Everstone pays $33m for Indian drug firm
The Everstone Group has bought a majority stake in Indian pharmaceutical developer Rubicon Research for INR2.2 billion ($32.9 million), providing an exit for Kotak Private Equity.
Everstone will acquire a 70% stake in Rubicon through a combination of a $20 million direct investment in the company and the purchase of stakes held by Kotak and another unnamed investor, according to a release. The size of Kotak's exit and its holding after the transaction, if any, were not disclosed.
Rubicon supplies contract research services to the global pharmaceutical industry, focusing on drug delivery issues. Its proprietary technology provides solutions for improving drug absorption, preventing adverse reactions, masking taste, and modifying release profiles.
The company also operates a factory in Ambernath, with a capacity of 800 million tablets, that is compliant with US Food and Drug Administration requirements. Rubicon is focusing on developing complex generic medications that can be approved for introduction to the regulated drug markets of the US and Europe.
This is the fourth investment from Everstone's latest fund, Everstone Capital Partners III, which launched in 2014 and closed last year at $730 million. Other deals include the purchase of customer relationship management solutions developers CustomerContactChannels and Servion Global Solutions, and an investment last year alongside the International Finance Corporation in Indian textbook publisher S Chand.
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