Asset management firm 360 ONE Asset on Thursday said it has invested in OneSource Specialty Pharma, a fast-growing Contract Development and Manufacturing Organization (CDMO) by acquiring a stake from an existing investor for an undisclosed amount.
360 ONE didn’t disclose details such as the size of investment, valuation and the investor from whom it is acquiring the stake.
“We are delighted to back OneSource, and its stellar team that has built a wide portfolio of capabilities,” said Tarun Sharma, fund manager, Healthcare and Consumer at 360 ONE Asset.
“The company’s leadership in large molecules, complex injectables, and drug-device combinations positions it perfectly for the next phase of growth,” Sharma added. Sharma sid ONE Asset will support OneSource in innovation and global expansion.
ET in September reported quoting sources that OneSource is in discussions with a clutch of investors including White Oak Capital, Swiss fund HBM Healthcare Investments, Tybourne Capital and 360 ONE, to raise about $200 million (Rs 1,670 crore).
OneSource last month announced that it has raised $95 million (801 crore) from domestic and foreign institutional investors and family offices, in the pre-listing round. The fundraise was being led by HBM Healthcare Investments and associated investors, with the additional participation from WhiteOak Capital, Param Capital, Motilal Oswal, Enam Holdings and SBI Life Insurance. OneSource was valued at a pre-money equity valuation of $1.65 billion.
Strides in September last year announced the creation of OneSource, the specialty pharma pure-play CDMO player by integrating Stelis’ Biologics CDMO, SteriScience’s Complex Injectables, and Strides’ Soft Gelatine businesses in a single entity by way of Scheme of Arrangement. The scheme of arrangement was approved by NCLT, Mumbai Bench. OneSource is in the process of listing its shares on stock exchanges.
In 2021, Stelis Biopharma, associate company of Strides raised $195 million (?1,400 crore) from investors led by TPG Growth, at a post money valuation of $350 million (Rs 2,537 crore). Besides TPG, other investors, Route One, Think Investments and the Mankekar Family also invested in Stelis.
OneSource has manufacturing capabiliites in biologics, drug-device combinations, complex injectables, and soft gelatin capsules manufacturing. It also has expertise to develop and manufacture complex products such as weight loss GLP-1 drugs and novel biologics. The company has five manufacturing facilities including four US-FDA-approved sites and a team of over 1,200 employees, including over 100 scientists and techno-commercial experts.
Indian CDMOs are seeing a lot of interest from PE investors as global pharma companies are outsourcing production to keep costs low and de-risking their supply chain.
Source: Economic Times