Avendus Future Leaders Fund III makes maiden investment in La Renon Healthcare

This transaction also marks the first investment of the Future Leaders Fund III.

Avendus Future Leaders Fund (FLF), has acquired a minority stake in La Renon Healthcare Pvt. Ltd, a domestic branded medicines company. The Avendus fund purchased a stake worth Rs 160 crore from two existing investors, the fund said in a press statement.

This transaction also marks the first investment of the Future Leaders Fund III.

Established in 2007 at Ahmedabad by Pankaj Singh, La Renon has emerged as a major branded domestic formulations firm focusing on chronic treatments. The company operates in the nephrology segment and is rapidly scaling up in central nervous systems (CNS), gastroenterology, gynaecology & cardio-diabetology and has established a nationwide footprint.

This investment in La Renon is in line with FLF’s philosophy of investing in ‘best of breed’ market leading, late-stage private companies, the statement said.

The investment was made from both FLF–III and its predecessor fund FLF–II.

The Future Leaders Fund III is targeting to raise a corpus of Rs 1,500 crore with an additional green shoe option of Rs 1,500 crore. FLF-III recently achieved a first close of Rs 850 crore.

Ritesh Chandra, Managing Partner, Avendus Future Leaders Fund said, “This transaction marks our first deal in the healthcare and lifesciences space. La Renon, under the leadership of Pankaj Singh, has demonstrated consistent high growth over the last decade with strong positions in multiple chronic therapy segments while creating several category leading brands. We believe La Renon is well poised to continue its growth momentum in the coming years.”