Drug Discovery Firm Panacea Biotec Raises $144 Mn from Resurgence Fund

SUMAN CHAUDHARY | April 9, 2019

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New Delhi-based Panacea Biotec, a research-based pharmaceutical and health management company, has raised 992 crores/ US $144 million from India Resurgence Fund (‘IndiaRF’), promoted by Piramal Enterprises Limited and Bain Capital Credit, announced Piramal in a press release. The funds raised will be used for a one-time settlement with existing lenders, general working capital and growth requirements of the Company. The funding of Panacea comes within few days after an another research and drug delivery company Rubicon Research Pvt. Ltd, raised $100 million from General Atlantic, a New York-based global growth equity venture capital (VC) firm. This investment is structured by way of Non-Convertible Debentures (NCDs) of up to INR 864 crores and subscription amount of INR 32 crores towards share warrants to be allotted on a preferential basis. The subscription amount represents 25% of total amount of INR 128 crores proposed to be raised upon issuance of equity shares against warrants as per SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. Subject to exercise of warrants, IndiaRF (along with its affiliates) will collectively end up owning 10.4% stake in the company on a fully diluted basis.

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