AIF sells India's Famy Care to US-listed Myland for $750m
AIF Capital has sold its stake in Famy Care, an Indian maker of female oral contraceptives, to US-based pharmaceutical firm Mylan Laboratories for $750 million plus contingent payments of up to $50 million.
The investment comes nearly five years after AIF acquired an undisclosed stake in the business for $40 million through its third fund, the $435 million AIF Capital Asia III.
Headquartered in Mumbai, Famy Care provides a range of women's health products including oral and injectable contraceptives, intra-uterine devices (IUDs), tubal rings, and hormone-replacement therapy products. The company claims to be the world's largest producer of oral contraceptive pills (OCP) with four manufacturing facilities in India - two of which have been approved by regulators in the US and the EU.
According to a release, Mylan already has partnerships with Famy Care in North America, Europe and Australia under which Famy Care develops and supplies OCP products to Mylan for distribution.
Between them, the two companies have a portfolio of 12 approved products in the US, with an additional 30 products pending Food & Drug Administraton approval. Mylan claims the Famy Care acquisition will make it a hormonal contraceptives leader in high-growth emerging markets around the world.
Set up in 1994, AIF has $2 billion in assets under management and provided capital for expansion and buy-outs through 43 investments in 10 Asian countries. The deal is subject to regulatory approvals and customary closing conditions.
Debevoise & Plimpton advised AIF on the transaction.
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