Fleming is a backward integrated API manufacturer with global leadership in select muscle relaxant, anti-arthritis, and antihistamine APIs with two regulatory-approved manufacturing units. The company sells to customers in over 65 countries across Latin America, Europe, Asia, and MENA.

The company intends to expand capacity and to develop and launch new molecules.

JM Prakash, CEO & Managing Director, Fleming, said: “Fleming is in an exciting phase of growth and we think it is the right time for us to partner with InvAscent as we begin our next phase of growth.”

The primary investment will help the company build its third manufacturing unit and support its foray into Fermentation-based API manufacturing.

“With great chemistry skills and excellent operational capabilities, Fleming has established itself as one of the fastest growing API companies in the country,” said Nithya Govind, Managing Director, InvAscent.In 2023, InvAscent has made four new investments and exited from five portfolio companies.InvAscent is the investment advisor to a family of funds that operate under the name – India Life Sciences Fund – and has so far raised $500 million from global investors across three funds and deployed the same in 35 companies across pharma, healthcare D
Delivery, healthtech, medical devices, and animal health industries.

Veda Corporate Advisors was the exclusive financial advisor to the company and its promoters.