PAG, partners to acquire controlling stake in Optimus Drugs for Rs 2,000 crore

The other partners in the consortium include CX Partners and Samara Capital, while PAG, an alternate investment firm, is leading the investment as part of its private equity (PE) strategy, it added.

The 2004-founded Optimus Drugs is a vertically integrated manufacturer of pharmaceutical products including advanced intermediates, active pharmaceutical ingredients (APIs) and finished drugs. It exports more than 100 drug products to 40 countries at present.

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This is the second acquisition by the PE consortium's API platform, Sekhmet Pharmaventures, after acquiring a controlling stake in Chennai-based API manufacturer Anjan Drugs in 2020, the statement said.

''The businesses of the two companies are highly complementary and will provide a solid foundation for the platform to make further acquisitions,'' it said.

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PAG, which has invested USD 580 million in private equity deals in India as of end-2021, feels Optimus is a clear leader in research and development, manufacturing, and intellectual property management, its head of India private equity Nikhil Srivastava said.

''The combined experience of PAG, CX Partners and Samara will help Optimus become a leading player in the global API industry, and further our mission of ensuring better health outcomes for all,'' Optimus' founder and managing director D Srinivas Reddy said.