IFC, a member of the World Bank Group, is lending $147.5 million to Jubilant Pharma to enable better access to quality and affordable pharma in underserved markets in India and across the world. Of the total financing package, $110 million is from IFC's own account, while the remaining $37.5 million is from IFC's managed co-lending portfolio programme, which provides additional long-term financing through co-financing partners.
The loan will help Jubilant Life Sciences increase focus on the pharma sector and strengthen its generic drug manufacturing facilities in India. Jubilant Pharma, a wholly owned subsidiary of Jubilant Life Sciences is incorporated in Singapore, with manufacturing operations in India, USA and Canada.
"We consider IFC a long-term partner with significant healthcare expertise across emerging markets. IFC's contribution goes beyond financing, as they will also help us strengthen our quality assurance and risk mitigation mechanisms and make the company systems more robust. IFC's long-term financing package will consolidate our entire pharma business under Jubilant Pharma and build global competitiveness,” said Shyam S Bhartia, chairman and managing director, Jubilant Life Sciences.
Jubilant Life Sciences is a pharmaceutical and life sciences company engaged in the manufacture and supply of active pharmaceutical ingredients, generics, specialty pharmaceuticals, and life science ingredients. It provides services in contract manufacturing and drug discovery and development.
"Health is a priority sector for IFC in India and there is an urgent need to expand access to affordable and quality healthcare, especially among low-income communities. This investment will contribute towards making the Indian pharmaceuticals sector globally competitive, and improve access to affordable medicines to a wider population," said Vipul Prakash, director manufacturing, agribusiness and services, Asia Pacific, IFC.
IFC is the world's largest multilateral investor in the private health care sector in emerging markets, having provided financing of over $2.2 billion to 164 private health care and life sciences projects in 53 countries. IFC-supported health projects treat about 12 million patients annually.