Growth equity firm General Atlantic has acquired a significant stake in drug development company Rubicon Research, which intends to focus its efforts on bringing innovative medicines to market with the deal.
"General Atlantic is committing up to USD 100 million of primary capital and has acquired the stake held by Rubicon's existing private equity shareholders," the companies said in a joint statement.
All other existing shareholders continue to maintain their holding in the company, it added.
The companies, however, did not disclose more details about the deal.
With this investment, Rubicon intends to focus its efforts on bringing innovative medicines to market to address fundamental needs of patients through the use of its proprietary drug delivery technologies.
Also, it is looking to increase its manufacturing footprint across the world, the statement said.
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"We welcome this partnership with General Atlantic and believe that with their growth focus, capital resources, strategic outlook and global connectivity, Rubicon will be able to accelerate its growth through organic and inorganic effort," Rubicon founder and CEO Pratibha Pilgaonkar said.
Sandeep Naik and Shantanu Rastogi from General Atlantic will join the board of Rubicon, the statement said.
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