Warburg Pincus commits $210m to India medical devices business
Warburg Pincus has acquired a minority interest in Micro Life Sciences, the parent company of India-headquartered medical devices manufacturer Meril, for approximately USD 210m.
Meril was established in 2006 by the Bilakhia family and sits within Bilakhia Holdings, which has interests across healthcare and education. The company describes itself as a global med-tech player with operations in more than 100 countries with around 4,000 employees. Its primary base is Meril Park, a 250,000-square-foot manufacturing and R&D facility in Gujarat.
Meril focuses on novel, clinically relevant, state-of-the-art medical devices in five key therapeutic areas: cardiovascular, including structural heart devices; orthopaedic implants; ear, nose, and throat surgery; surgical robotics; and in-vitro diagnostics. It was the first Indian company to have a transcatheter aortic heart valve replacement therapy approved for use on patients.
“We are excited by Meril’s compelling growth story and believe the company stands to benefit from the secular tailwinds of healthcare in India, realizing the potential of a strong pipeline of market-defining products and expansion into global markets,” said Narendra Ostawal, a managing director at Warburg Pincus, in a statement.
It is unclear which of the private equity firm’s funds are participating in the investment. Warburg Pincus is currently deploying its 13th global flagship fund, which has a corpus of USD 15bn, and is reportedly seeking USD 16bn for a successor vehicle.
There is a dedicated China and Southeast Asia companion fund – the second iteration closed on USD 4.25bn in 2019 – but nothing specific to India.
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