Darby exits India's Symbiotec Pharmalab, Actis ups stake

Symbiotec develops active pharmaceutical ingredients for corticosteroids and hormones. It has over 200 customers, including large multinationals as well as generic pharmaceutical companies.

Actis invested $48 million for a significant minority stake in the company last month and has increased its holding by buying Darby's interest. Darby made the INR450 million ($9.2 million then) investment in September 2011 through the 2008 Franklin Templeton Private Equity Strategy (FTPES) fund.

"We are excited about the success of the Symbiotec investment, the first exit from the FTPES portfolio" said David Hudson, senior managing director at Darby Asia. "Symbiotec represents an excellent example of how long-term growth capital can help mid-sized companies capture their potential."

India is the world's third-largest API manufacturer, behind China and Italy. The global market stood at $113 billion in 2012 and is expected to grow at a CAGR of around 8% during 2012-2017, according to RNCOS research.

Last month KKR was reported to be in the process of buying around 30% of Gland Pharma, an Indian active pharmaceutical ingredients and injectable drugs manufacturer, for $150 million.

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• Topics
• South Asia
• Healthcare
• Exits
• Darby Asia Investors
• Franklin Templeton
• Actis Capital
• healthcare
• India
• Exit