Vivimed Labs gets additional $7.5 million funding from OrbiMed Asia

NEW DELHI: Drug firm Vivimed Labs today said it has received additional investment of USD 7.5 million (over Rs 47 crore) from healthcare investment firm OrbiMed Asia in its subsidiary Vivimed Labs (Mascarene).

The company had earlier received USD 42.5 million from OrbiMed Asia in September 2017, Vivimed Labs said in a BSE filing.

The overseas subsidiary is the holding entity of the company's active pharmaceutical ingredient (API) business, it added.

This additional follow on investment by OrbiMed Asia reiterates the confidence of the investor in the Vivimed business model in the health care industry, Vivimed Labs MD Santosh Varalwar said.

"The additional funds will fuel its growth opportunities overall," he added.

Shares of Vivimed Labs were today trading at Rs 106.45 per scrip on BSE, up 2.41 per cent from its previous close.