Actis exits India's Symbiotec to MOPE, Invascent
Motilal Oswal Private Equity (MOPE) and healthcare-focused GP Invascent Capital have invested in Indian pharmaceutical developer Symbiotec Pharmalab, providing an exit for Actis Capital.
The transaction consisted of a primary capital commitment as well as the Actis buyout, according to a release. Financial terms of the deal have not been disclosed, but Indian media outlets have reported that MOPE and Invascent paid around $100 million for a 70% stake.
Symbiotec was founded in 1995 and focuses on development of steroid and hormone products for domestic and global pharmaceutical companies. The company has two factories meeting standards of both the US Food & Drug Administration and the EU’s Good Manufacturing Practice guidelines.
Actis invested in Symbiotec in 2013, initially paying $48 million for a significant minority stake and later increasing its holding through buying a stake held by Darby Private Equity, the PE arm of Franklin Templeton Investments. Symbiotec will use the investment from MOPE and Invascent to support its growth plans, which are currently focused on producing formulations targeting the US market.
“Indian pharmaceutical companies continue to gain market share and credibility worldwide,” said Vishal Tulsyan, a managing director and CEO of MOPE. “Our investment in Symbiotec presents a unique opportunity to partner with one of the largest vertically integrated companies in the niche segment of steroids and hormones. We intend to help Symbiotec achieve its vision of becoming an integrated ‘farm to pharmacy’ company.”
MOPE recently closed its third growth equity fund at INR23 billion ($325 million); investments from the vehicle so far include non-banking finance company MAS Financial Services and automotive components manufacturer Happy Forgings. The firm focuses on the financial services, healthcare, and consumer sectors, with investments in manufacturing businesses considered on a selective basis.
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