ICICI considers Bharat Biotech exit - reports
ICICI Venture is reportedly looking to exit its 11% stake in Bharat Biotech through various options, including a secondary transaction or a sellout, as the firm aims to divest from many of its healthcare commitments.
Last month, reports emerged that ICICI sought to offload a large portion of its healthcare arm I-Ven Medicare India Pvt. Ltd. and is said to be in talks with Mumbai-based PE firm India Value Fund Advisors (IVFA) to transfer majority stake for an undisclosed amount. Local reports note that conversation regarding Bharat Biotech, which focuses on vaccine and biotheraputics research, development and manufacturing, is in its early stages. ICICI first invest in the company in 2005 through its India Advantage Fund Series 1.
In June, news surfaced that ICICI Venture is considering selling its 100% stake in I-Ven Pharma Capital Ltd. to its partner Dr. Reddy's Labs. The same month, ICICI Venture announced it would fully divest from India's Metropolis Healthcare Ltd., following Warburg Pincus's move to inject $85 million into the laboratories chain.
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