ChrysCapital to Acquire 20-25% Stake in Linux Laboratories for Around Rs 600 Cr
Mumbai: Homegrown private equity firm ChrysCapital is set to acquire a 20-25% stake in Chennai-based Linux Laboratories, a pharmaceutical company focused on central nervous system (CNS) therapies, in a transaction valued at around USD 60-65 million (approximately Rs 600 crore), according to a recent report by The Economic Times.
People familiar with the development told The Economic Times that Tata Capital Healthcare Fund, an existing investor in Linux Laboratories, will exit its entire 15% stake as part of the transaction. ChrysCapital will acquire an additional 5-10% stake through a primary capital infusion into the company.
As per Tracxn data, Linux Laboratories' founders Keerthivasan K, Ananda Kumar Sundharam and Hariharan Parameswaran collectively hold 84.68% of the company, while Tata Capital Healthcare Fund II owns the remaining 15.32%. Tata Capital Healthcare Fund had invested Rs 80 crore in Linux Laboratories in 2021.
Founded in 2007, Linux Laboratories has developed a portfolio of more than 64 brands spanning around 180 products. Its product portfolio covers therapeutic areas such as neurology, psychiatry and cosmetic dermatology.
The company is expected to record Rs 450-500 crore in revenue and Rs 85-90 crore in EBITDA in FY27, according to sources.
Linux Laboratories and ChrysCapital did not respond to emails seeking comments on the transaction, while a Tata Capital spokesperson declined to comment.
ChrysCapital has investments across the pharmaceutical sector. In 2024, the firm invested around $70 million in La Renon Healthcare at a valuation of approximately $800 million. Its pharmaceutical portfolio also includes Mankind Pharma, Eris Lifesciences, Torrent Pharmaceuticals and Ipca Laboratories.
Also Read: Tata Capital Healthcare Fund raises Rs 955 crore fund
Kunal Shroff, managing partner at ChrysCapital, told The Economic Times that geopolitical developments have had a relatively limited impact on the firm's portfolio. He noted that most of its pharmaceutical investments are focused on the domestic market and continue to generate growth, strong margins and healthy returns on equity.
In July, ChrysCapital also acquired a controlling 70.68% stake in Novartis India (NIL), whose key brands include Voveran, Calcium Sandoz and Tegretol.
Founded in 1999, ChrysCapital has raised nearly $8.5 billion through 10 private equity funds, a continuation vehicle and a public markets fund. Across its private equity funds, the firm has invested more than $5.5 billion in over 110 portfolio companies.
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