Remdesivir manufacturer BDR Pharma raises Rs 685 Cr at a valuation of $95M
BDR Pharma, which manufactures Remdesivir, has raised Rs 685 crore from a consortium of investors led by Multiples Private Equity.
, which manufactures COVID-19 approved drug Remdesivir, has raised Rs 685 crore from a consortium of investors led by Multiples Private Equity. The latter will gain a stake of 9.3 percent from this deal. The pharma giant is now valued at Rs 7,365 crore, which translates to about $95 million.
Other investors that took part in the round include the investment arm of Times Group, QRG Invest (Havells Family Office), and high net worth individuals Nishant Agarwal of Avighna Group and Mallika Srinivasan of TAFE.
Commenting on this development, Dharmesh Shah, BDR Pharma's Chairman said, "We are looking forward to accelerating our growth journey with trusted investors having a deep understanding of the sector, and regulatory environment and who bring first-hand experience in working with innovative, high-growth companies."
Manish Gaur, Managing Director and Head of Healthcare at Multiples, said, "Healthcare, as an industry is highly promising in India and Multiples, brings strong sector expertise with investments in companies across the value chain. Animal health, Formulations and Hospitals are some segments where we have backed companies with strong differentiation, and high-quality entrepreneurs and management teams."
He further added that Multiples is thrilled to be the first private equity partner of the company.
They will utilise these funds to build additional research and development capabilities in current and emerging areas, accelerate investments in manufacturing capacity expansion and enhance the degree of vertical integration. It will also explore and pursue inorganic opportunities to build scale.
The Mumbai-based company hit the headlines in the wake of COVID-19 for manufacturing two critical drugs Remdesivir and Favipiravir. The company's income shot up, doubling to Rs 1137.71 crore in FY21, compared with Rs 552.3 crore in FY20.
Edited by Saheli Sen Gupta