

Tata Capital Healthcare-backed Linux Laboratories hires Avendus as banker to raise up to $70 million
Subscribe to enjoy similar stories. Mumbai: Tata Capital Healthcare Fund-backed Linux Laboratories, which is focused on central nervous system (CNS)-based domestic formulations, has appointed Avendus as an adviser to facilitate a capital raise, two people familiar with the matter said. The Chennai-based company aims to raise $50-70 million to fund its expansion plans through organic and inorganic growth, double down on its existing categories and widen its footprint beyond India, the people said on the condition of anonymity.
The deal is expected soon, they added. Avendus and Linux declined to comment on the matter. If it goes as planned, this will be the second round of external capital in more than four years after Tata Capital’s healthcare fund invested in the company.
The fund had invested about $10-13 million in the company in 2021, as per a media report. This development also comes on the backdrop of an intensely competitive space dominated by Indian generic drug manufacturers and large pharmaceutical firms. Founded in 2007 by Keerthivasan K.
and Ananda Kumar, Linux specializes in niche segments like neurology, psychiatry and cosmetic dermatology. Over the years, the company has introduced a wide range of evidence-based therapies, and set up a manufacturing unit to gain greater control over quality, supply reliability and innovation in formulations. In 2020, Linux formed its international business division to take some of its brands and capabilities outside India.
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