Online pharmacy venture PharmEasy is close to wrapping up $100-120 million in equity financing round, led by a host of new investors including CDPQ, Canada’s second largest pension fund, and LGT, the Liechtenstein princely family’s personal banking and asset management group.
According to several sources aware of the growth, the transaction, which is anticipated to close by the end of the month, will value the five-year-old business at $500-600 million. Venture capital firm Aspada and a Korean investment company are other new investors entering the investor cap table.
The round, once it is closed, will be one of the biggestin online pharmaceutical space in the country, a industry that continues to face a mixture of absence of legislative clarity and conflicting court orders, but has also seen all significant players in the segment either pick up or go to market to raise significant capital.
The investment will be made in 91streets Media Technologies, PharmEasy’s parent company, according to the terms of the agreement, and comes just over three months after the internet drug retailer began the merger process with Ascent Health and Wellness, a pharmaceutical distribution company.
Upon completion of the merger, 91street Media will arise as the holding company of both PharmEasy and Ascent Health and Wellness, enabling it to manage not only front-facing internet pharmaceutical sales and logistics but also its critical channels of distribution and supply.