Shasun Pharmaceuticals has announced that the extraordinary general meeting of shareholders has approved the preferential allotment to Caduceus Mauritius Asia Ltd, a wholly-owned subsidiary of OrbiMed Asia Partners. The company will allot 65,78,947 equity shares at Rs 76 a share, aggregating Rs 50 crore.
Mr Abhaya Kumar, Managing Director of Shasun said, “This investment reflects the confidence of a global healthcare fund in the fundamentals of Shasun and its prospects. We are confident that their global expertise of over two decades in the health care sector will benefit Shasun over the long term.”
Dr Sunny Sharma, Managing Director of OrbiMed Advisors India, said, “Shasun has a long history of partnering with top pharmaceutical companies…We look forward to working with Abhaya and his team towards continued growth…”
Malabar Capital Advisors was the financial advisor to Shasun on this transaction.
Through the issue, Shasun plans to raise long-term funds to part finance its capital expenditure and long-term working capital requirements.
The holding of financial institutions, banks and mutual funds will come down to 14.57 per cent from 16.54 per cent. Public shareholding will come down to 27.69 per cent from 31.44 per cent.
Caduceus is the investment arm of Orbited, a US-based private equity fund focused on the healthcare sector. OrbiMed's earlier investments are in Bharat Serums and Vaccines and Ecron Acunova, a Manipal group-owned clinical research organisation.