Parabolic Drugs raises USD 1 mn through private equity funding

Mumbai, Sept 6 (UNI) Parabolic Drugs (PDL), manufacturer of Active Pharmaceutical Ingredients (API) and API intermediates secured USD one million from Mauritius-based FII Minivet for a 4.9 per cent equity stake in the company.

However, this funding will facilitate expansion of its operations in semi synthetic steriles and cephalosporin (oral and steriles) for regulated markets, said the company's release adding that this deal has been handled by UTI Securities.

Headquartered in Chandigarh, the company has two manufacturing facilities in Derabassi, Punjab and Panchkula, Haryana, is one of the fastest growing companies in the Indian pharma sector having grown almost 70 per cent per annum for the last three years, it added.

PDL is amongst the few mid size players with a focus on regulated markets. PDL has got USFDA approval for its Panchkula facility.

UNI SN KU AW1613