[Logcheck-devel] Avesthagen to raise $60 mn in complex deal from Cayman-based fund:To transfer a chunk of its biosimilar IPR to new company to f

Alvin Donovan donovan at epfundspc.com
Sun May 13 19:28:30 UTC 2012








Avesthagen to raise $60 mn in complex deal from Cayman-based fund
To transfer a chunk of its biosimilar IPR to new company to facilitate fund raise 

http://www.business-standard.com/india/news/avesthagen-to-raise-60-mn-in-complex-dealcayman-based-fund/473981/

Avesthagen, the Bangalore-based life-sciences company
is understood to be closing a complex fund raise of 
$60 million from Cayman-based investment company Equity 
Partners Fund (EPF). Avesthagen is banking on its 
biosimilars portfolio for this funding.
 
Under the proposed funding, Avesthagen is expected to 
form a new company, most probably in Switzerland, the 
shares of which can be listed at the General Standard 
of Stock Exchange in Frankfurt. 

The new Swiss company is expected to hold an Indian entity 
and in this Indian entity, Avesthagen will transfer eight 
intellectual property assets pertaining to Avesthagen’s 
biosimilar portfolio which comprises a substantial part 
of Avesthagen Ltd’s value. It is understood that Hong 
Kong-based Key Capital is advising Avesthagen on this 
transaction. When Business Standard contacted Avesthagen 
CMD Villoo Morawala Patell for her views on the funding, 
she said they will be able to discuss aspects next week.
 
In all probability, a special private placement may be 
entered into between Avesthagen Group Entity and EPF whereby 
Avesthagen Group Entity will have the ability to draw down 
the investment through the issuance of stock exchange-listed 
shares to the Investor. Avesthagen would control the timing 
and amount of any draw down subject only to a share trading 
price and draw down limitation mechanism.
 
Avesthagen is going in for this structure to align with EPF 
investment philosophy. EPF usually funds companies through 
the purchase of the shares based on a small discount off a 
value weighted average price formula and does not provide 
upfront funding.
 
It is further understood that Avesthagen Group Entity may 
draw down proceeds for working capital, general corporate 
purposes, acquisitions, pass through, reverse merger or 
takeover.
 
If Avesthagen succeeds in this complex fund raise, it will 
add to the long list of its funding history. Avesthagen is 
among the top few private equity funded companies having 
raised funding from ICICI Ventures, Tata Group, Godrej, 
Cipla, Danone, New York Life among others in various of 
its projects.

Equity Parters Fund SPC seeks listed public companies 
with good management teams to grow their companies through 
organic expansion, acquisitions, consolidations/rollups.

Referral fees paid on success.

Please email me now at donovan at epfundspc.com and link with me 
on linkedin/finroad to donovan at epfundspc.com 
and http://twitter.com/AlvinDonovan so we can find out more about each other.

All the best,
Alvin Donovan
Managing Director
Equity Partners Fund SPC 
http://equitypartnersfund.com/
My blog= alvindonovanblog.com
Join me on Linkedin http://sg.linkedin.com/in/alvindonovan
Follow me on http://twitter.com/AlvinDonovan
Skype: alvindonovan
“Lead, Follow or get out of the way!”
http://alvindonovanblog.com/2011/09/12/website-disclaimer/

 

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