Slayback Pharma raises fresh funds from PE firm Everstone Group2 min read . Updated: 06 Jan 2020, 10:26 PM IST
- In December 2016, global investment firm KKR had invested $60 million in the firm
- It operates out of its Singapore, Mumbai, Delhi, Bengaluru, London, New York and Mauritius offices
MUMBAI : Everstone Group, a private equity and real estate investment firm that focuses on India and South-East Asia, on Monday said it has invested $50 million in the Series B funding of New Jersey-based Slayback Pharma Llc.
“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. We are excited to become a part of Slayback as it is poised for its next wave of growth," Sameer Sain, co-founder and chief executive, Everstone, said in a statement.
The company was founded in 2011 by Ajay K. Singh, who was earlier vice-president of strategy, portfolio and business development for the North American generics division at Indian drugmaker Dr Reddy’s Laboratories Ltd. Slayback focuses on complex generic and speciality pharma products, and has operations in the US, India and Europe.
The company plans to utilize the capital to expand and further accelerate its pipeline of products. “We are delighted to partner with Everstone in our quest for smart solutions to complex pharmaceutical challenges. Their experience in investing in and building pharmaceutical businesses with a focus on regulated markets will help turbo-charge our growth pipeline of complex and speciality products," said Singh, who is also the chief executive officer of Slayback.
After the completion of this investment, Arjun Oberoi and Puncham Mukim, managing directors at Everstone, will join Slayback’s board of directors.
In December 2016, global investment firm KKR had invested $60 million in the firm.
Slayback, which has a team of 85 employees, had filed an abbreviated new drug application (ANDA) for Hydroxyprogesterone 5 ml vial last year. This was the first generic ANDA to be approved and launched in the US, for which Slayback continues to hold the largest market share. The firm also produces Propofol Injectable Emulsion.
Everstone Capital, co-founded by former Goldman Sachs executives Sameer Sain and Atul Kapur, has assets of $5 billion under management across private equity, real estate, green infrastructure and venture capital. It operates out of its Singapore, Mumbai, Delhi, Bengaluru, London, New York and Mauritius offices.
Its private equity investments include the Burger King restaurant chain in India and Indonesia, customer experience management (CEM) firm Servion Global Solutions, auto components maker SJS Enterprises, non-banking financial company Hinduja Leyland Finance, branded bread maker Modern Foods Industries (India), salon chain YLG SALON (R&R Salons) and C3, a global CRM solutions provider.