PAG along with CX Partners, Samara Capital to acquire API maker Anjan
Mumbai: Asia-focused private equity firm, PAG, has recently announced that along with consortium partners CX Partners and Samara Capital, it had reached an agreement to acquire a controlling stake in Anjan Drug Pvt. Ltd., a Chennai-based manufacturer of active pharmaceutical ingredients (API).
The acquisition is part of the PAG-led consortium's strategy to create a best-in-class platform for the development and production of bulk drug ingredients. Terms of the deal were not disclosed.
Said Nikhil Srivastava, Managing Director and head of India private equity at PAG: "Partnering with Mr. Kalaichelvan and Anjan is a key first step in our plan to create the preeminent platform for Indian API. The company has a strong customer base in some of the world's largest and best- regulated pharmaceuticals markets and maintains the highest quality manufacturing standards. On behalf of the consortium, we look forward to working with Mr. Kalaichelvan and the company's management to help them continue on their path to growth."
With the Anjan deal, the PAG-led consortium is moving towards the creation of a platform to tap into the consolidation opportunities in India's high-growth API manufacturing industry.
Continued Mr. Srivastava: "We see the Indian API market as a very attractive opportunity and well positioned for the future. Globally, this sector is currently growing at an estimated eight percent a year, with India, one of the three largest API producers in the world, growing even faster than that. By building a platform incorporating exceptional API producers like Anjan, we plan to develop a high quality, diversified portfolio of products with a solid client base and a broad range of technical expertise."
Said C. Kalaichelvan, "We're very pleased to be partnering with PAG and the rest of the consortium and look forward to benefiting from the scale and resources their platform can offer, not to mention access to PAG's world-class expertise in operations, management and capital markets."
PAG is currently investing out of its US$6 billion PAG Asia III buyout fund and has declared plans to invest up to US$1 billion in India over the next few years.
Founded by Mr. C. Kalaichelvan in 1990, Anjan is a supplier of active drug ingredients in the central nervous system therapy segment to some of the world's largest pharmaceutical companies, in markets including the U.S., Canada, Brazil and Europe.
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