Dr Chava Satyanarayana, founder and CEO of Laurus, also participated in the round.
Laurus makes APIs for anti-retroviral (HIV-AIDS), oncology, nutraceutical and several other products serving large generic pharmaceutical companies in India and abroad, and also has a fast-growing contract research and manufacturing business.
In 2007, the company entered into a partnership with US-based Aptuit, a provider of contract R&D services to the global pharmaceutical industry. The company has grown since its first full year of commercial operations in 2008, recording revenues of around $60m in 2010.
Raj Dugar, a senior managing director at FIL Capital Advisors in India, the private equity advisory arm for FGPI, said, “We are very excited to partner with Dr Satyanarayana and his superb management team. In a short span of time, Laurus has established global leadership positions in its key product offerings, built world-class infrastructure and serves a top-tier customer base. The company continues to drive innovation in its strong product pipeline of difficult-to-make molecules, which we believe will help it build a long-term defensible business.”
FGPI has also previously invested in India-based Manthan Systems, a provider of analytic products for global consumer packaged goods and retail industries. The company secured $15m in Series B funding, led by FGPI and with existing shareholders IDG Ventures India and DFJ ePlanet Ventures also participating.
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