Lifesciences Newsletter

June 2021

Lifesciences Newsletter – June 2021

Contents

From the Team

Hello Readers,

Hope you all are keeping safe and healthy.

03 Cover Story: Sector in focus – API

Welcome to the latest edition of the o3 Capital Lifesciences Newsletter.

Globally, Pharmaceutical companies are moving towards de-risking their

supply chain. India, being the third largest and fastest growing Active
13 Key Lifesciences Transactions Pharmaceutical Ingredient (API) manufacturer stands out as a preferred
outsourcing partner for the generic companies worldwide. Interestingly,
India has witnessed highest ever Private Equity fund inflow into the API
space, during the Covid-19 period.

16 Listed Market Multiples

In Feb 21, Advent International acquired ZCL Chemicals, a niche API
company based out of India. In Apr 21, Solara Active Pharma and Aurore
Life Sciences merged to create a second largest pure-play API company
in India. In this newsletter, we have discussed the key aspects of the
22 o3 Capital Overview two transactions in detail.

We have also listed some of the other significant M&A and PE

transactions in the month of May along with an overall market analysis
to bring you deeper insights into the industry.

Hope you enjoy reading this Newsletter.

Lifesciences Newsletter – June 2021 Private and Confidential 2

Cover Story

Sector in focus – API

 Cover Story Key Transactions Market Multiples o3 Capital Overview

The Global Outsourced API industry, valued at USD 75.1 Bn, forms an integral
part of the pharma value chain

Global Pharma Market

(USD 893.0 bn)

Global API Market 21% Share of Global API in Pharma Industry

(USD 186.6 bn)

Outsourced API Market 40% Share of Global API outsourced to third party
(USD 75.1 bn)

Indian API Market 15% Share of India in Global API Outsourced Market
(USD 11.3 bn)

 North America dominates the global API market in terms of consumption, while Asia Pacific is the fastest growing market

 China is the largest market for API production, with 40% market share globally

 With USD 11.3 bn, Indian API is the fastest growing market; ranked third largest globally (after China and Italy)

 India has the third highest no of USFDA plants (318) and highest no of US DMF filings (46%) worldwide

Source: Mordon Intelligence (2019), KPMG-CII report (Apr 2020) , Ministry of Commerce and Industry (2020), Pharma Bureau (Jul 2020)

Lifesciences Newsletter – June 2021 Private and Confidential 4

 Cover Story Key Transactions Market Multiples o3 Capital Overview

The Indian API Industry of USD 11.3 Bn is expected to outpace the global
Industry, led by higher proportion of outsourcing and import substitution
Indian API Market, 2016-2024

Freeing up of internal capacity Need for outsourcing

14.1% 14.4% 14.8%

Formulations players freeing up Driven by increasing regulatory

15.8
their internal capacity to focus oversight and the need to adhere
11.3 on their core business to stringent environmental norms
8.9

Dual sourcing Import substitution

2016 2020 2024E
India has emerged as a preferred Several measures announced by
x% Share of Indian API to Global API Indian API Market API supplier globally, post the the government is expected to
China pollution crackdown boost Indian API manufacturing
All figures in USD Bn

Recent structural tailwinds have positively impacted the Indian API market

India ranks #1 in terms of DMF filings (2019) with 55% share India ranks #1 in terms of ANDA filings (2019) with 45% share

331 375

258

113
94
56 67 58 75
22

India China US Italy ROW India US EU China ROW

Indian Pharma players are perceived higher on quality and regulatory norms, given the large number of DMF and ANDA filings

Source: US FDA website, DGCI, Mordon Intelligence (2019)

Lifesciences Newsletter – June 2021 Private and Confidential 5

 Cover Story Key Transactions Market Multiples o3 Capital Overview

Historically, China with a large capacity and economies of scale has dominated
the Global API industry, with India also being dependent on China…
India imports almost 67% of its API consumption from China… …because operating cost in China is 20-30% lower than India

70% 100 3
63% 63% 65% 65% 66% 67% 67%
61% 11 81.6 3
3.56 9 8
3.19 3.15 3.25 3.25 3.41 10 4
2.96 2.74 2.99 9
8 3
63
51

FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 India China

Raw material Power and fuel Labour

India API import (USD bn) India import from China (%)
Maintenance Consumables Others

India’s dependency on import and export in the Pharma Value Chain

High Moderately High Low

Import Some of the KSMs are almost 30-40% of total consumption imported (>65% from China), Indian players have strong
entirely imported from China 45-55% of critical APIs imported (> 90% from China) presence in Formulations

Key Starting Materials Intermediates API Formulations

Export
Low Limited 35-40% exported 45-50% exported

China benefits from shared utilities, large capacities and superior access to raw materials leading to low operating costs.
Hence, any disruption in supply chain from China can lead to significant shortages in the supply of essential drugs globally

Source: KPMG-CII report (Apr 2020), CRISIL research, Ministry of Commerce and Industry, Pharma Bureau

Lifesciences Newsletter – June 2021 Private and Confidential 6

 Cover Story Key Transactions Market Multiples o3 Capital Overview

…however, disruption of Chinese capacity due to crackdown on pollution norms

has led the global players to adopt a “dual sourcing” strategy
Action Taken by Indian Regulatory Authority Action Taken by Chinese Regulatory Authority

 India’s high dependence of low cost Chinese imports has been recognized  Environmental concerns in China has disrupted production of local API
as health security risks by Drug Controller General of India (DCGI) manufacturing units:
 In early 2018, DCGI banned import of bulk drugs from 6 major Chinese — In 2018, China revamped its environmental protection law
firms citing quality concerns, and noting following observations: (proposed in 2016) to control pollution
— Inadequate process quality control checks — API manufacturers in China closed down/ suspended production of
API, in an effort to reduce air pollution and save compliance costs
— Inadequate re-validation of analytical procedure
— 80,000+ factories have been shut down by the Chinese government
— Registration requirements in contravention to GMP requirements

The enforcement of environmental standards has led to significant increase in compliance cost of Chinese API players

China’s API exports to US declined by 11% in CY19 Global players are focusing on de-risking their supply chain

46% 47%
 Global Pharma players have adopted a “dual sourcing” strategy
28% 28% post the regulatory clampdown on Chinese manufacturers

15% 13%
9% 8%
3% 3% 1% 1%
 India is expected to be the largest beneficiary due to better
Asia Europe North Latin Africa Oceania regulatory and quality norms and being a low-cost API manufacturer
America America

CY18 CY19

China’s export market is ~9x larger than India’s; even a small shift from China can significantly benefit the Indian API export market

Source: Bloomberg, CSDSO, Capital IQ, Daxue Consulting

Lifesciences Newsletter – June 2021 Private and Confidential 7

 Cover Story Key Transactions Market Multiples o3 Capital Overview

Coupled with “import substitution” strategy of Indian government, this makes

India the preferred API outsourced partner globally
Government incentive scheme (PLI) across 53 intermediates /APIs and proposed establishment of bulk drug parks with higher facilities
to reduce import dependence on bulk drugs

PLI Scheme (financial outlay of INR 6,940 cr) Set up of 3 bulk drug parks (financial outlay of INR 3,000 cr)

 53 KSM/ intermediates/ APIs has been covered, of which 26 are  To set up 3 bulk drug parks for providing easy access to common R&D
fermentation products Infrastructure and testing facilities, with assured land

 Selection criteria will be based on capacity of the proposed plant  3 States to be selected through challenge method, with selection
(35% weightage) and Sale price of API (65% weightage) based on objective evaluation criteria

 Incentive is linked to a threshold investment and incremental sales  Expected to help pharma companies reduce the initial plant set-up
over base year costs and achieve economies of scale

Fermentation based Chemical synthesis based Steps taken by few State Governments to set up bulk drug parks
Parameter KSM/ KSM/ API/ KSM/ KSM/ \API/
Intermediate Intermediate Intermediate Intermediate
 Few state governments like Telangana are also promoting pharma
Max incentive INR 3,600 cr INR 1,000 cr INR 960 cr INR 1,380 cr parks by initiating work on a pharma park in Hyderabad

Number of  The decision is based on the assessment that several pharma suppliers
8 20 16 92
manufacturers could shift out of China post-COVID-19
Min. threshold
INR 400 cr INR 50 cr INR 50 cr INR 20 cr  The project will feature common facilities including ZLD based
investment
Common Effluent Treatment Plant, an integrated solid waste
% incentive FY24-FY27: 20%, management facility, logistic parks, testing labs & other facilities
FY23-FY28: 10%
(for 6 years) FY28: 15%, FY29: 10%

Source: Pharma Bureau (DOP), o3 research

Lifesciences Newsletter – June 2021 Private and Confidential 8

 Cover Story Key Transactions Market Multiples o3 Capital Overview

Structural tailwinds have heightened PE deal activity in API space during the
pandemic, larger than the sum of all API deals witnessed over the last decade
PE deal activity in API space in India

USD 640 mn PE deals Recent structural tailwinds

during Covid-19 period has attracted high PE interest
489 in API space

“Dual sourcing” strategy of

233 global players along with
190
135 127 “import substitution” of bulk
drugs will propel the growth
2011-2013 2014-2016 2017-2019 2020 2021 of API in India

PE deal value in API (In USD Mn)

Source: VCC Edge

Large PE funds have created API platform in India

PE funds

API players

Lifesciences Newsletter – June 2021 Private and Confidential 9

Key API Transactions
 Cover Story Key Transactions Market Multiples o3 Capital Overview

M&A Deal in Focus: Merger of Aurore Life Sciences into Solara Active Pharma

Target business overview

Merged
(Apr-21)  Founded in 2017 at Hyderabad, Aurore is a pure-play API
manufacturer with a diverse portfolio serving to generic
players globally
India based pure-play $279 Mn Leading pure-play API  Houses an R&D and two manufacturing facilities in
API manufacturer manufacturer in India and Hyderabad with a combined capacity of 600 KL
CRAMS in regulated market  The facility has approvals from USFDA, EDQM, WHO
Geneva, COFEPRIS, KFDA

Transaction highlights Key highlights & Metrics (FY21E)

Revenue (USD mn) Adj. EBITDA (USD mn)

279 EV ($ mn) 67% Stake Acquired 11.7x EV/EBITDA

74 24

148% CAGR 32%

Deal rationale 2018-21 EBITDA margin

 Merger of Solara and Aurore has created second largest pure play API Company
in India, with a combined revenue of USD 292 mn Transaction structure

 The combined entity houses eight manufacturing facilities, three R&D centers
and increases the customer footprint to over 75 countries  Aurore, Empyrean Lifesciences (100% subsidiary of Aurore)
and Hydra Active Pharma Sciences (common promoter in
 The merger is expected to generate significant synergies in terms of operations Aurore) shall be merged into Solara
and cost savings through economies of scale
 The shareholders of Aurore will own 27% stake in the
 The merger also increases the capability to offer a wider portfolio of products merged entity
with a diversified resource base and deeper client relationships

Lifesciences Newsletter – June 2021 Private and Confidential 11

 Cover Story Key Transactions Market Multiples o3 Capital Overview

PE Deal in Focus: Acquisition of ZCL Chemicals by Advent International

Acquired Shweta Jalan, MD and India Head, Advent

(Apr-21)
“ ZCL will be our third pharmaceuticals investment in
Global PE Investor with $274 Mn India based API and India and the second in the API space. ZCL is a high-
significant experience in Intermediate manufacturer growth business, led by a capable management
healthcare sector team, which will further fortify our presence in the
API market, a key sub-sector focus of ours

Target business overview ”

 Founded in 1991, ZCL is the manufacturer of API and advanced intermediates, Nihar Parikh, Founder and Promoter, ZCL
with the focus on CNS, ARVs and controlled substances
 Regulated markets focused business (70-75% of FY21 revenues) “ We are very pleased with this transaction and
 Caters to reputed and a diverse set of clientele excited to partner with Advent. In the last 12
years we have established ZCL as one of the
 Headquartered in Mumbai, ZCL has a USFDA-approved manufacturing facility at
Ankleshwar in Gujarat, along with strong research & development capabilities leading pure-play API companies in the country,
and today marks an important milestone in these
efforts. We are very excited for the future of ZCL,
Transaction highlights
and strongly believe Advent’s global expertise in
the pharmaceutical space, combined with ZCL’s
strong capabilities in manufacturing and R&D and a
274.0 EV ($ mn) 100% Stake Acquired 13.3x EV/EBITDA
culture of customer centricity, will ensure that we
keep up our tradition of delivering immense
customer value
FY21 Rev FY21 EBITDA FY21 EBITDA
54.8 20.5 37.5%
($ mn) ($ mn) margins %
”

Lifesciences Newsletter – June 2021 Private and Confidential 12

 Cover Story Key Transactions Market Multiples o3 Capital Overview

Key M&A transactions in API Industry

Deal value
Target Investor (s) Target Description
(In USD mn)

Apr 21 279 Manufactures diverse portfolio of API, serving to generic players globally

Mar-21 105 Manufactures synthetic peptide APIs

May-20 367 Manufactures API and intermediates as well as provides CDMO services

May-20 128 Provides chemical synthetic and bio-fermentation APIs

Develops and manufactures generic API, controlled substances and amino

Feb-20 Undisclosed
acids

Manufactures API and chemical products, as well as provides custom

Aug-19 Undisclosed
synthesis

Provides process research and development and API manufacturing

Oct-17 111
services

Source: S&P Capital IQ and company websites

Lifesciences Newsletter – June 2021 Private and Confidential 13

 Cover Story Key Transactions Market Multiples o3 Capital Overview

Key PE/ Buyout transactions in API Industry

Deal value
Target Investor (s) Target Description
(In USD mn)

Apr-21 215 Manufactures API catering to multiple therapies

Feb-21 274 Manufactures API and intermediates catering to multiple therapies

Oct-20 NA CNS focused API manufacturer

Jul-20 100 Manufactures API as well as provides CDMO services to formulators

Feb-20 40 Manufactures APIs focused on multiple therapies

Dec-19 30 Manufactures naturally sourced APIs for Pharma and Nutra industry

Feb 19 27 Focused on API and CRAMS for regulated markets

Develops, manufactures, and markets cortico-steroid and steroid-hormone

Dec-18 100
APIs

Leading API and intermediates player in beta-lactam antibiotics, statins

Jun-18 700
and antifungals

Source: S&P Capital IQ and company websites

Lifesciences Newsletter – June 2021 Private and Confidential 14

Key Lifesciences Transactions
 Cover Story Key Transactions Market Multiples o3 Capital Overview

Key Lifesciences M&A Deals in the Month

Deal value
Target Acquirer Target Description
(In USD mn)

Researches and develops monoclonal antibodies and antigens for the

662
diagnostic industry

Animal healthcare business offering products across various therapeutic

397
areas

Commercial-stage biopharmaceutical company, focuses on development

328
and commercialization of oral medications

Biopharmaceutical company, focuses on the development and

276
commercialization of therapies for rare diseases with unmet needs

Engages in the development, manufacture, and commercialization of CAR-

185
NKT cell immunotherapies for the treatment of cancer

135 Manufactures and sells drugs and quasi-drugs in Japan

Consumer Health Business of Akorn, Inc. comprises pharmaceutical

62
development and manufacturing business

Source: S&P Capital IQ and company websites

Lifesciences Newsletter – June 2021 Private and Confidential 16

 Cover Story Key Transactions Market Multiples o3 Capital Overview

Key Lifesciences PE Deals in the Month

Deal value
Target Investor (s) Target Description
(In USD mn)

Multiple investors 830 Biosciences firm engaged in development of pathology products

Multiple investors 775 Biotech firm that develops a cell programming platform

Multiple investors 200 Biotech firm that develops small molecule oncology medicines

200 Develops genetic-based therapies

Biotech firm involved in development and manufacturing of biologics,

165
vaccines, and aseptic fill-finish

Clinical stage biopharmaceutical company, develops mTOR inhibitor for

Multiple investors 150
patients in oncology and cardiovascular diseases

Develops a drug discovery platform to offer novel treatments for chronic

Multiple investors 148
and life-threatening diseases

Biotech Firm that develops drug candidates across multiple indications for
Multiple investors 155
the treatment of cancer

Source: S&P Capital IQ and company websites

Lifesciences Newsletter – June 2021 Private and Confidential 17

Listed Market Multiples
 Cover Story Key Transactions Market Multiples o3 Capital Overview

Listed Market Multiples: Segment Snapshot

EV / Revenue EV / EBITDA P/E EBITDA Margin

2.7x 14.7x 23.9x

API 17%
2.9x 14.0x 22.7x

4.5x 18.4x 26.7x

Formulations 24%
3.8x 16.0x 24.9x

10.4x 27.6x 45.1x

CRAMS 30%
9.7x 25.8x 37.3x

Source: S&P Capital IQ

All multiples are based as on 23 June 2021 LTM NTM

Lifesciences Newsletter – June 2021 Private and Confidential 19

 Cover Story Key Transactions Market Multiples o3 Capital Overview

Listed Market Multiples: API

All figures in INR mn unless otherwise stated

Market Enterprise LTM Financials LTM Multiples NTM Multiples

Company
Cap Value Sales EBITDA % PAT % EV/Sales EV/EBITDA P/E EV/Sales EV/EBITDA P/E
Laurus Labs 3,30,091 3,44,455 48,135 32% 20% 7.2x 22.2x 33.6x 5.9x 18.8x 28.5x
Granules India 77,956 82,749 32,375 26% 17% 2.6x 9.7x 14.2x 2.2x 9.6x 14.8x
Aarti Drugs 65,857 68,680 21,548 20% 13% 3.2x 15.7x 23.5x 2.6x 12.6x 18.3x
Solara Active 61,806 66,113 16,169 24% 14% 4.1x 17.1x 27.9x 2.9x 12.0x 18.6x
Hikal 58,056 62,840 17,204 19% 8% 3.7x 19.5x 43.6x 3.2x 16.7x 31.2x
Shilpa Medicare 45,219 50,605 9,011 20% 16% 5.6x 27.9x 30.6x 4.8x 22.4x 35.8x
Neuland Laboratories 25,793 27,527 9,369 15% 9% 2.9x 19.0x 32.0x 2.6x 15.5x 26.8x
Unichem Laboratories 22,445 20,448 12,351 7% 3% 1.7x 22.4x 65.4x NA NA NA
SMS Pharmaceuticals 14,827 17,137 5,666 22% 11% 3.0x 13.8x 23.7x NA NA NA
Nectar Lifesciences 9,486 16,380 3,423 8% NM 0.9x 12.3x NM NA NA NA
Fermenta Biotech 9,338 10,885 17,586 23% 12% 3.2x 14.1x 22.6x 2.8x 11.1x 18.6x
Anuh Pharma 7,031 6,856 4,320 10% 7% 1.6x 15.4x 24.7x NA NA NA
Ind-Swift Laboratories 6,641 16,064 8,776 15% 3% 1.8x 12.4x 23.9x NA NA NA
Everest Organics 2,749 2,979 1,826 13% 8% 1.6x 12.5x 20.0x NA NA NA
Mangalam Drugs 2,206 2,897 3,801 14% 7% 0.8x 5.4x 7.9x NA NA NA
Aarey Drugs 765 892 2,817 3% 2% 0.3x 11.2x 12.5x NA NA NA
Mean 17% 10% 2.8x 15.7x 27.1x 3.4x 14.8x 24.1x
Median 17% 9% 2.7x 14.7x 23.9x 2.9x 14.0x 22.7x

Source: S&P Capital IQ

All multiples are based as on 23 June 2021

Lifesciences Newsletter – June 2021 Private and Confidential 20

 Cover Story Key Transactions Market Multiples o3 Capital Overview

Listed Market Multiples: Formulations

All figures in INR mn unless otherwise stated

Market Enterprise LTM Financials LTM Multiples NTM Multiples

Company
Cap Value Sales EBITDA % PAT % EV/Sales EV/EBITDA P/E EV/Sales EV/EBITDA P/E
Sun Pharma 15,96,158 15,55,24 3,34,981 25% 9% 4.6x 18.4x 55.0x 4.2x 16.7x 25.4x
Dr. Reddy's 8,78,536 8,74,27 1,89,722 24% 10% 4.6x 19.1x 45.9x 3.8x 16.0x 27.1x
Cipla 7,72,419 7,48,69 1,91,596 22% 13% 3.9x 17.6x 32.1x 3.5x 15.9x 28.1x
Cadila Healthcare 6,38,355 6,81,316 1,51,022 22% 14% 4.5x 20.4x 29.9x 4.2x 19.0x 27.9x
Aurobindo Pharma 5,53,360 5,49,045 2,47,746 22% 22% 2.2x 10.3x 10.4x 2.1x 9.6x 15.8x
Lupin 5,23,833 5,09,466 1,51,630 17% 8% 3.4x 19.8x 43.1x 3.0x 15.5x 30.3x
Torrent Pharma 4,91,829 5,34,709 80,050 31% 16% 6.7x 21.5x 39.3x 6.0x 20.0x 35.3x
Biocon 4,71,410 4,76,831 71,058 23% 10% 6.7x 28.9x 63.7x 5.5x 21.0x 47.4x
Alkem Laboratories 3,71,638 3,68,460 87,218 22% 18% 4.2x 18.8x 24.2x 3.7x 18.2x 24.1x
Ipca Laboratories 2,53,586 2,46,849 54,200 28% 21% 4.6x 16.0x 22.2x 4.2x 16.2x 23.1x
Natco Pharma 1,95,548 1,89,694 21,756 30% 21% 9.2x 31.3x 44.4x 7.5x 22.3x 32.4x

Alembic Pharma 1,92,652 1,95,031 53,931 27% 22% 3.6x 13.3x 16.4x 3.5x 13.7x 19.7x

Glenmark Pharma 1,80,291 2,11,475 1,09,439 19% 9% 1.9x 10.1x 18.6x 1.7x 9.2x 16.8x

Ajanta Pharma 1,67,854 1,64,450 28,897 34% 23% 5.7x 16.6x 25.7x 5.0x 15.7x 23.6x

J. B. Chemicals 1,19,467 1,12,838 21,549 27% 22% 5.5x 20.1x 26.7x 4.9x 18.8x 26.8x

Eris Lifesciences 94,924 93,627 11,926 36% 30% 7.9x 21.7x 26.7x 6.9x 19.9x 23.5x

Strides Pharma 68,799 87,694 33,159 19% 8% 2.6x 14.0x 25.6x 2.3x 11.8x 19.7x

FDC 59,944 54,523 13,332 25% 23% 4.1x 16.3x 19.9x 3.4x 12.5x 16.7x

Indoco Remedies 37,021 38,983 12,415 18% 7% 3.1x 17.4x 39.8x 2.5x 14.7x 24.9x

Mean 25% 16% 4.7x 18.5x 32.1x 4.1x 16.1x 25.7x

Median 24% 16% 4.5x 18.4x 26.7x 3.8x 16.0x 24.9x

Source: S&P Capital IQ

All multiples are based as on 23 June 2021

Lifesciences Newsletter – June 2021 Private and Confidential 21

 Cover Story Key Transactions Market Multiples o3 Capital Overview

Listed Market Multiples: CRAMS

All figures in INR mn unless otherwise stated

Market Enterprise LTM Financials LTM Multiples NTM Multiples

Company
Cap Value Sales EBITDA % PAT % EV/Sales EV/EBITDA P/E EV/Sales EV/EBITDA P/E
Divi's Laboratories 11,21,499 10,99,892 69,694 41% 28% 15.8x 38.4x 56.5x 13.1x 31.7x 45.8x
Syngene International 2,29,317 2,26,820 21,843 30% 19% 10.4x 34.6x 56.6x 8.8x 27.7x 51.8x
Suven Pharmaceuticals 1,21,898 1,21,426 10,097 44% 36% 12.0x 27.6x 33.6x 10.6x 23.9x 28.7x
Dishman Carbogen 30,925 40,301 19,120 14% NM 2.1x 14.6x NM 1.8x 7.8x 24.4x
Vimta Labs 5,588 5,826 2,110 25% 10% 2.8x 10.8x 26.1x NA NA NA
Mean 31% 23% 8.6x 25.2x 43.2x 8.6x 22.8x 37.7x
Median 30% 24% 10.4x 27.6x 45.1x 9.7x 25.8x 37.3x

Source: S&P Capital IQ

All multiples are based as on 23 June 2021

Lifesciences Newsletter – June 2021 Private and Confidential 22

o3 Capital - Overview
 Cover Story Key Transactions Market Information o3 Capital Overview

o3 Capital — Overview

o3 Capital - Global Reach

Mumbai
Bangalore Singapore

Total Value of Transactions

Transactions
171 Closed 7.0 Transactions 17 Closed
(USD bn) In Last 12 Months

Recent Transactions

z z z z z z z z

MedPlus
raised funds
PharmEasy New Mountain Novo Tellus Anthem from BMM Ispat Linux raised TPG Growth
acquired Capital invested invested in BioSciences raises funds primary capital invested in
Medlife in Accolite Tessolve raises funds from Tata Ascent Health
from CPPIB
Digital from Capital
True North and JSW

Color denotes o3 Capital’s client

Lifesciences Newsletter – June 2021 Private and Confidential 24

 Cover Story Key Transactions Market Information o3 Capital Overview

o3 Capital — Lifesciences Team

Mumbai
Gawir Baig
901, Piramal Tower
Peninsula Corporate Park
gawir.baig@o3capital.com
G.K. Marg, Lower Parel
Mumbai – 400 013
Tel: +91 22 6111 5700
mumbai@o3capital.com Kunal Jain
kunal.jain@o3capital.com
Bangalore

o3 House, No. 5, Crescent Road

Arpit Jain
High Grounds
Bangalore - 560 001 arpit.jain@o3capital.com
Tel: +91 80 4241 0000
bangalore@o3capital.com

Divya Gupta
Singapore divya.gupta@o3capital.com

328 North Bridge Road,

#02-20 Raffles Hotel Arcade,
Singapore – 188719 Priyanshi Parekh
singapore@o3capital.com
priyanshi.parekh@o3capital.com

www.o3capital.com

Lifesciences Newsletter – June 2021 Private and Confidential 25