LAXAI Inc has received a growth capital investment from Signet Healthcare Partners, a New York-based healthcare private equity firm. The Hyderabad-based start-up claimed that this equity investment would provide it with a long-term, well-capitalised financial partner to support its growth strategy.
The terms of the transaction were not disclosed.
LAXAI is an integrated contract research, development and manufacturing organisation that delivers solutions in drug discovery, chemical process R&D and generic mapping manufacturing for pharmaceutical, biotech and speciality chemicals companies globally. It operates a drug substance manufacturing facility and innovation centre in Hyderabad and has offices in the US.
LAXAI will utilise a substantial portion of Signet's investment to enhance its capabilities and establish its technical operations in the US. The company's chairman and managing director Vamsi Maddipatla, said, "Signet's investment will enhance our infrastructure and further augment operations to help our customers and partners maximise innovation and productivity."
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New York-based Signet has raised funds with total capital commitments of over $500 million and has invested in more than 55 companies. Its managing director Nikhil Puri added, "Pharmaceutical outsourcing has become mission-critical within drug development. Our investment in LAXAI is an attractive opportunity to partner with another contract research and development and manufacturing organisation."
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