New York-based global growth equity venture capital (VC) firm, General Atlantic, is investing $100 million in Mumbai-based contract research and drug delivery company Rubicon Research Pvt. Ltd, for a significant stake, announced Rubicon in a press release.
With this funding, Rubicon is also launching a “Grow Together” initiative through which Rubicon will back, with both capital and strategic support, seed and early-stage ventures founded by entrepreneurs and innovators in the traditional pharmaceutical domain as well as allied domains involving the application of emerging technologies like Artificial Intelligence (AI), continuous manufacturing and big data in the pharmaceutical industry, to achieve Rubicon’s key goals of Innovation, Quality and Care.
Proposals received by Rubicon from such entrepreneurs and innovators from across the globe, who are looking for financing and partnerships, will be confidentially reviewed by the CEO’s office to evaluate their fit into Rubicon’s stringent science criteria.
General Atlantic, which is also a major investor in Edtech startup BYJU’s [refer here], has acquired the stake held by Rubicon Research’s existing private equity shareholders. The company however did not disclosed the names of investors who sold its shares to General Atlantic.
With this investment from General Atlantic, Rubicon intends to focus its efforts on bringing to market innovative medicines to solve fundamental patient needs through the use of its proprietary drug delivery technologies, as well as increase its manufacturing footprint across the world. Further, General Atlantic is partnering with Rubicon to create an innovation platform through both strategic organic and inorganic growth initiatives.
Rubicon holds more than 50 issued patents in drug delivery technologies and with its new R&D centre can develop pharmaceutical products across dosage forms. The manufacturing facility located in Ambernath (India) has global regulatory approvals for commercial supply of oral solid dosage forms. Rubicon also has a marketing office based in New Jersey, USA.
In October 2016, Private equity firm Everstone Group has bought a controlling 70% stake in Rubicon Research for US$33 million (about Rs 220 crore, at that time).
Founded in 2001, by Mrs. Pratibha Pilgaonkar (CEO), Mr. Sudhir Pilgaonkar (CFO) and Ms. Maharukh Rustomjee(COO), Rubicon has established itself as a well-recognized outsourcing partner to the global healthcare and pharmaceutical industry. Rubicon holds more than 50 issued patents in drug delivery technologies and with its new R&D centre can develop pharmaceutical products across dosage forms. The manufacturing facility located in Ambernath (India) has global regulatory approvals for commercial supply of oral solid dosage forms. Rubicon also has a marketing office based in New Jersey, USA.
“We welcome this partnership with General Atlantic and believe that with their growth focus, capital resources, strategic outlook and global connectivity, Rubicon will be able to accelerate its growth through organic and inorganic efforts. With initiatives like “Grow Together”, Rubicon intends to bring to market innovative technologies and medicines to improve the quality of patient’s lives”, said Mrs. Pratibha Pilgaonkar, Founder and Chief Executive Officer of Rubicon.
Sandeep Naik, Managing Director and Head of India & Asia-Pacific, of General Atlantic, and Shantanu Rastogi, Managing Director of General Atlantic, focusing on investments across the firm’s core sectors of Financial Services, Healthcare, Consumer and Technology in India & the Asia-Pacific region, will join the board of Rubicon. “We have been extremely impressed by the Rubicon team and the quality of the company’s R&D. Rubicon’s innovative technology platforms are a real differentiator and position the company to sustain its strong growth in the complex and specialty generics market”, said Sandeep Naik. General Atlantic will work with Rubicon on a number of strategic initiatives including inorganic growth and geographic expansion of the company’s existing footprint. “We are excited to partner with Mrs. Pilgaonkar and the entire Rubicon team to build Rubicon into an innovation-led leader in the global pharmaceutical market”, added Shantanu Rastogi.
Torreya Partners, a boutique healthcare investment bank, was the sole financial advisor for Rubicon on this transaction.
Via ~ Dealstreet Asia