AVCJ

Warburg Pincus invests $90m in India's Laurus Labs, Fidelity part exits

  • Andrew Woodman
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Warburg Pincus has paid INR5.5 billion ($89.6 million) for a minority stake in Indian drug maker Laurus Labs, triggering a partial exit for Fidelity Growth Partners India.

AVCJ data show that Fidelity, the India-focused the private equity arm of Fidelity Worldwide Investment, invested INR2 billion in company - formerly Aptuit Laurus - in February 2012.

According to VCCircle, the transaction - which involves a mix of a primary issue of compulsory convertible preference shares and a secondary purchase of shares from existing investors - gives Fidelity a partial exit.

Launched in 2008, Laurus produces drug ingredients for the anti-retroviral (ARV), oncology, cardiovascular, anti-diabetic therapeutic segments. The firm also develops products for the nutraceuticals market and has a contract manufacturing business catering to global pharmaceutical companies.

This is Warburg Pincus's third India transaction in a month. It previously invested INR12 billion in Kerala-based jewellery firm Kalyan Jewellers and led a INR1.85 billion round for online auto classifieds platform CarTrade.com.

It is also the GP's third healthcare deal in the country. The firm invested and later exited Max Heathcare, while diagnostics chain Metropolis is still a portfolio company. This is Warburg Pincus' first investment in India's pharma space.

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