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Pharmaceutical company La Renon raises $30 million from A91 Partners

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La Renon annual meet

Ahmedabad-based pharmaceutical company La Renon has raised $30 million (₹220 crore) from A91 Partners.

Following the transaction, A91 Partners now holds around 5-6% stake in La Renon, whose valuation has jumped to $500 million (₹3,672 crore), according to a report by ET.

This is a five-fold jump in value since the last round in 2015, when Sequoia Capital infused $16 million (₹100 crore) to own 12.5% of the company.

Also read: Healthtech startup Meddo raises $3 million in pre-Series A round

The chronic segment

Le Renon Healthcare was founded in 2008 by Pankaj Singh. It makes drugs for chronic diseases, catering to segments such as Nephrology, Critical Care, Neurological Disorders, Urology, Gastroenterology, Respiratory, Cardio Metabolic and Gynecology.

Within 10 years of inception, it became one of the top 40 pharma company in India, and currently sits at 34th position. The company has a hold of over 30% of the nephrology drug segment in India.

Globally, the company sells its drugs in 25 countries including Germany in Europe, Latin America, Africa, Middle East and Southeast Asia.

Enhance and Expand

The company also revealed its financials for FY20, which stood at a gross sales of around ₹800 crore ($108 million) and earned ₹150 crore ($20 million) before interest, tax, depreciation and amortization (Ebitda)

It will use the fresh capital to strengthen its product portfolio and R&D capabilities. It will also expand its international market in Europe, UK, Australia and Brazil. Recently, La Renon enhanced its manufacturing plant to make it compliant with accreditations in those countries.

Also read: Abu Dhabi-based ADQ acquires 1.8% stake in Biocon Biologics for $75 million

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