Indian pharma firm seeks PE investments
Pharmaceutical firm Zenox Lifesciences Limited looks to raise INR6 crore ($1.3 million) in private equity investments - funding allocated to business expansion measures such as acquisitions.
According to local reports, the young firm hopes the investment will jumpstart business expansion, with the aim to launch operations across India within the next two to three years. Its foundation lies in the development of products to remedy common ailments.
The Indian company was founded in June of this year by S. Arulrhaj, President of the Common Wealth Medical Association, and S.A. Manikandan, former CEO of Strides Pharmaceuticals and former co-founder & MD of Grandix Pharmaceuticals Ltd. The promoters reportedly invested INR4 crore ($856, 920) the company. "We expect to have a turnover of INR15 crores ($3.2 million) in the first six months of operations. We hope to increase the turnover to INR40 crores ($8.6 million) by the end of the financial year 2011-12 and to INR100 crores ($21.4 million) by 2012-13 by organic and inorganic means," said Manikandan of the company's short-term goals.
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