Former Mylan execs’ drug firm Eywa gets PE funding from Eight Roads, F-Prime Capital
Eywa | Photo Credit: Thinkstock

Eywa Pharma Pte Ltd said on Tuesday it has raised $30 million (Rs 200 crore) from investors including private equity firms Eight Roads Ventures India and US-based F-Prime Capital Partners.

Envestor Ventures executives DV Ravi and HR Srinivasan also put money in this round, the generics drugmaker said in a statement.

Eywa was incorporated in Singapore in 2015 but has a manufacturing base and R&D facility in Chennai for making finished dosage forms. The company is building a portfolio of niche generics products to cater to the European and UK markets, Eywa said.

The company was founded by S Srinivasan and R Jayakumar, who are former Mylan Pharmaceuticals executives.

Prior to founding Eywa, Srinivasan was the India CEO at Mylan and  managing director at Shriram Venture Ltd, the holding entity for the various industrial businesses of the Chennai-based Shriram Group. Jayakumar was previously Mylan’s head of global business development, the statement said.

Ewya is working on a portfolio of 15 products for the US, UK and European markets. It aims to develop and file applications for new drugs or for marketing authorisation for 10-12 products annually, the company said.

As part of this investment, Prem Pavoor, partner at Eight Roads Ventures; Ketan Patel, partner at F-Prime Capital Partners; HR Srinivasan and DV Ravi will join the board of the company, it said.

F-Prime is a venture capital fund focused on life sciences under Fidelity and Eight Roads is the rechristened PE arm of Fidelity.

HR Srinivasan and Ravi also work for the Shriram Group; the former is vice chairman and managing director at TAKE Solutions Ltd while the latter is managing director at Shriram Capital Ltd.

Broadly, Eight Roads looks at consumer, healthcare and technology sectors for investments. For the PE firm, this is another pharmaceuticals investment.  

“We remain excited about the generics pharmaceutical opportunity in the regulated US and European markets,” said Pavoor. “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 invested in Cipla Consumer Healthcare earlier this year. The firm has also backed medical equipment maker Trivitron Healthcare Pvt Ltd.

It is looking to part-exit from Vishakapatnam-based drugmaker Laurus Labs during the company’s initial public offering.

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