Advertisement

Marksans Pharma Raises Rs 372.4 Cr In Equity Via Warrants Issued To Promoter & OrbiMed

Mumbai based pharmaceutical firm Marksans Pharma on Friday said that it has raised Rs 372.40 crores through the conversion of warrants into equity shares by OrbiMed Asia, and Mark Saldanha (Promoter of the Company), the company said in a regulatory filing

Mumbai based pharmaceutical firm Marksans Pharma on Friday said that it has raised Rs 372.40 crores through the conversion of warrants into equity shares by OrbiMed Asia, and Mark Saldanha (Promoter of the Company), the company said in a regulatory filing. 

OrbiMed is a global healthcare investment firm with over USD 18 billion in assets under management. The pharma company informed that the warrants are converted at a price of Rs 74 per share.

The convertible warrants were issued to OrbiMed and the Promoter of the company on July 23, 2021, at a price of Rs 74 per warrant. The company received Rs 93.09 crores in July 2021 and with the conversion, the balance amount of Rs 279.29 crores have also been received by the Company in January 2023. OrbiMed Asia IV Mauritius FVCI will own a 10.88 per cent stake in the company and the promoter stake will be 43.80 per cent. OrbiMed's exercise of warrant conversion will further strengthen the Company's net cash position to over Rs 650 crores. 

Mark Saldanha, Managing Director of the Company, commented on the fundraise, "We thank OrbiMed for believing in Marksans and supporting us in our growth journey to become a global pharmaceutical company. Our strategic partnership will be bolstered through OrbiMed's deep global healthcare experience. The warrant conversion has augmented our already strong balance sheet. Marksans is now well-positioned to execute the next leg of growth. Marksans strives to generate cantinuous shareholder returns by incorporating best governance practices and OrbiMed's canversion underpins our endeavour. We continue to value the expertise of Dr. Sunny Sharma on Marksans Board." 

Commenting on the conversion, Dr Sunny Sharma, Senior Managing Director of OrbiMed Asia said "Marksans Pharma has built a strong global private label and own-brand OTe business. Mark and the management team have delivered robust growth over the past few years. We look forward to continued execution on the company's differentiated business model."


Tags assigned to this article:
marksans pharma OrbiMed fund raising fund raise

Advertisement

Around The World