Alvin Donovan
2012-May-13 19:29 UTC
[Secure-testing-team] 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
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/ To unsubscribe, click the link below. http://a.ss47.shsend.com/RWCode/subscribe.asp?SID=11&SiteID=66&Email=secure-testing-team at lists.alioth.debian.org&HitID=1336936876649