Corporate Updates

Shilpa Medicare receives $25.5 mn funding from US investor

Indian drug ingredients maker Shilpa Medicare Ltd has received Rs 172.425 crore ($25.5 million) from US-based private equity investor TA Associates Management Lp, acquiring 3.7 per cent stake in thecompany.

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Hyderabad-based Shilpa Medicare’s board has allotted 3.025 million shares to TA Associates at Rs 570 apiece, the company said in a stock-exchange filing.

TA Associates Director Naresh Patwari will join Shilpa Medicare’s board as an additional director, a statement said.

The Hyderabad-based firm is backed by PE firms including Tano Capital, which has an 8.01 per cent stake, and Baring India, which owns a 9.22 per cent stake, in the company.

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Shilpa Medicare makes ingredients that are used to make anti-cancer drugs and anti-retroviral drugs. The firm also makes active pharmaceuticals ingredients for drugs used totreat multiple sclerosis, immunosuppressant and is building a pipeline of novel drug delivery systems and biotech products, according to the company website.

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