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LifeCell International secures Rs 255 cr funding from Orbimed Asia and existing founders

LifeCell International secures Rs 255 cr funding from Orbimed Asia and existing founders
outlookindia.com
1970-01-01T05:30:00+0530
Chennai, Sep 21 (PTI): Leading stem cell bank and reproductive genetic testing services provider LifeCell International on Tuesday said it has secured Rs 255 crore capital from healthcare investment firm Orbimed and existing founders of LifeCell.

The funds raised would be utilised for meeting growth capital requirements and foray into adjacent categories, company Managing Director Mayur Abhaya said.

Ernst and Young LLP acted as the investment banking advisor to LifeCell International Pvt Ltd, while LKS was the legal advisor, the company said, adding OrbiMed Asia, Senior Managing Director Sunny Sharma would join the Board of LIfeCell on closure of the transaction.

With the infusion of capital, Orbimed Asia Partners IV would hold a minority stake. Orbimed has invested Rs 225 crore and the existing founders, Rs 30 crore, Abhaya told reporters.

"We thank OrbiMed for backing LifeCell to support its growth. Having transformed the approach in cord blood stem cell preservation through its innovative community banking model, LifeCell has over the last few years undertaken several growth initiatives in genetic and genome testing for maternal and newborn health and innovative placental issue-based products for wound healing", he said.

According to Abhaya, the company reported revenues of Rs 234 crore last year and hoped to grow in ''high double digits'' in the coming years.

"The fund raising is largely to support our growth plans in the storage divisions," he said, adding the company would continue to maintain its high growth rate recorded last year.

To a query, he said LifeCell was also expecting its biological division to contribute significant revenues over the next three-four years, apart from the stem cell division.

"LifeCell seeks to further leverage its technological expertise, strong brand position, and wide network to foray into adjacent new categories like fertility health and cell based therapeutics. These funds will help accelerate this agenda and further strengthen our market position", he added.

OrbiMed Asia, senior Managing Director Sunny Sharma said, LifeCell has built a trusted healthcare brand in maternal and newborn health through innovation and service". "We are very excited to partner with Mayur and his team in the next stage of LifeCell''s growth", he added. PTI VIJ

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Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

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