Franklin Templeton commits $9m to Indian pharma firm

The funds will be used to set up fermentation facilities that will improve Symbiotec Pharmalab's positioning and make it easier to attract customers from highly regulated markets such as the US, Europe and Japan. The company focuses on corticosteroids and hormones and has a portfolio of around 40 products. It already supplies firms including GSK Pharma, Teva, Ranbaxy and Cipla.

"The domestic healthcare industry is expected to grow strongly helped by increased domestic demand and growing export potential," Harshendu Bindal, president of Franklin Templeton India, said in a statement. "Higher per capita spending and greater health insurance penetration, along with increased outsourcing by global pharma companies augur well for companies such as Symbiotec Pharmalab."

FTPES is a private equity portfolio managed by Franklin Templeton Asset Management India. It was advised on the transaction by Darby Asia Investors India, an affiliate of Franklin Templeton Investments Group. Symbiotec was advised by Systematix Capital Services.

In late May, FTPES invested IND675 million in SFO Technologies, a leading Indian electronics manufacturer. In July, it bought a 20% stake in Mumbai-based retailer Kimaya Fashions for about INR600 million.

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• Topics
• South Asia
• Healthcare
• Expansion
• Franklin Templeton