Drug manufacturer Shasun Pharmaceuticals Ltd has appointed Sunny Sharma, a senior managing director (Asia) of OrbiMed Advisors as an additional director. This has come after OrbiMed, one of the world’s largest healthcare-dedicated investment firms, has acquired close to 12 per cent stake in the mid-size drug-maker by investing Rs 50 crore ($10 million).
Sharma has more than 14 years of experience in life sciences sector with focus on venture capital, investment banking and clinical practice. Prior to joining OrbiMed four years ago, he was working with Investor Growth Capital (IGC). Earlier, he had also worked for Easton Capital & Lehman Brothers' healthcare investment banking group in London.
Sharma started his career as a medical practitioner after getting an MBBS degree from Christian Medical College, Ludhiana. He went on to complete his MBA from IIM Bangalore before moving into the financial field.
Incorporated in 1976, Chennai-based Shasun Pharmaceuticals (formerly Shasun Chemicals and Drugs Ltd) manufactures and sells active pharmaceutical ingredients (APIs), intermediates and related products. The company has strategic marketing arrangements with Glenmark and Alpharma. It employs more than 1400 people in India, the UK and the USA, and operates its API facilities at Cuddalore and Pondicherry in South India and at Dudley in the UK.
Funds raised from OrbiMed would be used to part-finance the ongoing capital expenditure plans of the company for FY13, which includes building a new manufacturing facility in Vizag.
Shasun is OrbiMed’s third investment in India. Two years ago, it had invested a similar amount in bio-pharmaceutical company Bharat Serums and Vaccines Ltd and prior to that, it had put in an undisclosed amount in Bangalore-based Ecron Acunova.
OrbiMed manages a series of venture capital and public equity investment funds, and has assets under management of over $6 billion globally.