OrbiMed is a global healthcare investment firm with over $18 billion in assets under management. The warrants are converted at a price of Rs 74 per share.

The convertible warrants were issued to OrbiMed and the promoter of the company on 23 July 2021, at a price of Rs 74 per warrant. The company received Rs. 93.09 crore in July 2021 and with the conversion, the balance amount of Rs 279.29 crore have also been received by the company in January 2023. OrbiMed Asia IV Mauritius FVCILimited will own a 10.88% stake in the company and the promoter stake will be 43.80%.

OrbiMed's exercise of warrant conversion will further strengthen the company's net cash position to over Rs 650 crore.

Commenting on the fundraise, Mark Saldanha, managing director of the company said "We thank OrbiMed for believing in Marksans and supporting us in our growth journey to become a global pharmaceutical company. Our strotegic partnership will be bolstered through OrbiMed's deep global healthcare experience. The warrant conversion has augmented our already strong balance sheet. Marksans is now well-positioned to execute the next leg of growth.

Marksans strives to generate cantinuous shareholder returns by incorporating best governance practices and OrbiMed's can version underpins our endeavour. We continue to value the expertise of Dr. Sunny Sharma on Marksans Board."

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."

Mumbai-based Marksans Pharma is engaged in the research, manufacturing & marketing of generic pharmaceutical formulations in the global markets.

Marksans Pharma's consolidated net profit rose 29.9% to Rs 60.12 crore on a 25.3% increase in revenue from operations to Rs 452.56 crore in Q2 FY23 over Q2 FY22.