25 October 2022 | Tuesday | News
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LAXAI Inc. (“LAXAI”) announced today that it has received a growth capital investment from SIGNET Healthcare Partners (“SIGNET”), a New York-based healthcare private equity firm. This significant equity investment from SIGNET aims to provide LAXAI with a long-term, well-capitalized financial partner that will support LAXAI’s growth strategy.
LAXAI, including its subsidiaries, is an Integrated Contract Research, Development, and Manufacturing Organization (“CRDMO”) that delivers solutions in drug discovery, chemical process R&D, and GMP manufacturing for innovator pharmaceutical, biotech, and specialty chemicals companies globally. LAXAI operates a drug substance manufacturing facility (accredited by several regulators including the U.S. FDA and EU) and a state-of-the-art Innovation Centre in Hyderabad (India). A substantial portion of SIGNET’s investment will be utilized to enhance LAXAI’s capabilities and establish technical operations in the U.S.
LAXAI’s Chairman and Managing Director Vamsi Maddipatla said “LAXAI has been a trusted partner in the pharmaceutical and specialty chemical space providing client focused contract research and development services.” SIGNET’s investment will enhance LAXAI’s infrastructure and further augment operations to help our customers and partners maximize innovation and productivity. "We are very pleased to welcome SIGNET as a partner to help accelerate growth and achieve our ambitious long-term objectives. We look forward to leveraging SIGNET’s knowledge and network as we continue to expand and enhance operations.”
SIGNET Managing Director Nikhil Puri said "Pharmaceutical outsourcing has become mission-critical within drug development. Our investment in LAXAI is an attractive opportunity for SIGNET to partner with another CRO/CDMO business that was seeking an experienced partner to help execute its next phase of growth. We were attracted to LAXAI due to its vertically integrated offering, strong scientific capabilities, customer-centric approach, cost competitiveness, and management team strength. We see a strong opportunity for SIGNET to leverage its network and prior CRO/CDMO investment experience to accelerate growth.”
Tempus Law Associates and Richards, Layton & Finger served as legal advisors to LAXAI. JSA Advocates & Solicitors and Sheppard, Mullin, Richter & Hampton LLP served as legal advisors to SIGNET. Terms of the transaction were not disclose