Elbrit Life Sciences to raise $3 mn for expanding footprint
Mumbai-based pharmaceutical company Elbrit Life Sciences has announced plans to expand its footprint in the domestic pharmaceutical industry. Currently, the company is in talks to raise $3 million from its parent investment firm Capital Investments and a Qatar-based investment firm.
This investment will help the company to expand its domestic footprint in the branded formulation business. Incorporated in 2014, Elbrit Life Sciences has witnessed an impressive growth rate of more than 100% per annum.
The spokesperson for Elbrit Life Sciences said, "We are planning to use the additional funds to expand the geographical footprint and to focus on nephrology, urology, gynaecology and oncology therapy segments."
The firm has a major presence in South India and sales force strength of 200 sales representatives. It has over 45 brands and 150 SKUs.
"The company is currently not looking at any acquisitions and instead prefers to take the organic route to fuel further growth," he added.
Furthermore, Elbrit Life Sciences is also aiming to be amongst the Top 150 pharmaceutical companies by 2020.