Life Sciences and healthcare-focused private equity firm InvAscent has picked up a minority stake in Sunways India by investing Rs 120 crore ($15 million) from its India Life Sciences Fund III (ILSF III).
Sunways specialises in the manufacturing and marketing of ophthalmology formulations.
Sunways will use the capital for capacity addition, international expansion and acquisitions.
Founded in 1951 by Kantilal Shroff, the Mumbai-headquartered Sunways is a leading domestic manufacturer and marketer of ophthalmic formulations. The company also exports to over 10 countries.
“Having a strong foundation built over 70 years and three generations, Sunways is well established to progress into the next phase of growth sprint domestically and in the international markets. This growth would be supported by organic and inorganic expansion,” said Bhadresh Shroff, chairman of Sunways.
“Sunways has built its domestic presence and scale over time and remains one of the top 10 pharmaceutical companies under the ophthalmology category. It is poised to benefit from the new facility expansion and geographic footprint,” said Sumit Gupta, managing director of InvAscent.
InvAscent has so far raised $500 million from global investors since its founding in 2007 and deployed the same in over 30 companies.
Sunways was advised by Orbit Financial Capital (‘OFC’) as the exclusive financial advisor to the transaction.