Wilmar unit leads US$50m funding in pharma firm Accera

Singapore

WILMAR Ventures, a wholly owned subsidiary of agribusiness group Wilmar International, led the first close of an investment round in brain health-focused pharmaceutical firm Accera. The first close comprised both equity investment and non-dilutive grants totalling US$50 million, and was secured under Accera's new company name, Cerecin. The co-investor was from Cerecin's long-term investor Inventages, the life sciences and healthcare-focused private equity fund backed by the Nestlé Group.

Cerecin said in a press statement that it will use the funds for its global drug development activities as well as the Asia-Pacific launch of Axona, a medical food for the dietary management of persons living with Alzheimer's disease. Discussions with other interested investment groups in the region are ongoing.

Gurpreet Singh Vohra, head of business development at Wilmar International, said that the investment is a strong and strategic opportunity for Wilmar. "With a rapidly ageing population in Asia-Pacific, and in particular China, we recognise the increasing importance of dementia and brain health as priorities on healthcare agendas throughout the region. There are many potential synergies between Wilmar, Cerecin and Nestlé that span manufacturing, R&D and commercialisation," he said.

Cerecin, which was founded in 2001, also announced that it will move its global headquarters from the US to Singapore, where its global clinical operations, manufacturing and commercial teams will be based.

Singapore was chosen for its global infrastructure, world-class science and highly skilled work force, said Cerecin. The Economic Development Board (EDB) has provided support and guidance to the firm as it shifts its headquarters.