Marksans Pharma gained 2.80 percent to Rs.67.90 after the company announced a Rs.372.40 crore equity raise through the conversion of warrants issued to OrbiMed and the promoter. OrbiMed Asia IV Mauritius FVCI and Mark Saldanha converted warrants into equity shares for Marksans Pharma, raising Rs.372.40 crore (promoter of the company). OrbiMed is a global healthcare investment firm that manages over $18 billion in assets. The warrants are converted for Rs.74 per share. On July 23rd, 2021, the convertible warrants were issued to OrbiMed and the company's promoter at a price of Rs.74 per warrant. The company received Rs.93.09 crore in July 2021, and with the conversion, the remaining amount of Rs.279.29 crore was received in January 2023. OrbiMed Asia IV Mauritius FVCI will own 10.88 percent of the company, with the promoter owning 43.80 percent.

The exercise of warrants by OrbiMed will increase the company's net cash position to more than Rs.650 crore. Mark Saldanha the company's managing director, commented on the fundraise "We are grateful to OrbiMed

for believing in Marksans and assisting us in our journey to become a global pharmaceutical company. Our strategic partnership will be strengthened by OrbiMed's extensive global healthcare experience. Our already strong balance sheet has been strengthened by the warrant conversion.Marksans is now well positioned to execute its next phase of expansion. Marksans strives to generate consistent shareholder returns by implementing best governance practises, and OrbiMed's can version supports our efforts. We continue to value Dr. Sunny Sharma's expertise on the Marksans Board".

Orbimed Asia IV Mauritius Fvci And Mark Saldanha Converted Warrants Into Equity Shares For Marksans Pharma, Raising Rs.372.40 Crore (Promoter Of The Company

Commenting on the conversion, Dr. Sunny Sharma, senior managing director of OrbiMed Asia said "Marksans Pharma has built a strong global private label and own-brand OTe business. Mark and the management team have delivered robust growth over the past few years. We look forward to continued execution on the company's differentiated business model". Marksans Pharma, based in Mumbai, is involved in the global research, manufacturing, and marketing of generic pharmaceutical formulations. Marksans Pharma's consolidated net profit increased by 29.9 pecent to Rs.60.12 crore in Q2 FY23 over Q2 FY22, thanks to a 25.3 percent increase in revenue from operations to Rs.452.56 crore.