Singaporean holding company Temasek is reportedly on the verge of finalizing a funding round in Ascent Health and Wellness. Sources claim that the equity financing round is close to a projected USD 100 million.

The investment is a part of the many funding initiatives that are being undertaken by global investors in pharmaceutical companies that boast of a worldwide distribution presence and also have an e-commerce stance.

As per sources familiar with the knowledge of the matter, the investment firm and Ascent Health and Wellness may close the deal over the course of the next 45 days. If reports are to be believed, the latest financing round is likely to value Ascent between USD 650 million to USD 700 million.

It is being speculated that post its closure, this funding round will be one of the largest in the nation’s pharmaceutical domain – one that is incidentally characterized by the absence of an organized regulatory spectrum.

For the uninitiated, Ascent Health, founded by Hardik Dedhia and Harsh Parekh in 2013, is known to provide pharma firms with numerous distribution channels – inclusive of retail and institutional. Additionally, the company manages pharmaceutical supply and acts as a vendor as well, for hospital chains.

Since the six years of its establishment, Ascent Health has emerged as India’s second-largest pharmaceutical distributor (Apollo ranks first) and caters to over 20,000 retailers spanning the nation. The firm also works alongside prominent pharmaceutical companies such as Sun Pharmaceuticals, Cadila, Zydus, and Cipla.

Temasek’s investment in Ascent Health is a part of a funding round that will witness the participation of Canada’s second-largest pension fund CDPQ as well as LGT, a private banking and asset management group.

Neither the CEO of Ascent Health and Wellness not Temasek’s spokesperson was available for any comments, when asked.

Source Credit: https://tech.economictimes.indiatimes.com/news/startups/temasek-lines-up-100m-investment-in-ascent-health-and-wellness/70527836