Actis invests $48m in Indian pharma company

According to the PE firm, Symbiotec is India's leading steroid-hormone active ingredient producer and the second-largest player in Asia. The company's customers, which include large multinationals and generic pharma companies, use the APIs to manufacture treatments for inflammation, asthma, dermatology, immune functions, and infertility.

Symbiotec has two manufacturing facilities in Indore.

The funding will be used to help the company expand, which includes identifying and unlocking new markets. "With its US FDA approved facilities and high quality products with Asian cost manufacturing advantages, Symbiotec is on track to become a leading global player," J.M. Trivedi, partner and head of South Asia at Actis, said in a statement.

The GP has previously invested in Glenmark Pharmaceuticals in 2002. The company manufactures generics, branded formulations, APIs to the US and Europe. Actis claims to have helped expand the product line by building in-house research and development infrastructure and manufacturing capability.

The overseas strategy opened up the US and European markets to Glenmark, as well as bringing exposure to Latin America and South Africa. Actis sold its holding in Glenmark via the public markets in 2006-2007.

India is the world's third-largest API manufacturer, behind China and Italy. The global market stood at $113 billion in 2012 and is expected to grow at a CAGR of around 8% during 2012-2017, according to RNCOS research.

Earlier this month KKR was reported to be in the process of buying around 30% of Gland Pharma, an Indian active pharmaceutical ingredients and injectable drugs manufacturer, for $150 million.

The Blackstone Group and ChrysCapital are both waiting for IPO exits from their API manufacturer companies Emcure Pharmaceuticals and Intas Pharmaceuticals respectively.

Separately, The Financial Times reported that Actis has raised $1.7 billion towards its $3 billion target for a global fund that will complete private equity, real estate and energy deals in emerging markets.

The fundraising started over two years ago and Actis at first sought $3.5 billion for private equity, comprising a global fund and separate funds for India, Africa, China and Latin America. The GP had to change strategy as investors grew more cautious about emerging markets such as China, Brazil and India.

 

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• Topics
• South Asia
• Healthcare
• Expansion
• Actis Capital
• India
• healthcare
• Fundraising
• Growth capital