India's ChrysCapital exits stake in Mankind Pharma
ChrysCapital Partners has sold its 11% stake in India-based Mankind Pharma to investment firm Capital International for just over $200 million, valuing the company at about $2.2 billion.
The deal, first reported by The Times of India, is understood to have generated a near 10x money multiple for the GP, which invested $25 million in the firm in 2007.
Set up in 1995 and headquartered in New Delhi, Mankind claims to be India's seventh-largest drug maker. It primarily focuses on prescription products for gastrointestinal, cardiovascular and dermatological conditions.
The company also has a portfolio of over-the-counter brands, including Manforce condoms, Manforce Staylong Gel, and Gas-O-Fast. Mankind generated $600 million in revenue in the most recent financial year. It employs 11,000 people and has 11 overseas bases of operations across Africa, Southeast Asia and the Middle East.
This is ChrysCapital's fourth significant exit in the past 12 months. Others include Intas Pharma, HCL Technologies, and Parkson Logistics. The GP's last pharma exit, Intas, saw a 10% stake in the business sold to Temasek Holdings for $160 million, generating a 15x return.
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