Avendus Future Leaders Fund picks minority stake in La Renon for Rs 160 crore
Avendus Future Leaders Fund (FLF), the flagship private strategies fund of the Avendus Group, on Tuesday said it has taken a minority stake in Ahmedabad-based drugmaker La Renon Healthcare for Rs 160 crore.
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Avendus FLF said it purchased a stake from two existing investors. This transaction also marks FLF’s first investment in its newly launched Future Leaders Fund III.
Established in 2007 by Pankaj Singh, La Renon has emerged as a major branded domestic formulations firm focusing on chronic treatments.
The company is a major player in the nephrology segment and is rapidly scaling up in central nervous systems (CNS), gastroenterology, gynaecology and cardio-diabetology and has established a nationwide footprint.
This investment in La Renon is in line with FLF’s philosophy of investing in ‘best of breed’ market leading, late-stage private companies.
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