December 20, 2023

InvAscent, through India Life Sciences Fund IV (ILSF IV), has invested INR 1,100 Mn to acquire a minority stake in Fleming Laboratories, a leading active pharmaceutical ingredient (API) player headquartered in Hyderabad. The Company intends to expand capacity and to develop and launch new molecules.

The year 2023 has been a stellar one for InvAscent. It has made four investments and exited from five portfolio companies during the year.

JM Prakash, CEO & Managing Director, Fleming, said: “Fleming is in an exciting phase of growth and we think it is the right time for us to partner with InvAscent as we begin our next phase of growth. We believe we can leverage on the deep understanding of Ms. Nithya, Mr. Paritosh and the InvAscent team in the pharma API space for a mutually rewarding partnership”.

Nithya Govind, Managing Director, InvAscent, said, “with great chemistry skills and excellent operational capabilities, Fleming has established itself as one of the fastest growing API companies in the country.  We are very excited to partner with Prakash, Shiva and the entire team of Fleming, as they embark on an expansion plan with two more facilities being added shortly.”

Veda Corporate Advisors (“Veda”) was the exclusive financial advisor to the Company and its Promoters.

With over two decades of pharma experience, professional turned entrepreneurs Jeyamuruga Prakash & B Shivakumar picked up a controlling stake in Fleming Laboratories in 2015 and have turned it into a growing, debt-free, and profitable business. The primary investment will help the Company build its third manufacturing unit and support its foray into fermentation-based API manufacturing.

About Fleming

Headquartered in Hyderabad, Fleming is a backward integrated API manufacturer with global leadership in select muscle relaxant, anti-arthritis, and antihistamine APIs with two regulatory-approved manufacturing units. The company sells to customers in over 65 countries across Latin America, Europe, Asia, and MENA.

For more information about Fleming, please visit https://www.fleminglabs.com/

About InvAscent

InvAscent is the investment advisor to a family of funds that operate under the name “India Life Sciences Fund” or ILSF. It has so far raised ~ USD 500 Mn from global investors across four funds and deployed the same in 35 companies across Pharma, Healthcare Delivery, HealthTech, Medical Devices, and Animal Health industries. The investment team at InvAscent has deep domain expertise and a track record of value creation in the Life Sciences space.

For more information about InvAscent, please visit https://www.invascent.com/