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Fleming labs secures $13.23 mn Investment from InvAscent for Expansion
Articles- Dec 20,23
Fleming, recognised for its global leadership in specific muscle relaxant, anti-arthritis, and antihistamine APIs, operates with two regulatory-approved manufacturing units and serves customers in over 65 countries spanning Latin America, Europe, Asia, and MENA.
Hyderabad-based active pharmaceutical ingredients (API) manufacturer, Fleming Laboratories, has secured Rs 110 crore (approximately $13.23 million) in funding from private equity investor InvAscent, through India Life Sciences Fund IV, in exchange for a minority stake.
Fleming, recognised for its global leadership in specific muscle relaxant, anti-arthritis, and antihistamine APIs, operates with two regulatory-approved manufacturing units and serves customers in over 65 countries spanning Latin America, Europe, Asia, and MENA.
The funds raised will be utilised to expand capacity, as well as to research, develop, and launch new molecules. Fleming aims to construct its third manufacturing unit and venture into Fermentation-based API manufacturing with the primary investment.
Expressing optimism about the partnership, JM Prakash, CEO & Managing Director of Fleming, stated, "Fleming is in an exciting phase of growth, and we think it is the right time for us to partner with InvAscent as we begin our next phase of growth."
Nithya Govind, Managing Director at InvAscent, acknowledged Fleming's rapid growth, citing their exceptional chemistry skills and operational capabilities. In 2023, InvAscent has made four new investments and exited five portfolio companies.
InvAscent, acting as the investment advisor for the India Life Sciences Fund, has raised $500 million from global investors across three funds. The fund has been deployed in 35 companies across various sectors, including pharma, healthcare delivery, healthtech, medical devices, and animal health industries.
Veda Corporate Advisors served as the exclusive financial advisor to Fleming and its promoters in this transaction.
Source: Economic Times
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