Symphony partially exits Strides Arcolab
Symphony Capital has sold shares in its long-term Indian medical investment Strides Arcolab, equivalent to just under $5 million.
Symphony originally invested in Bangalore-based generic drug and capsule manufacturer Strides in the late 1990s through its investment vehicle Zenith Pharmaceuticals, and successively increased its stake, acquiring up to 71% of the company at one stage. The long-established private equity firm gradually pared back its holdings, down to around 31% at end 2009. The latest share sale is thought to have helped achieve a return of around 4.5x on the original deal.
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