 "Eywa Pharma raises $30 mn from clutch of investors")
Eywa Pharma, a Singapore-based generic pharmaceutical company has today announced that Eight Roads Ventures India (the proprietary investment arm of FIL, Fidelity International Limited) , US-based F-Prime Capital Partners and Envestor Ventures together with its affiliates (part of the Shriram Group, Chennai, India), have agreed to invest $30 million in the company.
Eywa was incorporated in 2015 to provide reliable and affordable generic pharmaceuticals for patients globally. The company has established subsidiaries in India, the US and the UK, and is currently building a portfolio of niche generic products for the US, UK and European markets. It has also established a state-of-the-art R&D centre in Chennai for development of finished dosage forms.
The company has been founded by S Srinivasan and R Jayakumar, both senior pharmaceutical executives with over two decades of international experience. Srinivasan was formerly the India CEO for the global pharmaceuticals major Mylan and held various senior roles with Mylan including being the Head of Global Emerging Markets.
Before founding Eywa, Srinivasan was the MD of Shriram Venture, the holding entity for the various industrial businesses of the Chennai-based Shriram Group. Jayakumar served with Mylan across various international roles, including as head of global business development and head of regional technical operations for EMEA.
As part of the investment, Prem Pavoor, Partner at Eight Roads Ventures and Ketan Patel, Partner at F-Prime Capital Partners will join the board at Eywa. In addition, H R Srinivasan, Vice Chairman and Managing Director, TAKE Solutions and D V Ravi, Managing Director, Shriram Capital, will also join the board of the company, representing Envestor Ventures.
Commenting on the transaction, S. Srinivasan, co-founder and Vice Chairman of Eywa Pharma said, "Eywa is ideally positioned to cater to the opportunities in the global generic pharmaceutical business, based on its focused approach on product selection, a strong relationship network and a motivated, empowered and dedicated team. We are excited at the opportunity of partnering with Eight Roads and the Shriram Group and are confident that their deep insight and knowledge in nurturing successful businesses will fuel Eywa's growth prospects."