Fidelity funds join $30m round for Singapore's Eywa
Eight Roads Ventures India and US-based F-Prime Capital - both of which are controlled by Fidelity - have joined a $30 million investment in Singapore and India-based drug manufacturer Eywa Pharma.
Executives from Envestor Ventures, a part of the Shriram Group, also participated in the investment. The capital will support development of new product lines aimed at the US and European markets; Eywa currently has a portfolio of 15 generic medications under active development.
The company was founded in 2015 by former executives of Shriram-backed Mylan Pharmaceuticals and focuses on research and development, manufacturing, marketing and distribution of affordable generic medication worldwide. It is incorporated in Singapore, with manufacturing and R&D facilities based in India.
India's pharmaceutical industry has attracted considerable PE interest. Investments this year include a INR1.2 billion ($17.6 million) commitment by Creador to Corona Remedies, and Mandala Capital's purchase of drug testing laboratory EFRAC. Eight Roads, formerly known as Fidelity Growth Partners, is active in this space as well; the firm is set to sell about half its stake in Laurus Labs in the company's upcoming IPO.
Eight Roads and F-Prime, formerly Fidelity Biosciences, are also focused on the broader Asian pharmaceutical industry. The two firms contributed to a $28 million Series B round for China-based smart antibody developer Adagene in January and to a $50 million Series C round for diabetes treatment developer Hua Medicine, also based in China, in April.
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