US private equity firm Jacob Ballas Capital (JBC) may soon acquire a minority stake in Avestha Gengraine Technologies (Avesthagen), the biotech firm for $10 million.
JCB is an India focused private equity firm floated by New York Life Investment Management LLC, a wholly-owned subsidiary of New York Life Insurance Company, Singapore-based Excelfin, Indo Pacific Estates and Punj Lloyd, one of the leading engineering construction firm in India.
JCB's $10 million investment will be $5 million in equity and $5 million in warrants. The deal is said to be structured at Rs1,850 per share, and values the company at a per money value of $124 million.
Avesthagen had earlier raised $32 million from Fidelity Investments and France-based biotech majors Biomerieux and Limagrain and the food giant Danone.
JCB's fund infusion will be used for the company's proposed acquisition and patent filings.
Avesthagen operates in biopharmaceuticals, bioutritionals, bioagriculture and science innovation.
Source : Domain B