pressures for the US base generics business and lack of limited competition products. Higher share of domestic business and operational efficiencies has however provided overall cushion to margins. Concludes Jain, “The credit metrics of leading pharma companies are expected to remain stable in view of future growth prospects in regulated markets and relatively strong balance sheets. The capital structure and coverage indicators are expected to remain strong despite pressure on profitability and marginal rise in debt levels given inorganic investments. The key sensitivity to ICRA’s view remains productivity of R&D expenditure, increasing competition in the U.S. generics space and operational risk related to increased level of due diligence by regulatory agencies.” ]]> https://biospectrumindia.com/news/86/11897/alembic-pharma-makes-net-profit-of-rs-2-billion.html https://biospectrumindia.com/news/86/11897/alembic-pharma-makes-net-profit-of-rs-2-billion.html Tue, 23 Oct 2018 13:10:00 +0530 Alembic Pharmaceuticals has reported 64.58 per cent rise in consolidated net profit to Rs 2 billion for the quarter ended September 30, mainly on account of robust sales overseas. The company had posted a net profit of Rs 1.21 billion in the year-ago period, Alembic Pharma said in a filing to BSE. Consolidated revenue from operations stood at Rs 11.27 billion for the reported quarter. It was Rs 7.89 billion in the second quarter of 2017-18. International formulations sales grew to Rs 5.87 billion from Rs 2.62 billion in the year-ago period, the company said. "A one-time supply opportunity arising due to a product shortage in the US market has resulted in higher profits," MD Pranav Amin said. In another filing, the company informed that its dermatology JV Aleor Dermaceuticals has successfully cleared first USFDA inspection of its new formulation manufacturing facility at Karakhadi in Gujarat, without any observations.   ]]> https://biospectrumindia.com/news/86/11896/net-profit-of-jubilant-life-sciences-rises-to-rs-209-77-crore.html https://biospectrumindia.com/news/86/11896/net-profit-of-jubilant-life-sciences-rises-to-rs-209-77-crore.html Tue, 23 Oct 2018 11:55:00 +0530 Jubilant Life Sciences reported 67.18 per cent rise in consolidated net profit to Rs 209.77 crore for the quarter ended September 30, mainly on account of robust sales in the pharma segment. The company had posted a net profit of Rs 125.47 crore in the year-ago period, Jubilant Life said in a filing to BSE. Total revenue from operations stood at Rs 2,269.49 crore for the reported quarter. It was Rs 1,642.04 crore for the same period a year ago. The record performance in the company’s pharmaceutical segment has been led by continued growth in speciality pharmaceuticals and smart recovery in Generics & API businesses, Chairman Shyam S Bhartia and Co-Chairman & MD Hari S Bhartia said in a joint statement. “Demand in our Life Science Ingredients (LSI) segment remains strong. The company is confident of delivering better results and is focussed on continued strengthening of its balance sheet, going forward,” the statement said. Commenting on the Company’s performance, Mr. Shyam S Bhartia, Chairman and Mr. Hari S Bhartia, Co-Chairman & Managing Director, Jubilant Life Sciences said “We are happy to report another quarter of strong results. The record performance in our Pharmaceuticals segment has been led by continued growth in Specialty Pharmaceuticals and smart recovery in our Generics & API businesses. Demand in our Life Science Ingredients segment remains strong. The company is confident of delivering better results and is focused on continued strengthening of its balance sheet, going forward. We are confident that with our differentiated business model, unique pipeline of products and strategic investment in manufacturing capacities, we are well positioned for sustainable growth in the current year and future." Pharmaceuticals revenue were at Rs 1,326 crore for the reported quarter, contributing 58 per cent to the total revenue, up 55 per cent year-on-year, Jubilant Life said. LSI revenue stood at Rs 887 crore, contributing 39 per cent to the total revenue pack, up 20 per cent year-on-year, it added. Other segments’ revenue was at Rs 57 crore, up 15 per cent from the year-ago period, it added. International revenues for the quarter were at Rs 1,618 crore, contributing 71 per cent to the total revenue, the company said. Shares of Jubilant Life settled at Rs 651.25 per scrip on BSE, down 3.18 per cent from the previous close. ]]> https://biospectrumindia.com/news/86/11878/schott-tubing-india-to-further-invest-20-million-euros-in-india.html https://biospectrumindia.com/news/86/11878/schott-tubing-india-to-further-invest-20-million-euros-in-india.html Fri, 19 Oct 2018 12:30:00 +0530 SCHOTT AG, a global pioneer in manufacturing pharmaceutical glass and packaging, has announced the launch of a new glass tank in its Indian manufacturing plant at Jambusar, Gujarat. The German technology group is further growing its production capacity through this new tank facility with a total investment of more than 20 million euros (approximately INR 180 crores). The investment comes at a time when the company is celebrating 20 years of operations in India. The expansion is in response to the increasing demand for high-quality pharmaceutical packaging material in the global market. Construction work on the new tank facility has already begun and is expected to be completed within 18 months. Production from the new tank is scheduled to begin by January 2020. The new glass tank facility will help fulfill the constantly growing demand of premium borosilicate glass tubing like FIOLAX® clear. It is used for high quality pharmaceutical packaging, especially vials and ampoules for India as well as for export markets Commenting on the role of India’s growth in the pharma sector, in realizing SCHOTT Tubing’s global ambitions Dr. Patrick Markschlaeger, Executive Vice President, SCHOTT AG, Business Unit Tubing shared, ‘‘The rapid development of the Indian pharmaceutical market requires a strong growth of high-end pharmaceutical packaging and in consequence high-end pharmaceutical tubing. We estimate a market growth for premium packaging and therefore for tubing to continue on a very strong level in the coming years. In addition to the supply of the domestic market, SCHOTT Tubing India will also serve the strong growing Asian market outside of India and will therefore be an important hub for the Asian market.” Speaking on the relevance of SCHOTT’s investment and employment opportunities, Mr. Georg Sparschuh: Managing Director, SCHOTT Glass India Pvt. India said, “We feel proud that SCHOTT’s manufacturing journey is a resounding success story of ”Make in India” campaign wherein not only world class products are manufactured for domestic and export markets, but also new talents are nurtured in the process. The new facility will help us increase the production capacity by an additional 50%. I am excited to announce that our investment in the new tank will provide jobs for 70 additional local workers, bringing the total count to 425”. Dignitaries including Maharani Radhikaraje Gaekwad of Baroda, Dr. Jürgen Morhard, German Consul General, Mumbai, Radhieka Mehta, Director, Indo-German Training Centre and Parthesh Vyas, Head, CII Vadodara graced the ground-breaking ceremony of the new tank facility. Dr. Jürgen Morhard also shared, “SCHOTT Tubing India is one of the finest examples of bringing together the expertise of German technology and Indian skill force. I would like to congratulate all the employees of this plant, as it is their excellent performance which is driving this expansion of the company. SCHOTT has well showcased how foreign manufacturing companies can partner with India to take the ‘Make in India’ campaign to the next level. I am confident that its approach will be followed by similar German companies who want to pursue business in India and further establish the city of Vadodara as a German industrial hub.” SCHOTT’s India plant functions as a production hub for SCHOTT pharmaceutical tubing in Asia and produces the branded FIOLAX pharmaceutical tubing. FIOLAX® glass exists since 1911 and provides an unprecedented quality standard in the industry through SCHOTT’s perfeXion process since 2017. perfeXion stands for the transition from statistical quality control to 100% automated inspection of each individual FIOLAX tube – based on big data. Hence, it is introducing Germany’s Industry 4.0 to its Indian factory in the most effective manner. Besides new production hall for the tank, SCHOTT will also build new construction for energy supply, workshops and warehouse. Additionally, there will be an expansion of storage the energy, engineering and logistics infrastructure within the plant. As part of the production network within SCHOTT’s Tubing business unit, the new tank will be built and equipped with all latest state-of-the art machinery as used in all other tubing factories worldwide. ]]> https://biospectrumindia.com/news/86/11851/sun-pharma-to-put-rs-200cr-more-in-assam-plant.html https://biospectrumindia.com/news/86/11851/sun-pharma-to-put-rs-200cr-more-in-assam-plant.html Sun, 14 Oct 2018 17:15:00 +0530 Sun Pharma is planning to invest an additional Rs 200 crore at its plant in Assam to augment operations. The company has already invested Rs 700 crore in this manufacturing facility. Sun Pharma has invested Rs 120 crore to set up this new production line, which will boost the capacity to manufacture liquid vials, injectables, eye drops and tablets among others. This plant is expected to become one of the largest facilities in the next few years in the company's network to manufacture sterile products. ]]> https://biospectrumindia.com/news/86/11807/nhpm-rollout-a-step-in-right-direction-icra.html https://biospectrumindia.com/news/86/11807/nhpm-rollout-a-step-in-right-direction-icra.html Mon, 08 Oct 2018 14:25:00 +0530 The Union Finance Minister, in his Budget speech of February 2018, had announced the launch of the National Health Protection Mission (NHPM), a health insurance scheme for 10 crore families (~50 crore beneficiaries), making it the biggest state-run health insurance scheme in the world. As per an ICRA note, the launch of healthcare insurance, particularly for the marginalised sections of society, is a step in the right direction, especially given the fact that India’s track record on healthcare expenditure has been poor, with the country spending well below the world average and the per capita spend being lower than that of several developing countries. Further, the expenditure has historically been met through out-of-pocket expenses due to low health insurance penetration and more than 84% of the population is not covered by any insurance scheme. Says Shubham Jain, Group Head and VP, ICRA Ltd, “A scheme of this magnitude has its own challenges. First, many health service providers, particularly the large corporates with good infrastructure and reputed doctors, may not find it feasible to provide the services at the current package rates (notwithstanding the incentives over the base package rates). Secondly, the empanelment of a large number of hospitals and their proximity to the patients, especially in the rural areas, will be critical for the effective implementation of the scheme. Thirdly, the modest premium and expectation of high claim ratios may deter insurance companies from participating in the scheme, and lastly, the rollout is likely to face major technological hurdles.”  On the positive side, ICRA expects that the NHPM will lead to an improvement in occupancies at implementing hospitals, albeit with lower profit margins. The scheme is expected to be a major positive for hospitals in the non-Tier I cities, particularly for providers with low occupancies and/or those that are positioned for affordable care. With an increase in occupancies, the viability of such private hospitals is expected to improve. Adds Jain, “With the NHPM, the secondary and tertiary care providers, especially affordable players in non-Tier I cities, are likely to benefit substantially. However, larger players may not be able to generate the desired returns at current package rates due to their high cost structure. Despite the short-term challenges due to regulatory restrictions, the long-term outlook on the hospital sector remains Stable as structurally, things are stacked in favour of the sector. A significant shortage of beds, rising disease burden, an ageing population, increasing per capita healthcare expenditure and medical insurance are long-term positives for the sector.” In Q1 FY2019, the occupancy level for ICRA’s sample set remained stable, at ~63%, despite new bed additions. The companies in the sample witnessed healthy growth in volumes (barring one player facing internal challenges). However, the average revenue per occupied bed (ARPOB) and revenue growth were muted with profitability margins witnessing a dip largely on account of regulatory interventions and start-up costs of new hospitals. On account of the increase in debt and pressure on OPBITDA, the interest coverage ratio of the sample set has dropped from 2.73 times in FY2017 to 2.44 times in FY2018 and the net debt/OPBITDA has deteriorated from 3.08 times as on March 31, 2017 to 3.33 times as on March 31, 2018. The aggregate debt coverage indicators of the sample set include the impact of non-hospital businesses as well, such as standalone pharmacies and diagnostics services, which have fared much better. ]]> https://biospectrumindia.com/news/86/11798/medachievers-venture-india-to-launch-100-m-healthcare-fund.html https://biospectrumindia.com/news/86/11798/medachievers-venture-india-to-launch-100-m-healthcare-fund.html Fri, 05 Oct 2018 10:50:00 +0530 Healthcare platform MedAchievers has partnered with business consultancy firm Venture India to launch a $100 million fund MedAchievers Connect to fund cutting-edge research in healthcare in India. With this $100 million funds, the collaborators intend to support 15 startups in India and look to offer the best balance between investments, innovations and implementation. MedAchievers, in the last four years, have supported startups in six geographies including the United Kingdom and Australia. MedAchievers has been working since 2014 in global business healthcare space. It has got over 400 hospitals onboard with over 50,000 medical doctors in India. ]]> https://biospectrumindia.com/news/86/11795/ipca-labs-acquires-80-stake-in-us-firm-bayshore.html https://biospectrumindia.com/news/86/11795/ipca-labs-acquires-80-stake-in-us-firm-bayshore.html Thu, 04 Oct 2018 12:30:00 +0530 Mumbai-based Ipca Laboratories Ltd. has acquired an 80% stake US drug marketing company Bayshore Pharmaceuticals LLC for $10.23 million (Rs 75 crore) in cash. "The company's wholly owned subsidiary, Ipca Pharmaceuticals Inc., USA, has acquired, on October 2, 2018, 80 per cent share capital of Bayshore Pharmaceuticals LLC, a New Jersey limited liability company for cash USD 10.286 million," said the company in a regulatory filing. Acquisition of Bayshore will allow Ipca to commercialize its registered generic drug products in the US market. Bayshore had reported a total income of $7.05 million and earnings before interest, depreciation tax and amortisation (Ebidta) of $0.56 million, for the year ended December 31, 2017. Bayshore Pharmaceuticals was founded in 2011 as a sales and marketing of FDA approved generics drug products in the USA. ]]> https://biospectrumindia.com/news/86/11788/ipca-labs-buys-majority-stake-in-us-firm-bayshore.html https://biospectrumindia.com/news/86/11788/ipca-labs-buys-majority-stake-in-us-firm-bayshore.html Wed, 03 Oct 2018 14:55:00 +0530 Mumbai-based Ipca Laboratories Ltd has acquired an 80 per cent stake US drug marketing company Bayshore Pharmaceuticals LLC for $10.23 million (Rs 75 crore) in cash. The acquisition will enable Ipca to commercialise its registered generics drugs in the US. This is the second acquisition by Ipca Labs this year. In January, it had bought American pharmaceutical company Pisgah Labs for $9.65 million. Ipca Labs manufactures branded and generic formulations, and bulk drugs. It has previously made several similarly-sized acquisitions, including in the US. Bayshore was founded in 2011. It sells and markets its own registered generics drugs as well as those of other pharmaceutical companies. ]]> https://biospectrumindia.com/news/86/11751/columbia-asia-group-growing-at-20-per-cent-year-on-year.html https://biospectrumindia.com/news/86/11751/columbia-asia-group-growing-at-20-per-cent-year-on-year.html Wed, 26 Sep 2018 14:25:00 +0530 Columbia Asia, a leading hospital chain in Asia, is all set to expand operations across Asia and India by 2020, utilizing the $210 million fund which Columbia Asia had raised in March 2018. In its India operations, they have built 1-3 hospitals per year since its inception in 2005. The matured hospitals see more than 20,000 patients in a month and contributes to over $2 million in revenue. Of all the 12 hospitals, the Sarjapur hospital in Bangalore is the newest 10-storey facility with state-of-the art equipment, well-trained, qualified and capable medical professionals. It was established last year in November, but with the growing demand of the community, the number of patients has spiked significantly since inception above the original plan, and has recorded the fastest growth in the history of Columbia Asia India. In the development pipeline, the second hospital in Pune is slated to open in 2020 and would be larger than the Sarjapur Road facility in Bangalore. Columbia Asia's India revenue for FY 18 grew 16 per cent year-on-year and at a CAGR of 15 percent over the last 4 years. "Last year as a group, we grew strongly, with a 20 per cent year-on-year growth in revenues. We believe in adhering to high standard of ethics - this has enabled us to gain the trust of patients and payers. We know that our model of care works well in India and we will continue our expansion plans to serve the people of India even better," said Dr. Kelvin Loh, Group Chief Executive Officer, Columbia Asia. The 'unique business model' comprises a few aspects. Each hospital serves patients within a 5-10km radius for patients' convenience and improved clinical outcomes. Columbia Asia operates 5 hospitals in the Bangalore cluster, where each hospital shares resources and work hand-in-hand. "At Columbia Asia, we strive in providing effective healthcare at excellent value and to be the preferred choice for families and businesses. Our mission is to provide effective and affordable care in a clean and caring environment. Through the cluster strategies, we can realize economies of scale despite most of our hospitals have less than 200 beds. We also have the flexibility to tailor each hospital's expansion plan and medical program mix based on specific and localized demand/supply dynamics," said Dr. Nanda Kumar Jairam, Chief Executive Officer, Columbia Asia India. Columbia Asia presently has 30 medical facilities (about 2,600 beds) in 4 countries - namely Malaysia, India, Indonesia and Vietnam, serving more than 2.5 million outpatients yearly in fields of orthopedics, internal medicine, general surgery, pediatrics, and obstetrics & gynecology, which cover about 80% of the medical needs in these countries. ]]> https://biospectrumindia.com/news/86/11695/policybazaar-invests-50-m-in-healthcare-biz.html https://biospectrumindia.com/news/86/11695/policybazaar-invests-50-m-in-healthcare-biz.html Tue, 18 Sep 2018 11:50:00 +0530 DocPrime, the latest healthcare venture by Policybazaar and Paisabazaar parent EtechAces Marketing and Consulting (Policybazaar Group), has received an initial internal funding of $50 million from the parent company. In June 2018, the Policybazaar Group marked its entry into the healthcare business with DocPrime, while announcing a delay in its IPO plans as well. This was also a time when the Policybazaar Group raised more than $200 million funding led by SoftBank Vision Fund and InfoEdge. DocPrime is a monthly subscription service that will provide complete coverage of outpatient department (OPD) expenses incurred by users, covering all doctor calls, medical checks, and tests, barring surgeries and pharmacy-related expenses. Its core offerings include free consultation services through chat and phone with in-house doctors and offer discounted doctor and lab appointment bookings to encourage consumers to seek expert medical advice and get the right treatment healthcare in a timely manner. The platform also aims to bring in a unique OPD subscription-based product, which will cover unlimited consultations and diagnostic tests. ]]> https://biospectrumindia.com/news/86/11674/india-afghanistan-international-trade-and-investment-show-opens-in-mumbai-.html https://biospectrumindia.com/news/86/11674/india-afghanistan-international-trade-and-investment-show-opens-in-mumbai-.html Fri, 14 Sep 2018 15:10:00 +0530 The second annual four-day “Passage to Prosperity: India-Afghanistan International Trade and Investment Show” opened in Mumbai, India. Sponsored by the United States government through the U.S. Agency for International Development (USAID) the international forum is designed to showcase Afghan business and investment opportunities and bolster trade. This year there were more than 2,000 Afghan, Indian, U.S. and other international registered participants in the show, including more than 200 Afghan businesses, 1,200 Indian business leaders, and 100 international firms. The show showcases the best of Afghan products, services, and business opportunities in healthcare, luxury goods, agriculture, energy, education, mining and more Held at the JW Marriott – Mumbai Sahar Hotel, the show featured panel discussions on doing business in Afghanistan’s trade sectors, exhibition booths showcasing and promoting Afghan businesses and products, and “match matching” opportunities designed to bring together Afghan, Indian, and international businesses forging trade agreements at the event.   U.S. Chargé d’Affaires to India MaryKay Carlson said, "Strong commercial partnerships contribute to increased employment in each country.  They expand trade and create more investment opportunities.  The Governments of Afghanistan and India are committed to deepening their relationship and increasing economic trade and investment.  The U.S. Administration appreciates India's important contributions to stability in Afghanistan, especially in the area of economic assistance and development.  This event helps fulfill commitments our leaders made to the citizens of all three countries. We look forward to the strengthening of the centuries-old ties and cooperative relationships between India and Afghanistan."  Other prominent speakers included Afghan government Chief Executive Officer Dr. Abdulllah Abdullah, Mr. Subhash Desai, Cabinet Minister of Industries, Maharashtra, Dr. Mohammad Humayon Qayoumi, Afghanistan’s Acting Minister of Finance, Ismail Ghazanfar, chairman and CEO of Ghazanfar Group and Praveer Sinha, CEO and Managing Director of India’s Tata Power. A number of other Afghan and Indian government officials and business leaders are scheduled to participate in panel discussions. Opening day panels were focused on the theme of doing business in Afghanistan, by featuring international business leaders that have successfully invested in Afghanistan. Opening day activities also included a cultural presentation, “Afghan Treasures,” that highlighted the best of Afghanistan’s Silk Road heritage. Panel discussion on Day 2 included the theme of investing in Afghanistan's Health Care Sector among others. The panelists included H.E. Ferozuddin Feroz, Minister of Public Health, Afghanistan, Islam Republic of Afghanistan, Dr. Aziz Amir, Founder and Chief Executive Officer, MORAA Education Complex (MEC), Dr. Wahid Sediqi, Chief Executive Officer, Ariana Hospital and Representative of Afghan Hospital Association, Hamed Gholami, General Marketing and Sales Manager of Asia Pharma Limited, Dr. Rohollah Zekria, Owner, Sultanat Medical Laboratory in Kabul and Laboratory Association Representative. Some other topics like Why Chambers Matter- The Role of Business Associations in Promoting and Facilitating Trade was also included amongst many other panel discussions. ]]> https://biospectrumindia.com/news/86/11662/sun-pharma-to-buy-minority-stake-in-israeli-firm.html https://biospectrumindia.com/news/86/11662/sun-pharma-to-buy-minority-stake-in-israeli-firm.html Wed, 12 Sep 2018 10:30:00 +0530 Sun Pharmaceutical Industries Ltd plans to acquire an 18.75 per cent stake in Israel's Tarsius Pharma Ltd for $3 million in cash. According to Sun Pharma, the acquisition does not need regulatory approvals and will be completed this week. Sun Pharma will make the acquisition through a wholly owned subsidiary. Tarsius, which was founded in February 2016, is an early-stage research and development company focusing on the development of drug candidates in the ophthalmology segment. Sun Pharma's ophthalmology segment accounted for 2 per cent of the company's revenue in the last financial year ended 31 March 2018. Sun Pharma's Israel business had come into focus in 2010, when it acquired a controlling stake in Taro Pharmaceutical Industries Ltd, after a three-year battle for control. ]]> https://biospectrumindia.com/news/86/11638/jubilant-life-sciences-raises-rs-350-cr-via-ncds-.html https://biospectrumindia.com/news/86/11638/jubilant-life-sciences-raises-rs-350-cr-via-ncds-.html Fri, 07 Sep 2018 14:20:00 +0530 Jubilant Life Sciences has raised Rs 350 crore through non-convertible debentures (NCDs) on private placement basis for repayment of its existing debt and reduce the overall cost of borrowing. In a regulatory filing, the company said it has issued 3,500 NCDs of Rs 10,00,000 each for cash at par. The NCDs will have maturity period of 2 to 4 years and have been offered at an interest rate between 8.95 and 9.26 per cent per annum. The NCDs will be redeemed on maturity, it added. ]]> https://biospectrumindia.com/news/86/11627/indian-it-firm-takes-over-us-health-startup.html https://biospectrumindia.com/news/86/11627/indian-it-firm-takes-over-us-health-startup.html Thu, 06 Sep 2018 13:25:00 +0530 Pune headquartered technology services company, Persistent Systems Ltd has acquired US-based startup Herald Technologies Inc., which operates under the name Herald Health, at an enterprise value of $5.2 million in cash. The deal involves an upfront payment of $2.3 million to Herald's shareholders. The remaining $2.9 million is payable to management employees over a three-year period and depends on the performance and retention of those employees. According to Persistent, the deal will strengthen its intellectual property-led offerings in the healthcare domain and create cross-sell opportunities. Herald Health has developed a software platform and customisable healthcare protocols that augment existing workflows in hospital operations. It offers clinicians real-­time access to clinical data. The startup had generated a revenue of $65,000 for the year ended April 2018. ]]> https://biospectrumindia.com/news/86/11596/online-pharmacy-netmeds-secures-35m.html https://biospectrumindia.com/news/86/11596/online-pharmacy-netmeds-secures-35m.html Mon, 03 Sep 2018 10:35:00 +0530 Online pharmacy NetMeds Marketplace Pvt. Ltd has raised $35 million in a Series C funding round from Southeast Asian business conglomerate Daun Penh Cambodia Group based in Singapore. Existing investors Sistema Asia Fund, the venture capital arm of Russian conglomerate Sistema JSFC, and Tanncam Investment, a Cambodian investment holding company, have also put in money in this round. NetMeds intends to use the funds to expand its reach through marketing efforts and enhance customer experience by expediting delivery and increasing its stock. NetMeds offers both prescription drugs and over-the-counter medications as well as other health products. Users can order their medicines via the firm’s web portal or mobile app by uploading their prescriptions. A team of qualified pharmacists verifies the prescription for validity and prescribes the appropriate dosage accordingly. The company claims to have eight fulfilment centres in Chennai, Bengaluru, Hyderabad, Delhi, Pune, Ahmedabad, Raipur and Kochi. ]]> https://biospectrumindia.com/news/86/11534/ihh-healthcare-to-exit-apollo-gleneagles-hospitals-.html https://biospectrumindia.com/news/86/11534/ihh-healthcare-to-exit-apollo-gleneagles-hospitals-.html Thu, 23 Aug 2018 11:10:00 +0530 Malaysian hospital chain IHH Healthcare, which won the bid for debt-ridden Fortis Healthcare, will sell its 50 per cent stake in Apollo Gleneagles Hospitals in Kolkata and its radiology centre in Hyderabad to its joint venture partner, to abide with a non-compete agreement. Apollo Gleneagles is a joint venture between Apollo Hospitals and Parkway Pantai, a subsidiary of IHH. Apollo has begun to raise resources to fund the acquisition of IHH’s stake. The company is in advanced talks to sell unit Apollo Munich Health Insurance to HDFC Ltd., the country’s largest mortgage lender, at a valuation of Rs 1,000 crore. Apollo Munich is a joint venture between Chennai-based Apollo Hospitals promoted by Prathap C Reddy and his family and Munich Re. It is the second-largest standalone health insurance provider in the country, with a 1.08 per cent market share after Star Health, which was recently sold to a consortium of Westbridge Capital, Madison Capital and India’s ace stockbroker Rakesh Jhunjhunwala for Rs 6,500 crore.   ]]> https://biospectrumindia.com/news/86/11518/chryscapital-to-invest-rs-200-cr-in-eyecare-chain.html https://biospectrumindia.com/news/86/11518/chryscapital-to-invest-rs-200-cr-in-eyecare-chain.html Mon, 20 Aug 2018 15:35:00 +0530 Private equity fund ChrysCapital is planning to acquire a minority stake in Dr Agarwal’s Health Care Ltd, a leading eyecare chain. ChrysCap will invest about Rs 200-250 crore. The funds will be used to expand the eyecare chain run by publicly traded unit Dr Agarwal’s Eye Hospital Ltd into new geographies. Dr Agarwal’s Health Care, the holding company, owns about 71.75 per cent in the listed entity. Hong-Kong based private equity fund ADV Partners invested $45 million in the company in 2016, allowing Evolvence India Life Sciences Fund to exit. Evolvence India acquired a minority stake in the company for Rs 60 crore in 2012. Dr Agarwal’s raised Rs 160 crore through a structured debt arrangement from Edelweiss Special Opportunities Fund II in July last year. Dr Agarwal’s currently has 75 eyecare centres, out of which 61 are in India and 14 in Cambodia, Ghana, Mauritius, Mozambique, Nigeria and Rwanda. ]]> https://biospectrumindia.com/news/86/11507/morepen-laboratories-reports-net-profit-of-rs-2-46-cr.html https://biospectrumindia.com/news/86/11507/morepen-laboratories-reports-net-profit-of-rs-2-46-cr.html Fri, 17 Aug 2018 17:10:00 +0530 Morepen Laboratories Ltd. has reported a 93 percent rise in its consolidated net profit at Rs. 2.46 crore, on consolidated net sales revenue of Rs. 161.81 crore in the first quarter (Q1) of FY 2018-19. The consolidated net sales revenue has grown up by 26 percent in Q1 FY 2018-19 from Rs. 128.41 crore in Q1 FY 2017-18 backed by improved sales revenue from home diagnostics, formulations and OTC businesses. The company’s consolidated net profit before tax in Q1 FY 2018-19 grew up by 108 percent at Rs. 2.65 crore from Rs. 1.27 crore in the corresponding quarter of the previous fiscal. The company’s expanding domestic reach assisted in achieving a higher topline in Q1 FY 2018-19. Domestic sales registered a growth of 71 percent in Q1 at Rs. 108.20 crore. EBIDTA in Q1 FY 2018-19 increased by 10.4 percent at Rs. 12.25 crore, Interest Cost fell by 67 percent at Rs. 44 Lakhs only and cash profit increased by 21 percent at Rs. 11.81 crore. With only one lender remaining to be paid, the company aims to become a zero debt company in the second quarter of FY 2018-19. This was disclosed by Mr. Sushil Suri, Chairman and Managing Director, Morepen Laboratories Ltd., after the Q1 (FY18-19) results board meeting here on Monday. “Having serviced its debt obligation successfully, the company now aims to utilise its available resources to invest in R&D infrastructure, capacity enhancement & process improvements to fuel the future growth.” Mr. Suri said. The bulk drugs (API) segment contributed around 48 percent to the company’s total turnover in Q1 FY 2018-19. Morepen Lab’s bulk drug Montelukast Sodium has once again emerged as a growth accelerator for the company in Q1 FY 2018-19, followed by Rosuvastatin. Sales from Montelukast Sodium increased by 55 percent in Q1 at Rs. 23.67 crore and sales from Rosuvastatin increased by 10 percent. Montelukast’s trial shipments to USA market has already started in the quarter under consideration. The entire “Dr. Morepen” brand portfolio did well during Q1 FY 2018-19 and recorded sales revenue of Rs. 83.54 crore as against revenue of Rs. 48.53 crore in the corresponding quarter of the previous fiscal, registering a growth of 72 percent. Sales from Formulations business in Q1 FY 2018-19 went up by 101 percent and that from Brand sharing by 102 percent. Total sales revenue from both the businesses jumped significantly to Rs. 36.34 crore in Q1 FY 2018-19 as compared to Rs. 18.06 crore in the corresponding quarter of the previous fiscal. The overall Home Diagnostic Segment recorded total quarterly sales at Rs. 34.58 crore in Q1 FY 2018-19, registering a rise of 51 percent vis-a-vis corresponding quarter of the previous fiscal. Blood Glucose Monitors and Blood Pressure Monitors recorded highest growth in the quarter @ 78 percent and 28 percent respectively. The combined sales revenue of Blood Glucose Monitors and Blood Pressure Monitors in the quarter increased to Rs. 31.48 crore as compared to Rs. 19.06 crore in the corresponding quarter of previous fiscal, registering a growth of 65 percent. Looking at increasing incidence of diabetic cases in India, the Blood Glucose Monitors and Blood Pressure Monitors segment offers great opportunity for growth in the coming years. In all, 200 million Glucometer strips have been sold by the company till date. The overall branded OTC category grew up by 69 percent. Sales of Lemolate went up by 94 percent and that of Burnol by 35 percent. Isabgol and Grooming range grew by 65 percent and 47 percent respectively. Morepen Laboratories Ltd. has received US FDA (United States Food and Drug Administration) approvals for both its bulk drugs manufacturing facilities situated in Himachal Pradesh. While the Baddi facility has got US FDA approval for the manufacture of bulk drug “Atorvastatin Calcium”, a Cholesterol reducing drug, the Masulkhana facility has recently got the nod for manufacturing an anti-asthma bulk drug “Montelukast Sodium” for export to the US market. It is significant to note here that the US market size for these two bulk drugs is Rs. 7,000 crore approximately. Highlights Q1 FY 2018-19 (Consolidated) are: Net Sales Revenue up by 26 percent at Rs. 161.81 crore backed by improved sales revenue from Home Diagnostics, Formulations and OTC Businesses. Domestic sales up by 71 percent at Rs. 108.20 crore. EBIDTA rises by 10.4 percent at Rs. 12.25 crore. Net Profit before tax up by 108 percent at Rs. 2.65 crore. Net Profit after tax up by 93 percent at Rs. 2.46 crore. Montelukast records highest growth amongst bulk drugs in the quarter @ 55 percent. Blood Glucose Monitors’ quarterly sales jump up by a whopping 78 percent & Blood Pressure Monitors’ by 28 percent. Overall Diagnostic Products segment grew by 51 percent in Q1 FY 2018-19. Antibiotics quarterly sales jump up by a huge 133 percent followed by Vitamins & Gastro by 117 percent & 64 percent respectively. In the branded OTC category, Sales of Lemolate went up by 94 percent and that of Burnol by 35 percent. Morepen Basket quarterly sales have recorded a growth of 72 percent. Interest cost falls further by 67 percent from 1.33 crore in Q1 FY 2017-18 to Rs. 44 lakhs only in Q1 FY 2018-19. Company gets USFDA approval for its two plants at Baddi and Masulkhana in Himachal Pradesh for bulk drugs Atorvastatin Calcium and Montelukast Sodium. ]]> https://biospectrumindia.com/news/86/11503/cipla-uganda-unit-to-raise-45-m-through-ipo.html https://biospectrumindia.com/news/86/11503/cipla-uganda-unit-to-raise-45-m-through-ipo.html Fri, 17 Aug 2018 11:05:00 +0530 The Ugandan unit of Indian drugmaker Cipla priced its initial public offering (IPO) at 256.5 shillings per share, aiming to raise $45 million from its listing on the Kampala stock exchange next month. Cipla Quality Chemical Industries, which is majority owned by India's third-largest drugmaker, is selling 657,179,319 shares, or an 18 percent stake in the company. It makes a range of drugs including antiretrovirals, anti-malaria and Hepatitis B and C drugs, which it sells mostly in sub-Saharan African countries, and will become the 17th company to list on the Ugandan stock exchange. Cipla has a manufacturing plant in Kampala and is set to make its market debut in September. ]]> https://biospectrumindia.com/news/86/11485/carlyle-likely-to-invest-100-m-in-bdr-pharma.html https://biospectrumindia.com/news/86/11485/carlyle-likely-to-invest-100-m-in-bdr-pharma.html Tue, 14 Aug 2018 12:15:00 +0530 Private equity firm Carlyle is in talks with promoters of Mumbai-based BDR Pharma to invest $100 million in the drug company, the funding for which is expected to be used in expanding the company’s operations. BDR Pharma which manufactures drugs across therapy areas such as oncology, critical care and gynaecology is looking to expand its business into new geographies. The company will be going for aggressive expansion by making investments worth $70million in developing the infrastructure of the company. BDR clocked Rs 550-600 crore in revenue and around Rs 120 crore in FY18 EBITDA, BDR is being valued at $700 million. India’s pharma market though reeling under pressures of price cuts has seen a nearly 12% growth showing signs of recovery. For PE players like Carlyle, it is this growth in the Indian pharma market that holds the attraction.   ]]> https://biospectrumindia.com/news/86/11450/cipla-announced-q1-fy19-results-.html https://biospectrumindia.com/news/86/11450/cipla-announced-q1-fy19-results-.html Wed, 08 Aug 2018 16:45:00 +0530 Cipla has announced the appointment of Dr. R. Ananthanarayanan (Ananth) as its Global Chief Operating Officer (GCOO), effective 8 August 2018. In his role at Cipla, Ananth will oversee R&D, Manufacturing, Supply Chain, the API business and the key geographies of North America, Europe and Emerging Markets to help leverage and grow Cipla’s generics portfolio and competencies in these markets. He will report to Umang Vohra, Managing Director & Global Chief Executive Officer. In addition, Cipla also announced Q1 FY19 results demonstrating strong growth momentum across home markets and key differentiated approvals for US. Major highlights are: The company showed strong YoY sales growth of 12% with EBITDA growing by 12%. R&D investments stood at ~INR 278cr i.e. ~7% of sales Strong growth across India (+22% YoY), South Africa(+14% YoY adjusted for animal health) and API business (+48% YoY) were seen The key differentiated launches in the US were Isoproterenol HCI Injection and Testosterone Cypionate Injection It received EIR for Goa & Indore Plants “I am pleased with our performance in the quarter which demonstrates our strong foothold and continued growth momentum in our home markets. The limited competition launches in the US were in-line with our expectations and we are looking forward to more interestinglaunches in the coming weeks. Business development efforts saw a significant boost - India partnership with Roche and Eli Lilly, in-licensed biosimilars in emerging markets and the proposed acquisition of Mirren (Pty) Ltd in the South African OTC space. These efforts will helpdrive portfolio build-up and sustainable growth in these markets. We continued to retain our focus on quality with EIR received for our Goa & Indore plants. We will continue to play to our strengths in pursuit of our purpose of ‘Caring for Life’”   ]]> https://biospectrumindia.com/news/86/11428/torrent-pharma-announces-q1-fy-2018-19-results.html https://biospectrumindia.com/news/86/11428/torrent-pharma-announces-q1-fy-2018-19-results.html Mon, 06 Aug 2018 11:00:00 +0530 Ahmedabad-based pharmaceuticals major, Torrent Pharmaceuticals Limited has released financial results for the quarter ended 30th June 2018. The company has registered 37% growth for Q1 FY 2018-2019 and has shown revenue of Rs. 1,872 as against Rs. 1,362 crores during the same period last year. The India business has recorded revenue of Rs. 830 crores for Q1 FY 2018-19 vs Rs. 464 crores for the same period last year, registering 79% growth. The company said that adjusted for reduction in channel inventory during transition to GST in the previous period and lower realization due to GST in current period, growth for Q1 FY 2018-19 was 55%. Q1 FY 2018-19 revenues include revenues from branded business of Unichem Laboratories Limited acquired in Dec 2017. The EBITDA margins in Q1FY19 stood at 27 percent. Research and development spend during the Q1 FY 2018-19 was Rs. 128 crores as against Rs. 101 crores during the same period last year. Q1 FY 2018-19 revenues include revenues from liquid & suppository manufacturing facilities acquired during Jan 2018. During the current period, revenues got impacted due to continued price erosion, said the company. It further stated that 2 ANDAs were filed during the quarter. 5 tentative approvals are received and 36 ANDAs are pending for approval as on 30th June 18. The US business recorded revenues of Rs. 334 crores for Q1 FY 2018-19 vs Rs. 272 crores for the same period last year, registering 23% growth. Sales from Brazil dropped 11 percent to Rs 169 crores on YoY basis due to foreign currency revenues remaining static. German business grew 32 percent to Rs 251 crores for Q1 FY19 boosted by the launch of new products. ]]> https://biospectrumindia.com/news/86/11394/dr-reddys-announces-q1-fy19-financial-results.html https://biospectrumindia.com/news/86/11394/dr-reddys-announces-q1-fy19-financial-results.html Tue, 31 Jul 2018 13:05:00 +0530 Dr. Reddy’s Laboratories Ltd. has announced its consolidated financial results for the quarter ended June 30, 2018 under International Financial Reporting Standards (IFRS).           Revenues       Rs.3,721 Cr         [YoY: 12% Up, QoQ: 5% Up]           Gross Margin       55.7%         [Q1 FY18: 51.6%; Q4 FY18: 53.5%]           SG&A expenses       Rs.1,211 Cr         [YoY: 3% Up, QoQ: Flat]           R&D expenses       Rs.416 Cr         [11.2% of Revenues]           Profit before Tax       Rs.501 Cr         [13.5% of Revenues]           Profit after Tax       Rs.456 Cr         [12.3% of Revenues]           Commenting on the results, Co-chairman and CEO, GV Prasad said “I am pleased with our first quarter results, aided by the launch of gSuboxone. Our focus on operational efficiencies has helped in significantly improving our margin profile. Looking ahead, while we may continue to experience price erosion in the North America Generics market, we will also continue to drive growth and cost efficiencies, at the same time, enhancing our quality management systems and building healthy portfolios across the markets we serve”. All amounts in millions, except EPS All US dollar amounts based on convenience translation rate of I USD = Rs.68.46   Dr. Reddy’s Laboratories Limited and Subsidiaries   Consolidated Income Statement   Particulars   Q1 FY19   Q1 FY18   YoY Gr %   Q4 FY18   QoQ Gr%   ($)   (Rs.)   ($)   (Rs.)     ($)   (Rs.)   Revenues   543   37,207   484   33,159   12   516   35,349   5 Cost of Revenues   241   16,479   235   16,062   3   240   16,454   0 Gross Profit   303   20,728   250   17,097   21   276   18,895   10 Operating Expenses                                 Selling, General & Administrative expenses   177   12,106   172   11,763   3   176   12,067   0.3 Research and Development expenses   61   4,157   74   5,075   (18)   63   4,348   (4) Other operating (income) / expense   (4)   (303)   (3)   (194)   56   (2)   (167)   80 Results from operating activities   70   4,768   7   453   952   39   2,647   80 Net finance (income) / expense   (2)   (156)   (3)   (221)   (30)   (15)   (1,032)   (85) Share of (profit) / loss of equity accounted investees   (1)   (83)   (1)   (98)   (15)   (1)   (69)   20 Profit before income tax   73   5,007   11   772   548   55   3,748   34 Income tax expense   7   446   3   181   146   11   726   (39) Profit for the period   67   4,561   9   591   672   44   3,022   51         -       -           -     Diluted Earnings Per Share (EPS)   0.40   27.45   0.05   3.56   672   0.27   18.18   51                                                   As % to Revenues   Q1 FY19   Q1 FY18     Q4 FY18 Gross Profit   55.7   51.6     53.5 SG&A   32.5   35.5     34.1 R&D   11.2   15.3     12.3 PBT   13.5   2.3     10.6 PAT   12.3   1.8     8.5                                                                   EBITDA Computation   Particulars Q1 FY19   Q1 FY18   Q4 FY18 ($)   (Rs.)   ($)   (Rs.)   ($)   (Rs.) Profit before Income Tax 73   5,007   11   772   55   3,748 Interest (income) net* (1)   (46)   (3)   (211)   (15)   (1,001) Depreciation# 32   2,214   29   2,008   31   2,109 Amortization# 13   896   12   791   13   921 EBITDA 118   8,071   49   3,360   84   5,777 * Includes income from Investments # includes impairment charge     Key Balance Sheet Items   Particulars   As on 30th June 2018   As on 31st March 2018   As on 30th June 2017   ($) (Rs.)   ($) (Rs.)   ($) (Rs.) Cash and cash equivalents and other investments   249 17,047   344 23,517   213 14,572 Trade receivables (current & non-current)   703 48,095   596 40,786   601 41,140 Inventories   460 31,498   425 29,089   410 28,095 Property, plant and equipment   833 57,020   845 57,869   842 57,611 Goodwill and Other Intangible assets   720 49,289   710 48,610   709 48,564 Loans and borrowings (current & non-current)   793 54,273   741 50,714   737 50,462 Trade payables   216 14,816   234 16,052   193 13,225 Equity   1,905 1,30,430   1,847 1,26,460   1,803 1,23,423                                                       Revenue Mix by Segment   Particulars   Q1 FY19   Q1 FY18   YoY Growth %   Q4 FY18   QoQ Growth %   (Rs.)   (Rs.)     (Rs.)   Global Generics   30,636   27,455   12   27,836   10 North America   15,903   14,946   6   14,487   10 Europe   2,016   2,075   (3)   1,711   18 India   6,074   4,687   30   6,138   (1) Emerging Markets   6,643   5,747   16   5,500   21 Pharmaceutical Services and Active Ingredients (PSAI)   5,409   4,651   16   6,251   (13) Proprietary Products & Others   1,162   1,053   10   1,262   (8) Total   37,207   33,159   12   35,349   5                       Segmental Analysis Global Generics (GG) Revenues from GG segment at Rs.30.6 billion. Year-on-year growth of 12%, primarily driven by contributions from Emerging Markets, India and launch of gSuboxone in the US. Sequential growth is 10%. Revenues from North America at Rs.15.9 billion. Year-on-year growth is 6%. Sequential growth of 10%, driven by contribution from new products, primarily gSuboxone, and partly offset by competitive pressures on some of the key molecules. As of 30th June 2018, cumulatively 112 generic filings are pending for approval with the USFDA (109 ANDAs and 3 NDAs under 505(b)(2) route). Of these 109 ANDAs, 61 are Para IVs out of which we believe 30 have ‘First to File’ status. Revenues from Emerging Markets at Rs.6.6 billion. Year-on-year growth is 16%. Sequential growth is 21%. Revenues from Russia at Rs.3.8 billion. Year-on-year growth of 9%. Constant currency growth is 14%. Growth primarily driven by new launches and volume traction in some of the key molecules. Revenues from other CIS countries and Romania market at Rs.1.2 billion. Year-on-year growth of 37%, primarily driven by new launches across markets. Revenues from Rest of World (RoW) territories at Rs.1.7 billion. Year-on-year growth of 17%, primarily driven by new markets and volume traction in base business. Revenues from India at Rs.6.1 billion. Year-on-year growth of 30%. Q1FY18 was impacted due to GST transition. Revenues from Europe at Rs.2.0 billion. Year-on-year decline of 3%, primarily on account of higher price erosion in some of the key molecules. Pharmaceutical Services and Active Ingredients (PSAI) Revenues from PSAI at Rs.5.4 billion. Year-on-year growth of 16%. Sequential decline is 13% During the quarter, we filed two DMFs with the USFDA. Proprietary Products (PP) Revenues from PP at Rs.726 million. Year-on-year growth of 42%, majorly driven by volume traction coupled with better realizations in some of the key molecules. Sequential decline is 14%. Q4FY18 had a one-time out licensing income of Rs.160 million, received from Encore Dermatology Inc. Income Statement Highlights: Gross profit margin at 55.7%. Improved by ~230 bps sequentially and ~410 bps over that of previous year Improvement primarily aided by contribution from new launches including gSuboxone, leverage benefit, better product mix coupled with favorable foreign exchange. This was partially offset by higher price erosions due to channel consolidation and increased competitive intensity in some of our key molecules in the US. Gross profit margin for GG and PSAI business segments are at 61.2% and 21.9% respectively. SG&A expenses at Rs.12.1 billion, marginal increase of 3% on a year-on-year basis and remained flat sequentially. R&D expenses at Rs.4.2 billion. As % to Revenues- Q1 FY19: 11.2% | Q4 FY 18: 12.3% | Q1 FY18: 15.3%. Decrease is primarily on account of quarterly variation in the milestone related payments and other spend activities. Focus continues on building complex generics, biosimilars and differentiated products pipeline. Net Finance income at Rs.156 million compared to Rs.221 million in Q1FY18. Profit after Tax at Rs.4.6 billion. The effective tax rate is 8.9% for the quarter. This is lower primarily on account of profit mix and favourable resolutions of certain tax related litigations pertaining to earlier years. The effective tax rate in Q1FY18 was 23.5% Diluted earnings per share is at Rs.27.45 Capital expenditure is at Rs.2.3 billion. ]]> https://biospectrumindia.com/news/86/11390/nextgen-science-media-raises-rs-1cr-seed-funding.html https://biospectrumindia.com/news/86/11390/nextgen-science-media-raises-rs-1cr-seed-funding.html Tue, 31 Jul 2018 11:10:00 +0530 NextGen Science Media (NGSM), a start-up media venture that focuses on emerging medical science and technology trends for new-age clinicians, raised its first round of funding from Singapore-based Emerge Ventures, DC Books India and a group of individual investors. The company raised Rs 1 crore as seed capital, which will be used to develop and launch high quality medical science and news content in print and digital formats in India. NGSM’s key focus is to generate and disseminate high quality content on latest and emerging developments in the field of medical science and healthcare technologies as well as industry trends for the clinicians, medical researchers, students and key decision makers in healthcare management. NGSM has unveiled its maiden product recently- India’s first medical science and technology news magazine, titled Future Medicine. The magazine, now available in print and digital formats will have doctors, healthcare professionals and allied medical industry as its primary audience. ]]> https://biospectrumindia.com/news/86/11375/biocon-q1-fy19-net-profit-jumps-47-to-rs-120-crore.html https://biospectrumindia.com/news/86/11375/biocon-q1-fy19-net-profit-jumps-47-to-rs-120-crore.html Fri, 27 Jul 2018 12:25:00 +0530 Biocon Ltd , Asia's premier biopharmaceuticals company has announced its consolidated financial results for the fiscal first quarter ended June 30, 2018. Commenting on the highlights, Chairperson & Managing Director, Kiran Mazumdar-Shaw stated: “We  started the year with a robust Q1FY19 recording an overall revenue growth of 21% at Rs 1,193 Crore  and a 47% increase in Net Profit at Rs 120 Crore, driven by a strong performance across our business segments. This performance was led by a 36% growth in our Biologics business and a 39% increase in Research Services revenues. “The approval and launch of our biosimilar Pegfilgrastim, Fulphila, in the U.S. is a significant milestone for Biocon and sets the tone for the future success of our biosimilars business. The cGMP approvals for our Drug Products manufacturing facility in Bengaluru by both the U.S. FDA and EMA demonstrates our commitment to provide high quality products  to address the growing needs of patients for affordable biosimilars in these markets. These developments augur well for a strong financial performance in FY19.”  Highlights: Fulphila, co-developed by Biocon and Mylan, becomes the first biosimilar Pegfilgrastim to be approved and launched in the U.S. Biocon is the first Company from India to have two biosimilars approved by the U.S. FDA. Biocon’s sterile Drug Product manufacturing facility in Bengaluru receives EIR from U.S. FDA and EU GMP certification. Presentations made at American Society of Clinical Oncology (ASCO) annual meeting in June 2018 for novel biologic Nimotuzumab (BIOMAb EGFR)and biosimilar Trastuzumab (Ogivri). PK-PD data on novel Insulin Tregopil presented at American Diabetes Association Scientific Sessions in June 2018. Syngene extends its collaboration with Baxter up to 2024 and strengthens its growing client base. Performance Review: Biocon’s Total Revenue for Q1FY19 at Rs 1,193 Crore grew by 21%, Net Profit at Rs 120 Crore reported a growth of 47%. EBITDA at Rs 307 Crore grew 25%, with an EBITDA margin of 26% for Q1FY19. Core EBITDA margin for Q1FY19 (net of licensing, impact of forex and R&D) stood at 27%. Net Profit margin stood at 10%. Licensing Income for the quarter was Rs 5 Crore and Other Income stood at Rs 69 Crore.  Net R&D expenses for the quarter stood at Rs 44 Crore while Gross R&D expenses were Rs 88 Crore corresponding to 12 % of our operating revenue (excluding Syngene).  ]]> https://biospectrumindia.com/news/86/11355/apollo-to-buy-lifepoint-in-a-5-6b-deal.html https://biospectrumindia.com/news/86/11355/apollo-to-buy-lifepoint-in-a-5-6b-deal.html Tue, 24 Jul 2018 16:20:00 +0530 LifePoint Health, Inc. and RCCH HealthCare Partners which is owned by certain funds managed by affiliates of Apollo Global Management, LLC has announced that they have entered into a definitive agreement to merge. Upon closing of the transaction, LifePoint shareholders will receive $65.00 per share in cash for each share of LifePoint common stock they own, resulting in a LifePoint enterprise value of approximately $5.6 billion, including $2.9 billion of net debt and minority interest. The purchase price represents a premium of approximately 36% to LifePoint’s closing share price on July 20, 2018, the last trading day prior to the announcement. Upon completion of the transaction, the combined company will be privately held, operate under the LifePoint Health name and be led by William F. Carpenter III, chairman and chief executive officer of LifePoint. LifePoint and RCCH are among the nation’s leading healthcare providers, owning and operating networks of hospitals, post-acute service providers and outpatient centers that are integral to their communities. Both companies share a commitment to providing high quality care to regional markets. The combination of these two companies will create an even stronger healthcare provider with pro forma 2017 revenues of more than $8 billion as well as 7,000 affiliated physicians, approximately 60,000 employees and more than 12,000 licensed beds. Following the close of the transaction, LifePoint will operate a diversified portfolio of healthcare assets, including 84 non-urban hospitals in 30 states, regional health systems, physician practices, outpatient centers and post-acute service providers, with leading market positions as the sole community healthcare provider in the majority of the regions it serves. The combined company intends to maintain strategic partnerships with well-known leaders in patient safety and clinical quality to bring leading practices in quality and patient safety to each of its communities. William F. Carpenter III, chairman and chief executive officer of LifePoint, said, “LifePoint and RCCH are aligned in our missions and commitment to ensuring that non-urban communities across the country have access to quality care, close to home. Together, we can extend this shared focus while generating new opportunities for growth and partnerships that will help us navigate the changing healthcare industry dynamics. I am eager to work with the outstanding teams at LifePoint and RCCH as we continue advancing high quality patient care and Making Communities Healthier.” Martin Rash, chairman and chief executive officer of RCCH, said, “The opportunity to join with LifePoint marks a significant milestone in RCCH’s history. The size, scale and focus on growth for the new organization will be impactful for our patients, employees and partners. I am thrilled that these two great companies are coming together." Matthew Nord, a senior partner at Apollo, said, "We are excited that LifePoint and RCCH are combining to create a national leader in community-based healthcare, and are looking forward to the next chapter of the combined company’s growth." Following the close of the transaction, the combined company will be named LifePoint Health, and the company’s headquarters will continue to be in Brentwood, TN, where both companies’ headquarters are currently located. The transaction is expected to be completed over the course of the next several months, subject to customary closing conditions, including approval by LifePoint’s shareholders and receipt of applicable regulatory approvals. Under the terms of the definitive agreement, which has been unanimously approved by the LifePoint Board of Directors, LifePoint may actively solicit alternative acquisition proposals during a 30-day period following the execution date of the definitive agreement, continuing until 12:01 a.m. ET on August 22, 2018. There can be no assurances that this process will result in a superior proposal, and LifePoint does not intend to discuss any developments with regard to this process unless and until the LifePoint Board of Directors makes a decision with respect to any potential superior proposal. Financing is being provided by Barclays, Citigroup, RBC Capital Markets and Credit Suisse. PSP Investments Credit USA LLC and an affiliate of Qatar Investment Authority have also committed to provide a portion of the debt financing. The financing also includes an equity contribution from funds managed by Apollo. Goldman Sachs & Co. LLC is acting as financial advisor to LifePoint and White & Case LLP is acting as legal advisor. Barclays and MTS Health Partners, L.P. are acting as financial advisors to RCCH, and Akin Gump Strauss Hauer & Feld LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are acting as legal advisors. ]]> https://biospectrumindia.com/news/86/11352/granules-indias-revenue-surges-by-21-to-rs-468-cr-.html https://biospectrumindia.com/news/86/11352/granules-indias-revenue-surges-by-21-to-rs-468-cr-.html Tue, 24 Jul 2018 14:55:00 +0530 Granules India Ltd., a growing pharmaceutical manufacturing company, announced  its financial results for the first quarter ended 30th June 2018.   The Company reported a standalone Total Income during the quarter of INR 458 Crs. EBITDA for the quarter was INR 88 Crs. and PAT stood at INR 40 Cr. respectively.   The Company's Board of Directors has proposed a final dividend of 25 paise / share of face value of Rs. 1 each.   Commenting on the development, Granules India Chairman & MD Krishna Prasad Chigurupati said: "The first quarter of the current financial year started on a positive note, we saw our total income increase by 21 percent compared to the same period of previous fiscal."   There was also a sequential growth in margin profiles despite the continuing raw material pricing pressures, he added.   The company said its board has declared first interim dividend of 25 paise per share of face value of Re 1 each and has also approved further investment of up to USD 15 million by way of debt/equity in company's wholly owned arm Granules Pharmaceutical Inc. ]]> https://biospectrumindia.com/news/86/11312/leapfrog-acquires-majority-stake-in-ascent-meditech.html https://biospectrumindia.com/news/86/11312/leapfrog-acquires-majority-stake-in-ascent-meditech.html Tue, 17 Jul 2018 12:40:00 +0530 LeapFrog Investments ("LeapFrog"), the leading investor in companies that deliver healthcare and financial services for emerging consumers, have acquired a majority stake in Ascent Meditech ("Ascent"). Mumbai based Ascent Meditech is the leading Indian medical products company and distributor of niche consumer healthcare products, with a focus on orthopaedics, pain and wound care. It is behind the market-leading Flamingo brand. The company's products are currently sold to seven million customers, with a focus on providing high quality and competitively priced orthopaedic products.  Over 80% of Ascent products are purchased for treatment for orthopaedic disorders, which affect over 200 million people in India. The share of India's population over the age of 60 is projected to increase from 8% today to 19% by 2050. By the end of the century, the elderly will constitute nearly 34 percent of the total population in the country. Elderly populations tend to have a higher prevalence of orthopaedic ailments, preferring less invasive solutions to surgery. The company sold 15 million products to Indians in 2017 via 150,000 retail pharmacy points across 12 Indian states. The company currently exports to over 40 countries across Asia, Africa and the Middle East. Specifically tailored to offer value for money, Ascent's products have achieved ISO and CE standards, along with FDA approvals. LeapFrog will leverage its deep expertise in healthcare and emerging consumer insights to support Ascent's growth plans and will create additional value through continuing to strengthen the Flamingo brand, utilising LeapFrog-generated consumer insights to develop additional consumer-focused products, and expand Ascent's presence in sub-Saharan Africa and Southeast Asia by leveraging LeapFrog's network in these geographies. This investment builds on LeapFrog's decade of experience in providing health insurance to emerging consumers, and track record in the Indian market.     ]]> https://biospectrumindia.com/news/86/11295/mitra-biotech-completes-40m-financing-round.html https://biospectrumindia.com/news/86/11295/mitra-biotech-completes-40m-financing-round.html Fri, 13 Jul 2018 10:40:00 +0530 Mitra RxDx (Mitra Biotech), a privately held biotech company and global leader in advancing truly personalized oncology treatment, recently announced the completion of a $40 million financing round. The round was led by Northpond Ventures, headquartered in Bethesda, Maryland. Existing investors Accel, Sequoia Capital, Sands Capital Ventures, and RA Capital Management also participated. Cumulative funding to date now totals $76 million. Founded in 2010, Mitra is headquartered in Greater Boston and maintains a significant research and laboratory presence in Bengaluru, India. Mitra's CANscript™ platform delivers powerful, individualized treatment response predictions — with exceptionally high correlation to clinical outcomes — to inform patient-specific cancer treatment selection and support more effective and efficient cancer drug development. "Northpond is excited to join Mitra, as the CANscript platform has the potential to meaningfully improve how we treat cancer patients," said Michael P. Rubin, M.D., Ph.D., Founder and CEO at Northpond. "We are proud to begin working with the current investors to help Mitra accomplish their clinical and commercial goals." Michael will join existing investor representatives from Accel, Sequoia, Sands, and Tata Capital Innovation Fund on the Mitra board. "These funds will allow us to expand our commercial efforts, while also continuing to build the clinical evidence necessary to accelerate adoption and secure reimbursement in the U.S. and other key markets," said Mallikarjun Sundaram, President, Co-Founder, and CEO of Mitra. "We enthusiastically welcome Northpond, and greatly appreciate the continued support from our current investors." ]]> https://biospectrumindia.com/news/86/11250/asia-healthcare-platform-raises-50m.html https://biospectrumindia.com/news/86/11250/asia-healthcare-platform-raises-50m.html Thu, 05 Jul 2018 14:50:00 +0530 Asia Healthcare Holdings (AHH) has raised $50 million from Temasek-owned Sheares Healthcare, an investor and provider of healthcare delivery services. The investment from Sheares Healthcare builds on AHH’s strategy to assemble a group of leading regional healthcare executives and global investors. AHH focuses on India and South Asia, targets investment opportunities in single-specialty healthcare businesses and leverages its seasoned management team to deliver operational expertise to its portfolio. On the other hand, Sheares Healthcare works closely with portfolio companies to shape healthcare delivery, primarily in Asia, through innovative, appropriate, and patient-focused care. AHH portfolio currently consists of Cancer Treatment Services International (CTSI), a network of single-specialty cancer hospitals across South Asia and Bengaluru-based Rhea Healthcare Pvt. Ltd, which operates a network of hospitals for women and children under the Motherhood brand. ]]> https://biospectrumindia.com/news/86/11112/nirogstreet-raises-300k-from-japanese-venture.html https://biospectrumindia.com/news/86/11112/nirogstreet-raises-300k-from-japanese-venture.html Wed, 13 Jun 2018 12:50:00 +0530 India’s first tech induced Ayurveda platform, NirogStreet raising USD 300k from the Japanese venture fund Spiral Ventures to strengthen technology.   With maximum focus on technological advancements, NirogStreet will work towards building back the trust and preference for Ayurveda treatment and practitioners across the world by encouraging evidence based practices.   The funds will be utilized in spreading awareness and visibility about Ayurveda as the people are not appropriately aware of the benefits the ayurvedic treatment embodies and its rich medical knowledge.   "We are happy that we have found partners who have the same trust in Ayurveda as we have and are supporting the growth of our endeavors," said Ram N Kumar, founder and CEO, NirogStreet.   "NirogStreet is a platform where doctors can interact with each other, share knowledge and buy high-quality medicines. In Ayurveda ecosystem, Ayurveda doctors, apart from consultation, also dispense medicines. We are working to provide high-quality medicine at right margin to the doctors at the doorstep. Our constant is trying to create a win-win scenario for every Ayurveda doctor as we help advance this great medical system at a global scale," he added.   "We look forward to a constructive development in this field. NirogStreet can play an important role for all stakeholders of the Ayurveda industry as well as healthcare," said spokesperson from the Japanese venture fund Spiral Ventures.   Adding to this, Subho Ray, President of IAMAI said that reviving the trust and accessibility of Ayurveda can bring multifold benefits and advantages for the community as well as people and open new opportunities and avenues in the Medicare world.   "What NirogStreet aims to accomplish will benefit both the people and the practitioners. Ayurveda is the future," added Director of Derivatives at Deutsche Bank, Singapore, Samir Kumar.   So far, NirogStreet is the most recognizable online brand in Ayurveda with over 15,000 doctors engaged on its platform so far.   However, the company aims to raise pre-series A funding in October 2018. ]]> https://biospectrumindia.com/news/86/11081/zim-laboratories-ltd-to-list-on-bse-main-board.html https://biospectrumindia.com/news/86/11081/zim-laboratories-ltd-to-list-on-bse-main-board.html Thu, 07 Jun 2018 18:40:00 +0530 ZIM Laboratories Limited (ZIM) is a unique R&D centered pharmaceutical company focused on developing and supply of complex generics products based on proprietary  Novel Drug Delivery Solutions (NDDS). ZIM got listed on OTC Exchange of India in 1994, following the SEBI guidelines the company will be listing on BSE and will have a price discovery as per trading on the bourses. Promoted by Technocrat Dr. Anwar Daud, the company has a Unique R&D focused business model helping customers with product development, co-development, out licensing, manufacturing, supplies and marketing support with a strong IP base – 26 inventions with 53 patent filings and 174 clients across 45 countries. About ZIM Oral Thin Films: ZIM Oral Thin Film (OTF) Technology is patented as Thinoral with about 19 applied product/process patents for oral films globally. Unlike orally disintegrating tablets that are manufactured using lyophilisation or low compression pressure, the Thinoral strips are flexible and offer ease of storage and transportation. Thinoral technology could also be used for delivery of drugs through sublingual and buccal absorption routes, showing improved bioavailability by avoiding first pass metabolism. ZIM has developed 19 products and commercialized 13 of them within 3 years Technology developed is indigenous consisting of equipment design (manufacturing and testing) as well as formulation development resulting in a manufacturing system capable of high throughput commercial output of high quality oral films. ZIM has received 24 DCGI product approvals & is awaiting 14 in India and 13 product approvals overseas. Zim markets its product with some marquee brands like Mankind, RPG, Sun Pharma, Delvin, Corona, Indiabulls Pharmaceuticals USV and many others. In addition to the OTF, ZIM Labs has a category of project range – pre formulation intermediaries and finished formulations. About Zim Laboratories Limited: Incepted in 1989, ZIM has made a significant mark as a pharma innovator. Throughout all these years constantly penetrating newer areas of pharmaceutical technology and business, ZIM has established itself as a preferred healthcare solution provider in the field of New Drug Delivery Systems. Headquartered in the industrial belt of Nagpur city of central India, ZIM is an EU-GMP & WHO-GMP Certified and ISO 9001:2008 accredited company supported by an excellent team of professionals and the capacity to meet large requirements for different market segments. We are engaged in the activities of research and development, manufacturing, distribution and marketing of oral solid dosage forms such as tablets, capsules, pellets, multi particulate systems, dry syrups, directly compressible granules, taste masked powders, granules and orally disintegrating strips. ]]> https://biospectrumindia.com/news/86/11071/nb-ventures-invest-into-zoctr-health.html https://biospectrumindia.com/news/86/11071/nb-ventures-invest-into-zoctr-health.html Tue, 05 Jun 2018 17:00:00 +0530 Mumbai-based healthtech startup Zoctr Health has raised an undisclosed amount of Pre-Series A funding from NB Ventures, Dubai and a host of other angel investors including Udaipur Angel Network etc. With this round, the total funding raised by Zoctr has reached $2 million. With the Pre-Series A funding, the startup plans to build deeper technology and domain expertise. Further, it is also creating the largest Pan India database of qualified and registered blue collar workers including Nurses, Attendants, Baby Care Nurses and Nannies on the backend of its App. Zoctr also plans to add electronic health dashboard as well as remote monitoring features to its App. Further, it plans to enter the explosive home cancer care and chemotherapy market. Zoctr, founded in 2015, aims to aggregate home health, telehealth, and remote patient monitoring services, specifically targeting the post-operative care segment. ]]> https://biospectrumindia.com/news/86/11058/ed-attaches-gujarat-drug-firms-rs-47-bn-assets-for-alleged-pmla-violation.html https://biospectrumindia.com/news/86/11058/ed-attaches-gujarat-drug-firms-rs-47-bn-assets-for-alleged-pmla-violation.html Mon, 04 Jun 2018 12:20:00 +0530 The Enforcement Directorate has attached Rs 47.01 billion worth of assets of Gujarat-based pharmaceutical company Sterling Biotech Group in connection with a Rs 50 billion bank fraud and money laundering case, the agency said today. The agency issued a provisional freezing order under the Prevention of Money Laundering Act (PMLA) and attached immovable properties of around 4,000 acres, plant and machinery, around 200 bank accounts of various linked companies and promoters, shares worth Rs. 667 million and a number of luxury cars of the Vadodara-based group, officials said. This is one of ED's biggest attachment of assets under the stringent PMLA this year. The ED had registered a criminal case of money laundering against the firm and its promoters Nitin and Chetan Sandesara in October last year, taking cognizance of a CBI FIR in the case made on charges of alleged corruption, an official said. It had then conducted about 50 searches at various locations in the country. The probe agencies had alleged that the firm and its absconding promoters, on the basis of false and fabricated documents, had fraudulently obtained credit facilities of more than Rs 50 billion from various banks, which subsequently turned into Non-Perfoming Asstes (NPAs). "The loans were sanctioned by a consortium of banks like the Andhra Bank, UCO Bank, State Bank of India, Allahabad Bank and Bank of India. "Till date, the banks have declared as fraud, various outstanding loan accounts to the tune of about Rs 50 billion in respect of various companies of Sterling Group including Sterling Biotech Ltd, Sterling Port Ltd, PMT Machines Ltd., Sterling SEZ and Infrastructure Ltd and Sterling Oil Resources Ltd," the ED said. The agency has arrested three people so far in this case -- Delhi-based businessman Gagan Dhawan, former Andhra Bank director Anup Garg and Sterling Biotech Ltd director Rajbhhushan Dixit. Multiple prosecution complaints or charge sheets have also been filed before a special PMLA court here. ]]> https://biospectrumindia.com/news/86/11047/cytecare-secures-funding-to-build-national-oncology-franchise.html https://biospectrumindia.com/news/86/11047/cytecare-secures-funding-to-build-national-oncology-franchise.html Thu, 31 May 2018 16:20:00 +0530 Cytecare Hospitals Private Limited, a leading provider of cancer care in India, announced the closure of its $31 million Series A round, including participation from Goldman Sachs, a leading global investment bank and active investor in India. The investment will be used towards a long-term growth strategy focused on establishing an oncology franchise across four to five cities throughout India.In November 2016, Cytecare launched its flagship 150-bed hospital in Bangalore to offer clinical excellence and patient-centric cancer care to the highest international standards. Co-founded by Dr. Ferzaan Engineer (Chairman), Suresh Ramu (CEO) and Himanshu Shah (CFO), Cytecare’s mission is to create a comprehensive organ-specific oncology platform that supports prevention, treatment and patient-centric care.“We welcome Goldman Sachs as a partner in our focus to establish India’s premier network of cancer hospitals. Cytecare will benefit from the global network of class-leading oncology companies that Goldman Sachs is helping build worldwide through the creation of significant opportunities for research, cross-training and sharing of best practices. This partnership and investment adds strategic expertise and financial strength to fuel the next stage of Cytecare’s expansion,” said Dr. Ferzaan Engineer, Co-founder and Chairman.Ankur Sahu, co-head of private equity investing in Asia at Goldman Sachs, said, “India, with its large and rapidly growing population, accounts for nearly 20 percent of cancer deaths in the developing world. Cytecare, with its experienced leadership and multi-disciplinary team of clinicians, is positioned to build a nation-wide cancer care network throughout India and address that need in the way we have already done so in Australia, Brazil and China. This investment is also consistent with our strategy to invest in critical sectors and infrastructure that assist in the continued growth and development of India.”“We are currently in the process of identifying new cities to execute our hub-and-spoke growth strategy,” said Suresh Ramu, Co-founder and CEO, adding, “Cytecare is one of India’s few organ-based cancer hospitals and offers patients a personalized experience leveraging modern clinical practices with a more than 15 member cross-functional Tumor Board. Through our partnership with Goldman Sachs and their strong global network and large portfolio in healthcare and insurance companies across the world, we will be able to fully realize our goal of creating a new benchmark for cancer treatment and care in India.”Goldman Sachs is an active investor in India, deploying more than $3.4 billion in capital since 2006. ]]> https://biospectrumindia.com/news/86/11025/healwell24-raises-rs-1-4-crore-in-its-pre-series-a-round.html https://biospectrumindia.com/news/86/11025/healwell24-raises-rs-1-4-crore-in-its-pre-series-a-round.html Tue, 29 May 2018 14:55:00 +0530 HWell24 Plus Healthcare Pvt Ltd, which operates home healthcare aggregator under the brand HealWell24, said it has raised Rs 1.4 crore in its pre-Series A round of funding from new and existing individual investors. Prashant Mehta, Mitali Pawar, Nikhil G and Bhavesh P, members of Indian Cooperative Oncology Network (ICON); and angel investor R Ranganathan are the new investors, Jyoti Kumar Singha, co-founder and director, HealWell24, said in a statement. Existing investors a member of the oncology network in Mumbai, ONCOTRUST, and an executive at medical intelligence provider Medintel Services Pvt. Ltd also contributed funds, he added. The firm will use the funds to develop its artificial intelligence (AI)-based patient mobile app, expand its services and hire talent, among others. The app is expected to be launched by October this year, Singha explained. The Mumbai-based company, which was founded by Singha and Harddik K Patel in 2017, provides solutions to patients at home-to-hospital-to-home, which is known as a 3H model. The startup provides home nursing, home attendants and has recently added home dental care as part of its services in the city. It aims to expand to Delhi, Bengaluru, Nagpur, Kochi, and Pune by the financial year 2019-2020. According to the news reported by VC Circle, HealWell24 had raised $100,000 in angel funding from three high-net-worth individuals in September last year. It generated revenue of Rs 1.25 crore in the last financial year through March since it began operations in June, Singha said. The company has also started a CHHA (Certification of Home Healthcare Attendant) programme which provides certification to all attendants as the biggest challenge for any home healthcare service is to find trained people.   ]]> https://biospectrumindia.com/news/86/10965/alembic-pharma-posts-q4-profit-of-rs-93-79-cr.html https://biospectrumindia.com/news/86/10965/alembic-pharma-posts-q4-profit-of-rs-93-79-cr.html Thu, 17 May 2018 15:25:00 +0530 Drug firm Alembic Pharmaceuticals has reported consolidated net profit of Rs93.79 crore for the quarter ended 31 March, 2018. The company had posted a net profit after taxes, non-controlling interests and share of profit/(loss) of associates and joint ventures of Rs 93.04 crore for the corresponding period of the previous fiscal, Alembic Pharmaceuticals said in a filing to BSE. Consolidated revenue from operations of the company stood at Rs 853.31 crore for the quarter under consideration. It was Rs 741.35 crore for the same period year ago. For the fiscal year ended March this year, the company posted a net profit of Rs 412.63 crore as against Rs 403.16 crore for the year ago period. Consolidated revenue from operations stood at Rs 3,130.81 crore for the fiscal year 2018. It was Rs 3,134.61 crore for the previous fiscal period. The US generic business grew by 45% during the quarter despite a challenging and dynamic business environment, Alembic Pharmaceuticals MD Pranav Amin said. The company said its board has recommended a dividend of Rs4 per equity share having face value of Rs2 each.   ]]> https://biospectrumindia.com/news/86/10913/epygen-biotech-to-raise-rs-300-cr-to-boost-biosimilars-in-india.html https://biospectrumindia.com/news/86/10913/epygen-biotech-to-raise-rs-300-cr-to-boost-biosimilars-in-india.html Thu, 10 May 2018 17:40:00 +0530 After having spent seven years on technology incubation in India and more than a decade of Biotechnology research abroad, Epygen Biotech, one of the leading privately held biotechnology companies in India plans to raise Rs 300 crore in the next three years to fuel launch of its exciting Biosimilar pipeline. The funding will provide Epygen with the best possible conditions to propel clinical trial programs of its pipeline molecules in the field of Oncology and Cardiology, which are showing substantial promise in protein expression and purification. With several decades of recombinant protein background, the company aims to take a lead role in the biosimilar field in the region. From a pipeline full with E Coli and mammalian proteins, the company has chosen to launch a stepping stone Biosimilar Recombinant Streptokinase (rSK) for the cardiovascular segment in India by 2019. This product is of utmost national interest as 17 lakh people die of heart attack in India every year and other thrombolytic proteins is more than ten times in cost. This technology is befitting to the current  programme assuring “Healtahcare for all”.   The company is upgrading its R&D capabilities setting up a 1,00,000 sqft Biopharmaceutical facility in Patalganga, Maharashtra, where Phase-I of the Project is dedicated to E Coli based biosimilars for Cardiovascular, Oncology and Rheumatology and Phase-II to make mammalian cell based monoclonal antibodies for Oncology, jointly targeting more than $ 10 billion market. The fresh fund infusion would be utlilized for clinical trials of the pipeline molecules and securing intellectual property (IP) for a range of medium and late stage technologies for Novel Biological Entities in Oncology and CNS segments. ]]> https://biospectrumindia.com/news/86/10897/star-healths-stake-sale-hits-a-roadblock.html https://biospectrumindia.com/news/86/10897/star-healths-stake-sale-hits-a-roadblock.html Wed, 09 May 2018 14:35:00 +0530 Star Health & Allied Insurance’s stake sale process hits a roadblock with an investor, Ahmed Abdulla Ahmed Al Ghurair of UAE-based ETA Trading, moving the Madras High Court against the insurance company. Sequoia Capital, ICICI Venture and Tata Capital, as well as global private equity investor Apis are trying to exit the insurer through the stake sale. These four funds, along with Oman Insurance Company, own 70 per cent of Star Health, while the rest of the equity is held by ETA Trading. ETA Trading owns a 6.17 per cent stake in Star Health.  Private equity funds including WestBridge Capital, Premji Invest and private sector general insurance company ICICI Lombard are eyeing the business of Star Health. ICICI Lombard, with a bid valuing the company at Rs 6,500 crore, is the frontronner. The sale process, which started almost six months ago, had seen 12 bidders, including private equity giants Bain Capital and Warburg Pincus, and private sector insurer HDFC Ergo.    ]]> https://biospectrumindia.com/news/86/10888/aurobindo-launches-1-6-billion-bid-to-buy-novartis-generics-unit.html https://biospectrumindia.com/news/86/10888/aurobindo-launches-1-6-billion-bid-to-buy-novartis-generics-unit.html Mon, 07 May 2018 18:20:00 +0530 Aurobindo Pharma Ltd has submitted an initial bid to buy Novartis AG’s dermatology generics drug business for about $1.6 billion, two people directly aware of the development said on condition of anonymity. Hyderabad-based Aurobindo Pharma is the only Indian company that has put in a bid for the assets, which includes an array of dermatology brands, production facilities and associated infrastructure, mostly in the US, said one of the two people, both of whom declined to be named. The last date for placing binding bids is 15 June, said the second person cited above.  Novartis is considering a sale of its dermatology generics drugs business under the Sandoz brand as it seeks to sell some of its less profitable businesses. If Aurobindo is successful, it will be the biggest outbound transaction by an Indian drug maker, the previous largest being Lupin Ltd’s acquisition of Gavis Pharmaceuticals Llc. and Novel Laboratories Inc. for $880 million in 2015.   The transaction, if it goes through, will be the second overseas acquisition by Aurobindo in less than two years. In January last year, it agreed to buy Portugal’s Generis Farmaceutica SA from Magnum Capital Partners for €135 million.   ]]> https://biospectrumindia.com/news/86/10885/adb-to-invest-in-indias-health-startups.html https://biospectrumindia.com/news/86/10885/adb-to-invest-in-indias-health-startups.html Mon, 07 May 2018 14:05:00 +0530 India’s Economic Affairs Secretary, Subhash Chandra Garg, asks the Asian Development Bank (ADB) to invest in fintech and health startups, speaking at the ADB annual board meeting. The aim is to help improve the quality of life in Asia while sharpening focus on infrastructure lending by ensuring loan disbursals within a year of request. ADB, a multilateral lender, is aiming at creating ‘Strategy 2030’ with the aim to eradicate extreme poverty and to achieve sustainable growth in Asia and the Pacific. The bank is being urged to undertake a more direct attack on poverty, malnutrition illiteracy, and including digital illiteracy. For this, ADB needs to review its administrative processes for delivering its finance and services to help realise its vision. The bank also needs to take into consideration the number of poor people living in the country besides income inequality and geographical imbalances, for resource allocation. In addition, suggestions given included substantially expanding its private sector operations, especially equity financing and investment in new instruments of financing, like infrastructure investment trust. ]]> https://biospectrumindia.com/news/86/10853/hcg-acquires-12-equity-stake-in-issl.html https://biospectrumindia.com/news/86/10853/hcg-acquires-12-equity-stake-in-issl.html Tue, 01 May 2018 16:10:00 +0530 Bengaluru-based oncology chain HealthCare Global Enterprises Ltd has acquired a 12 per cent equity stake in International Stemcell Services Ltd (ISSL) in a secondary deal that saw its existing shareholders divesting some of their holdings. HealthCare Global, which has acquired 10,860 equity shares of ISSL for Rs 56 lakh in an all-cash deal, will help the company develop treatment for cancer. Bengaluru-based ISSL is involved in stem cell research. It offers stem cell banking for regenerative medicine, including umbilical cord blood stem cells banking and mesenchymal stem cells banking from umbilical cord, stem cell therapies, and vaccine therapies for cancer patients. It also offers banking of bone marrow stem cells, peripheral blood mobilized stem cells, stem cells from lipo aspirate, and stem cell expansion and differentiation. HealthCare Global operates 23 cancer care centres under the HCG brand and fertility centres under the Milann brand in India. It also operates multi-speciality hospitals in Ahmedabad, Bhavnagar, Rajkot, and Vadodara in Gujarat. ]]> https://biospectrumindia.com/news/86/10842/biocon-q4fy18-revenue-rs-1237-cr-up-27-per-cent.html https://biospectrumindia.com/news/86/10842/biocon-q4fy18-revenue-rs-1237-cr-up-27-per-cent.html Fri, 27 Apr 2018 10:05:00 +0530 Biocon Ltd, Asia's premier biopharmaceuticals company, recently announced its consolidated financial results for the fourth quarter and fiscal year ended March 31st, 2018. Commenting on the highlights, Chairperson & Managing Director, Kiran Mazumdar-Shaw stated: "We concluded the year with a strong revenue growth of 27% in Q4FY18 led by Biologics and Research Services businesses, which grew 47% and 45%, respectively. Our traditional Small Molecules and Branded Formulations businesses also turned in a positive performance this quarter. We crossed a key milestone in Q4 when our Insulin Glargine, received regulatory approvals in the developed markets of Europe and Australia. Our biosimilar Trastuzumab also got approval in Turkey. The muted FY18 performance was on account of continued pricing challenges in the generics business coupled with a planned plant shut down for requalification and lower licensing income in the biologics business. In addition, operational expenses related to our Malaysia facility impacted the bottom line. However, a positive Q4 is indicative of a normalized business trend. Recent approvals of our biosimilars along with the strong performance of Syngene are expected to positively impact overall performance in FY19.”      Highlights: Semglee™, Insulin Glargine co-developed by Biocon and Mylan, is the first biosimilar from the partnered portfolio to be approved in the developed markets of EU and Biocon also received Insulin Glargine approval in South Korea and biosimilar Trastuzumab approval in Biocon and Mylan agreed to accelerate the introduction of biosimilar Adalimumab in Europe through Mylan’s in-licensing arrangement with Fujifilm Kyowa Kirin Biologics, to enable launch in EU, around market formation. Biocon and Mylan have agreed to expand their long-standing collaboration to add two new next-generation biosimilar programs with Insulin Glargine 300 units/mL and  Pertuzumab. ]]> https://biospectrumindia.com/news/86/10823/munjals-burmans-extend-validity-of-their-offer-for-fortis.html https://biospectrumindia.com/news/86/10823/munjals-burmans-extend-validity-of-their-offer-for-fortis.html Tue, 24 Apr 2018 15:05:00 +0530 Sunil Munjal-backed Hero Enterprise and the Burman's of Dabur group have extended the validity of their revised Rs 15-billion offer for the Fortis Healthcare till May 4. The move comes in the backdrop of Fortis Healthcare Board’s decision to select new investors on Thursday. The Board has appointed an expert advisory committee headed by former PWC India Chief Executive Officer Deepak Kapoor to advise it on multiple offers. Hero Enterprise and Burmans and Manipal-TPG combine have submitted binding bids, while three others including IHH, Fosun, and Radiant Life Care have sent non-binding offers to Fortis Healthcare. Fortis Healthcare informed about the Hero-Burman offer to extend their bid validity, all other bid conditions remain unchanged. Last week, Sunil Munjal and the Burmans revised their offer of Rs 12.5 billion to Rs 15 billion. The revised offer includes an investment of Rs 5 billion through preferential issue of equity shares and Rs 10 billion through preferential issue of warrants, based on current business and financial position of the firm as reflected in the company’s various public filings. While Munjal and Burmans have waived off their demand for due diligence, they have demanded two Board seats. The Fortis Board has decided it will accept the binding offers only and this has led to displeasure among some of the potential investors and shareholder advisory firms. ]]> https://biospectrumindia.com/news/86/10808/pg-to-buy-stake-in-merck-india-worth-rs-1300cr.html https://biospectrumindia.com/news/86/10808/pg-to-buy-stake-in-merck-india-worth-rs-1300cr.html Fri, 20 Apr 2018 11:20:00 +0530 Global consumer products major, The Procter & Gamble Company (P&G), will acquire a nearly 52% stake in drug firm Merck India for Rs 1,300 crore as part of a global deal under which it will take over the international consumer health business of Germany’s Merck KGaA. According to a public announcement, Procter & Gamble Overseas India BV along with P&G will make a mandatory offer to acquire 26% from public shareholders for up to Rs 648 crore, taking the total cost of acquisition in India to Rs 1,948 crore. After the transaction, the Rs 1,119-crore Merck will become the fourth legal entity in India for the Cincinnati-based P&G. The current three companies in India that represent P&G are Procter & Gamble Hygiene And Health Care (PGHH), in which the promoter group holds about 70%, Procter & Gamble Home Products (PGHP), a wholly owned subsidiary, and Gillette India, in which it has 75% shareholding. The P&G Group has a combined turnover of over $1.5 billion in India and is present in laundry, feminine hygiene, cold relief products, hair care, shaving products and diapers. The global all-cash deal of about 3.4 billion euros will add vitamins and food supplements to P&G’s lineup of overthe-counter (OTC) products. Merck’s consumer health unit includes brands such as Femibion, Neurobion, Nasivin and Seven Seas. Edelweiss Securities senior VP (institutional equities - research) Abneesh Roy said the move will help P&G in scaling up distribution at chemist shops in India, as it will now have a wider portfolio of OTC brands.   ]]> https://biospectrumindia.com/news/86/10795/chinas-fosun-becomes-a-competitor-in-the-race-for-fortis-.html https://biospectrumindia.com/news/86/10795/chinas-fosun-becomes-a-competitor-in-the-race-for-fortis-.html Wed, 18 Apr 2018 11:25:00 +0530 China’s Fosun international group has become the fourth suitor for cash-strapped hospital chain Fortis healthcare signalling a bidding war is in the works for the company after a TPG-Manipal combine, Malaysia’s IHH healthcare and Munjal-Burman family combination have made offers for the company. Fortis healthcare confirmed in a late night stock exchange filing on Tuesday that hong kong stock exchange-listed Fosun had made an ‘unsolicited’ non-binding expression of interest for the company, through its wholly-owned subsidiary Fosun Health Holdings.  Fosun has offered to invest upto $350 million in the hospital chain provided it is given a three week timeframe to conduct due diligence on the company. It also said it was willing to make a preliminary investment of Rs. 100 crore in the company through a convertible debt instrument, according to the stock exchange filing. Fosun has offered to subscribe to fresh shares in fortis healthcare at a price of Rs.156 per share and said its investment would cap its shareholding in the company at below 25%. Fosun has assets of $75 billion and an existing investment in India’s Gland Pharma, which it purchased from US buyout giant KKR. The company has invested over $1 billion in India and has been aggressively scouting for assets across sectors.   ]]> https://biospectrumindia.com/news/86/10769/avendus-finances-gnrc-to-deliver-low-cost-healthcare-.html https://biospectrumindia.com/news/86/10769/avendus-finances-gnrc-to-deliver-low-cost-healthcare-.html Fri, 13 Apr 2018 12:45:00 +0530 Financial services group Avendus is providing Rs 75 crore as structured debt to promoters of the Guwahati-based healthcare provider GNRC, reaffirming the growing confidence of investors in low-cost affordable healthcare. The financing will be used to buy out existing PE investor Canbank Venture Capital Fund, which pumped money into the hospital venture in 2013. The transaction is being done by Avendus Finance, the non-banking financial services arm of Avendus Capital, and its debt fund Avendus Structured Credit Fund. GNRC, promoted by neurologist Dr Nomal Chandra Borah, has pioneered a low-cost healthcare model, which is more OPD-centric, and focuses on prevention. The company, which reported an Rs 165-crore turnover and Rs 32-crore profit in 2017-18, operates a chain of multi-specialty hospitals in Assam and West Bengal, with a capacity of over 1,600 beds. Dr Borah, the chairman and MD of GNRC, said, “We firmly believe in this new business model of providing affordable healthcare services, and plan to replicate across geographies. Under the low-cost model at two hospitals, emergency and simple investigations are free of cost, while complex and expensive surgeries are subsidised. This ensures quality healthcare services are available to people from lower income group at affordable prices in the northeast region.” ]]> https://biospectrumindia.com/news/86/10740/beauty-and-wellness-firm-vlcc-to-expand-internationally.html https://biospectrumindia.com/news/86/10740/beauty-and-wellness-firm-vlcc-to-expand-internationally.html Mon, 09 Apr 2018 12:05:00 +0530 Beauty and wellness firm VLCC is on the expansion spree with a target to add 50 new training institutes in India over the next five years.  The company, which has about 70 institutes in India, has also chalked out plans to foray into international markets such as Canada, Malaysia, Srilanka, Kenya, Oman and Bangladesh.  With the opening of more institutes, VLCC is eyeing a 35 per cent year on year revenue growth. In FY 2018, it had a turnover of Rs 55 crore for the skilled business.  "We will add 50 new institutes in India and also in countries such as Canada, Malaysia, Oman and Srilanka with a target to train approximately 15,000 students," said Mr.Sandeep Ahuja, Director VLCC Group.  The company offers about 100 courses and workshops in the beauty and wellness space and has trained over 1 lakh students so far.  The institutes have crossed the target of Rs 50 crore and are set to go over Rs 100 crore with international expansion by this fiscal end, as per the company.  With regard to retail expansion in the personal care category, Ahuja said VLCC has recently added close to 100 new distributors and is betting on the modern trade across national and regional customers besides giving leverage to the e-commerce.  The contribution from e-commerce was close to 15 per cent in FY 2018. Total turnover from personal care category stood at Rs 400 crore in the last financial year. The company has 197 wellness centres in India and markets over 169 skincare, haircare, bodycare, functional foods and fortified food products. ]]> https://biospectrumindia.com/news/86/10714/east-bridge-capital-buys-3-86-extra-stake-in-fortis.html https://biospectrumindia.com/news/86/10714/east-bridge-capital-buys-3-86-extra-stake-in-fortis.html Tue, 03 Apr 2018 16:15:00 +0530 East Bridge Capital Master Fund has bought an additional 3.86 per cent stake in Fortis Healthcare for over Rs 256 crore through a market transaction. According to a regulatory filing, East Bridge Capital Master Fund, which held 5.87 per cent stake in Fortis Healthcare, increased its shareholding in the healthcare services provider to 9.73 per cent by buying 2 crore shares on March 28. Based on the weighted average price of the stock on March 28, at Rs 128.15 apiece, the transaction is estimated at Rs 256.30 crore.  Last week, Fortis Healthcare board had approved the demerger of its hospitals business, which will be acquired by Manipal Hospitals and TPG Capital, along with the sale of 20 per cent stake in its diagnostics chain SRL Ltd., in a Rs 3,900-crore deal. Manipal Hospitals, a part of Manipal Education and Medical Group (MEMG) has been backed by TPG, a leading global alternative asset firm and experienced healthcare investor since 2015. ]]> https://biospectrumindia.com/news/86/10709/chrys-capital-to-buy-10-in-mankind-for-350-m.html https://biospectrumindia.com/news/86/10709/chrys-capital-to-buy-10-in-mankind-for-350-m.html Mon, 02 Apr 2018 15:45:00 +0530 India-bred private equity firm Chrys Capital is set to acquire 10 per cent in fast-growing Mankind Pharmaceuticals for $350 million. GIC of Singapore and CPPIB of Canada may co-invest in the deal, likely to be signed this week. This will mark Chrys Capital’s return to Mankind Pharma, a company it helped build  in 2015, it had sold 11 per cent stake in Mankind to another PE firm Capital International for $214 million, making a tenfold return in seven years. Chrys Capital, arguably the most successful investor in Indian pharma, came in late to pip global PE firms like Advent International and Carlyle who had made binding bids. Having worked with it, the promoters preferred Chrys Capital. Chrys Capital’s partner Sanjiv Kaul, a former Ranbaxy executive, has backed several pharmaceutical companies including Glenmark, Zydus, Intas, Torrent, GVK Pharma, Eris Life Sciences, among others. The deal may involve a secondary sale of shares by the promoter family, who currently hold 89 per cent stake in the company, said two people familiar with the deal. It’s not clear if Capital International will also partly divest its stake. Mankind Pharmaceuticals is India’s fifth largest drug company with domestic sales of Rs 500 billion and an EBITDA (earnings before interest depreciation and amortisation) of Rs 10 billion, which may go for an IPO next year. ]]> https://biospectrumindia.com/news/86/10668/gsk-to-buy-novartis-stake-for-13-b.html https://biospectrumindia.com/news/86/10668/gsk-to-buy-novartis-stake-for-13-b.html Tue, 27 Mar 2018 13:25:00 +0530 GlaxoSmithKline will buy Novartis's 36.5 per cent stake in their consumer healthcare joint venture for $13 billion. The deal is set to complete in the second quarter subject to the necessary approvals. GSK said the transaction with Novartis was expected to add to adjusted earnings from 2018 and to strengthen cash flow generation. GSK will also start a strategic review of Horlicks and other consumer nutrition products. The review will include an assessment of its 72.5 per cent shareholding in the company. The majority of Horlicks and other nutrition products sales are generated in India through GlaxoSmithKline Consumer Healthcare Ltd which is floated in India. The joint venture was formed in 2015 as part of a sweeping revamp that included combining the Novartis over-the-counter business with the GSK consumer healthcare business. Products include Panadol headache tablets, muscle gel Voltaren, and Nicotinell patches used by smokers who want to quit their habit. ]]> https://biospectrumindia.com/news/86/10612/jj-to-acquire-lifescan-biz-from-platinum-equity.html https://biospectrumindia.com/news/86/10612/jj-to-acquire-lifescan-biz-from-platinum-equity.html Fri, 16 Mar 2018 17:30:00 +0530 Johnson & Johnson announced that it has received a binding offer from Platinum Equity, a leading private investment firm, to acquire its LifeScan business for approximately $2.1 billion, subject to customary adjustments. LifeScan, Inc. is a leader in blood glucose monitoring products with 2017 net revenue of approximately $1.5 billion.  "LifeScan's OneTouch® blood glucose monitoring products play an important role in the lives of millions of patients living with diabetes, and following a thorough review of all strategic options, we feel confident that the business would have a promising future with Platinum Equity," said Ashley McEvoy, Company Group Chairman, Consumer Medical Devices, and Johnson & Johnson. The Johnson & Johnson Family of Companies will continue to serve those impacted by diabetes through innovative products, services and solutions from its Medical Device, Pharmaceuticals, and Consumer businesses. These include important leadership and innovation in areas such as bariatric surgery and through medicines such as INVOKANA® (canagliflozin) and INVOKAMET® (canagliflozin/metformin HCl). The acceptance period for the offer will end on June 15, 2018, unless extended, and during that time, consultations with relevant works councils are planned. If the offer is accepted, the transaction would be expected to close by the end of 2018, subject to the satisfaction of customary closing conditions. ]]> https://biospectrumindia.com/news/86/10591/chryscapital-buys-stake-in-curatio-healthcare.html https://biospectrumindia.com/news/86/10591/chryscapital-buys-stake-in-curatio-healthcare.html Wed, 14 Mar 2018 12:05:00 +0530 Private equity (PE) fund ChrysCapital has recently bought a significant minority stake in the leading dermatology products company in India, Curatio Healthcare Pvt. Ltd. Chennai based PE firm Fulcrum has made a partial exit from Curatio. ChrysCap has invested $20 million in Curatio and the company aims to utilise this latest funding to accelerate its growth plans. Curatio was set up in 2005 by a team of former executives at American Remedies, which merged with Dr Reddy’s Laboratories in 1999. Curatio’s board includes K. Ramanathan, a founder director of American Remedies; Ramani, another ex-American Remedies executive and P.V. Sankar Dass, a former vice-president at Dr Reddy’s. Curatio specializes in providing skin care, baby care & hair care solutions. The company has a team force of 550 employees. It has also started entering in global markets with a presence in the Philippines, Sri Lanka, and Bangladesh. ]]> https://biospectrumindia.com/news/86/10582/neuberg-diagnostics-plans-rs-300-cr-investment-for-expansion.html https://biospectrumindia.com/news/86/10582/neuberg-diagnostics-plans-rs-300-cr-investment-for-expansion.html Sun, 11 Mar 2018 15:35:00 +0530 Neuberg Diagnostics is planning to invest Rs 300 crore in India, the Middle East and Africa as part of its expansion plans. The company having focus on new generation technologies in the diagnostics space, has already invested Rs 450 crore in acquiring laboratories in India and abroad and upgrading them. Neuberg at present has 50 labs and 500 centres in the south and west India, and plans to increase the total count to 150 labs and 1,000 centres in the next three years. An alliance of five top laboratories like Anand Diagnostic Laboratory, Supratech Micropath, Ehrlich lab, Global labs and Minerva Labs, the company plans to have three infrastructure models — global centre of excellence, regional reference centres and satellite centres. It also wants to establish research centres in the US and European markets, to get access to latest technologies and bring it to India ]]> https://biospectrumindia.com/news/86/10526/wellthy-therapeutics-raises-2-1-million-in-seed-funding.html https://biospectrumindia.com/news/86/10526/wellthy-therapeutics-raises-2-1-million-in-seed-funding.html Mon, 05 Mar 2018 10:50:00 +0530 Mumbai based Wellthy Therapeutics, a digital therapeutics company for chronic disease management announced that it has raised $2.1 million in seed funding. Dr. Ranjan Pai through his family office, along with Beenext Ventures, GrowX Ventures, Currae Healthcare and other strategic HNIs like Ashutosh Taparia & Karan Bhagat participated in the round. Self-funded until this seed round, Wellthy Therapeutics has spent the last 2 years in clinical pilots and gathering real world evidence of its solution capability, and in the process has graduated from the Merck Global Digital Health accelerator, Swiss Re’ Global and ICICI Lombard’s Nova InsurTech accelerators. The company plans to use this funding to enhance the efficacy of its type II diabetes digital therapeutic while developing solutions for other disease areas, build deeper integrations with healthcare stakeholders in South Asia and Asia, and expand its team. Commenting on the development, Abhishek Shah, Co-founder and CEO, Wellthy Therapeutics said, “Digital health interventions are a necessity to enhance the effectiveness of current chronic disease care. Our product suite directly boosts outcome efficacy in incredibly significant ways, well beyond what current healthcare is able to do. This fundraise will help us continue to pioneer a new category of medicine that will revolutionize chronic disease care across Asia.” Dr. Pai added, “Globally and in India, chronic diseases have become the largest burden on healthcare. Wellthy Therapeutics’ product suite has the potential to be the glue that binds healthcare providers, insurers, pharma and diagnostics one step closer to better patient outcomes. We were impressed with the early data of Wellthy’s type II diabetes digital therapeutic, and can see the opportunity for their solution suite to elevate the standard of care for multiple therapy areas.” As a part of this round, Siddharth Dhondhiyal will join the board as the investor representative.   ]]> https://biospectrumindia.com/news/86/10511/iqgen-raises-25m-for-healthcare-investment-in-india.html https://biospectrumindia.com/news/86/10511/iqgen-raises-25m-for-healthcare-investment-in-india.html Thu, 01 Mar 2018 12:20:00 +0530 IQGEN Holdings LLC has marked the final close of its maiden venture capital fund at $25 million. The Vantage fund aims to invest in technology-driven healthcare companies in India and other Asian countries. With Vantage, IQGEN aims to establish itself as the one-stop shop for healthcare in India and Asia. The fund has plans to invest in companies in collaboration with governments and key organisations that it has connections to in the region. Within the healthcare segment, Vantage will focus on investing in telemedicine, data analytics in diagnostics, artificial intelligence in medicine, robotics in surgery, wellness and health insurance. The fund will primarily participate in pre-Series A and Series A rounds of companies. It aims to invest $1-5 million each in its target companies. ]]> https://biospectrumindia.com/news/86/10385/rani-raises-53m-for-clinical-trials-of-its-innovative-pill-.html https://biospectrumindia.com/news/86/10385/rani-raises-53m-for-clinical-trials-of-its-innovative-pill-.html Mon, 12 Feb 2018 17:00:00 +0530 Rani Therapeutics, the developer of a pill designed to replace injectable drug delivery for patients suffering from chronic diseases, announced that it has raised $53 million to invest in manufacturing in preparation for human clinical trials. This investment brings the total raised to $142 million in funding. New investors include GeneScience Pharmaceuticals, Shire, Bossa Ventures, and Cathay Venture. They join GV, the investment arm of Alphabet Inc, Novartis, AstraZeneca, Ping An Ventures, Virtus Ventures, among others who have previously invested in the company. The RaniPill is a safe and pain-free alternative for painful injections, eliminating one of the biggest obstacles to patient compliance. To further support the move to clinical trials, Rani has brought on Ray Diradoorian, former global head of manufacturing for Allergan, as a consultant, and has hired Wilfredo Ortiz to lead day-to-day manufacturing operations. The financing will equip Rani to start on the next phase of its evolution. ]]> https://biospectrumindia.com/news/86/10350/strand-life-sciences-raises-13-m-for-biz-expansion.html https://biospectrumindia.com/news/86/10350/strand-life-sciences-raises-13-m-for-biz-expansion.html Thu, 08 Feb 2018 10:15:00 +0530 Strand Life Sciences has announced an investment of $13 million (approx 80 Crores) by Quadria Capital, Asia’s leading healthcare focused private equity investor. India-based HealthQuad Fund and Singapore-based Heritas Venture Fund also contributed to this fund. Strand Life Sciences, formed from the business combination of Strand and Triesta, the diagnostics unit of HCG, is India’s leading specialized diagnostics company. Its expertise spans strong global bioinformatics and clinical research capabilities with a pan-India presence in specialised and routine diagnostics services. This investment will be utilized to fund the growth and expansion of Strand towards becoming Asia’s leading integrated diagnostics company. Chief Executive Officer Strand Life Sciences, Dr. Ramesh Hariharan, said “Given their deep operating knowledge and experience of building healthcare businesses in Asia, the partnership with Quadria and HCG will help launch Strand into its next phase of growth and into an era where data analytics and molecular measurements together change diagnosis and treatment paradigms.” Strand now offers end-to-end capabilities in precision medicine – a complete range of clinical diagnostic offerings including oncology, women’s health, fertility, genetics, infectious diseases and preventive care, on-ground presence through 15 laboratories in a mix of metros and emerging cities, globally renowned bioinformatics capabilities used by global instrument providers and diagnostic laboratories, and access to India’s largest cancer biorepository for cutting-edge clinical research. Quadria Capital Managing Partner and Co-Founder Dr. Amit Varma, said: “The demand for specialized diagnostics has been rising rapidly across the region. With diagnostics moving beyond just identification of infections to becoming an integral part of management and therapy, we see a huge potential in this area. Quadria is very excited to partner with Strand in this unique diagnostic platform that provides a potent combination of world class bio-informatics, genomics research, and integrated specialised diagnostics.” Congratulating Strand Life Sciences on the agreement, industry veteran Kiran Mazumdar-Shaw, Biocon, Chairman, said: “Strand’s partnership with Triesta is an inflection point which I am confident will drive its future into the fast growing segment of genomic led onco-diagnostics. This merger has attracted a significant investment from Quadria Capital which endorses the credibility of Strand’s evolving business strategy." Founded in 2000 as a spin-off from the Indian Institute of Science, Strand is one of the pioneers in the bioinformatics space, with proprietary data analytical engines for research and clinical applications. Its customers include leading instrument companies, like Agilent, pharmaceutical companies, diagnostics laboratories, and research laboratories. It has over 220 engineers, scientists and pathologists, and performs cutting-edge diagnostic tests for more than 1000 hospitals in the country like HCG, TMC Kolkata, Max Hospitals Delhi, Narayana Hrudayalaya, Apollo Hospitals etc. ]]> https://biospectrumindia.com/news/86/10345/aims-secures-21-m-funding-from-uks-cdc-group.html https://biospectrumindia.com/news/86/10345/aims-secures-21-m-funding-from-uks-cdc-group.html Wed, 07 Feb 2018 14:25:00 +0530 Super-specialty hospital Asian Institute of Medical Sciences (AIMS) has raised $21 million (Rs 139 crore) from UK’s development finance institution CDC Group Plc in a fresh round of funding. Existing investor Orbimed, which had invested Rs 100 crore in AIMS in 2014, will continue to hold its stake post the transaction. CDC's long-term investment will support the hospital's five-year expansion into small towns in Jharkhand, Bihar and UP, where it will add 1,000 beds at the new and existing multi-specialty facilities. This expansion will create around 2,000 new jobs and deliver training and improved skills for nursing and paramedic staff in these cities. The CDC Group, wholly-owned by the British government, invests in sub-Saharan Africa and South Asia with the aim of supporting economic development to create jobs. CDC has been actively investing in India’s healthcare space. Earlier in 2013, it invested in Hyderabad-based Rainbow Hospitals, which primarily focuses on paediatric and maternal care. Subsequently in 2015, it invested in another hospital chain Narayana Health, which went on to float an initial public offering (IPO) in 2016. ]]> https://biospectrumindia.com/news/86/10335/healthi-raises-3-1-million-from-investors-led-by-montane-ventures-.html https://biospectrumindia.com/news/86/10335/healthi-raises-3-1-million-from-investors-led-by-montane-ventures-.html Tue, 06 Feb 2018 16:05:00 +0530 To utilize the funds to accelerate business growth and development of applications aimed at making preventive health and family health management convenient, insightful, and effective. Healthi, India’s digital preventive health startup, has raised funding of $3.1 million led by Montane Ventures, a VC firm anchored by the Piramal Family Office. Montane Ventures is an early stage venture capital fund investing in core technology start-ups. healthi has developed scientifically validated and patent-pending prediction models and personalization algorithms that empower users to easily understand their state of health and nudge them towards seeking appropriate help and making suitable lifestyle changes. 92% of healthi’s users either liked or loved the solution offered, leading to increase in adoption rates of such programs by up to 300% and family member enrollment rates by at least 400%. healthi has rapidly scaled up to work with 120+ corporates and insurance groups to roll out preventive health programs that are engaging, insightful and impactful for organizations, employees and their family members. In doing so, healthi has developed deep business and technology partnerships with top high-quality healthcare brands to deliver services across 180 cities in India and has seen its revenue grow at an impressive cumulative growth rate of 3.5x+ over the last 3 years. Speaking on the funding, healthi’s founders, Rekuram Varadharaj and Krishna Ulagaratchagan said, “This funding round, led by a seasoned investor like Montane Ventures, gives us the confidence and resources to power forward in our mission to empower millions of users to live fuller lives by taking control of their health. The feedback and increasing traction that we have seen to date reinforces our vision that a strong focus on user experience and the right combination of technology and analytics can effectively help users to lead healthy lives. Our plans to use the funds are twofold:   -To boot up applications that empower users to understand, engage with and take control of their health. We plan to accelerate our product development efforts by significantly growing our product and technology teams. -To scale up the go-to-market efforts for the first application that is seeing increasing traction, namely driving engaging health benefits programs for corporate employees and family members” Commenting on this, Josh Bornstein, Partner/Director, Montane Ventures, said, “The burden of non-communicable disease is on the rise today, making preventive health extremely important. Historically, the focus of healthcare in India has mostly been curative in nature. As spending in the sector increases, prevention will play an increasing role where AI and digital leveraged effectively, can enable that change.” “healthi is a game changer – leading the way in utilizing cutting-edge technology to not just enable people to get preventive health checks but also encourage them to take action and make necessary lifestyle changes. They have developed an innovative digital health platform with significant IP around predictive analytics and personalized engagement, that has applicability in many realms going forward, as already demonstrated by the traction that they have witnessed. The solid background of the team and its passion for scale is impressive.  Montane Ventures stemmed from the idea of supporting companies like healthi that aim to create an impact in crucial areas. We are committed to supporting them in scaling out this technology and its applications. We look forward to accomplishing new milestones together.”   ]]> https://biospectrumindia.com/news/86/10323/-aster-dm-healthcare-to-launch-ipo-with-a-price-band-of-rs-180-rs-190-per-share.html https://biospectrumindia.com/news/86/10323/-aster-dm-healthcare-to-launch-ipo-with-a-price-band-of-rs-180-rs-190-per-share.html Mon, 05 Feb 2018 17:30:00 +0530 According to the Frost & Sullivan Report, Aster DM Healthcare Limited which is one of the largest private healthcare service providers that operates in multiple GCC states based on number of hospitals and clinics, and is an emerging healthcare player in India, will be launching its initial public offering which is scheduled to open on February 12, 2018 and close on February 15, 2018 with a price band of Rs. 180-Rs. 190 per Equity Share of face value of Rs. 10 each of the company. The anchor investor allocation will be a day prior to the Bid/Offer Opening Date i.e. February 09, 2018. The IPO consists of a fresh issue of up to Equity shares aggregating up to Rs. 7,250 million and an Offer for Sale of up to 13,428,251 Equity Shares of the Company aggregating up to Rs. 7,250 million and an Offer for Sale of up to 13,428,251 Equity shares of the Company by the Promoter, Union Investments Private Limited. The Company proposes to utilize the net proceeds of the Fresh Issue for repayment and/or pre-payment of debt, purchase of medical equipment and general corporate purposes. In terms of Rule 19 (2)(b)(iii) of the Securities Contracts (Regulation) Rules, 1957, as amended, this is an Offer for at least 10% of the post-Offer paid-up equity share capital of the Company. Kotak Mahindra Capital Company Limited, Axis Capital Limited and Goldman Sachs (India) Securities Private Limited are the Global Co-coordinators and Book Running Lead Managers to the Offer and ICICI Securities Limited, JM Financial Limited and YES Securities (India) Limited are the Book Running Lead Managers to the Offer. The Registrar to the Offer is Link Intime India Private Limited. The Offer is being made in accordance with Regulation 26(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (the SEBI ICDR Regulations), through the Book Building Process wherein 50% of the Offer shall be allocated on a proportionate basis to Qualified Institutional Buyers (QIBs), provided that the company in consultation with the selling shareholder and the managers may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis, out of which one-third shall be reserved for domestic Mutual Funds only, subject to valid bids being received from domestic mutual funds at or above the Anchor Investor Offer Price, in accordance with the SEBI ICDR Regulations. 5% of the QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to mutual funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. All potential investors, other than Anchor Investors, are required to mandatorily utilize the Application Supported by Blocked Amount process providing details of their respective bank accounts which will be blocked by the Self Certified Syndicate Banks. The Offer will constitute xx% of the post offer paid-up Equity Share capital of the Company. The Equity Shares of the Company are proposed to be listed on BSE Limited and National Stock Exchange of India Limited. ]]> https://biospectrumindia.com/news/86/10288/divis-labs-plans-expansion-worth-rs-300-cr.html https://biospectrumindia.com/news/86/10288/divis-labs-plans-expansion-worth-rs-300-cr.html Wed, 31 Jan 2018 10:35:00 +0530 Hyderabad based Divis Labs is planning to expand capacities of existing plants and will be shelving out Rs 300 crores on the expansion programme during the current year. The company has spent about Rs 400 crores till December last year. Divis which has four manufacturing facilities is engaged in manufacturing leading generic compounds, nutraceutical ingredients and custom synthesis of APIs and intermediates for global innovator companies. The company has expansion plans laid out for its proposed plant at Kakinada, Andhra Pradesh as well but it may take some more time. Divis has suffered a setback during the third quarter ended December 2017 and its net profit declined by 16.3 per cent to Rs. 225 crore from Rs. 268 crore in the corresponding period of last year. For the nine months ended December 2017, Divi's net sales declined by 8.3 per cent to Rs. 2,749 crore from Rs. 2,999 crore in the similar period of last year due to the import alert issued by US FDA. ]]> https://biospectrumindia.com/news/86/10248/vitricell-boost-up-funding-over-1-million-1-2m-.html https://biospectrumindia.com/news/86/10248/vitricell-boost-up-funding-over-1-million-1-2m-.html Wed, 24 Jan 2018 12:50:00 +0530 VitriCell SA, a biotech company reveals that it closed a series A round of fundraising in the second half of 2017 totaling over €1 million ($1.2M). This consists of equity capital of €712,000 ($872K) from a group of investors comprising Spinventure SA, Gesval, private investors including Jean-Pierre Delwart and members of the Be Angels network, and more than €300,000 ($367K) in the form of grants and loans from the Walloon Region and the WBC incubator. The Funds raised will enable launch this year of first products based on aseptic vitrification, a new cell cryopreservation method From February onwards, the company will offer a product that vitrifies embryos in a single 60-second step. Products currently on the market take at least seven minutes in three steps.  VitriCell also intends to invest in R&D for innovative products adapted to different sectors of the growing cell cryopreservation market. The process has proven quick, safe and easy to use on preclinical models, saving both time and money.   ]]> https://biospectrumindia.com/news/86/10243/univercells-gets-funding-of-2-4m-2-9m-.html https://biospectrumindia.com/news/86/10243/univercells-gets-funding-of-2-4m-2-9m-.html Tue, 23 Jan 2018 18:10:00 +0530 Univercells, Belgium based technology company dedicated to delivering innovative and cost-effective biomanufacturing solutions declares the acceptance of €2.4M ($2.9M) grant from the Walloon Region. This funding will enable the company to launch a program aimed at developing its innovative protein platform, paving the way for the cost-effective production of biosimilars.  The new generation of biologic medicines represents significant progress in healthcare, successfully addressing oncology, auto-immune and rare diseases.  The increasing demand for affordable biologics calls for adapted production capacities, capable of drastic cost containment for a significant impact on the commercial price.  Univercells’ new program will focus on designing the next generation of production technologies, drastically reducing manufacturing costs while delivering large quantities, answering the growing demand for antibodies. The resulting low-footprint high-capacity production units are more affordable to build and operate, improving worldwide access to high-quality biologics. ]]> https://biospectrumindia.com/news/86/10229/sanofi-to-buy-bioverativ-for-11-6-b.html https://biospectrumindia.com/news/86/10229/sanofi-to-buy-bioverativ-for-11-6-b.html Mon, 22 Jan 2018 14:40:00 +0530 Sanofi has confirmed the deal to buy U.S. peer Bioverativ for $11.6 billion. The French healthcare company intends to boost its earnings and strengthen its presence in the field of treatments for rare diseases. Sanofi has agreed to buy all of the outstanding shares of Bioverativ for $105 per share in cash, marking a premium of 64 percent to Bioverativ's closing price. Sanofi expects the acquisition to be immediately accretive to its business earnings per share in the 2018 full financial year and up to 5 percent accretive for the following year. Sanofi is also projected to achieve a return on its invested capital (ROIC) in excess of the cost of capital within three years. With Bioverativ, a leader in the growing hemophilia market, Sanofi plans to enhance its presence in specialty care and leadership in rare diseases, in line with its 2020 Roadmap, and to create a platform for growth in other rare blood disorders. ]]> https://biospectrumindia.com/news/86/10205/pherecydes-pharma-generates-8-7m-10-3m-in-series-b-financing.html https://biospectrumindia.com/news/86/10205/pherecydes-pharma-generates-8-7m-10-3m-in-series-b-financing.html Tue, 16 Jan 2018 15:05:00 +0530 Pherecydes Pharma, France-based Biotechnology Company specialized in the research and development of anti-infective therapies based on the use of bacteriophages. Company publicizes that it has met €8.7M ($10.3M) during a Series B round of financing. The new investors are GO CAPITAL, who led this round, along with Omnes Capital, Fa Diese and a group of business angels from the Rhone-Alpes region.  Historical investors ACE Management, Auriga Partners and Participations Besancon have also contributed significantly to this round of financing.  With this financial support, the company plans to produce phages for compassionate use (ATU or Temporary Authorization for Use) in accordance with GMP. Pherecydes will move two programs into the clinical phase in 2018 and 2019: PHOSA for the treatment of severe Staphylococcus aureus infections and PNEUMOPHAGE for the treatment of Pseudomonas aeruginosa respiratory tract infections. The financing will be used, as well, to set up a 10,000 square feet (approx 1,000M2) pharmaceutical production unit in Nantes. In addition, new research programs will be launched in 2018 and 2019.  Phage therapy is an innovative therapeutic approach for the treatment of bacterial infections, particularly those acquired in hospitals - (HAI) and/or resistant to antibiotics. The rapid development of antibiotic resistance has become a major public health issue. In 2017, the WHO published a list of priority targets, which includes those pathogens selected by Pherecydes.  The investors were convinced by the unique expertise developed by the company in the production of highly purified phages. Pherecydes plans to quickly become an integrated company, with its own production capacities. Overall, the biotechnology startup has raised a total of €13.6M ($16.2M). This includes the round of financing, as well as €2.6M ($3.1M) raised in 2015 and €2.3M ($2.7M) raised since its creation in 2007. ]]> https://biospectrumindia.com/news/86/10200/smt-secures-36-m-capital-from-morgan-stanley.html https://biospectrumindia.com/news/86/10200/smt-secures-36-m-capital-from-morgan-stanley.html Tue, 16 Jan 2018 12:15:00 +0530 Sahajanand Medical Technologies (SMT) Pvt. Ltd has raised fresh capital of Rs 230 crore ($36.23 million) in a funding round led by new investor Morgan Stanley Private Equity Asia for an unspecified minority stake. The mid-market private equity firm Samara Capital Management Ltd, which had invested around Rs 170 crore in Sahajanand in December 2016, also participated in this round. The stent maker company will use the fresh injection to finance its organic growth, achieve synergistic acquisitions and build an aggressive research and development programme for further expansion of its portfolio. The proceeds from this investment round will bolster further expansion in overseas markets and assist in building the company’s pipeline of next generation cardiovascular products. SMT develops and manufactures cardiac products in India. Its product portfolio includes coronary stents (drug-eluting and bare-metal), renal stents, angioplasty balloon catheters and other cardiac accessories in India and abroad. The company has a manufacturing facility in Surat and an R&D centre in Dublin. ]]> https://biospectrumindia.com/news/86/10183/healthassure-to-invest-15-million-to-strengthen-the-primary-care-services-in-india.html https://biospectrumindia.com/news/86/10183/healthassure-to-invest-15-million-to-strengthen-the-primary-care-services-in-india.html Fri, 12 Jan 2018 11:15:00 +0530 HealthAssure, a HealthTech firm which is India’s leading primary care aggregator already has a network of 3,100 primary care centers across 1000 cities in India plans to expand and enriched its medical network to include more and more consumer needs and create a robust primary care ecosystem. The investment will be used in creating new Medical Networks and consumer products. Build distribution channels to cover Individuals, corporates and Insurers. The fund will utilizes to enlarge Technology investments to make easier access to primary health across the country. It will acquire other healthcare startups and expand internationally. The startup is the first of its kind in the healthcare services space in India and currently has one of the largest primary care networks in the country. The Company works with some renowned large firms in the insurance/corporate segments. The startup provides comprehensive medical services for individuals by not only helping them choose a doctor, specialist, pathology, diagnostics, tele doctor, home care, etc and book appointments, based on their needs such as proximity, most convenient day, time etc. but also enables reminders and finally the report delivery/follow up consultation requirements at the end of every visit. ]]> https://biospectrumindia.com/news/86/10180/louis-vuitton-wants-to-take-baba-ramdevs-patanjali-global.html https://biospectrumindia.com/news/86/10180/louis-vuitton-wants-to-take-baba-ramdevs-patanjali-global.html Thu, 11 Jan 2018 17:00:00 +0530 Louis Vuitton Malletier commonly referred to as Louis Vuitton. It owns a portfolio of luxury brands and its business activities are divided into five business groups: Wines and Spirits, Fashion and Leather Goods, Perfumes and Cosmetics, Watches and Jewelry, and Selective Retailing. Louis Vuitton wants to buy stakes in Baba Ramdev's Patanjali Ayurved. They are ready to put USD 500 million, which is half of its remaining Asia fund into Patanjali that has emerged as one of the fastest growing FMCG companies in India in recent years. The phenomenal growth of Patanjali has made its competitors revamp their ayurvedic products. Patanjali has been a disruptor in its categories and that it has taken Indian-ness and celebrated it. Ravi Thakran, managing partner of L Catterton Asia, believes that Patanjali Ayurved could take its products to Eurpoe, US, Japan, China and South Korea and that L Catterton could help in that endeavour.  Acharya Balakrishna, MD of Patanjali Ayurved, said that the company will not give stake to anyone but they are ready to talk to L Catterton. Patanjali is looking for Rs 5,000 crore loans to set up plants in Greater Noida, Assam, Telangana, Chhattisgarh, Andhra Pradesh, Nagpur, Haryana and Rajasthan.  They are also planning to cultivate aromatic and herbal plants in Arunachal Pradesh. ]]> https://biospectrumindia.com/news/86/10179/pharmafluidics-raises-7-3-million-euro-financing.html https://biospectrumindia.com/news/86/10179/pharmafluidics-raises-7-3-million-euro-financing.html Thu, 11 Jan 2018 16:10:00 +0530 Micro-Chip chromatography company PharmaFluidics closed a financing round of 7.3 million euro from investors including holding company FPIM-SFPI, and family offices Heran (Annie Vereecken) and RMM (Rudi Marien). The existing investors PMV, Qbic, Theodorus, Innovation Fund and Volksvermogen reaffirm their confidence in the company and also participated in this financing round.  The VUB offshoot is a disruptive player in the field of micro-Chip Chromatography. Their unique technology the ‘µPAC™ column’ series - offers unprecedented robustness and reproducibility as well as state-of-the-art sensitivity and resolution performance. The first clients academic labs in bio-analysis, bio-pharmaceuticals and diagnostics companies - have confirmed these outstanding characteristics of the µPAC™ technology.  The new funds will be used to further develop the Pillar Array technology platform, to expand the µPAC™ product range, and to scale up production and global sales. The company started shipping µPACᵀᴹ columns in September 2017 and has since served proteomics laboratories, medical centers and pharmaceutical companies on three continents: Europe, the USA and Asia. Its pioneering product is very well received and has convinced pioneer users and key opinion leaders in proteomics to use micro-Chip based chromatography. The company will focus on intensifying international growth, supported by initial, promising sales. ]]> https://biospectrumindia.com/news/86/10177/smt-raises-inr-230-crores-of-equity-capital-.html https://biospectrumindia.com/news/86/10177/smt-raises-inr-230-crores-of-equity-capital-.html Wed, 10 Jan 2018 16:00:00 +0530 SMT, the leading manufacturer of cardiac stents in India, announced that it has successfully raised equity to the tune of Rs. 230 crore in a funding round led by Morgan Stanley Private Equity Asia. Existing Investor Samara Capital also participated in the round.  SMT became an early champion of the ‘Make in India’ initiative by being one of the first companies in Asia to indigenously develop & manufacture coronary stents. Today, SMT is the largest developer, manufacturer and market leader of minimally invasive coronary stents (drug-eluting & bare metal), renal stents, PTCA balloon catheters and other cardio vascular accessories in India. Beyond India, SMT also exports its portfolio of life saving devices to UK, Spain, Italy, Netherlands & over 60 other countries. SMT operates a WHO-GMP certified manufacturing plant in Gujarat and two world-class R&D centers, including one in Ireland. As part of the current transaction, a fund managed by Morgan Stanley Private Equity Asia has invested INR 160cr in primary capital into the Company for a minority stake. SMT’s existing institutional investor, Samara Capital also participated in the round. KPMG India Private Limited served as an exclusive financial advisor to SMT for the transaction.  The proceeds from the transaction will be used to finance SMT’s strong organic growth, achieve synergistic acquisitions and build an aggressive R&D program for a further expansion of its portfolio of innovative lifesaving medical devices. ]]> https://biospectrumindia.com/news/86/10127/medplus-raises-115-m-debt-fund-from-pe-investors.html https://biospectrumindia.com/news/86/10127/medplus-raises-115-m-debt-fund-from-pe-investors.html Tue, 02 Jan 2018 12:25:00 +0530 MedPlus Health Services Pvt. Ltd promoter has raised around Rs 700-750 Crore (approximately $115 million) in debt financing from Goldman Sachs to buy out existing private equity investors. MedPlus investors, US-based Mount Kellett Capital Management LP, TVS Capital Funds Ltd and Ajay Piramal’s India Venture Advisors Pvt. Ltd, were looking for an exit for quite some time. These investors hold around 69 per cent stake in MedPlus, wherein Mount Kellett owned the maximum 49 per cent, followed by TVS with 10.59 per cent and Piramal-led India Venture Trust Fund-I with 9.09 per cent. MedPlus was founded by Madhukar Gangadi, who now owns around 90 per cent stake in the company. MedPlus has over 1,400 stores spread across 12 states in India, employing around 10,000 people and serving over 250,000 customers a day. Madhukar launched MedPlus in 2006 when he realised the existing gaps in the Indian pharma industry. He found that around 30 per cent of the fake medicines sold across the world came from India and thus decided to launch MedPlus in order to provide a reliable source of medicines to the Indian consumers. MedPlus also runs businesses such as diagnostics chain MedPlus Pathlabs, RiteCure, a distributor of medical and surgical supplies to hospitals, MedPlusMart.com, an online medical store, and MedPlusLens, an optical store. Most of them are co-located with the pharmaceuticals stores. MedPlus has so far raised $210. 28 million. Earlier in August 2017, reports also surfaced that MedPlus is in talks to raise $200 million from General Atlantic and True North. ]]> https://biospectrumindia.com/news/86/10076/easybuyhealth-raises-seed-funding-of-usd-350000.html https://biospectrumindia.com/news/86/10076/easybuyhealth-raises-seed-funding-of-usd-350000.html Wed, 20 Dec 2017 17:40:00 +0530 EasyBuyHealth, one of India's healthcare services aggregator has recently completed a successful round of seed funding of USD 350,000 and by the received capital aims to enhance its healthcare management platform and speed up growth opportunities. "Bringing together a group of investors that understood what we're trying to do and how our mission to make healthcare simplified, transparent and affordable, was very important to us. These marquee individual investors are industry veterans, and it is a validation of our business model, that they have chosen to invest in us," Gagan Kapur, Co-Founder and CEO of EasyBuyHealth said. The investor group comprised IIM Kolkata alumnus, owner of MGM Forgings and a serial angel investor in 5 innovative companies Mukesh Agarwal. The capital is to be invested in developing the healthcare management platform and the company targets to double its team size within the next 6 months. "The team's vision is to also leverage the capital towards developing a solid technical framework to build an all-encompassing healthcare platform that will emerge as the default destination for users to reach out for healthcare services ranging from preventive, operative, diagnostic to wellness," EasyBuyHealth said. ]]> https://biospectrumindia.com/news/86/10064/up-woos-karnataka-investors-in-it-biotech-with-sops.html https://biospectrumindia.com/news/86/10064/up-woos-karnataka-investors-in-it-biotech-with-sops.html Tue, 19 Dec 2017 17:45:00 +0530 The BJP-led Uttar Pradesh government beckoned investors and entrepreneurs in Karnataka with incentives to develop IT parks and set up biotech start-ups in the northern state. “Investors and entrepreneurs in Karnataka are welcome to develop Information Technology (IT) parks and set up biotech start-ups in our state, which offers exemption in interest subsidy, concession in power tariff and a self-attestation system,” Uttar Pradesh Industrial Development Minister Satish Mahana told reporters. Unveiling a special package to attract investments in the IT, electronics and biotech sectors at a road show for the “UP Investors’ Summit” in Lucknow on February 21-22, 2018, Mahana said exemptions would also be given to entrepreneurs setting up solar power projects across the state. “As part of our Start-up Policy 2017, we have increased the limit of the start-up corpus fund 10-fold to Rs 1,000 crore from Rs 100 crore. We are also giving concessions on land, water, power and other facilities for new industries in diverse verticals,” reiterated the Minister. Uttar Pradesh Additional Chief Secretary for IT & Electronics Sanjeev Saran said on the occasion that investors in IT parks and start-up firms would be reimbursed the cost of filing domestic patents up to Rs 5 lakh and Rs 10 lakh for international patents. “Noida, Greater Noida and Yamuna Expressway Industrial Development Authority have been declared Electronic Manufacturing Zones (EMZs). We are also giving financial incentives for setting up IT parks in the zones under the new policy,” said Saran. Uttar Pradesh Industrial Development Commissioner Anoop Chandra Pandey said solar power projects would be granted special industry status for exemption from stamp fee and electricity cess for 10 years. “Solar power generation projects need not obtain no-objection certificate (NOC) from the Union Ministry of Environment and Forests to avoid delays. The central government is exempting the projects from excise and customs duties on machinery,” asserted Pandey. The minister and his officials held a separate meeting with Biocon Chairperson Kiran Mazumdar-Shaw on the margins of the road show, as she evinced keen interest to invest in the state’s health sector, especially in its e-primary healthcare centres. “Shaw has advised us to conduct a survey across the state for identifying locations to set up e-healthcare centres in all the districts under a pilot project. She has assured us to encourage biotech entrepreneurs to incubate start-ups in our state,” added Mahana. About 200 executives from IT, electronics, solar energy and other sectors in Karnataka participated in the day-long road show, organised in partnership with the apex body of India Inc – Confederation of Indian Industry (CII). ]]> https://biospectrumindia.com/news/86/10049/-dr-reddys-aurobindo-to-buy-orchid-pharma.html https://biospectrumindia.com/news/86/10049/-dr-reddys-aurobindo-to-buy-orchid-pharma.html Mon, 18 Dec 2017 12:35:00 +0530 Drug firms Dr Reddy's Laboratories Ltd. and Aurobindo Pharma Ltd. are emerging as key players to buy out Orchid Pharma Ltd. as they plan to expand their capacities. Orchid has received interest from 7-8 companies including international private equity funds and stressed asset buyout firms. Orchid had attracted interest from both private equity funds and strategic domestic companies and the likes of KKR, the distressed asset platform of Piramal Enterprises & Bain Capital and pharma giant Lupin. Orchid Pharma owes more than Rs 3,500 crore to a group of lenders led by the State Bank of India. It was on the Reserve Bank of India's second list of 28 defaulters that had to be referred to the National Company Law Tribunal (NCLT) before December 31 if no resolution was found by December 13. The company, once a leader in injectibles and manufacturing of some APIs, has been facing a financial crisis with lenders and investors approaching legal fora for a remedy. It was brought under the corporate debt restructuring scheme, initiated during 2013, for the revival of its operations.   ]]> https://biospectrumindia.com/news/86/10035/perkinelmer-to-invest-100-m-in-india.html https://biospectrumindia.com/news/86/10035/perkinelmer-to-invest-100-m-in-india.html Thu, 14 Dec 2017 11:55:00 +0530 PerkinElmer is planning to invest over $100 million in tie-ups with the government and acquisitions mainly in reproductive health by 2022. In January, PerkinElmer acquired Tulip Diagnostics Pvt Ltd for an undisclosed amount. Tulip, which makes and markets in-vitro diagnostic reagents and kits, has the second largest share of the fragmented Rs 3,000 crore in-vitro diagnostic reagent market at 8-10 per cent. PerkinElmer is in talks with various government bodies and start-ups for potential investments. The plan includes a partnership to provide technical skills and affordable technology to the government’s national newborn screening program, The firm is reaching out to the Ministry of Health and Family Welfare to invest in national programs like the Rashtriya Bal Swasthya Karyakram (RBSK)—the country’s initiative aimed at early identification and intervention for children from birth to 18 years. RBSK covers defects at birth, deficiencies, diseases and delays in the child’s development. India contributes to roughly $100 million of PerkinElmer’s global revenues, which was around $2.6 billion in 2016. ]]> https://biospectrumindia.com/news/86/10028/essa-pharma-announced-sudden-marketed-equity-offering.html https://biospectrumindia.com/news/86/10028/essa-pharma-announced-sudden-marketed-equity-offering.html Wed, 13 Dec 2017 16:55:00 +0530 ESSA Pharma Inc.is pleased to announce that today it has undertaken overnight marketed public offering of equity securities of the Company. The Offering will be conducted in each of the provinces of British Columbia, Alberta and Ontario by way of a prospectus supplement to ESSA's base shelf prospectus dated December 22, 2015 and elsewhere on a private placement basis. The Securities may also be offered for sale in the United States through H.C. Wainwright & Co., as exclusive U.S. placement agent. The number and type of Securities to be distributed under the Offering and the price of each Security will be determined in the context of the market.  The Company expects to close the Offering during the week of December 18, 2017. The closing conditions, including, but not limited to, the receipt of all necessary stock exchange approvals, such as the conditional approval of the TSX Venture Exchange (the "TSXV") and the NASDAQ Capital Market. The Company intends to use the net proceeds of the Offering primarily to continue the ongoing preclinical development of the Company's next-generation Aniten compounds. The net proceeds will also be used for the interest and principal payments on the Company's outstanding debt and for working capital and general corporate purposes.  The Securities have not been registered under the United States Securities Act of 1933, as amended,or any state securities laws, and accordingly, may not be offered or sold to. ]]> https://biospectrumindia.com/news/86/10021/aurora-cannabis-raises-investment-in-radient-technologies.html https://biospectrumindia.com/news/86/10021/aurora-cannabis-raises-investment-in-radient-technologies.html Tue, 12 Dec 2017 18:10:00 +0530 Aurora Cannabis Inc. and Radient Technologies Inc. announced that Aurora has completed its previously announced $12 million strategic investment in Radient.  Aurora Cannabis Enterprises Inc. is a licensed producer of medical cannabis pursuant to Health Canada's Access to Cannabis for Medical Purposes Regulations. Radient extracts natural compounds from a range of biological materials using microwave assisted processing technology platform which provides superior customer outcomes in terms of ingredient purity, yield, and cost. Aurora exercised all 15,856,321 common share purchase warrants of Radient previously held by Aurora for total proceeds of $5.8 million. Aurora completed a private placement of 4,541,889 units for total proceeds of $6.2 million, with each unit consisting of one common share of Radient and one common share purchase warrant. Units were priced at $1.37. Each warrant gives Aurora the right to purchase one common share of Radient for $1.71 for a period of 24 months. Radient intends to use the proceeds from the financing to accelerate plant capacity expansion and increased amount at its Edmonton facility, the purchase of land adjacent to this facility for further expansion, as well as for working capital purposes.  All securities issued in connection with the Placement are subject to a statutory four-month hold period.  "Our relationship with and investment in Radient are important elements in our expansion strategy considering the growing importance of cannabis extracts," said Terry Booth, CEO of Aurora. He stated further “This partnership clearly shows how Aurora is executing on an intelligent, vertically integrated approach to capturing market share, which continues successfully to generate shareholder value."  Denis Taschuk, CEO of Radient, added "Government proposals in regard to the new Cannabis Act allow for a much broader offering of extract-based products than was previously the case. Our technology and our capacity expansion, enabled through the investment from our key partner Aurora, positions us exceptionally well for this incredibly dynamic and rapidly growing market."  Prior to the investment Aurora held 17,245,221 common shares and 15,856,321 purchase warrants. After giving effect to the investment, Aurora holds 37,643,431 common shares and 4,541,889 share purchase warrants of Radient. It represents approximately 17.23% of the issued and outstanding common shares, and 15.87% of the issued and outstanding common shares on a fully-diluted basis. Now, Radient has 218,511,520 shares issued and outstanding at closing.  Aurora acquired the securities for investment purposes. Aurora will evaluate its investment in Radient from time to time and may, based on such evaluation, market conditions and other circumstances, increase or decrease shareholdings as circumstances require through market transactions, private agreements, or otherwise. A copy of the Early Warning report will be filed by Aurora in connection with the acquisition and will be available on Radient's SEDAR profile. ]]> https://biospectrumindia.com/news/86/9971/the-george-institute-for-global-health-received-funding-to-bridge-the-mental-health-gap-in-india.html https://biospectrumindia.com/news/86/9971/the-george-institute-for-global-health-received-funding-to-bridge-the-mental-health-gap-in-india.html Tue, 05 Dec 2017 20:55:00 +0530 The George Institute for Global Health has been granted around $2 million from the NHMRC Global Alliance for Chronic Diseases for an innovative program ‘SMART Mental Health’. This programme is aimed at improving the treatment of mental health issues in India and overcoming stigma. It will address the burden of common mental health disorders, such as anxiety, depression, and stress, which affect one in four people in India, and also lead to addressing the increased risk of suicide associated with such conditions. The funding received was a part of a $53 million announcement by Greg Hunt MP, Minister for Health, into new research for better treatments, prevention and care for people in both Australia and worldwide facing mental health challenges. The George Institute for Global Health is improving the lives of millions of people worldwide through innovative health research. Working across a broad health landscape, the Institute conducts clinical, population and health system research aimed at changing health practice and policy worldwide. The Institute has been ranked among the top 10 global institutes for impact for the last several years.  The George Institute India partners with over sixty national and international institutions such as the All India institute of Medical Sciences, New Delhi, the Postgraduate Institute of Medical Education and Research, University of Hyderabad; and affiliations with University of New South Wales, Oxford and Peking. Dr Pallab Maulik, Principal investigators, The George Institute for Global Health India & Professor David Peiris, Deputy Director of The George Institute for Global Health Sydney said, “There was a pressing need to close the gap between the growing burden of mental disorders and lack of treatment for them all over the world, including low and middle-income countries like India.” The project will be built upon a recently completed pilot that showed promising reductions in social stigma, depression, and anxiety levels. Dr Pallab Maulik explained, “If you have a mental health issue in India, there is a very high chance you won’t receive any treatment due to a lack of trained health professionals. Statistics reveal there is just one psychologist for every two million people.” “There is also a lack of awareness and increased stigma related to mental health in India so our program focuses on tackling both of these problems, by providing health workers with a mobile tool that enables better diagnosis and better management of these conditions as well as running community awareness campaigns”, he added The NHMRC Global Alliance for Chronic Diseases grant received will help The George Institute for Global Health in conducting a large randomised trial in both North and South India involving 20 primary health care centres. The main aim of the program is to develop a successful model within existing healthcare system that can be adopted by the government. Under this program, the villages taking part in the trial will receive pamphlets and multi-media resources to show the benefits of getting treatment to generate discussions around mental health. Healthcare workers will be provided mobile health technologies that will help in personalised clinical decision support. Professor Peiris said, “We hope that more people in India will not only start talking about mental health, they will also be able to receive better treatments and have their conditions properly managed. Also, if the results looks promising, the strategy could impact the lives of millions of Indians on a daily basis and will be relevant to other countries with similar health system challenges"   ]]> https://biospectrumindia.com/news/86/9958/clermont-invests-rs-155-cr-in-indiabulls-pharma.html https://biospectrumindia.com/news/86/9958/clermont-invests-rs-155-cr-in-indiabulls-pharma.html Tue, 05 Dec 2017 11:10:00 +0530 Singapore based investment firm Clermont Group has invested Rs 155 Cr capital in Indiabulls Pharmaceuticals, a one year old pharma venture of Indiabulls Group Companies. This new development will further boost an already rapidly growing business which the company has witnessed since its launch in May 2017. The investment will bolster the company’s ambition of becoming a leading provider of healthcare products and services in India and be amongst the top 10 players in the coming decade. The new development provides capital for growth for years to come and puts Indiabulls Pharmaceuticals on a firm path to be a leading pharmaceutical company in the coming decade. The Indiabulls Group has businesses spanning housing finance, consumer finance, real estate, and pharmaceuticals sectors. The business aspiration of Indiabulls Pharma is to be a leading patient and physician centric, best in class, innovative healthcare company. It operates in both chronic and acute therapies and also across health, wellness and cosmoceutical categories. Currently the company has 300 products under its portfolio many being first time in India formulations and devices. ]]> https://biospectrumindia.com/news/86/9922/mobiefit-raises-1-35-million-pre-series-a.html https://biospectrumindia.com/news/86/9922/mobiefit-raises-1-35-million-pre-series-a.html Wed, 29 Nov 2017 15:40:00 +0530 Mobiefit recently raised a pre Series A funding of $1.35 Million (Rs 8.85 Crore) led by NB Ventures of Dubai with co-investment from MediAssist. NB Ventures is a $50+ million Dubai-based fund, whose recent Indian investments include participation in $7 million Series A for diet and nutrition company HealthifyMe. MediAssist is India’s leading healthcare data management company which processes the insurance claims of over 25 million Indians and provides wellness services to over 5,500 companies. This investment follows Mobiefit’s seed round of about $1 million, which was led by MediAssist and included prominent angels Siddharth Parekh (founder of private equity firm Paragon Partners) and Mahesh Murthy of SeedFund. ]]> https://biospectrumindia.com/features/86/9894/indian-pharma-run-rate-slows-down-in-q2-2018.html https://biospectrumindia.com/features/86/9894/indian-pharma-run-rate-slows-down-in-q2-2018.html Mon, 27 Nov 2017 15:20:00 +0530 Majority of Indian pharmaceutical companies have reported disappointing results in Q2 of FY 2018 compared to the same period last year. Financial analysts believe the sharp drop in pharma margins are due to regulatory and pricing challenges in the U.S market in addition to the changes created by GST implementation in India at the start of Q2 (July 2017). Although incremental approvals in other emerging markets have supported sales and earnings growth, regulated market sales are under pressure due to heightened competition, pricing pressure, diminishing exclusivity sales, appreciating rupee and delayed key product approvals. Many financial analysts who forecast that the sluggish period will continue in FY 2018 attributed it to the  current stressed environment in the pharma sector combined with the challenge of appreciating rupee. India's leading biophrama company Biocon posted 57.1% decline in profit compared to same period last year. Another pharma company, Strides Shasun PAT declined by 74% compared to Q2 previous year, while Wockdardt PAT declined 151.8% in Q2 of FY2018 compared to the Q2 FY2017. Similarly, Dr. Reddy's topline declined by 1.6%, Lupin recorded 7.9% reduction, Natco Pharma recorded 8.8% reduction and Wockdardt posted 4% reduction in their Revenue in FY2018 compared to FY2017. Speaking on the weak quarterly Q2 results, Biocon chairperson and managing director Kiran Mazumdar-Shaw said, "Our overall earnings performance was muted on account of several specific factors. In particular, plant modifications undertaken to comply with regulatory requirements led to production disruptions. Additionally, we experienced regulatory and tender delays in some emerging markets for our biosimilars business. Malaysia facility costs and pricing pressures in our APIs (Active Pharmaceutical Ingredients) business continue to weigh. We expect these headwinds to ease by the end of this fiscal.” According to a Credit Suisse report, Indian Pharma sector was expected to report weak Q2 earnings. Their global research team had observed that the companies which would buck this trend would be Cadila and Alkem Labs. Additionally, Dr Reddy’s Labs had reported a weak Q1 results, followed by insignificant recovery in Q2. Sun Pharma too expected earnings to be hit by notional forex loss at Taro, while Lupin also could report weak September quarter. If we see the actual Q2 results, Cadila and Alkem performed in line with the Credit Suisse estimates, reporting an increase in profits of 32.5% and 13.63% over Q2 of 2016 respectively on robust sales. In contrast, other Indian pharma giants such as Sun Pharma, Dr. Reddy and Lupin suffered heavy losses in Q2. Sun Pharma reported decline in profit by 59.7% on weak US sales. Lupin reported 31% decline in the net profit again on account of weak US sales, despite strong performance in other markets. On the other hand, Dr. Reddy's profit dipped marginally 1.1% from Rs.309 Cr in Q2 2016 to Rs.305.4 Cr in Q2 2017. “The sector is grappling with structural business challenges. FY18 is likely to be a disappointing year with rupee’s appreciation being an additional headwind along with business woes in US and India,” Edelweiss Securities said in its report. According to India's leading pharma sector analyst from Mumbai who wished not to be named said, GST implementation has not affected pharma companies which are mainly involved in the export activity.  “GST in a small way might have affect the smaller pharma companies who look at domestic market for their sales. One thing is very clear, most of the pharma majors have issues with US FDA clearance for their plants. In 2017, Sun Pharma, Lupin as well as Dr. Reddy’s have encountered issues with FDA approvals. We can clearly gauge the impact of FDA issues with these pharma giants after comparing their current quarterly results to the corresponding period last year.” Mary Lou Valdez, the FDA's associate commissioner for international programs noted the strong growth in India's pharma market in her official blog. However, she also raised concerns over the quality. “Quality issues are an ongoing challenge for the Indian pharmaceutical industry,” Valdez said. If India was to fully realize the potential as an important player in the global pharmaceutical industry, the country's regulatory infrastructure must keep pace with the global quality and safety standards are met, Valdez added. Going forward Analysts project the growth momentum of domestic pharma sector is likely to pick up in the next quarter. Experts feel that the profit after tax growth may be hit by price erosion in base portfolio, higher R&D cost and currency woes. The domestic pharma firms' sales in the US market have been impacted over the past few quarters because of slow approvals. However, the growth momentum is expected to pick up from next quarter as US businesses are is expected to ramp up acceleration in Abbreviated New Drug Application (ANDA) approvals.   ]]> https://biospectrumindia.com/news/86/9875/world-bank-sanctions-rs-2686-crore-to-tamil-nadu-government.html https://biospectrumindia.com/news/86/9875/world-bank-sanctions-rs-2686-crore-to-tamil-nadu-government.html Thu, 23 Nov 2017 15:10:00 +0530 In order to upgrade all the government hospitals in the state, The World Bank has agreed to sanction Rs 2,685.91 crore to the Tamil Nadu government. C Vijaya Baskar, State Health Minister said, “The fund would also be utilised to purchase necessary modern medical equipment and impart training to government doctors.” “World Bank has agreed to sanction Rs 2,685.91 crore fund. It would be utilised to upgrade all the government hospitals. The health department would purchase the required modern medical equipment. The fund would also be utilized to impart training to government doctors”, he added. The minister also said, “Tamil Nadu leads other states in the country in the field of organ transplantation. After Chennai, the process has been started in Madurai and Tirunelveli government hospitals too, and very soon it would be inaugurated at all the government hospitals across the state. A total number of 5,933 organs has successfully been transplanted to 1,056 patients in the state. This was also a great achievement of Tamil Nadu.” ]]> https://biospectrumindia.com/news/86/9864/portea-medical-secures-series-c-funding.html https://biospectrumindia.com/news/86/9864/portea-medical-secures-series-c-funding.html Wed, 22 Nov 2017 10:55:00 +0530 Portea Medical, a consumer healthcare brand, recently announced Series C funding of $ 26 million led by new investors Sabre Partners and MEMG CDC. Portea's existing investors Accel, International Finance Corporation (IFC), a member of the World Bank Group and Qualcomm Ventures also participated in this round. Portea operates across four major segments; primary care, chronic disease management, elder care, and post-operative care. Services offered by them include physiotherapy, doctor consultations, new mother-and-baby care, specialty pharmacy, nutritional wellness, diabetic care, surgery discovery and tele-consultation. With this funding, the brand is looking forward to further refining the paradigm for consumer-centric healthcare in India with the continued support of customers, investors and healthcare industry partners. The company works with more than 50 leading hospital partners, 15 pharma majors, and leading insurance companies in India. ]]> https://biospectrumindia.com/news/86/9846/eris-lifesciences-to-acquire-strides-shasuns-india-generic-biz.html https://biospectrumindia.com/news/86/9846/eris-lifesciences-to-acquire-strides-shasuns-india-generic-biz.html Mon, 20 Nov 2017 10:55:00 +0530 Eris Lifesciences Ltd has agreed to buy Strides Shasun Ltd’s branded generics business in India for Rs 500 crore ($77 million) in cash. Strides’ India branded generics business comprises a portfolio of more than 130 brands in the domains of neurology, psychiatry and nutraceuticals. This business had sales of Rs 181 crore in 2016-17. As part of the agreement, Eris will acquire the marketing and distribution rights for the portfolio of products in India while Strides will retain the global rights for these products. This acquisition is Eris’s fourth and the largest in the past 18 months, and will help it break into the league of top 25 companies in the Indian pharmaceutical sector with a market share of more than 1 per cent. Eris will also be among the top 10 companies in the Central Nervous System (CNS) segment. The company is already among the top 20 companies in the cardiology segment and among the top 10 in the diabetology segment. The company has focused on the two chronic segments since inception in 2007. The acquisition cements Eris’s position in the top three chronic segments.   ]]> https://biospectrumindia.com/news/86/9796/aurobindo-pharma-receives-a-hike-of-29-in-q2fy18-side-lines-estimations.html https://biospectrumindia.com/news/86/9796/aurobindo-pharma-receives-a-hike-of-29-in-q2fy18-side-lines-estimations.html Fri, 10 Nov 2017 16:30:00 +0530 Aurobindo Pharma's Q2FY18 consolidated results for the quarter registered a beat on street estimates. Revenue for the quarter came in 4.5  per cent higher than the estimated figure of Rs 4245 crore. EBITDA for the quarter came in 4  per cent higher than the estimated figure of Rs 1074 crore. And lastly, net profit for the quarter came in 12.3  per cent higher than the estimated figure of Rs 695.7 crore. Aurobindo Pharma consolidated revenue for the quarter came in at Rs 4435.9 crore, registering 17.5 per cent yoy increase. EBITDA for the quarter rose by 20.2 per cent yoy to Rs 1116.9 crore with a corresponding margin expansion of 57 bps. EBITDA margin for the quarter stood at 25.2 per cent. The PAT for the quarter came in at Rs 781.2 crore, yoy increase of 29 per cent. This was due to decline in effective tax rate to 20 per cent in Q2FY18 vs 27 per cent in corresponding quarter last year. The board of directors has approved an interim dividend of Rs 1.5 per share for the face value of Rs 1 each. ]]> https://biospectrumindia.com/news/86/9793/morepen-signs-agreement-with-vesale-pharma-.html https://biospectrumindia.com/news/86/9793/morepen-signs-agreement-with-vesale-pharma-.html Fri, 10 Nov 2017 14:20:00 +0530 Indian pharmaceutical firm Morepen Laboratories has signed an exclusive deal for strengthening its presence in India’s growing probiotics market. The company has inked an agreement to market and distribute Belgian probiotics player Vesale Pharma International's major brands in the gastroenterology segment. Morepen currently does not have a presence in the probiotic market for gastroenterology. Gastroenterology is a branch of medicine that deals with disorders of the stomach and intestines. Morepen hopes to use its latest agreement to capture 5-10 per cent of this segment by 2022. According to Sushil Suri, Chairman, Morepen, the gastroenterology segment of India's probiotic market is currently valued at Rs 1,000 crore and is expected to grow to Rs 8,000 crore in the next five years. Probiotic products contributed around Rs 1.5 crore of the Rs 120 crore Morepen drew in revenues for its finished formulations in 2016-17. As per the agreement, Morepen will launch four of Vesale's major probiotic brands in India in the next two months- Bacilac Infantis, Bacilac ORS, Bacilac Forte and Cibalax. These brands are indicated in the treatment of conditions ranging from diarrhoea and dehydration to colic in kids and conditions ranging from irritable colon and constipation to antibiotic associated diarrhoea in adults. The companies will apply for regulatory approvals to market the products now in New Delhi that the agreement has been finalised. While Vesale has only agreed to supply these brands for the time being, it may invest in setting up a research and development facility in India with Morepen for its entire range of products going forward. ]]> https://biospectrumindia.com/news/86/9772/carlyle-growth-strikes-a-deal-with-visionary-worth-rs-420-crore.html https://biospectrumindia.com/news/86/9772/carlyle-growth-strikes-a-deal-with-visionary-worth-rs-420-crore.html Mon, 06 Nov 2017 11:40:00 +0530 Global private equity fund Carlyle Growth is all set to buy Visionary Revenue Cycle Management (VRCM), a provider of healthcare solutions, for $65 million (Rs 420 crore) from the company’s promoters and venture capital investors. Chennai-based VRCM had raised Rs 15 crore from venture capital firm Indo-US Venture Partners in 2010. The unlisted company’s revenue was about $25 million and operating profit was $14 million. The US private equity fund will pay 4.5 times the company’s operating profit. Carlyle may look at merging VRCM with another business process outsourcing company that it owns, Allsec Technologies, to build scale and later exit. Founded in 2006 by Rajesh Surana, VRCM specialises in healthcare revenue cycle management and medical coding services. The company has three offshore delivery locations and wholly owned subsidiaries in Florida and California. The US contributes more than 80% of the global healthcare RCM market. According to a 2016 report by Everest Global, the $7.5-8.5 billion RCM outsourcing services markets represents a significant opportunity with 11-14% anticipated CAGR growth. Market for the traditionally outsourced RCM functions, such as post-service including medical billing and denial management is now maturing. However, opportunities in pre-service such as eligibility verification and appointment scheduling, and service functions with respect to coding and charge capture are gaining traction. ]]> https://biospectrumindia.com/news/86/9767/torrent-to-buy-unichem-domestic-biz.html https://biospectrumindia.com/news/86/9767/torrent-to-buy-unichem-domestic-biz.html Fri, 03 Nov 2017 11:25:00 +0530 Torrent Pharmaceuticals is all out to acquire the domestic formulations business of Unichem Laboratories in a deal estimated at about Rs 3,500 crore. A formal announcement on the slump sale of Unichem's division to Torrent is expected in the coming few days. This deal would eventually Torrent strengthen its footprint in the domestic market, especially in the cardiac, neuro and gastro-intestinal segments where Unichem has a significant presence. Global giant Abbott and domestic rivals Lupin and Dr Reddy's had evaluated buying the Unichem business before Sudhir Mehta- spearheaded Torrent closed in. This upcoming transaction is one of the significant consolidation moves in the domestic pharma industry after Sun Pharma's acquisition of Ranbaxy from Japan's Daiichi Sankyo for $3.2 billion in an all-stock deal in 2015. Torrent, which is ranked 15th in the local market, had purchased Elder Pharma's India business for Rs 2,000 crore four years ago. The seven-decade-old, Prakash Mody-led Unichem will retain its international formulations business, which had a Rs 509-crore turnover last year. Unichem's biggest brand is cardiovascular drug Losar with Rs 200-crore sales followed by anti-infective Ampoxin with Rs 85 crore. Other significant brands are Telsar (Rs 60 crore), Unienzyme (Rs 60 crore) and Vizylac (Rs 40 crore). Unichem figures in the top-25 list of drug makers with a 0.87% share in the domestic market. Torrent Pharma has an India business of around Rs 2,600 crore with 2.3% share. The Rs 5,800-crore company is growing at a strong double-digit. ]]> https://biospectrumindia.com/news/86/9759/dr-reddys-q2-net-declines-at-3-42.html https://biospectrumindia.com/news/86/9759/dr-reddys-q2-net-declines-at-3-42.html Thu, 02 Nov 2017 10:40:00 +0530 Dr Reddy's Laboratories has reported a 3.42 per cent drop in net profit during Q2, primarily due to price erosion in its US market. The net profit during the quarter end in September was Rs 284.90 crore against Rs 295 crore in the corresponding quarter of last year. Revenues from emerging markets grew YoY 14 per cent while from the Europe it improved by 37 per cent. The revenue growth in North America, the biggest market, fell by 11 per cent YoY to Rs 1,431.8 crore from Rs 1,613.4 crore in the same quarter last year. The QoQ decline was 4 per cent. The revenues at Rs 3,546 crore declined by one per cent YoY but improved 7 per cent over the previous quarter. While there was decline in revenues from North America, there was good improvement in Pharmaceutical Services and Active Ingredients (PSAI) segment and also in Indian market. The company would continue to strengthen and work with regulatory agencies to address concerns raised by them. The audit of the company's various sites was an ongoing exercise. Another audit by USFDA of the company's formulations manufacturing facility in Duvvada, Vishakhapatnam is expected by the end of Q4.   ]]> https://biospectrumindia.com/news/86/9756/indias-generics-exports-expanding-22-per-year.html https://biospectrumindia.com/news/86/9756/indias-generics-exports-expanding-22-per-year.html Wed, 01 Nov 2017 12:20:00 +0530 The India Brand Equity foundation (IBEF) and the Pharmaceuticals Export Promotion Council (PHARMEXCIL) recently came out with an analysis which gives update on the country’s generics market. Data confirms that the country’s branded generic sector accounts for a massive 98% of the marketplace reaching a value in excess of US$12 billion with India remaining the world’s leading exporter.  PHARMEXCIL confidently forecast that generic exports are now growing at around 22% per year, with India accounting for around 20-22% of the world’s production, covering more than 60,000 brands and 60 therapeutic classes. Total exports of pharmaceuticals including APIs, generics and alternative systems of medicine – climbed to $16.84 billion during 2016-17, with 34% and 15% supplied to the US and EU markets respectively. Ravi Udaya Bhaskar, Director General, Pharmexcil, commented: “A key driver for this growth is India’s extensive product portfolio, which provides the capability to manage and treat any ATC (Anatomical therapy classification) – to the same quality as the innovators at highly affordable costs.” According to the analysis India has provided up to 50% of new DMFs and between a quarter and a third of new ANDAs each year for the past decade – in addition to supporting hundreds of ANDAs filed by US and EU companies. The country was also credited with between 30% and 50% of the total CEPS between 2013 and 2017, including being the first to file generic drugs in the EU and the USA. Consequently, India now boasts 7 companies amongst the top 20 global generic organisations. “The industry has been working diligently towards enhancing its capabilities and strengths. This includes its more than 950 colleges, which deliver over 90,000 pharmaceutical graduates per year, of which, 30,000 have completed master’s degrees. Moreover, Government’s policies are directed at increasing infrastructure facilities to help enable manufacturing to reach its highest potential – with pharma exports expected to reach $20 billion by 2020”, added Ravi   ]]> https://biospectrumindia.com/news/86/9751/jubilant-life-q2-net-profit-at-rs-125-crore.html https://biospectrumindia.com/news/86/9751/jubilant-life-q2-net-profit-at-rs-125-crore.html Wed, 01 Nov 2017 11:40:00 +0530 Drug firm Jubilant Life Sciences Ltd has said that its consolidated net profit stood at Rs 125.47 crore for the second quarter ended September 30. The company had posted Rs 143.56 crore net profit after tax for the corresponding period of the previous fiscal, Jubilant Life Sciences said in a filing to BSE. The company also said that sales/incomes from operations for the current period is not comparable with previous periods, due to Goods and Services Tax (GST) implementation. Consolidated total income from operations stood at Rs 1649.13 crore in the quarter under review. Pharmaceuticals revenue was at Rs 860 crore, contributing 52 per cent to the revenues. Life Science ingredients revenue was at Rs 738 crore, representing 45 per of the revenues, the company said. International revenues were at Rs 1,181 crore, constituting 72 per cent of the revenue for the quarter,it added.   ]]> https://biospectrumindia.com/news/86/9748/pe-giants-eyeing-stake-at-mankind-worth-crores.html https://biospectrumindia.com/news/86/9748/pe-giants-eyeing-stake-at-mankind-worth-crores.html Tue, 31 Oct 2017 12:25:00 +0530 Big private equity firms and sovereign wealth funds are exploring a purchase deal share worth at least Rs 5,000-crore ($750-million) in India's fifth largest drug maker Mankind Pharma. The privately-held, two-decade-old company has started a process to divest a 25% stake, valuing itself at over Rs 19,000 crore (more than $3 billion). Mankind Pharma has appointed investment bank Moelis & Co to find suitors for the stake on offer. Global investors such as GIC of Singapore, Warburg Pincus, KKR & Co, Advent and a Canadian pension fund are among those who have looked at the transaction, which is still in its early days. The company has a heavy focus on selling affordable drugs in the semi-urban and rural markets. Mankind has over 14,000 employees and a portfolio spread across prescribed drugs, over-the-counter and FMCG products. The company has more than 1,000 prescription products in 14 therapies and 21 dosage forms. Mankind's domestic sales are valued at Rs 4,248 crore, with a market share of 3.7%, making it the fifth-largest company in organised retail. The owner family controls 89% stake in Mankind with Capital International holding the rest 11%. The New Delhi-based company has a turnover approaching Rs 5,000 crore and about Rs 950-crore operating profit. ]]> https://biospectrumindia.com/news/86/9745/lupin-net-profit-falls-31-in-q2-to-rs-455-.html https://biospectrumindia.com/news/86/9745/lupin-net-profit-falls-31-in-q2-to-rs-455-.html Tue, 31 Oct 2017 11:55:00 +0530 Pharma company Lupin reported its financial performance for the second quarter ending September 30th, 2017. The company reported net profit of Rs 662.9 in the same period of previous year. Total revenue from operations dropped 8 percent to Rs 3951.9 crore from Rs 4,290.5 crore. Sales for the quarter grew by 1.8% to Rs. 38,742 m. compared to Rs. 38,068 m. in Q1 FY2018. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) for the quarter grew by 15.8% to Rs. 9,271 m. (23.9% of sales) compared to Rs. 8,003 m. in Q1 FY2018. Net profits for the quarter grew by 27.1 % to Rs. 4,550 m. compared to Rs. 3,581 m. in Q1 FY2018 and Investment in Research for the quarter was Rs. 4,739 m., 12.2% of sales. Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin Limited, said “In Q2 we have recorded strong growth in all our markets but for the US generic business where we continue to see pricing pressure, as expected. The EBIDTA growth was further fueled by our optimization efforts around operations and R&D investment. We are on track with our complex generic pipeline and have made significant progress on the speciality front with the acquisition of Symbiomix in the US.” Lupin’s North America sales that largely represents US business - fell 32 percent in Q2 to Rs. 1361.1 crore against previous year’s Rs. 1997.8 crore largely due to pricing pressure and loss of exclusivity of generic drug Glumteza. Lupin during last year had a windfall gain in sales from exclusivity of generic diabetic drug Glumetza and low competition of generic Fortamet. Vinita Gupta, Chief Executive Officer of Lupin said,”We are trying to get as much as possible out of our current portfolio. The company is trying to maximize the portfolio of Somerset through launch of controlled substances and building branded franchisee in US. The company for the rest of year will be relying on limited competition steroidal hormone drug Axiron and anti-thyroid deficiency medication Levothyroxine to partially offset generic Glumetza loss.” Lupin’s India formulation sales grew by 24.3% to Rs. 11,593 m. during Q2 FY2018 compared to Rs. 9,324 m. during Q1 FY2018 and increased by 16.4% compared to Rs. 9,958 m. during Q2 FY2017; accounting for 30% of Lupin’s global sales. Lupin’s APAC sales grew by 6.1% to Rs. 6,357 m. during Q2 FY2018 compared to Rs. 5,989 m. during Q1 FY2018 and increased by 15.2% compared to Rs. 5,520 m. during Q2 FY2017; accounting for 16% of Lupin’s global sales. The Company received approval for 1 MAA from the European authority during the quarter. Cumulative filings with European authorities now stands at 61 with the company having received 58 approvals to date.   ]]> https://biospectrumindia.com/news/86/9737/biocon-net-declines-in-q2.html https://biospectrumindia.com/news/86/9737/biocon-net-declines-in-q2.html Fri, 27 Oct 2017 13:05:00 +0530 Biocon Ltd has reported Rs 69 crore consolidated net profit for the second quarter of fiscal 2017-18, a 53 per cent decline from Rs 147 crore in the same period last year. The consolidated revenue from operations marginally grew 2 per cent to Rs 969 crore in the quarter under review from Rs 955 crore in the like period year ago. Research and Development expense declined 17 per cent annually to Rs 93 crore for Q2 from Rs 113 crore in same quarter last year. Net income declined 15 per cent from Rs 81 crore while revenue increased a modest 4 per cent from Rs 934 crore quarter ago. Commenting on the quarterly performance, Chairperson and Managing Director Kiran Mazumdar-Shaw stated, “Whilst we are pleased with the growth recovery of our research services (Syngene) and branded formulations business segments in the July – September quarter, our overall earnings performance was muted on account of several specific factors. In particular, plant modifications undertaken to comply with regulatory requirements led to production disruptions. Additionally, we experienced regulatory and tender delays in some emerging markets for our biosimilars business. Malaysia facility costs and pricing pressures in our APIs business continue to weigh on our P&L. We expect these headwinds to ease by the end of this fiscal.” She also added that a significant development this quarter is the submission of the Insulin Glargine dossier with the USFDA under 505 (b)(2) pathway. ]]> https://biospectrumindia.com/news/86/9707/money-minting-season-for-healthcare-it-companies-mint-5-5-bn-from-jan-to-sept-2017.html https://biospectrumindia.com/news/86/9707/money-minting-season-for-healthcare-it-companies-mint-5-5-bn-from-jan-to-sept-2017.html Tue, 24 Oct 2017 14:35:00 +0530 Global healthare IT/digital health companies have raised USD 5.5 billion in VC funding in January-September this year, more than in all of 2016, says a report. According to Mercom Capital Group, healthcare IT/digital health companies raised USD 5.5 billion in 586 deals from global VCs in the January-September period of 2017 against USD 4.2 billion from 463 deals in the same period of last year. In the July-September quarter however, VC funding worth USD 1.5 billion was reported globally in 227 deals, a 38 per cent decrease compared to the record USD 2.4 billion raised in 194 deals in April-June 2017. There were 16 Indian healthcare IT companies that received VC funding in the July-September quarter. The notable Indian transactions include CureFit - a healthcare and fitness app maker - raising USD 25 million from Accel Partners, Kalaari Capital, IDG Ventures, and the UC-RNT Fund. The company also secured around USD 341,531 in funding from Trifecta Capital and Pratithi Investment Trust. Some of the other Indian transactions include 1mg (previously HealthKartPlus) raising USD 15 million from HBM Healthcare Investments, Maverick Capital Ventures, Sequoia India, Omidyar Network and Kae Capital and online doctor consultation platform Mfine raising USD 1.5 million from Stellaris Venture Partners and healthcare entrepreneurs Mayur Abhaya and Rohit M A. "The record breaking funding year continues for digital health companies. The 227 funding deals in July-September globally was the most ever for a single quarter," Mercom Capital Group CEO and Co-Founder Raj Prabhu said. Prabhu further added that the third quarter was all about data analytics with companies garnering almost a third of the funding in July-September and artificial intelligence companies receiving more than USD 200 million. Healthcare practice-centric companies received USD 731 million in 78 deals, accounting for 49 per cent of the funding in July-September 2017. Consumer-centric companies accounted for 51 per cent of the funding in the third quarter of this year, raising USD 751 million in 149 deals, the report said. The top funded categories in the July-September quarter were: Data Analytics companies with USD 554 million, Telemedicine companies with USD 232 million, mHealth Apps companies with USD 150 million, and Mobile Wireless companies with USD 132 million, it added. ]]> https://biospectrumindia.com/news/86/9701/credithealth-spurts-rs-100-crore-investment-to-enhance-its-technology-and-infrastructure.html https://biospectrumindia.com/news/86/9701/credithealth-spurts-rs-100-crore-investment-to-enhance-its-technology-and-infrastructure.html Mon, 23 Oct 2017 14:55:00 +0530 India's one of the leading medical assistance companies, Credihealth has announced its plans to invest Rs. 100 crore in the next three years to augment technology and infrastructure for expansion in new geographies pan India. Credihealth will make use of the funds to introduce new technology and start operations in new geographies especially tier III and IV cities to make sure patients in remote areas get access to quality healthcare facilities located just three to four hours away. "When we first started, acceptance was the biggest challenge we faced. Initially, most of the doctors were apprehensive about our product and for the first two years, we worked with our partnered hospitals on the proof of concept. Despite the scepticism, we worked persistently to realise our vision of delivering free and credible medical information to consumers in the country," said CEO and founder Credihealth, Ravi Virmani. "The fact that we have served more than six lakh customers in the past four years and expanded to 14 cities is a great validation of our product and practices," he added. Committed to changing the face of healthcare in India, Credihealth recently completed four successful years of building a robust healthcare ecosystem with credible and affordable solutions for all. It has also been enabling seamless access to the best healthcare experts in the country for all citizens. The company initially launched its operations in New Delhi, and later expanded to the National Capital Region and Mumbai. It is now operational in 14 cities across the country with a network comprising 630 hospitals and over 30,000 doctors. It assists patients throughout their medical journey, providing the best tech-enabled solutions, from searching for the right doctor to scheduling appointments, diagnostics, surgeries and post-op care, all for free. With the largest hospital network in India, the first-of-its-kind digital platform's ground-breaking system allows users to compare and select from a comprehensive database of hospitals, doctors, and treatments. The platform also has its own team of in-house doctors providing online consultation to users through both the web and mobile applications. Credihealth has also expanded into the medical tourism sector, providing complete assistance for medical treatment in India. Its team of medical experts supports international patients starting from airport pick-up till they are discharged from the hospital. Having made significant headway in its mission of making quality healthcare accessible and establishing India as a key destination for medical tourism, Credihealth has its eyes set on taking its services to more and more consumers at a pan-India level. With its unstinted efforts at revolutionizing the way healthcare is delivered, the company is poised to assist six million more people in the future. Image- Shutterstock ]]> https://biospectrumindia.com/news/86/9645/piramal-pharma-solutions-announces-large-scale-expansion-of-api-manufacturing-facilities.html https://biospectrumindia.com/news/86/9645/piramal-pharma-solutions-announces-large-scale-expansion-of-api-manufacturing-facilities.html Wed, 11 Oct 2017 15:00:00 +0530 Piramal Pharma Solutions (PPS), a leading Contract Development and Manufacturing Organisation (CDMO) and part of Piramal Enterprises Ltd. (PEL), announced investments of US $55 million across its sites in North America & Asia, to expand its API manufacturing capabilities and capacities. A part of this investment will go into new state-of-the-art, multi-purpose plants, with over 270kL of total capacity, to support the current pipeline of approximately 80 late stage programs that PPS is currently assisting its partners with at various global sites.  PPS will also expand its potency footprint (new Occupational Exposure Limit: ≥10 ng/m3) at its plant in Riverview, Michigan, while augmenting early development capabilities out of Ennore, India through additions of GMP kilo labs and a pilot plant.  To serve its European biotech customers better, PPS will add early development capabilities in both, drug substance and drug product, out of its Morpeth, UK facility. Support functions such as Analytical capabilities, R&D infrastructure, automation, and IT systems will also be expanded at all API sites through this investment. Piramal supports API development and manufacturing through an integrated model across its five sites in North America, Europe and Asia. API Development activities including route scouting and process development are conducted at facilities in Aurora (CA), Ennore (IN) and Riverview (USA). These facilities are forward integrated with commercial API manufacturing units at Aurora (CA), Ennore (IN), Digwal (IN), Morpeth (UK) and Riverview (USA). Vivek Sharma, CEO – Piramal Pharma Solutions commented: “We are committed towards investing in our customers future needs. With these investments, we can now support the commercialisation of our pipeline of over 80 programs that are at Phase II or beyond, while allowing us additional capacity for future partnerships”. He added: “There has been significant customer interest in our ‘integrated’ offerings, and we are pleased to have over 60 integrated programs at PPS across all phases of drug development.  We thank our customers for their trust and support and promise to continue the focus on the three pillars that made us their Partner of Choice: Customer Centricity, Quality, and Innovation.” ]]> https://biospectrumindia.com/news/86/9612/natco-pharma-plans-api-expansion-with-more-investment.html https://biospectrumindia.com/news/86/9612/natco-pharma-plans-api-expansion-with-more-investment.html Tue, 03 Oct 2017 13:40:00 +0530 Hyderabad-based Natco Pharma is planning to expand its Active Pharmaceutical Ingredient (API) and intermediates manufacturing facility in Tamil Nadu. The company is looking at investing in its existing facility, in Thiruvallur District. The company would be investing around Rs 100 crore in addition to the existing investment of Rs 86.82 crore in the facility to manufacture 16 campaign products at a time, out of 42 API products and R&D activity, with a production capacity of 66.32 tonnes per annum from existing production capacity of 46.267 tonnes per annum. The proposed expansion is in a total land span across 10.57 hectares, which is in possession of the company. The proposed expansion is expected to bring the total jobs in the plant, including existing staff, to 350 direct and 100 indirect jobs. The proposed products will be manufactured on the basis of proven technologies from in-house R&D and private consultants for the cost-effective and environmentally friendly practices. The company has two API manufacturing facilities, one in Mekaguda village, Rangareddy District, Telangana and the other in Manali, Tamil Nadu. The Manali plant is manufacturing various cytotoxic APIs and biotechnology-based products. Natco develops APIs for captive consumption of its Finished Dosage Formulation portfolio as well as third-party sales. The company has a strategic advantage with backward integration for critical APIs and is focused on complex molecules in oncology and CNS segments. Other therapeutic areas of focus include anti-asthmatic, anti-depressant, anti-migraine, anti-osteoporosis and gastrointestinal disorders. It is also adding new projects in the third party API business, and the last fiscal saw the launch of Imatinib in the European Union by third party API customers.   ]]> https://biospectrumindia.com/news/86/9583/novartis-india-plans-on-buying-back-shares-worth-crores.html https://biospectrumindia.com/news/86/9583/novartis-india-plans-on-buying-back-shares-worth-crores.html Tue, 26 Sep 2017 11:00:00 +0530 Pharma major Novartis India will buy back shares worth Rs 231.15 crore representing 12.26 per cent of the total paid up equity capital. The company's Board of Directors approved the proposal for a buyback of up to 3,450,000 equity shares of Rs 5 each at a price of Rs 670 per equity share. The buyback would be subject to approval of the share-holders of the company by way of a special resolution through postal ballot and all other applicable statutory approvals. The board has constituted a buyback committee and delegated its powers to the buyback committee to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary expedient, usual or proper in connection with the buyback. Besides the buyback announcement, the pharma firm has appointed Trivikram Guda, as Company Secretary and as the Compliance Officer for the purpose of buyback of shares. ]]> https://biospectrumindia.com/news/86/9577/dbt-plans-floating-lab-on-brahmaputra.html https://biospectrumindia.com/news/86/9577/dbt-plans-floating-lab-on-brahmaputra.html Fri, 22 Sep 2017 17:15:00 +0530 A new project of the Department of Biotechnology aims at starting a lab on boat on Bramhaputra river for biological analysis of the river system. The ambitious project also proposes to have multiple mobile laboratories on the river and its tributaries along with providing access to local research institutions, officials said. The first laboratory under the Bramhaputra Biodiversity Biology Boat (B4) initiative will cover Pasighat, Dibrugarh, Neemati, Tejpur and Guwahati in Assam. "B4 will establish a large barge on the river with a well-equipped laboratory for the analysis of all components of the entire ecosystem of the river and its surroundings," Department of Biotechnology secretary K Vijay Raghavan said. The nearly 3,800 kms long river, one of the longest in the world, traverses three countries to empty itself in the Bay of Bengal. Union Science and Technology minister Harsh Vardhan said the project is expected to commence by the year-end. Anchored by IIT-Guwahati, the project is also supported by the Ministry of Development of North Eastern Region (DoNER). The minister said although institutes under the Ministry of Science and Technology have several research vessels, it will be for the first time the ministry will have a dedicated boat/ barge for the research of a river. Vardhan also announced the projects of Phyto-Pharma Plants Mission and Frugal Microscopy - for the north-east region, to be carried out by the Department of Biotechnology (DBT). The Rs 50 crore Phyto-Pharma Plants Mission programme will promote cultivation and conservation in the north-eastern states. Under the Foldscopes programme, the DBT will supply frugal paper microscopes costing less than Rs 70 to schools and colleges in the north-east, officials said. The Department of Biotechnology has received 525 applications from schools, colleges and citizen scientists seeking foldscopes, they said. "The prime ministers thrust has been on the north-east region. The DBT has committed to dedicate 10 per cent of its budget for the north-east," Vardhan added. ]]> https://biospectrumindia.com/news/86/9551/manipal-group-to-acquire-ttks-stake-in-cigna-.html https://biospectrumindia.com/news/86/9551/manipal-group-to-acquire-ttks-stake-in-cigna-.html Tue, 19 Sep 2017 11:45:00 +0530 Manipal Group, with presence in health care and higher education is entering health insurance sector by buying out TTK's stake in Cigna TTK Health Insurance. Post the transaction, Manipal will own 51 per cent stake. The company has a share capital of Rs 250 crore. With this round, share capital will expand to Rs 350 crore. Cigna TTK has filed an application with India’s insurance regulator, the IRDAI, for a change in partnership from the TTK Group to the Manipal Group. Cigna is in the process to raise its stake from 26 per cent to 49 per cent. The joint venture between global health services firm Cigna and TTK, launched operations in February 2014. It had a market share of 0.17 per cent at the end of March 31, 2017. Cigna TTK is a standalone health insurance company. It has over 3,00,000 customers in India with a network of 15 branches and is present in 6,000 locations through its point of sales network. It had recorded 54 per cent growth in premium income to Rs. 222 crore in fiscal 2017. The company is going through initial capital burn as it is investing in technology and building infrastructure. It has tie-ups with Andhra Bank, Lakshmi Vilas Bank, Bank of Maharastra and Saraswat Bank. ]]> https://biospectrumindia.com/news/86/9549/temasek-acquires-rs-1000-cr-stake-in-manipal-hospitals.html https://biospectrumindia.com/news/86/9549/temasek-acquires-rs-1000-cr-stake-in-manipal-hospitals.html Tue, 19 Sep 2017 10:20:00 +0530 Singapore’s Temasek Holding has agreed to acquire a Rs 1,000-crore stake in Manipal Hospitals in a deal that possibly turns the Bengaluru-based private healthcare network into an industry consolidator. Temasek’s investment committee last week approved a transaction to buy existing private equity investor True North’s 16 per cent stake in Manipal Health Systems, which runs a hospital chain of around 5,000 beds. The move values Manipal at $1 billion, or Rs 6,500 crore. True North, a leading Indian private equity firm managing assets worth over $2 billion, is exiting Manipal with a threefold gain on its five-year-old investment. Temasek joins another global investor TPG Capital, which owns 22 per cent, as a significant minority shareholder in the Ranjan Pai-controlled Manipal Hospitals. With TPG and Temasek jointly owning about 40 per cent, Manipal could become an engine for consolidation in the hospitals business. TPG has been chasing acquisitions, notably that of Fortis Healthcare, though the deal-making has run into court rulings and diligence concerns. Temasek owns shares in other healthcare networks, including Naresh Trehan’s Medanta. India’s healthcare industry is projected to grow at a compounded annual growth rate of 13 per cent, hitting Rs 6.85 lakh crore by 2020, on the back of improving healthcare affordability, changing disease patterns, greater health awareness and rising insurance coverage.   ]]> https://biospectrumindia.com/news/86/9544/fda-puts-hold-on-clinical-trials-for-car-t-cell-therapy.html https://biospectrumindia.com/news/86/9544/fda-puts-hold-on-clinical-trials-for-car-t-cell-therapy.html Mon, 18 Sep 2017 12:00:00 +0530 French biotech firm Cellectis has revealed that the Food and Drug Administration has put a clinical hold on two of its clinical trials for its gene-edited allogeneic CAR-T therapy following a patient death. Thehold applies to two Phase 1 studies of UCART123, one in acute myeloid leukemia (AML) and the other in blastic plasmacytoid dendritic cell neoplasm (BPDCN). Only one patient has been treated in each study. The death occurred in the first patient treated in the BPDCN trial, a 78-year- old man treated with one prior therapy. He received 30mg/m2/day fludarabine for four days and 1g/m2/day cyclophosphamidefor three days as a preconditioning regimen. On Aug. 16, he received 6.25x105 UCART123 cells per kilogram. Five days later, the patient experienced grade two cytokine release syndrome (CRS) and a grade 3 lung infection. These were treated with tocilizumab and antibiotics. Yet, three days after that, the patient experienced a grade 5 CRS with a grade 4 capillary leak syndrome.Despite treatment, he died the next day. The first patient treated in the AML study received the same dosing regimen as the patient treated in the BPDCN trial and experienced similar complications, including a grade 2 CRS eight days aftertreatment, that worsened to a grade 3 infection. She also experienced grade 4 capillary leak syndrome. Her complications were resolved with treatment, reported BioPharmaDive. CRS is a complication known to occur with anti-T cell antibody infusions. Cellectis said it is working with clinical trial investigators and the FDA to resume the trials with an amended trial protocol that includes a lower dose of UCART123. Competitor Juno Therapeutics halted, and eventually discontinued, its lead program after multipledeaths in its CAR-T clinical trials. Juno attributed the deaths to the interaction between the pre-conditioning chemo regimen —consisting of fludarabine and cyclophosphamide — and the CAR-T cells reinfused back into the patient. Cellectis and Juno have fallen behind other CAR-T developers. Last week was a landmark time for the new technology: Novartis AG garnered the first FDA approval for its therapy, while Kite Pharma, Inc.announced it will be acquired by Gilead Sciences, Inc. for $11.9 billion.The other CAR-T manufacturers haven’t been without safety concerns of their own. Kite also reported patient deaths in one of its trials. ]]> https://biospectrumindia.com/news/86/9488/sayre-therapeutics-raises-funds-for-expansion.html https://biospectrumindia.com/news/86/9488/sayre-therapeutics-raises-funds-for-expansion.html Tue, 05 Sep 2017 16:25:00 +0530 Sayre Therapeutics Pvt. Ltd., a super-specialty pharmaceutical company with a portfolio of Oncology, Interventional Oncology and Immunology drugs, drug delivery devices and next-generation diagnostics, has raised $8MM USD across two rounds of funding from Accel Partners and Aarin Capital. The company has also raised $1MM USD in venture-debt from InnoVen Capital. Sayre Therapeutics, based in Bangalore, India plans to use the funds for team expansion in India, geographical footprint in other South Asian countries, and invest in clinical trials for their novel in-licensed assets. Shukrit Chimote, Chief Executive Officer, Sayre said, “The follow-on investment from the VCs was based on the early traction seen in building a product pipeline through partnerships with global and domestic partners, a sales footprint in India and a strong team to capitalise on a ~ USD 650MM market for Oncology and Immunology segments in the region”. Vandana Subramanian, Chief Business Officer, Sayre said, “We seek to fill the gaps in early cancer diagnosis and treatment by licensing in novel drugs, devices and diagnostics to the country at an affordable cost, and a significant discount to the global prices.  We will continue to expand the scope of medical care by bringing in these advanced medical technologies and drugs, and thereby provide more options to the physicians and patients in the subcontinent”. Praveen Bose, SVP & Head, Sales & Marketing, Sayre said, “Our medical science liaisons and key account managers continue to partner doctors and educate patients on new solutions in the fast-evolving field of cancer”. ]]> https://biospectrumindia.com/news/86/9413/mr-c-k-mishra-underlines-the-need-to-invest-in-primary-healthcare-during-the-inauguration-of-ficci-heal-2017.html https://biospectrumindia.com/news/86/9413/mr-c-k-mishra-underlines-the-need-to-invest-in-primary-healthcare-during-the-inauguration-of-ficci-heal-2017.html Fri, 18 Aug 2017 13:50:00 +0530 Inauguration of eleventh edition of FICCI HEAL was done on the theme “Indian Healthcare: A Patient’s View” by Mr. C K Mishra, Secretary, Ministry of Health & Family Welfare, Government of India. He underlined the need for investing two-thirds of the spending in primary healthcare and enhancing preventive care to keep the requirement of diagnostic care and admission to hospitals in check. “As financial resources are limited, it is essential to invest in the right place for optimal results”, he said. Mr. Mishra said that infrastructure in remote areas was weak and only government establishments were functional in such places; therefore active private sector participation was needed to make quality and affordable healthcare accessible to all. He said that the new National Health Policy 2017 with the three pillars of accessibility, affordability and quality of care are in line with a patient’s needs. He added that there was a need to customize care and value the choices of a patient.  Recognizing FICCI’s efforts in the health care space, Mr. Mishra said that the industry had been forthcoming with policy and reform suggestions, which enabled the government to strengthen its policies. He urged FICCI to develop a framework in conjunction with the government to step the country’s healthcare delivery system. On the occasion, Mr. Mishra released a Knowledge Paper ‘The healthcare consumer: Understanding expectations & experiences in the patients journey’ prepared by FICCI in collaboration with KANTAR-IMRB. The report is based on interviews with over 5000 patients pan-India from both public and private hospitals. Some key findings show that 61% of the patients rated their overall experience in private hospitals positively as compared to 45% for government hospitals. The report delves on the experiences and expectations of the patient and provides recommendations for the government and healthcare providers. Mr. Pankaj Patel, President, FICCI, said that the government’s intent to increase the public health spend to 2.5%, efforts should be made to increase it to 4% of GDP to meet the universal healthcare goals of the country. He added that long-term financing options from banks are still not available to healthcare providers and this was hampering the penetration of private healthcare in the country. He said that while retention of healthcare services in the tax exemption list under the GST regime is thoughtful and will enable flow of seamless tax credit and improve overall tax compliance, the services rendered by the hospital are exempted from taxes, several input services are subject to GST, which will result in increase in overall cost of care for the patient. Mr. Patel said that FICCI assures the government, its complete support for achieving affordable, accessible and quality healthcare to all Indians. Sharing a patient’s perspective, Mr. M Damodaran, Founder Chairperson, Excellence Enablers P Ltd & Former Chairman, Securities and Exchange Board of India (SEBI), said that care, patience, dignity and empathy are the four key words that stakeholders must understand to appreciate a patient’s needs. Referring to Gorakhpur tragedy, he said that it is a wake-up call for all and it is time to take stock of the situation and find solutions. Mr. Damodaran said that there is a need to recognize and reward skilled workforce such as the nursing staff to enable them to render quality services. Challenges would always be there but the need is to find and deliver the best in such situations and not settle for sub-optimal services. He added that while there is a demand to increase outlays for healthcare, it must be understood that outlays do not result in outcome; what is required is action and execution. Mr. Rahul Khosla, Chair-FICCI Health Services Committee; President, Max Group & Chairman, Max India Ltd., said that healthcare financing is a huge issue. Healthcare is a sector with infrastructure status, and needed low cost financing options. This will enable creation of last mile connectivity. Besides, there was an acute shortage of skilled manpower and capacities. The need is to build new capacities and re-vitalize existing capacities. He added that there was an urgent need for the government and stakeholders to work collaboratively.  Mr. Varun Khanna, Co-Chair-FICCI Health Services Committee and Managing Director, BD India, delivered the vote of thanks. Also, on the dais was Mr. Ashok Kakkar, Co-Chair-FICCI Health Services Committee; Sr. MD, Varian Medical Systems International India Pvt. Ltd. Ms. Shobha Mishra Ghosh, Assistant Secretary General, FICCI, moderated the session.   ]]> https://biospectrumindia.com/news/86/9410/wockhardt-receives-fda-approval-for-its-generic-oxacillin-injection.html https://biospectrumindia.com/news/86/9410/wockhardt-receives-fda-approval-for-its-generic-oxacillin-injection.html Fri, 18 Aug 2017 11:30:00 +0530 Drug firm Wockhardt has received approval from the US health regulator for its generic Oxacillin injection used for treatment of bacterial infections, the company said today.  The company has received approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Oxacillin injections in the strengths of 1 gm and 2 gm, Worckhadt said in a filing to the BSE.  The company is expected to launch this product in the United States soon, it added.  "The product is being manufactured at a contract manufacturing facility, based near Milan, Italy," Worckhadt said in a press release. Oxacillin, an antibiotic, is used to treat many different infections caused by penicillin-resistant Staphylococcal and other bacterias, including urinary tract infections, respiratory tract issues, septicemia, wounds and bacterial meningitis, among others, it added.  ]]> https://biospectrumindia.com/news/86/9400/divis-lab-gets-green-nod-for-rs-100-cr-modernization-project.html https://biospectrumindia.com/news/86/9400/divis-lab-gets-green-nod-for-rs-100-cr-modernization-project.html Wed, 16 Aug 2017 18:20:00 +0530 Divi's Laboratories has received environment clearance for modernisation of its bulk drug unit in Visakhapatnam which will entail a cost of Rs 100 crore. The company wants to modernise one of the two units by shifting non-production activities to proposed new area and meet all modern production facility compliances for achieving export targets. The proposal was first vetted by an expert panel and based on its recommendations; the Union Environment Ministry last week gave the final environment clearance (EC) to Divi's Laboratories for the modernisation project. The approval is subject to compliance of specific and general conditions, said the EC letter issued to the company has reviewed the copy of the EC letter. The company has informed that the proposed project is estimated to cost about Rs 100 crore and will generate employment for nearly 8,000 people. At present, the company has a land area of 387 acres. Additional 108.59 acres land will be used for the proposed modernisation, which will be carried out in two phases. The phase-I works would include construction of production blocks and ancillary works, while the phase-II would focus on production-related utilities and other activities. Among conditions specified, the company has been asked to develop a green belt in 33 per cent of the area, plant 1,000 trees a year for five years and install an online monitoring system for measuring pollutants within the treatment unit. During the proposed modernization, the company said that there will not be any change in production capacity, number of products, water consumption, wastewater generation and pollution loads. Currently, Divi's Laboratories has two manufacturing facilities, one each in Nalgonda and Visakhapatnam districts. Both facilities are primarily engaged in the manufacturing of Active Pharmaceutical Ingredients (APIs), custom synthesis of API and advanced intermediates for discovery compounds for big pharma companies. ]]> https://biospectrumindia.com/news/86/9399/natco-gets-approval-to-market-chewable-tablets-for-treating-end-stage-renal-disease.html https://biospectrumindia.com/news/86/9399/natco-gets-approval-to-market-chewable-tablets-for-treating-end-stage-renal-disease.html Wed, 16 Aug 2017 18:10:00 +0530 Natco Pharma has said that it has received approval from the US health regulator to market Lanthanum Carbonate chewable tablets used in treatment of patients with end stage renal disease.  According to a press release, Natco Pharma said in a regulatory filing that the company has received final approval from the US Food and Drug Administration (USFDA) to market Lanthanum Carbonate chewable tablets in various strengths "The product, as the first generic, will be launched shortly in the USA market," it added.  Natco's Lanthanum Carbonate strengths are generic equivalent of Shire Development LLC's Fosrenol chewable tablets and are indicated to reduce serum phosphate in patients with end stage renal disease (ESRD).  As per IMS MAT sales data, Fosrenol tablets had sales of USD 122.4 million during June 2017 in the US market.  Natco and Lupin had entered into an agreement on September 1, 2008 to jointly commercialise generic equivalents of Fosrenol chewable tablets.  ]]> https://biospectrumindia.com/news/86/9361/the-ministry-of-ayush-grants-rs-3-5-crore-to-conduct-research-in-ayurveda-and-other-alternative-medicines.html https://biospectrumindia.com/news/86/9361/the-ministry-of-ayush-grants-rs-3-5-crore-to-conduct-research-in-ayurveda-and-other-alternative-medicines.html Mon, 07 Aug 2017 12:00:00 +0530 The Interdisciplinary School of Health Sciences (ISHS) at Savitribai Phule Pune University, which offers post graduate courses in public health, nutritional sciences, health sciences etc. and is engaged in providing training and conducting research and development activities in the areas of public health and traditional medicine for over two decades, has been awarded a Center of Excellence (CoE) recognition grant to further strengthen the interdisciplinary studies with a focus on preclinical research. Considering these developments, the Savitribai Phule Pune University recently established ‘Center for Complementary and Integrative Health (CCIH)’ to foster high quality scientific research, training, capacity building, policy analysis, etc. with a vision to mainstream potential of AYUSH in public health. A formal inauguration of the Center for Complementary and Integrative Health (CCIH) was organized by the Director of CCIH, Dr. Bhushan Patwardhan and Professor Anita Kar, Director, ISHS. The program commenced with a welcome address by Prof. Anita Kar and Prof. Bhushan Patwardhan and proceeded with the inaugural ceremony which was done in the presence of Dr. Soumya Swaminathan, Secretary of Department of Health Research, Ministry of Health and Family Welfare & Director General of Indian Council of Medical Research and Dr. Rajesh Kotecha, Special Secretary Ministry of AYUSH. “There is a need to concentrate on five pillars to strengthen AYUSH sector, which includes increasing the research and development facilities, creating repositories of research, communicating outcomes of research to decision making authorities, preserving the traditional wealth of medicinal knowledge of Indians and creating a data base of outcome for future generations,” said Swaminathan during the event while talking about evidence-based counselling. Dr. Rajesh Kotecha on the other hand, talked about multiple modals and inclusive approach. “We require a good packaging to promote AYUSH which includes expertise, services, and more human resources to undertake scientific research that provides evidence of Ayurveda medicine,” he said while visualizing the model of AYUSH. The Ministry of AYUSH has sanctioned a grant of INR 3.5 crore to the department for a three year period to fulfill the objectives of building collaborative research network, demonstrate value of AYUSH, facilitate human resource development and develop strategies based on policy and analysis. On this occasion, CCIH had organized a national symposium on AYUSH Research for New India: Vision and Strategy where many eminent thought leaders including Dr. Rajesh Kotecha, Mr. Ajit Sharan etc., policy makers, scientists, academicians and students participated to facilitate the effective implementation of key recommendations from National Health Policy 2017 for mainstreaming potential of AYUSH for the Healthy New India. “Our Prime Minister has envisioned ‘New India’ where the AYUSH systems can play vital role in attaining this dream. We need to look beyond providing mere medical care, which is becoming unaffordable to masses. It is important to engage in the pursuit of good holistic health leading to physical and mental wellbeing. When global interest in complementary and integrative approaches is growing, this is an opportune time to build on India’s traditional knowledge systems with help of high quality research in line with advances in science and technology,” said Prof. Nitin R. Karmalkar Vice Chancellor, SPPU on this occasion. ]]> https://biospectrumindia.com/news/86/9336/govt-approves-rs-1500-crore-investment-to-develop-biopharma-sector.html https://biospectrumindia.com/news/86/9336/govt-approves-rs-1500-crore-investment-to-develop-biopharma-sector.html Tue, 01 Aug 2017 15:25:00 +0530 In a bid to further beef up the Indian bio pharmaceuticals sector, government has approved a programme for development of bio pharmaceuticals through industry-academia collaboration entailing the investment of Rs 1,500 crore by it over a period of five years. The programme will focus on the development of specific products such as vaccines, biotherapeutics, medical devices and diagnostics, an official statement said. Besides, the 'Innovate in India empowering biotech entrepreneurs and accelerating inclusive innovation' mission will also work on the establishment of shared infrastructure and facilities. It will build and strengthen domain specific knowledge and management skills while also creating and enhancing technology transfer capabilities in public and private sector, the statement added. The proposal was approved by the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi at its meeting held today. The primary objective of the programme is to forge an industry-academia collaborative mission for accelerating discovery research to early development for biopharmaceuticals. The mission will be implemented by Biotechnology Industry Research Assistance Council (BIRAC) - a public sector undertaking of Department of Biotechnology (DBT). The pan-India mission entails an investment of Rs 1,500 crore by the Government of India for five years with 50 percent of the cost for the programme coming from the World Bank loan. The key focus areas of the programme would be to aid country's technological and product development capabilities in the biopharmaceutical sector to a level that it is globally competitive over the next 10-15 years. ]]> https://biospectrumindia.com/news/86/9323/biocon-reports-net-profit-at-rs-81-crore-for-q1fy18.html https://biospectrumindia.com/news/86/9323/biocon-reports-net-profit-at-rs-81-crore-for-q1fy18.html Fri, 28 Jul 2017 12:35:00 +0530 Biocon Ltd .,  Asia's premier biopharmaceuticals company, announced its consolidated financial results for the fiscal first quarter ended on June 30, 2017. Commenting on the quarterly performance and highlights, Chairperson and Managing Director Kiran Mazumdar-Shaw stated:  “Our Biologics business had a strong quarter led by insulins sales. Financial performance was muted largely due to a combination of factors: weakening of US$; GST impact; and inclusion of operational and fixed costs of Malaysia. Additionally, the YoY comparison was impacted by the one-time adjustment in Q1FY17 related to IndAS migration. Our core operating margins, however were healthy at 29% for Q1FY18. A major milestone this quarter was the US FDA Oncologic Drugs Advisory Committee (ODAC) recommendation for approval of our biosimilar Trastuzumab. We also received regulatory approvals from the Indian regulator for our biosimilar Bevacizumab.” “The outlook for FY18 remains   cautious as much depends on regulatory approvals and tender outcomes for our biosimilars in key emerging markets. However, we will endeavour to maintain healthy core operating margins, going forward.” Highlights of Q1 FY18: U.S. Food and Drug Administration (FDA) Oncologic Drugs Advisory Committee (ODAC) recommended approval of Biocon-Mylan's proposed biosimilar Trastuzumab in all eligible indications ; first biosimilar Trastuzumabto be recommended by the Committee. Drug Controller General of India approved Biocon’s biosimilarBevacizumab, prescribed for various cancers including metastatic colorectal cancer and lung cancer. Biocon received GMP compliance certification from France’s ANSM for its biologics Drug Substance facility for manufacturing Trastuzumab and Pegfilgrastim; Drug Product facility will require re-inspection. Clinical data on Insulin Glargine presented at the American Diabetes Association's 77th Scientific Sessions in San Diego. Ms. Pratima Rao appointed as Mission Director & Head of Biocon Foundation, she will lead our CSR wing. Biocon Foundation won the prestigious ‘Health CSR Project of the Year’Award for strengthening primary healthcare delivery in India through its eLAJ platform. ]]> https://biospectrumindia.com/news/86/9314/gsk-pharma-faces-net-loss-in-q1.html https://biospectrumindia.com/news/86/9314/gsk-pharma-faces-net-loss-in-q1.html Wed, 26 Jul 2017 14:20:00 +0530 GlaxoSmithKline Pharmaceuticals (GSK) has received major setback during the first quarter ended June 2017 and its net profit declined sharply by 63.4 per cent due to de-stocking and price reduction of several products. Its net sales also declined by 14.4 per cent to Rs.587 crore from Rs.685 crore. EPS declined to Rs.3.1 from Rs.13.3 in the last period. The primary sales reduced by an approximate Rs.130 crore or equivalent to 2 weeks of sales that contributed to a decline of 20 per cent partly offset by an increase in value growth of 6 per cent. The company expects the trade channels to normalise in future months. The company is planning to launch new products from its global respiratory and vaccines pipeline and reviewing these for a possible launch for its Indian patients. Around 30 per cent of global pharmaceutical volumes sold by GSK plc. is marketed in India. Its 15 brands are in top 300 ranking as per IPM. The company has invested Rs.115 crore to construct a facility for the manufacture of Eltroxin, where the medicine is manufactured in a respiratory-free environment. The new Eltroxin facility will be fully operational in 2018. GSK is also planning to upgrade the dermatologicals and tablets facilities by investing in infrastructure. ]]> https://biospectrumindia.com/news/86/9299/general-electric-to-sell-its-gene-technology-arm-dharmacon-to-a-british-firm-horizon.html https://biospectrumindia.com/news/86/9299/general-electric-to-sell-its-gene-technology-arm-dharmacon-to-a-british-firm-horizon.html Mon, 24 Jul 2017 18:05:00 +0530 British gene editing company Horizon Discovery Group (HDG) has agreed to acquire General Electric’s (GE) gene technology business Dharmacon for $85 million. According to media reports, Dharmacon generated revenues of $36.7 million in 2016 with an EBITDA of $5.4 million. Dharmacon is a global leader in RNAi products, which can be used to suppress problematic genes, and has a fast growing gene editing product portfolio especially in CRISPR reagents and arrayed libraries. Horizon says the company's brand is instantly recognizable and trusted in the academic research community for quality, cost, delivery and support. It is hoped the new combined company will create a leading global player in the application of gene-editing and gene modulation in life science research and strengthens Horizon’s 'cell builders' model, where gene editing and modulation platforms are used to design, engineer and apply cells for the advancement of human healthcare. Darrin Disley, CEO of Horizon, said: “Through the combination of complementary technology, product portfolios and manufacturing capabilities, the acquisition of Dharmacon by Horizon creates an emerging leader in the application of gene modulation technologies in life science research. We expect that the brand recognition, and sales, marketing (including eCommerce) and distribution channel particularly in the academic community as well as intimate relationships in Biotech and Pharma that Dharmacon will bring to Horizon, will transform the opportunity for Horizon’s product portfolio as well as generate attractive cost-base synergies.” Disley added that the acquisition will create immediate market access for Horizon’s next generation research product and service offerings through a robust eCommerce platform and established global distribution channels, especially in Asia-Pacific. Dharmacon delivered revenues of $36.7m in the year ended 31 December 2016 and EBITDA of $5.4m. GE will receive about £38m ($50m) in cash as part of the deal, as well as Horizon shares worth £27m ($35m). The money will come from the funding round, which will raise £76.4m after expenses, and 39m new ordinary shares issued at a price of 205p each. Kieran Murphy, president and CEO of GE Healthcare, said: “We are pleased to reach an agreement that combines the strong Dharmacon brand and technologies with the industry leading gene editing technologies, products and services of Horizon. We believe that the combination creates a global leader in gene modulation and are excited to retain a meaningful stake in the combination.” ]]> https://biospectrumindia.com/news/86/9295/tata-group-to-sell-advinus-to-eurofins-scientific.html https://biospectrumindia.com/news/86/9295/tata-group-to-sell-advinus-to-eurofins-scientific.html Fri, 21 Jul 2017 16:55:00 +0530 The Tata group has agreed to sell its pharmaceuticals and biotech research unit Advinus Therapeutics to Eurofins Scientific, a Luxembourg-based group of laboratories. Group holding company Tata Sons Ltd holds a 67.31 per cent stake in Advinus, according to its 2015-16 annual report. Tata Industries and Rallis India also hold stakes in the research company, apart from individual shareholders. The transaction is expected to close in the next several weeks, subject to the fulfilment of customary closing conditions. Advinus was started by the Tata group in 2005 as a research outsourcing company with Rashmi Barbhaiya, the former research and development head of Ranbaxy Laboratories Ltd. For fiscal year 2015-16, the company reported a loss of Rs17.30 crore on a turnover of Rs160 crore. Advinus has submitted over 50 end-to-end investigational new drug applications to global regulators such as the US Food and Drug Administration, the European Medicines Agency, the Medicines and Healthcare Products Regulatory Agency in the UK and Health Canada. ]]> https://biospectrumindia.com/news/86/9274/jubilant-life-sciences-reports-q1-fy2018-results.html https://biospectrumindia.com/news/86/9274/jubilant-life-sciences-reports-q1-fy2018-results.html Tue, 18 Jul 2017 17:05:00 +0530 The Board of Jubilant Life Sciences Limited, an integrated global pharmaceutical and life sciences company met today to approve financial results for the quarter ended June 30, 2017. Commenting on the Company’s performance, Mr. Shyam S Bhartia, Chairman and Mr. Hari S Bhartia, Co-Chairman & Managing Director, Jubilant Life Sciences said, “We have started FY18 on a steady note, with our Pharma segment recording its highest ever revenues during the quarter despite margin contraction in the US generics business. This performance has been led by our injectable business of niche Specialty Pharma which has shown double-digit growth in the last few quarters. Our Life Science Ingredients segment delivered improved results on account of better demand and strong price environment. We continue to focus on operating cash generation to reduce our debt levels and strengthen the balance sheet.” Q1 FY18 Highlights Consolidated revenue at Rs. 1,596 Crore; up 10% YoY Pharmaceuticals revenue at record Rs. 818 Crore, contributing 51% to the revenues, up 8% YoY Life Science Ingredients revenue at Rs. 737 Crore, contributing 46% to the revenues, up 13% YoY Drug Discovery Solutions revenue at Rs. 41 Crore, contributing 3% to the revenues International revenues at Rs. 1,131 Crore, contributing 71% to the revenues; growing 8% YoY EBITDA at Rs. 344 Crore, EBITDA margins at 21.6% Pharmaceuticals EBITDA at Rs. 252 Crore, with margins of 30.8%; Contributes 70% to the company’s EBITDA as against 66% in Q1’FY17 Life Science Ingredients EBITDA at Rs. 108 Crore; margins at 14.7%, Contributes 30% to the company’s EBITDA Drug Discovery Solutions segment breaks even at EBITDA level Finance costs lower 17% YoY at Rs. 69 Crore from Rs. 83 Crore in Q1’FY17. This includes Rs. 14 Crore (Q1’FY17 – Rs. 9 Crore) for charge on stock settlement instrument PAT at Rs. 147 Crore, with Net Margins at 9.2% and EPS of Rs. 9.44 for Re. 1 FV Capital Expenditure of Rs. 98 Crore Net Debt reduction of Rs. 113 Crore Pharmaceuticals Segment Highlights Q1 FY18 Highest-ever Revenues of Rs. 818 Crore, up 8% YoY Specialty Pharmaceuticals - Injectables revenues of Rs. 469 Crore reported robust growth of 16% YoY and 7% QoQ; contributing 57% to Pharma segment sales and 29% to Company revenue Generics revenues at Rs. 349 crore, contributing 43% to segment sales, showing flat growth YoY Region-wise Revenue break-up Revenues from North America at Rs. 610 Crore, contributing 75% to the revenues; up 19% YoY and 5% QoQ Revenues from Europe and Japan were at Rs. 102 Crore, contributing 12% to revenues Revenues from Rest of the World stood at Rs. 65 Crore, contributing 8% to the revenues India revenues stood at Rs. 40 Crore, Contributing 5% to the revenues EBITDA of Rs. 252 Crore, with margins at 30.8%; aided by improvement in Specialty Pharmaceuticals - Injectables R&D spent during the quarter of Rs. 51 Crore – 6% to segment sales. R&D charged to P&L is Rs. 27 Crore – 3% to segment sales Ramp up of CMO business underway with strong order book of US$ 630 Million and addition of three new clients Portfolio of R&D products – Filings and Approvals The Company has a total of 936 filings across geographies including 857 filings in Dosage (Orals) and 79 filings in Injectables. Of this, 714 filings (642 Dosage (Orals) and 72 Injectables) have been approved while 222 filings (215 Dosage (Orals) and 7 Injectables) are pending approval. Portfolio of Generics – Filings and Approvals Dosage (Orals) Filed 84 ANDAs in the US 53 ANDAs have been approved and 31 ANDAs are pending approval Filed 2 ANDAs in Q1 FY 18 Made 773 filings in ROW markets including Canada, Europe and Japan 589 filings have been approved and 184 filings are pending approval In-licensing of two products in the US market Injectables and Others Total 3 ANDAs filed and approvals for 2 have been received  Portfolio of Radiopharmaceuticals Injectables – Filings and Approvals Filing status as on June 30, 2017: 7 approved registrations and 2 pending approvals in the US 13 registrations in Canada which are all approved 10 registrations in Europe of which are all approved In ROW, we have a total of 44 registrations/licenses, of which 4 are pending for approval There are 10 products under development, of which 2 are under review by the USFDA. We plan to file 2 products in FY18 and the remaining over the next 3 years Life Science Ingredients Segment Review Q1 FY18 Revenues at Rs. 737 Crore; Contributes 46% to total company revenues; up 13% YoY International markets share stood at Rs. 312 Crore, 42% of segment revenues, up 6% YoY Revenues from Key Developed Markets stood at Rs. 204 Crore, contributing 28% to segment revenues India business was at Rs. 425 Crore, up 20% YoY Revenue growth was led by Vitamins and Advance Intermediates Price increase of up to 15% announced for Vitamin B3 EBITDA margins at 14.7%; EBITDA margins impacted due to increase in raw material input costs and changes in product mix offset by better pricing in Vitamins Drug Discovery Solutions Segment Review Q1 FY18 Revenues at Rs. 41 Crore, Contributes 3% to total revenues Revenues from North America stood at Rs. 30 Crore, contributing 72% to segment revenues Europe and Japan business was at Rs. 10 Crore, contributing 25% to segment revenues Pipeline of Integrated Drug Discovery Projects, functional projects & FTE business continues to be strong Outlook We expect continued robust growth going forward, led by momentum in our Specialty Pharmaceuticals - Injectables and Life Science Ingredient business. In FY2018, improvement in revenues and profitability is expected Specialty Pharmaceuticals - Injectables Existing business: Growth from existing product portfolio, new product launches, and ramp up of operations in CMO of Sterile Injectables and Allergy Therapy Products Strategic acquisition: The integration of Triad acquisition is expected to give benefit of a niche Specialty injectable portfolio with additional revenues of about US$ 200 mn Generics: New product launches combined with benefit from capacity expansions Life Science Ingredients: Better demand, strong price environment, capacity expansion and launch of new products Drug Discovery Solutions: Addition of new customers and milestone revenues from existing and new out-licensing opportunities   Our endeavours to reduce debt and improve financial ratios will continue. ]]> https://biospectrumindia.com/news/86/9268/creador-acquires-22-per-cent-stake-in-paras-healthcare.html https://biospectrumindia.com/news/86/9268/creador-acquires-22-per-cent-stake-in-paras-healthcare.html Mon, 17 Jul 2017 16:40:00 +0530 Malaysian private equity firm Creador has acquired a minority stake in Paras Healthcare through affiliate Commelina for Rs 275 crore. Avendus Capital was the financial advisor and Khaitan & Co was legal counsel for the transaction. Paras Healthcare currently operates a chain of five secondary and tertiary care hospitals, including two mother and child care specialty centres, in Delhi, Haryana and Bihar. Creador’s investment comes at a time when there is a nascent interest in healthcare services that cater to middle and lower income groups, but very few successful models. Gurgaon-headquartered Paras focuses on middle income patients in underserved regions of north India and has demonstrated strong growth and profitability, according to Creador. Paras’ revenue has grown at a 35 per cent compound annual growth rate in the past three years to Rs 440 crore in 2016-17, from Rs 180 in 2013-14. Over the next four years, Paras expects to construct and acquire on lease two hospitals in Uttar Pradesh. ]]> https://biospectrumindia.com/news/86/9223/gsk-pharma-plans-investment-in-karnataka-plant.html https://biospectrumindia.com/news/86/9223/gsk-pharma-plans-investment-in-karnataka-plant.html Mon, 10 Jul 2017 11:15:00 +0530 Global healthcare company GlaxoSmithKline Pharmaceuticals Ltd is investing Rs 1,000 crore in a new state-of-the-art pharmaceutical unit in Karnataka and is looking at enhancing its global pipeline in areas like respiratory drugs and vaccines in India. The company is assessing new products from its global respiratory and vaccines pipeline and reviewing these for a possible launch in India. In addition, it is also reviewing complementary inorganic opportunities, adding that nearly 30 per cent of global pharmaceutical volumes sold by GSK is sold in the country. The drug major is also upgrading its existing Nashik facility. In compliance with the GSK respiratory free strategy and the WHO requirement for the segregated manufacturing of hormonal products, GSK India has invested Rs 115 crore to construct a dedicated facility for the manufacturing of Eltroxin. The new eltroxin facility will be fully operational in 2018. Six of the company's brands feature in the top-50 IPM brand list, namely Augmentin, Calpol, Zinetac, Betnovate-N, Betnovate-C and Synflorix. The company has also taken initiatives to re-engineer its business model to maintain competitive margins ]]> https://biospectrumindia.com/news/86/9214/uk-based-biotech-firm-raises-45-m.html https://biospectrumindia.com/news/86/9214/uk-based-biotech-firm-raises-45-m.html Fri, 07 Jul 2017 12:00:00 +0530 London-based Nightstar, a company that develops treatments for retinal diseases, raised $45 million in funding from several investors including Wellington Management Company, Redmile Group, Syncona, and New Enterprise Associates in a Series C financing round. Nightstar is a biotechnology company that currently develops retinal gene therapy solutions for those with retinal dystrophies. These are intended to be one-time treatments to prevent eventual blindness. Nightstar is currently researching and evaluating several gene therapy products. The company plans to use the investment to complete clinical trials for their gene therapy products aimed at choroideremia, retinitis pigmentosa, and macular dystrophy. Nightstar is building a pipeline of product candidates based on industry-leading gene therapy technology and ophthalmology expertise. ]]> https://biospectrumindia.com/news/86/9210/dbt-to-unveil-biosimilar-drugs-for-diabetes-cancer-and-rheumatoid-arthritis.html https://biospectrumindia.com/news/86/9210/dbt-to-unveil-biosimilar-drugs-for-diabetes-cancer-and-rheumatoid-arthritis.html Thu, 06 Jul 2017 18:20:00 +0530 Serving the twin purposes of providing affordable drugs to patients and making Indian biotech industry globally competitive, the department of biotechnology (DBT) will soon unveil biosimilar drugs for diseases such as cancer, diabetes and rheumatoid arthritis. “With manufacturing of indigenous drugs, an ecosystem will be created for innovative indigenous product development by researchers, startups and SMEs to make Indian biotech industry globally competitive. India which today occupies only 3% of the global market aims to reach 5% by 2022,” said Renu Swarup, senior adviser and scientist, department of biotechnology, ministry of science and technology to livemint. According to a recent report by India Brand Equity Foundation (IBEF) under department of commerce, ministry of commerce and industry, there is a market shift to diseases like cardiac conditions, diabetes and cancer which have treatment options with complex biotech drugs. A rise in number and quality of tertiary care centres is leading to greater usage of biotech products. “In India, there is a large pool of patients that consumes these drugs. With biosimilars, the indigenous drugs will be available at a much less price which will in turn benefit patients in the long run,” said Swarup. “The government has approved a Biopharma Mission for production of indigenous and affordable Vaccines, Biotherapeutics and Medical devices. Apart from manufacturing biosimilar drug we will also manufacture vaccines for dengue, pneumococcal and Human papillomavirus (HPV) indigenously,” she said. According to government, the Indian biopharmaceutical industry is around 10-15 years behind its counterparts in the developed countries and faces stiff competition from China and South Korea in respect of innovation. According to the Global Innovation Index, India ranks 81 out of 140—way below China (rank 29) and South Korea (rank 14), reported livemint. Union minister for science and technology Dr. Harsh Vardhan launched innovate in India (i3) programme last week under which research and development of biosimilar drugs and other vaccines will take place. The flagship program of the government in collaboration with World Bank will be implemented by Biotechnology Industry Research Assistance Council (BIRAC), a public sector enterprise, set up by DBT. Biosimilars in India currently primarily include insulin, erthropoietin, chorionic gonadotropin, streptokinase, interferon and heparin. The market is growing fast—there were only 14 biosimilar drugs available in 50 brands in 2005 and the number increased to 20 such drugs in 250 brands in 2011. There are around 100 private biopharmaceutical companies engaged in research and development, manufacturing and marketing of biosimilar products in India. ]]> https://biospectrumindia.com/news/86/9192/sun-pharma-inks-55-5-m-deal-with-samsung-biologics.html https://biospectrumindia.com/news/86/9192/sun-pharma-inks-55-5-m-deal-with-samsung-biologics.html Tue, 04 Jul 2017 13:05:00 +0530 Sun Pharma and Samsung BioLogics announced a strategic long-term manufacturing agreement for Tildrakizumab used for treatment of psoriasis. The agreement was entered into by Sun Pharma's wholly- owned subsidiary and Samsung BioLogics. Sun Pharma has appointed Samsung BioLogics to manufacture Tildrakizumab, an investigational IL-23p19 inhibitor being evaluated for the treatment of moderate to severe plaque psoriasis. The approximate value of the contract will be USD 55.5 million, while the other financial details of the agreement are confidential. The agreement was signed at Samsung BioLogics' headquarter in Incheon, South Korea. Filings for this novel investigational biologic has been accepted for review by the US Food and Drug Administration (FDA) (May 2017) and the European Medicines Agency (EMA) (March 2017). As a joint venture between Samsung affiliate companies and Quintiles Transnational Corp., Samsung BioLogics aims to become a global leader in the biopharmaceutical manufacturing industry. Dr. TH Kim, President and CEO of Samsung BioLogics stated thet Samsung BioLogics is pleased to join hands with Sun Pharma and is looking forward to delivering best-in-class manufacturing services with global quality standards. The collaboration with Sun Pharma is an important milestone for Samsung as it is a testament of our ability to provide reliable supply through its GMP-certified manufacturing facility to pharmaceutical companies, which aim to expand their global market. ]]> https://biospectrumindia.com/news/86/9134/parexel-to-get-acquired-by-pamplona-capital-management.html https://biospectrumindia.com/news/86/9134/parexel-to-get-acquired-by-pamplona-capital-management.html Wed, 21 Jun 2017 15:00:00 +0530 Parexel has agreed to be acquired for approximately $5 billion by Pamplona Capital Management, which plans to take the CRO private. Parexel International is a multinational life sciences consulting firm. It conducts clinical trials on behalf of its pharmaceutical clients to expedite the drug approval process. It is the second largest clinical research organization in the world and has helped develop approximately 95 per cent of the 200 top-selling biopharmaceuticals on the market today. Parexel would incur pre-tax charges of between $49 million to $63 million toward the expanded restructuring between the company’s current fiscal year, which ends June 30, and Parexel’s FY 2018, which begins on July 1. Pamplona has offered to acquire all outstanding shares of the company for $88.10 per share. That represents a 27.9 per cent premium over Parexel’s closing share price on May 5, the day before speculation emerged publicly that the company was a potential acquisition target. The deal share price also represents a 38.5 per cent premium to the volume-weighted average closing price of Parexel’s common stock for the 30 days ending May 5, and a 23.3 per cent premium to the Company’s undisturbed 52-week high. The transaction is set to close early in the fourth quarter of 2017, subject to approval by a majority of Parexel shareholders and other customary closing conditions. Parexel expects to hold a Special Meeting of Shareholders to vote on the proposed acquisition by Pamplona “as soon as practicable” after the mailing of the proxy statement to shareholders. Parexel’s board has unanimously approved the deal and intends to recommend shareholder approval of the agreement with Pamplona. ]]> https://biospectrumindia.com/news/86/9132/karnataka-government-to-fix-rates-for-treatment-in-private-hospitals.html https://biospectrumindia.com/news/86/9132/karnataka-government-to-fix-rates-for-treatment-in-private-hospitals.html Wed, 21 Jun 2017 13:25:00 +0530 The Karnataka Government has tabled a bill which empowers the state government to fix rates for different types of treatments and bed charges in private hospitals and nursing homes. If rules are violated, the government will attract a maximum penalty of Rs. 5 lakh. The reform comes at a time when health care charges in private hospitals continue to rise, especially for speciality treatments, making them unaffordable for people from the lower economic classes. According to a news source, the bill in its statement of objects and reasons states that if private hospitals collect more charges than fixed by the state government, penalty of not less than Rs 25,000 which may extend up to Rs 5 lakh can be imposed. Imprisonment of not less than six months which may be extended up to three years has also been provided for in the bill, in case of violation. The state government suggested that on the recommendation of the expert committee to fix the rates of each class of treatment, different rates may be fixed for different class of private hospitals. Though the fate of the bill remains uncertain at this juncture, new clauses have been inserted to ensure private hospitals do not demand advance payment in case of emergency treatment. The bill also suggests the setting up of a district of metropolitan grievance redressal committee for redressal of grievance of patients. ]]> https://biospectrumindia.com/news/86/9082/usfda-approves-generic-version-of-lialda-from-the-drug-firm-zydus-cadila.html https://biospectrumindia.com/news/86/9082/usfda-approves-generic-version-of-lialda-from-the-drug-firm-zydus-cadila.html Wed, 14 Jun 2017 15:35:00 +0530 The Gujarat-based drug firm Zydus Cadila said that it has received the US health regulator’s nod to market mesalamine tablets which is used for the treatment of ulcerative colitis which is estimated to have a market size of $1. 145 billion. Zydus Cadila was first to file an Abbreviated New Drug Application (ANDA) for the generic version of Lialda in the US. The USFDA has given its final approval to market mesalamine delayed-release tablets USP 1.2 g in the US market.  Irish pharma company Shire's Lialda treats ulcerative colitis, a form of irritable bowel disease that affects approximately 700,000 people in the US. According to a news source, Shire had announced total sales of $792 million for Lialda in 2016, which had grown 16 per cent over last year. The generic version of Lialda, thus, presents a significant opportunity for Zydus in the US. According to a news source, the company will manufacture the product at its Moraiya facility in Ahmedabad.  The Gujarat-based group has more than 115 approvals and has filed over 300 abbreviated new drug applications (ANDA) since it commenced filings in 2003-04.    ]]> https://biospectrumindia.com/news/86/9080/indian-immunologicals-limited-signs-mou-with-inta-littoral-biologics-of-argentina.html https://biospectrumindia.com/news/86/9080/indian-immunologicals-limited-signs-mou-with-inta-littoral-biologics-of-argentina.html Wed, 14 Jun 2017 15:20:00 +0530 Indian Immunologicals Limited (IIL) has signed a MoU with Argentinas Instituto Nacional de Tecnologia Agropecuaria (INTA) and Littoral Biologics of Argentina for transfer of technology for Bovine Parasitic vaccines in India. According to a statement by IIL, “Introduction of vaccines against haemoprotozoan infections transmitted by ticks such as Babesiosis and Anaplasmosis will prevent loss in productivity in cattle and immensely benefit dairy farmers.” INTA is Argentinian federal agency in charge of the generation, adaptation and diffusion of technologies. K Anand Kumar, Managing Director, IIL said, "Economic losses due to Babesisosis alone in India are estimated to be about USD 57.2 million.” "IIL is only vaccine manufacturer in India which is capable of producing effective parasitic vaccines for animals with vast experience in producing vaccine against haemoprotozoan Theileria annulata, since three decades. IIL recently introduced vaccine against Porcine Cysticercosis, a parasitic vaccine for pigs. This agreement with the Argentinean collaborators will go a long way in uplifting productivity among dairy farmers in India.” he added ]]> https://biospectrumindia.com/news/86/9057/health-and-fitness-startup-growfitter-gets-sque-capital-funding.html https://biospectrumindia.com/news/86/9057/health-and-fitness-startup-growfitter-gets-sque-capital-funding.html Fri, 09 Jun 2017 16:50:00 +0530 Mumbai-based health and fitness discovery platform Growfitter Pvt. Ltd has recently secured $600,000 (Rs 3.9 crore) in a from venture capital firm SQue Capital. Sanmati Pande, one of the founders at Growfitter said, “The money will be used to beef up the technology and physical infrastructure, besides funding our expansion plans. Growfitter is working with insurance companies to launch a incentivised wellness programme that would reward consumers for adopting an active and healthier lifestyle.” It has partnered with Aditya Birla Health Insurance to serve its clientele and has also powered the health and wellness portal of the insurer and have presence in 15 Indian cities. Founded in 2015 by Pande, a chartered accountant with an MBA in finance, and Harshit Sethy, who has a master’s degree in artificial intelligence and machine learning from IIIT Hyderabad, Growfitter took its first steps as an online aggregator for gymnasiums. In 2016, it had raised $250,000 in seed funding from angel investors Devang Nirala, Rupak Taneja and Manisha Gupta. Growfitter not only advises on the choice of gyms and centres for Zumba, yoga, pilates, dance, kickboxing, aerobics, CrossFit, etc., based on a client’s location, but also provides preventive healthcare suggestions. By 2018, the company is planning to enter international markets such as Sri Lanka, Canada and West Asia.   ]]> https://biospectrumindia.com/news/86/8972/government-approves-baxter-pharmas-fdi-proposal-of-rs-4020-cr.html https://biospectrumindia.com/news/86/8972/government-approves-baxter-pharmas-fdi-proposal-of-rs-4020-cr.html Wed, 31 May 2017 16:50:00 +0530 Based on the recommendations of the Foreign Investment Promotion Board (FIPB) held recently, the Central Government has approved the Foreign Direct Investment (FDI) proposal of Baxter Pharmaceutical (Asia) Pte. Limited, Singapore for 100% FDI worth Rs 4020 crore in the equity share capital of Claris Injectables Limited by way of: purchase of existing equity shares held by Claris Lifesciences Limited and subscription to fresh equity shares of the Investee.  Meanwhile FIPB has recommended for deferment of the proposal of bioMerieux India Private Limited (BIPL), which has sought approval for:  Post facto approval for acquisition of 10% shareholding in RAS Lifesciences Private Limited (RAS) by BIPL in March 2015. It was also proposed for prior approval for increasing BIPL shareholding in RAS from 70% to 100%, by way of transfer from the resident shareholders and Infusion of capital by BIPL in RAS (upon becoming WOS of BIPL) from time to time as per the business requirements of RAS. ]]> https://biospectrumindia.com/news/86/8959/aurobindo-pharma-income-for-fy16-17-up-8-at-rs-15090-crore.html https://biospectrumindia.com/news/86/8959/aurobindo-pharma-income-for-fy16-17-up-8-at-rs-15090-crore.html Wed, 31 May 2017 10:45:00 +0530 Aurobindo Pharma, one of the leading manufacturer of generic pharmaceuticals and active pharmaceutical ingredients from Hyderabad, announced that its operating income for FY16-17 was up by 8% to Rs 15,090 crore as against Rs 13,955 crore last year.  Commenting on the company’s performance, Mr. N. Govindarajan, Managing Director of the company said “We have registered 8% Year on Year (YoY) revenue growth in FY17 despite a challenging environment in select markets. We continue to invest in building a differentiated and speciality product portfolio, which will sustain the growth momentum for the future.”  Formulations business in India for FY17 at Rs 12,045 crore, YoY growth of 9%, primarily on account of healthy growth in the US and Emerging markets. Formulation sales accounted for 80% of total revenues. For fourth quarter, the formulation sales was at Rs. 2,879 crore, a decline of 3% YoY and accounted for 79% to total revenues.  Sales from US for FY17 at Rs 6,827 crore, YoY growth of 12% and accounted 45% to the total revenues. In Q4 FY16-17, the sales was at Rs 1,643 crore as against Rs 1,634 crore for the previous corresponding quarter, registering an increase of 1% YoY. During the year, the company filed 31 ANDAs with USFDA including 19 in Oral and 12 in Injectable and Ophthalmic category. Of these, 8 ANDAs including 5 in the Oral category and 3 in the Injectable category filed in the fourth quarter.  During the quarter, the company received 16 ANDA approvals from USFDA including 14 Final approvals (4 tentative approvals received final approvals) and 2 tentative approvals. As on 31st March, 2017, on a cumulative basis, the company filed 429 ANDAs with USFDA and received approvals for 314 ANDAs including 38 tentative (10 ANDAs approved under PEPFAR) approvals.  Sales from EU formulations for FY17 was at Rs 3,277 crore, an increase of 5% YoY. The business accounted for 22% of gross sales. For the Fourth quarter, the sales was Rs 777 crore as against Rs 840.7 crore in the corresponding previous period. The acquired Actavis business continue to witness profitability during the quarter. As on 31st Mar, 2017, the company has transferred manufacturing of 69 products from Europe to India.  During the quarter, Agile Pharma B.V., Netherlands, a wholly owned step-down subsidiary of the Company acquired 100% stake in Portuguese Pharmaceutical Company - Generis Farmaceutica S.A. The acquisition have been completed in April 2017.  The ARV business sales for FY17 was Rs 1,185 crore, declined 2% YoY and accounted for 8% of revenues. In Q4 FY16-17, the sales was at Rs 262 crore as against Rs 328 crore.  Sales from Emerging markets formulations reported 17% YoY growth to Rs 756 crore in FY17 and accounted for ~5% of gross sales of the company. For the Fourth quarter, the business registered a healthy 21% YoY to Rs 197 crore.  The Active Pharmaceuticals Ingredients business contributed 20% to the total revenue and registered a growth of 5% YoY to Rs 3,042 in FY17. The strong growth in Betalactum APIs led to overall API growth. For the quarter, API sales down by 2% YoY to Rs 763 crore.  During the quarter, the gross sales to the international markets stood at Rs 3,200 crore and the domestic sales were at Rs 443 crore representing 88% and 12% respectively. ]]> https://biospectrumindia.com/news/86/8957/narayana-hrudayalayas-q4-fy17-income-up-13-1-at-rs-4835-mn.html https://biospectrumindia.com/news/86/8957/narayana-hrudayalayas-q4-fy17-income-up-13-1-at-rs-4835-mn.html Tue, 30 May 2017 17:40:00 +0530 Narayana Hrudayalaya Limited, a leading healthcare service provider in India, reported its consolidated total operating income for Q4 FY17 at Rs. 4,835 million as against Rs. 4,276 million in Q4 FY16, reflecting an increase of 13.1%. The company’s consolidated EBITDA for Q4 FY17 stood at Rs. 659 million as compared to Rs. 534 million in Q4 FY16, reflecting an increase of 23.4%. PAT after minority interest and share in loss in associate stood at Rs. 223 million as compared to Rs. 50 million in Q4 FY16. Commenting on the performance, Dr. Ashutosh Raghuvanshi, Vice Chairman, Managing Director and Group CEO, Narayana Hrudayalaya Limited, said “We are pleased to demonstrate noteworthy performance in the quarter and the year gone by amidst the regulatory headwinds affecting our business on multiple counts. The steady ramp-up in our newer hospitals buoyed by the sustained performance of mature hospitals continue to drive our revenues, and at the same time, our changing business mix is improving our profitability profile.” The consolidated total operating income of the company for FY 2017 was Rs. 18,782 million as against Rs. 16,138 million in FY16, reflecting an increase of 16.4%. And PAT after minority interest and share in loss in associate for FY 2017 stood at Rs. 831 million as compared to Rs. 212 million in FY16. Dr. Raghuvanshi further said, “Overall, the fiscal year gone past illustrates substantial progress on the strategic goals that we have set for the group. The Indian healthcare landscape presents a unique opportunity to us as we take significant steps to become a true Pan-India healthcare provider. We believe that the government emphasis on “Health for All” is an important milestone and we remain confident that NH has positioned itself to make affordable quality healthcare accessible to all strata of society.” Founded in 2000 by Dr. Devi Prasad Shetty and headquartered in Bengaluru, Narayana Hrudayalaya is one of the leading healthcare service providers in India, operating a chain of multispecialty, tertiary and primary healthcare facilities. The Company has a network of 24 hospitals and 7 heart centres across India and a single hospital overseas at Cayman Islands with over 5,900 operational beds across all its centres and potential to reach a capacity of over 7,100 beds. ]]> https://biospectrumindia.com/news/86/8956/torrent-pharma-reports-12-fall-in-its-revenue-for-fy-2016-17-at-rs-5857-crores.html https://biospectrumindia.com/news/86/8956/torrent-pharma-reports-12-fall-in-its-revenue-for-fy-2016-17-at-rs-5857-crores.html Tue, 30 May 2017 16:40:00 +0530 Torrent Pharma, with annual revenues of more than Rs. 5800 crores, the flagship Company of the Rs. 18,300 crore Torrent Group, reported a 12% fall in its revenue for FY 2016-17 at Rs. 5,857 crores from Rs. 6,687 crores during FY 2015-16.  The company on May 26 said that its Profit After Tax (PAT) for FY 2016-17 was at Rs. 934 crores down by 46% from Rs. 1,733 crores during FY 2015-16. Similarly EBIDTA for FY 2016-17 was down by 46% at Rs. 1,596 crores from Rs. 2,953 crores during 2015-16.  The company said that the previous period include exceptional revenues and profits which was primarily on account of the launch of a new product in US market, which had limited competition. The company has increased its research and development spend during FY 2016-17 at Rs 432 crores as against Rs 245 crores during 2015-16. The Company has distributed an interim dividend of Rs. 10/- per equity share of face value of Rs. 5/- during the year. The Management and Board (subject to shareholders approval) have recommended dividend of Rs. 4 per share. This is as per Company’s dividend distribution policy of distributing dividend around 30% of annual consolidated Net Profit after tax.  The formulation business in India recorded revenues of Rs. 1,976 crores for FY 2016-17 as against Rs. 1,834 crores for the same period last year, showing 8% growth. Discontinuance of certain promotional schemes and hygiene initiatives has impacted the business in short term however it will have positive impact in long term.  US business recorded revenues of Rs. 1,346 crores for FY 2016-17 as against Rs. 2,671 crores for the same period last year. The company noted that 16 ANDAs were filed during FY 2016-17.  Brazilian business recorded revenues of Rs. 700 crores for FY 2016-17 as against Rs. 506 crores for the same period last year, showing 38% growth.  German business recorded revenues of Rs. 811 crores for FY 2016-17 as against Rs. 649 crores for the same period last year, showing 25% growth.  Exceptional Items during FY 15-16 represents write off of goodwill of Rs. 194 crores arising on account of amalgamation of Zyg Pharma Private Ltd. with the Company. ]]> https://biospectrumindia.com/news/86/8948/toro-finserve-launches-ihof.html https://biospectrumindia.com/news/86/8948/toro-finserve-launches-ihof.html Tue, 30 May 2017 11:05:00 +0530 Toro Finserve LLP Managing Partner Kapil Khandelwal has launched India Healthcare Opportunities Fund (IHOF) as SEBI Alternative Investment Fund under Category 2 with a corpus of $250 million and an additional leverage of $250 million. The $500-million fund will invest into stabilised healthcare real estate, providing sticky long term leases from stabilised assets such as hospitals, diagnostic centres, rehab facilities and assisted living facilities with established healthcare operators in Tier I and Tier II cities in India. The IHOF has an experienced management team with in-depth understanding of healthcare and real estate. The fund’s illustrious investment and advisory committee includes Dr Arvind Lal, Chairman, Dr Lal’s Pathlabs; Kewal Handa, Ex Managing Director, Pfizer, India; Dr Sampath Shivangi, Ex Chairman, Association of American Physicians of Indian and Pravasi Bharat Awardee, 2017; and Dr Sathya Kallur, entrepreneur and dentist to celebrities in the US and founder of Swiss Smile in India. The fund has commitments of $110 million from some state governments in India, UHNIs, Fund of Funds from abroad. It is expected to start its formal road show in India and abroad in June-July 2017. IHOF is in discussions with various banks and financial institutions for lease rental discounting (LRD) and leverage and distribution of the fund. The fund is currently evaluating deals worth $200 million in Indian hospital chains, assisted living and diagnostic centres to issue term sheets. ]]> https://biospectrumindia.com/news/86/8945/ifc-planning-investment-in-biological-e.html https://biospectrumindia.com/news/86/8945/ifc-planning-investment-in-biological-e.html Mon, 29 May 2017 17:10:00 +0530 International Finance Corporation (IFC), the private-sector investment arm of the World Bank, is looking to invest up to $60 million (Rs 387 crore) in Hyderabad-based vaccine maker Biological E Ltd. The proposed investment will include debt financing from IFC’s own account (also called ‘A’ loans) and subscribing to the company’s non-convertible debentures (NCDs). Biological E will use the funds to part-finance the new manufacturing unit it is planning to set up at its vaccine facility in Hyderabad’s Shameerpet area. Founded in 1953, the company manufactures and sells vaccines either directly or through supplies to United Nations Children’s Fund and Global Alliance for Vaccines and Immunization. Besides, it also manufactures generic formulations for the Indian market. In February, the company laid the foundation for its new vaccine manufacturing plant, which is being set up for an initial investment of Rs 300 crore in a special economic zone on the outskirts of Hyderabad. Biological E has five manufacturing units in India, and research and development facilities in India and France. ]]> https://biospectrumindia.com/news/86/8885/toro-finserve-to-invest-in-healthcare-real-estate.html https://biospectrumindia.com/news/86/8885/toro-finserve-to-invest-in-healthcare-real-estate.html Tue, 23 May 2017 17:45:00 +0530 Private equity firm Toro Finserve is raising a USD 500 million fund to invest in real estate for healthcare enterprises. This is the first fund focused on putting money on infrastructure for hospitals and diagnostic companies in the country. India Healthcare Opportunities Fund, which has got commitment of USD 110 million from investors, has an investment committee with advisors such as Dr Lal PathLabs Chairman Dr Arvind Lal, former Pfizer India Managing Director Kewal Handa, and Dr Sampat Shivangi, ex-chairman of American Association of Physicians of Indian Origin (AAPI). The fund will have an initial size of USD 250 million, with additional leverage of USD 250 million. Investment opportunities in India's healthcare industry are huge, owing to the limited infrastructure built so far. There are around nine hospital beds per 10,000 population, compared to 39 beds for a similar population in China. India needs around three million beds to achieve the target of 30 beds per 10,000 people by 2025, and an additional 1.54 million doctors and 2.4 million nurses required to meet the growing demand for healthcare. For this, India requires USD 200 billion investments on healthcare infrastructure. The firm has a pipeline of USD 200 million investment opportunities in hospital and healthcare assets in the country. Toro is in talks with three state governments to invest in the fund. ]]> https://biospectrumindia.com/news/86/8866/ihh-leads-race-to-acquire-singh-brothers-healthcare-operations.html https://biospectrumindia.com/news/86/8866/ihh-leads-race-to-acquire-singh-brothers-healthcare-operations.html Mon, 22 May 2017 13:30:00 +0530 The world's second-largest healthcare group Integrated Healthcare Holdings (IHH), has emerged as the leader for the healthcare assets of siblings Malvinder and Shivinder Singh of Religare, after the Malaysian hospital chain ended its decade-long association with Apollo Hospitals last week IHH operates the Parkway Pantai chain of hospitals and is competing with a private equity consortium of TPG and General Atlantic to acquire controlling stakes in both Fortis Healthcare and Fortis Malhar – which will also house SRL Diagnostics following a group restructuring exercise -- valuing India’s second-largest hospital chain and its diagnostics arm at $2.8 billion.  SRL, which claims to be India’s largest diagnostics chain, is being spun off from Fortis into its existing listed subsidiary Fortis Malar and renamed SRL Diagnostics as part of a major reorganisation. The Singh brothers, the majority shareholders in Fortis, will control 40.6% in the diagnostics arm when it’s listed, according to an exchange filing last August.  As per the statement given by a company spokesperson in one of the daily newspapers, "IHH is always looking at various value accretive opportunities. However, it is not appropriate for us to comment on specific transactions and we will update the market if there are any material developments.”   ]]> https://biospectrumindia.com/news/86/8813/piramal-enterprises-plans-to-raise-rs-4000-crore.html https://biospectrumindia.com/news/86/8813/piramal-enterprises-plans-to-raise-rs-4000-crore.html Wed, 10 May 2017 17:05:00 +0530 Piramal Enterprises Ltd, or PEL, is planning to raise up to Rs.4,000 crore by selling shares to institutional investors as the diversified company looks to fuel growth in its financial services business, according to two people familiar with the matter. PEL, owned by billionaire Ajay Piramal, which has interest in healthcare, financial services and information management businesses, has seen its market value more than double to Rs.42,970.80 crore in the past year. The funds will help the company to leverage its balance sheet to raise cheaper debt up to Rs. 12,000 crore to lend to Indian companies. The proceeds of the qualified institutional placement will be used primarily to grow its finance business. Apart from PEL, Piramal also owns 20% in Shriram Capital, the holding company of Chennai-based Shriram group which is primarily into retail lending for used trucks and consumer goods. Piramal also owns a 10% stake each in India’s largest used-truck financer Shriram Transport Finance and consumer-goods lender Shriram City Union Finance. ]]> https://biospectrumindia.com/news/86/8809/claris-sells-stake-to-otsuka-for-20-m.html https://biospectrumindia.com/news/86/8809/claris-sells-stake-to-otsuka-for-20-m.html Wed, 10 May 2017 13:10:00 +0530 Ahmedabad-based pharmaceutical company Claris Lifesciences Ltd has agreed to sell its entire 20% stake in a joint venture with Otsuka Pharmaceutical Factory Inc. to the Japanese partner. The deal value is $20 million (Rs 128 crore). The joint venture, Otsuka Pharmaceutical India Pvt. Ltd, was formed in early 2013 when Claris sold an 80% stake in its infusion business to Otsuka and Japan’s Mitsui & Co. Ltd for $194 million. This means Claris has sold its residual stake at a far lower valuation. Otsuka now owns 80% of the joint venture, earlier known as Claris Otsuka Pvt. Ltd, while Mitsui continues to hold 20%. Otsuka Pharmaceutical India sells infusion products across therapeutic segments including infusion therapy, parenteral nutrition, anti-infectives and plasma volume expanders. The company makes its products in Ahmedabad. ]]> https://biospectrumindia.com/news/86/8767/400-million-congressional-increase-for-alzheimers-research-funding.html https://biospectrumindia.com/news/86/8767/400-million-congressional-increase-for-alzheimers-research-funding.html Fri, 05 May 2017 13:35:00 +0530 The Global Alzheimer's Platform Foundation, a nonprofit organization dedicated to expediting Alzheimer's clinical trials, applauds $400 million Congressional increase in Alzheimer's research funding. Under the bipartisan vote, the National Institutes of Health (NIH) will receive a $2 billion boost in fiscal year 2017, as it did the previous year. The NIH budget continues to support key areas of research, including Alzheimer's disease. The new budget sets aside an additional $400 million for Alzheimer's research for a total of nearly $1.4 billion, a 40 percent increase. Currently, more than 80 percent of the NIH budget goes to about 300,000 outside researchers supporting research and jobs concerning a wide variety of diseases. Some of these researchers are part of the Global Alzheimer's Platform Foundation Network (GAP-Net). GAP-Net is a collaboration of 51 leading academic and private commercial research institutions working to reduce the cycle time of clinical research and drug development for Alzheimer's disease – bringing therapies to market faster. According to the Alzheimer's Association, Alzheimer's is America's costliest disease. Nearly 5.5 million Americans have the disease. This number could rise to as high as 16 million by 2050. More than 15 million caregivers provide an estimated 18 billion hours of unpaid care every year. The Global Alzheimer's Platform Foundation was launched in 2015 by UsAgainstAlzheimer's and the Global CEO Initiative (CEOi) on Alzheimer's Disease with the vision of creating an integrated global clinical trial network to reduce the time, cost and risk of Alzheimer's disease clinical trials, a critical factor in the pacing of efforts to speed an effective treatment of Alzheimer's disease to those with or at risk of the disease. ]]> https://biospectrumindia.com/news/86/8764/74-percent-revenue-growth-for-cryoport.html https://biospectrumindia.com/news/86/8764/74-percent-revenue-growth-for-cryoport.html Fri, 05 May 2017 12:10:00 +0530 Cryoport, Inc., the world's leading cryogenic logistics company dedicated to the life sciences industry, announced financial results for the first quarter ended March 31, 2017. The quarter's results were driven by extraordinary growth in core business of providing cold chain logistics solutions to biopharma clients, which saw revenue grow 100% year-over-year and 31% sequentially. Cryoport's success is being mainly fueled by growth in the regenerative medicine market, where the advancement of CAR T-cell therapies is revolutionizing treatment options for a multitude of health issues, including cancers, congenital diseases and trauma. With the first two CAR T-cell therapies expected to receive FDA approval this year to commence commercial sales, the opportunity to build significant value for Cryoport's shareholders is obvious. Reproductive medicine revenue increased 26% year-over-year driven by strong domestic demand. Animal health revenue increased 28% year-over-year as we on-boarded new clients. Biopharma revenue accounts for 75% of total revenues and remains the largest growth opportunity for Cryoport. ]]> https://biospectrumindia.com/news/86/8760/parkway-pantai-raises-stake-in-continental-hospitals.html https://biospectrumindia.com/news/86/8760/parkway-pantai-raises-stake-in-continental-hospitals.html Thu, 04 May 2017 16:30:00 +0530 Parkway Pantai is in an expansion-cum-consolidation phase in India. It has announced the allotment of an additional 1.3 percent shares in Hyderabad-based Continental Hospitals Private Ltd (CHPL) through its subsidiary Gleneagles Development Pte Ltd (GDPL). The current allotment of shares increases GDPL's stake in CHPL to 52.3 percent and dilutes the other shareholders' to 47.7 percent. Parkway Pantai will also participate in a rights issue announced by the CHPL board. Consequent to these developments, the current Chairman of the board of directors of CHPL, Gurunath Reddy, will be replaced by Tan See Leng, who is the MD & CEO of IHH Healthcare and Group CEO & MD of Parkway Pantai. Tan See will further assist in strengthening and growing Continental Hospitals, which is one of the largest single location, super-speciality hospitals in Hyderabad, according to a company release. Parkway entered India in a big way in 2015 with the acquisition of two major hospitals in Hyderabad -- Continental and Global Hospitals. At present it has a network of seven hospitals and three medical centres in Chennai, Mumbai, Hyderabad, Bengaluru and Kolkata. The integrated healthcare group operating in Singapore, Malaysia, China and India is part of IHH Healthcare, the world's second largest healthcare group by market capitalisation. It has ambitious plans of expanding in the country. ]]> https://biospectrumindia.com/news/86/8757/vivet-therapeutics-raises-37-5-million-in-series-a-financing.html https://biospectrumindia.com/news/86/8757/vivet-therapeutics-raises-37-5-million-in-series-a-financing.html Thu, 04 May 2017 15:55:00 +0530 Vivet Therapeutics is an emerging biotechnology company developing novel gene therapies for rare, inherited metabolic diseases. The company has raised €37.5 million in a Series A financing round that involved a syndicate of leading international life sciences investors led by Novartis Venture Fund and Columbus Venture Partners, and including Roche Venture Fund, HealthCap, Kurma Partners and Ysios Capital. The funds will be used by Vivet to advance a diversified pipeline of gene therapy programs targeting rare, inherited metabolic diseases, including Wilson Disease, progressive familial intrahepatic cholestasis type 2 (PFIC2), progressive familial intrahepatic cholestasis type 3 (PFIC3) and citrullinemia type I. Vivet is building its pipeline based on novel technology developed through its partnerships with, and exclusive licenses from, the Fundación para la Investigación Médica Aplicada (FIMA), a not-for-profit foundation at the Centro de Investigación Medica Aplicada (CIMA), University of Navarra based in Pamplona, Spain; and Massachusetts Eye and Ear (MEE), Boston, USA. The licenses cover exclusive use of novel proprietary AAV vector gene therapy technology to treat metabolic diseases and certain MEE patent-protected Anc80 AAV gene therapy vectors. Anc80 is a next-generation gene therapy technology designed to increase gene expression levels in the liver, while reducing the risk of undesired immunogenicity. ]]> https://biospectrumindia.com/news/86/8746/rethink-medical-raises-3m-series-a-funding-.html https://biospectrumindia.com/news/86/8746/rethink-medical-raises-3m-series-a-funding-.html Tue, 02 May 2017 16:54:19 +0530 ReThink Medical, a leading data-driven heart failure medical device and digital health company, announced a Series A investment of $3 million led by medical device equity firm Emergent Medical Partners (EMP).  EMP will lead the round with additional funds coming from investors Norwich Ventures and Launch Capital.  This is in addition to the two National Institutes of Health (NIH) grants that were awarded to ReThink Medical and a strategic partnership with the Japanese medical device company, Terumo Corporation.  The financing will be used to fund ReThink Medical's clinical trials and for further investment in its proprietary technology platform. Bob Brownell, managing director at EMP, will join ReThink Medical's board of directors. ReThink Medical uses predictive physiologic data to prevent hospitalizations for heart failure patients.  By monitoring and analyzing data from patients in an ambulatory setting, ReThink's proprietary algorithms can predict worsening conditions and alert physicians to take data-driven proactive measures for their patients.  This prescriptive action can change the trajectory of heart failure patients and thereby eliminate a potential hospitalization. ]]> https://biospectrumindia.com/news/86/8745/teewinot-life-sciences-corporation-secures-12-3-million-in-series-b-round-.html https://biospectrumindia.com/news/86/8745/teewinot-life-sciences-corporation-secures-12-3-million-in-series-b-round-.html Tue, 02 May 2017 16:52:32 +0530 Teewinot Life Sciences Corporation, an industry leader in discovery, development and commercialization of cannabinoid-based therapeutics and the global leader in the biocatalytic production of cannabinoids, closed its $12.3 million Series B round led by Tuatara Capital, a New York based private equity fund focused on investments in cannabis-related companies.  With the original Series B target having been set at $10 million, the funds raised were nearly 25 percent oversubscribed.  Tuatara Capital also led Teewinot's $7 million Series A round in December 2015. Teewinot Life Sciences Corporation is an international biopharmaceutical company focused on advanced pharmaceutical research and the use of novel biosynthetic processes such as biocatalysis and synthetic biology for cannabinoid manufacture.  Coupled with patented formulation technologies, Teewinot is a leader in the production and delivery of cannabinoid-based therapies. Teewinot has introduced new and unique methods of production to the pharmaceutical industry that reduces cost and production time, increases purity of cannabinoids, and diversifies the number and types of molecules which can be made available to the research, product development, and commercial production verticals. ]]> https://biospectrumindia.com/news/86/8743/gsk-invests-139-million-to-expand-production-capacity-.html https://biospectrumindia.com/news/86/8743/gsk-invests-139-million-to-expand-production-capacity-.html Tue, 02 May 2017 16:44:47 +0530 GSK announced $139 million of new investment in its biopharmaceutical manufacturing site in Rockville, MD to support growing demand for BENLYSTA® (belimumab) for adult patients with active, autoantibody-positive, systemic lupus erythematosus (SLE) who are receiving standard therapy. BENLYSTA is the first medicine specifically developed and approved for SLE in over 50 years. It is a human monoclonal antibody that selectively targets B-lymphocyte stimulator (BLyS), an important factor in the survival of B cells. The Rockville site is also expected to house production of a new subcutaneous form of belimumab which is currently under review with the FDA. The $139 million investment will be used to provide additional internal capacity to increase bulk drug substance production by close to 50% at the Rockville site, to respond to increased demand. Benlysta continues to be a growing product for GSK. Since 2014, the product has grown at least 18% per year in the US on a constant exchange rate basis. In 2016, the company reported $377million in BENLYSTA sales in the US. GSK announced regulatory filings for a subcutaneous (self-injectable) formulation of belimumab, currently available as an intravenous formulation, in Europe and the US in 2016 and is expecting to hear from regulatory bodies in the second half of 2017. The subcutaneous formulation of belimumab is currently not approved for use anywhere in the world. ]]> https://biospectrumindia.com/news/86/8719/oaknet-seeks-bolt-on-acquisitions-to-grow-portfolio.html https://biospectrumindia.com/news/86/8719/oaknet-seeks-bolt-on-acquisitions-to-grow-portfolio.html Fri, 28 Apr 2017 16:26:11 +0530 Mumbai-based Oaknet Life Sciences Pvt Ltd is seeking to either acquire specific brands or domestic formulations businesses to beef up its product portfolio. The company, which is backed by mid-market, buyout-focussed private equity firm Samara Capital Partners Pvt. Ltd, has evaluated 10 prospects so far. At present, Oaknet’s product portfolio focuses on dermatology and gynaecology, and has limited presence in the gastrointestinal segment. It has reported flat revenue numbers of $20 million for last four financial years and is seeking to increase it to $25-30 million in 2017-18. With the acquisitions, the platform is looking at two more therapeutic areas, such as ophthalmology and neurology, which would help increase the business on a per-capita-per-month basis through its network of 1,000-plus medical representatives. At present, the company Rs 150,000 on a per-capita-per-month basis and seeks to double it in two to three years. Oaknet, an entrepreneurial venture set up in 2015 by former Lupin executive RS Raghav, was backed by Samara Capital and served as a platform to buy out the India business of Johannesburg-listed drugmaker Adcock Ingram Holdings Ltd for Rs.151 crore. Subsequently, the entire Adcock portfolio was brought under the Oaknet brand. ]]> https://biospectrumindia.com/news/86/8705/biocon-2016-17-revenue-at-rs-4079-crore.html https://biospectrumindia.com/news/86/8705/biocon-2016-17-revenue-at-rs-4079-crore.html Fri, 28 Apr 2017 09:10:00 +0530 Asia's premier biopharmaceuticals company, announced today its consolidated financial results for the fourth quarter and full year FY17.Bioconn Q4 FY17 Revenue stood at Rs 974 Cr while the Net Profit was Rs 127 Cr. For the year 2016-17 revenue was at Rs 4,079 Cr and Net Profit awas at Rs 612 CrBoard of Directors Recommends 2:1 Bonus Shares . Commenting on the performance, Chairperson and Managing Director Kiran Mazumdar-Shaw stated: “We have closed the year FY 17 with a strong revenue growth of 18% led by a sturdy performance of our Biologics as well as Small Molecules businesses. On a full year basis, our EBITDA rose 34%, while Net Profit before exceptional item reported a robust growth of 54 %. Our revenue growth was muted in Q4 FY 17. Our EBITDA margin at 24 % in Q4 reflects a healthy operational performance. Our Net Profit for Q4 at Rs 135 Cr, represents a growth of 75%, after adjusting for an exceptional item in Q4FY16.” She added: “FY17 was a landmark year wherein we established our credibility as a global biosimilars player with the launch of Biocon’s Insulin Glargine pen in Japan and submission of five regulatory filings of our biosimilars in the developed markets of US and EU. Our Malaysia facility became operational with the Malaysian government’s exclusive contract for Biocon’s insulins, which expanded our footprint in emerging markets. The multiple clinical and regulatory milestones crossed in our biosimilars business augur well for the future.” Highlights of Q4 FY17: Biologics License Application (BLA) for a proposed biosimilar Pegfilgrastim accepted for review by the US FDA; Second Successful BLA filing of the Mylan/Biocon Partnership in the US. Marketing Authorization Application for biosimilar Bevacizumab, post completion of RoW-focussed Phase 3 clinical trial in metastatic colorectal cancer, has been submitted for approval in India. Regulatory submissions for Insulin Glargine were made in the developed markets of Australia and Canada. The Malaysia government’s 3-year exclusive offtake agreement for rh-insulin cartridges and reusable pen provided a fillip to this business in Q4FY17. Biocon's board recommends the issue of Bonus shares in the ratio of 2:1. Biocon’s board recommends a Final Dividend of Rs. 3/- per share for FY17 (pre bonus). Biocon Foundation collaborated with the Department of Health & Family Welfare of Karnataka to establish eLAJ smart clinics in 15 PHCs across six districts in the state.   ]]> https://biospectrumindia.com/news/86/8698/narayana-hrudayalaya-to-acquire-panacea-biotec-arm-for-rs-180-crore.html https://biospectrumindia.com/news/86/8698/narayana-hrudayalaya-to-acquire-panacea-biotec-arm-for-rs-180-crore.html Thu, 27 Apr 2017 16:50:07 +0530 Narayana Hrudayalaya has recently entered into an agreement with Panacea Biotec to fully acquire its subsidiary NewRise Healthcare for an enterprise value of Rs. 180 crore. NewRise Healthcare has set up a multi-speciality hospital in Gurugram which is in final stages of completion and is expected to be commissioned within the next 9 months. Narayana Hrudayalaya said in a statement, “The company has entered into a definitive agreement to acquire 100 per cent stake in NewRise Healthcare Pvt Ltd from Panacea Biotec Ltd to announce its first hospital in Gurugram" Narayana Hrudayalaya Vice Chairman, MD and Group CEO Ashutosh Raghuvanshi said, "This development is a step forward in the direction towards reinforcing the newly formed Northern cluster. It also echoes our group's commitment towards developing this region as vibrant as the existing Karnataka and Eastern clusters" Founded in 2000 by Devi Prasad Shetty, Narayana Hrudayalaya has a network of 23 hospitals and 7 heart centres across India and a single hospital overseas at Cayman Islands with over 5,700 operational beds across all its centres. ]]> https://biospectrumindia.com/news/86/8695/hcg-partners-with-arogya-finance.html https://biospectrumindia.com/news/86/8695/hcg-partners-with-arogya-finance.html Thu, 27 Apr 2017 16:31:43 +0530 HealthCare Global Enterprises has partnered with Arogya Finance. Through this partnership, patients with cancer will finally have access to interest-free loans, a move aimed at increasing accessibility and affordability to high quality cancer care. This facility will be made available in Bengaluru, Kalburgi and Mysuru. Patients can take loans either in the form of direct financial loans or in the form of loan cards with an embedded pre-approved loan. Arogya Finance will provide interest free health finance up to Rs. 5 lakh to treat needy patients for a period of 12 months. If the loan tenure exceeds one year, the patient will bear a minimal interest rate. The loan tenure is 6 months to 48 months with 0% interest rate for one year, 6% for two years, 8% for three years, 9% for 4 years. Processing charges of 2% on the loan amount is applicable. It is easily accessible and is designed specifically for those with no collateral or formal proof of income. There is minimal KYC documentation, with flexibility of options such as the use of Aadhaar card in case of unavailability of PAN Card and the flexibility in co-borrower selection. Presently, the loan cards are available for up to Rs. 3,00,000 for a family of five persons valid for one year with a facility for renewal every year at a nominal cost. This is for people who have no health insurance and 75 percent of this amount will be provided for treatment. ]]>