OrbiMed re-ups in India's Vivimed Labs

It follows a $42.5 million commitment from the specialist healthcare investor in September 2016, which was intended for debt reduction, optimization of the capital structure, and expansion of the API business. Saurabh Gurnurkar, an executive director with the business, added in a statement that the latest investment will be used for organic and inorganic growth opportunities.

The API unit – known as Uquifa – was founded in Spain in 1936 as Union Quimico Farmaceutica and acquired by Vivimed in 2011. It operates three manufacturing sites in Spain and Mexico, producing the active ingredients for generic pharmaceutical makers and contract development and manufacturing organizations (CDMOs) in the global market.

Vivimed posted INR14.7 billion ($231 million) in consolidated revenue for the year ended March 2017, up from INR13.6 billion the previous year. Pharmaceuticals, largely driven by Uquifa, accounted for 72% of sales with specialty chemicals making up the remainder. The company’s net profit for the same period grew from INR836.7 million to INR2.22 billion.

OrbiMed is deploying its third Asia fund, which closed last year at the hard cap of $551 million. The vehicle will make 15-20 investments across the region in the fields of pharmaceuticals, medical devices, and healthcare services. Currently, OrbiMed Asia manages over $3 billion across private equity and public market investments.

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• Topics
• South Asia
• Healthcare
• PIPEs
• India
• Growth capital
• OrbiMed