Eywa Pharma Pte Ltd. ("Eywa" or "company"), a Singapore-based generic pharmaceutical company has today announced that Eight Roads Ventures India (the proprietary investment arm of FIL, Fidelity International Limited) , US-based F-Prime Capital Partners and Envestor Ventures Limited together with its affiliates (part of the Shriram Group, Chennai, India), have agreed to invest $30M in the company. Terms of the transaction were not disclosed.
Eywa was incorporated in 2015 with a vision to provide reliable and affordable generic pharmaceuticals for patients globally. The company has established subsidiaries in India, the US and the UK, and is currently building a portfolio of niche generic products for the US, UK and European markets. It has also established a state-of-the-art R&D centre in Chennai for development of finished dosage forms.
The company has been founded by S. Srinivasan and R. Jayakumar, both senior pharmaceutical executives with over two decades of international experience. Srinivasan was formerly the India CEO for the global pharmaceuticals major Mylan and held various senior roles with Mylan including being the Head of Global Emerging Markets. Before founding Eywa, Srinivasan was the Managing Director of Shriram Venture Limited, the holding entity for the various industrial businesses of the Chennai-based Shriram Group. Jayakumar served with Mylan across various international roles, including as Head of Global Business Development and Head of Regional Technical Operations for EMEA.
As part of the investment, Dr. Prem Pavoor, Partner at Eight Roads Ventures and Dr. Ketan Patel, Partner at F-Prime Capital Partners will join the board at Eywa. In addition, Mr. H.R. Srinivasan, Vice Chairman and Managing Director, TAKE Solutions Limited and Mr. D.V. Ravi, Managing Director, Shriram Capital Limited, will also join the board of the company, representing Envestor Ventures Limited.
Commenting on the transaction, S. Srinivasan, co-founder and Vice Chairman of Eywa Pharma said, "Eywa is ideally positioned to cater to the opportunities in the global generic pharmaceutical business, based on its focused approach on product selection, a strong relationship network and a motivated, empowered and dedicated team. We are excited at the opportunity of partnering with Eight Roads and the Shriram Group and are confident that their deep insight and knowledge in nurturing successful businesses will fuel Eywa's growth prospects."
"We remain excited about the generics pharmaceutical opportunity in the regulated US and European markets," said Dr. Prem Pavoor, Partner at Eight Roads Ventures. "We believe that a team that brings a strong combination of product portfolio selection, supply chain and regulatory expertise will find success in these geographies, despite competition. Eight Roads Ventures looks forward to partnering with Srinivasan and Jayakumar in this phase of Eywa's growth."
About Eywa Pharma
Eywa is a global generic pharmaceutical company engaged in research and development, manufacture, marketing, sale, and distribution of generic finished dosage formulations.
A 15000 sq. ft. state of the art, world class lab for development of solid oral dosage forms has been established in Ticel Bio Park, Chennai, India. A portfolio of 15 products for the US, UK and European markets is under active development. The Company is well placed to develop and file ANDAs/MAs for a portfolio of 10-12 products on an annual basis.
About Eight Roads Ventures
Eight Roads Ventures India (ERVI, formerly known as Fidelity Growth Partners) is the proprietary investment arm of FIL, Fidelity International Limited. ERVI seeks to invest in high-quality, high-growth companies in India across a broad range of sectors. ERVI is committed to making the companies it invests in leaders in their industries through access to patient capital with a long term investment mindset, a powerful network of resources and a team of investment professionals with a proven track record of success. Eight Roads Ventures, Eight Roads, Fidelity, and Fidelity Growth Partners India are trademarks of FIL, Fidelity International Limited.
For more information, please visit http://www.eightroads.com/