Everstone Group to invest up to $50 million in Slayback Pharma LLC

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Slayback Pharma LLC on January 6 said private equity firm Everstone Group will invest up to $50 million (about Rs 355 crore) in the pharmaceutical company.

The new capital will be used to expand and further accelerate Slayback's pipeline of complex generic and specialty pharmaceutical products, the firms said in a joint statement.

Prior to this, institutional investor KKR invested $60 million in Slayback in December 2016, the statement added.

Managing directors of Everstone Group -- Arjun Oberoi and Puncham Mukim -- will also join Slayback's board of directors, it said.

Everstone Group co-founder and CEO Sameer Sain said, "Slayback's expertise in complex generics fits well with our healthcare investment strategy. Slayback joins our list of notable healthcare investments, and we are optimistic about the commercial potential of Slayback's highly differentiated pipeline of complex generics developed by its strong R&D team in India.