Ex-Biocon team, Symbio Generrics completes capital raise from Ascent Capital
The funds raised from Ascent will be utilized towards undertaking strategic acquisitions, establishing a best-in-class R&D facility, and ramping up manufacturing capacity.;
Bangalore: Symbio Generrics India Private Limited, a specialized Active Pharmaceutical Ingredients (API) & Intermediates manufacturing and marketing organization, has announced that it has completed an equity capital raise from Ascent Capital, a growth-capital-focused private equity fund.
Symbio was founded by pharmaceutical professionals, Salim Shaikh and Abhijit Kale. They were soon joined by the third promoter, Akash Puranik; all of whom possess decades of experience in the global pharmaceutical industry. "Ascent Capital's sizeable investment in Symbio will further accelerate the company's expansion plans and sets the company's en route to emerge as a top-10 manufacturer of APIs in India," the release stated.
The funds raised from Ascent will be utilized towards undertaking strategic acquisitions, establishing a best-in-class R&D facility, and ramping up manufacturing capacity. The company's R&D Centre is housed in Bengaluru while the manufacturing plant is located at Dobbaspet, Bengaluru. The Company is in the process of acquiring another manufacturing facility in India.
Commenting on the fundraise, Salim Shaikh, Executive Chairman & Founder of Symbio Generrics, said, "We are glad to be associated with Ascent Capital which has a reputation of partnering with entrepreneurs to build leading businesses in India. The sizeable investment from Ascent Capital will add power to our next growth spurt and enable us to emerge as a top-10 API company in India. We are setting ourselves a medium-term goal of growing rapidly into a sizeable company by leveraging the strength of our team and expanding our horizons to actively serve the global API market."
Read also: Biocon Biologics collaborates with Yoshindo to commercialize bUstekinumab, bDenosumab in Japan
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