Quadria buys into India's Concord Biotech
Quadria Capital has led a consortium including US-based investment firms Rising Tide and Neuberger Berman to take a stake in India’s Concord Biotech.
The investment amount is understood to be about INR4.7 billion ($70.4 million) for a 20% interest in the company, and is being made through Quadria-owned Helix Investments. According to a statement, the capital will be used to expand therapy expertise and introduce a new range of products.
"We are impressed by Concord's strong dominance in the fermentation based biopharma products," said Amit Varma, managing partner of Quadria. "Their operating philosophy of delivering complex product categories - such as immunosuppressant, oncology, etcetera - firmly positions them to achieve future growth. We are confident of the company's ability to deliver the next phase of growth and will support them along the way through our network and ecosystem."
Concord focuses on manufacturing active pharmaceutical ingredients (API) and has a portfolio of more than 30 products across niche therapeutic segments such as immunosuppressant, oncology, anti-fungal and anti-bacterial treatments. It operates in more than 50 countries and claims significant revenue from sales in regulated markets like the US, Europe and Japan. The company is currently developing a new formulation facility in India which is expected to start operations by the end of 2016.
India API producers have been pressing to increase output in part to reduce the country's dependence on Chinese imports, which are estimated to represent about 80% of the APIs used in domestic drugs. Other recent investments in the space include a $75 million commitment last month by the International Finance Corporation to Glenmark Pharmaceuticals.
Quadria specializes in high-growth healthcare industry investments from offices in Singapore and India. The firm has invested in 15 companies across six countries in South Asia and Southeast Asia through three private equity vehicles. It currently claims more than $1.5 billion of managed capital.
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