Everstone backs US, India-based generics developer

The company is headquartered in New Jersey but was founded by Ajay Singh, an Indian entrepreneur who previously led product strategy and business development for the North American division of Indian drug manufacturer Dr Reddy’s. KKR invested $60 million in Slayback in 2016.

Since its establishment in 2011, Slayback has built up a team of 85 employees and made numerous abbreviated new drug application (ANDA) filings. The company currently has four commercialized products listed on its website: two lower the risk of premature births and the other two are for medications that reduce anxiety and pain. One of them was the first generic ANDA to be approved and launched in the US.

The new capital will be used to expand and accelerate the development of Slayback’s product pipeline. Two managing directors from Everstone, Arjun Oberoi and Puncham Mukim, will join the company’s board.

"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,” Sameer Sain, co-founder and CEO of Everstone, said in a statement.

The private equity firm is active across multiple areas of the healthcare sector. Some investments are made through its Southeast Asia-focused Everlife platform, which last year made its first commitment in India to medical device manufacturer CPC Diagnostics. Separately, last April Everstone acquired India’s Sahyadri Hospitals to serve as the seed asset for a planned national healthcare delivery strategy.

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• Topics
• South Asia
• Healthcare
• Expansion
• North America
• India
• Everstone Capital
• Growth capital
• Pharmaceuticals