Asia-focused private equity firm Everstone Capital Asia Pte Ltd. agreed to invest up to US$50 million in a series B funding round in KKR & Co. Inc.-backed pharmaceutical company Slayback Pharma LLC.

Along with the investment, Everstone's managing directors Arjun Oberoi and Puncham Mukim will join Slayback's board.

The capital will be used to expand and accelerate Slayback's differentiated line of pharmaceutical products.

KKR invested US$60 million in Slayback in December 2016.