Healthcare & Life Sciences
VedaCorp advised Fleming Laboratories, a leading API player on its INR 1,100 Mn investment from Invascent
About
Fleming Laboratories
Headquartered in Hyderabad, Fleming is a backward integrated API manufacturer with global leadership in select muscle relaxant, anti-arthritis, and antihistamine APIs with two regulatory-approved manufacturing units. The company sells to customers in over 65 countries across Latin America, Europe, Asia, and MENA. For more information, visit https://www.fleminglabs.com
InvAscent
InvAscent is the investment advisor to a family of funds that operate under the name “India Life Sciences Fund” or ILSF. It has so far raised ~ USD 500 Mn from global investors across three funds and deployed the same in 35 companies across Pharma, Healthcare Delivery, HealthTech, Medical Devices, and Animal Health industries. The investment team at InvAscent has deep domain expertise and a track record of value creation in the Life Sciences space. For more information, visit https://www.invascent.com/
Background
We are pleased announce that our client, Fleming Laboratories (“Fleming”), a fast growing active pharmaceutical ingredient (API) player, has raised INR 1,100 Mn for a minority stake from India Life Sciences Fund (“InvAscent”), a leading Health Care and Life Sciences focussed mid-market Private Equity Fund.
Fleming, headquartered in Hyderabad, is a backward integrated API manufacturer with global leadership in select muscle relaxant, anti-arthritis, and antihistamine APIs. With over two decades of pharma experience, professional turned entrepreneurs JM Prakash & B Shivakumar picked up a controlling stake in Fleming Laboratories in 2015 and have turned it into a growing, debt-free, and profitable business.
The primary investment will help the Company build its 3rd manufacturing unit and support its foray into Fermentation-based API manufacturing.
Veda Corporate Advisors (“VedaCorp”) was the exclusive financial advisor to the Company and its Promoters. VedaCorp provided comprehensive transaction advisory services covering identification of prospective investors, strategic positioning including deal structuring, negotiation of key commercial terms, leading to the successful closure of the transaction.
This is the 6th successful pharma deal for VedaCorp in the last 24 months translating to cumulative fund raise of $ 500 Mn.
“VedaCorp, as our advisors gave more than 100% to make this deal go through. Gana, who was leading this transaction went beyond the scope of his work to make this complicated transaction sail through. We would like to place on record our sincere appreciation for Team VedaCorp for the stellar work they did”
JM Prakash
CEO & Managing Director, Fleming
“The dynamic duo of Mr Prakash & Mr Shiva leverage on their respective strengths and have transformed Fleming over the years into a growing business with market leadership in the molecules that they operate. Continued focus on product selection strategy & with add-on capabilities, we believe the partnership with InvAscent will put the Company in a higher growth trajectory over next 5 years”
S Ganapathiraman
Managing Director, Veda Corporate Advisors