Warburg Pincus, CVC Eye Stake in Orbicular Pharma at USD 1-1.5 Bn Valuation: Report
Mumbai: Private equity firms including Warburg Pincus and CVC Capital Partners have shown early interest in acquiring a stake in specialty pharmaceutical company Orbicular Pharmaceutical Technologies, with the potential transaction expected to value the Hyderabad-based company at between USD 1 billion and USD 1.5 billion, according to a recent media report in LiveMint.
People familiar with the matter told the daily that Orbicular Pharma has appointed Jefferies as its financial advisor for the proposed stake sale. Existing investor Tata Capital Healthcare Fund is also likely to explore a partial or full exit as part of the transaction. The precise size of the stake being offered and the eventual valuation could change depending on the incoming investor and the final structure of the deal.
The proposed transaction is currently at an early stage. CVC Capital Partners and Warburg Pincus are spending time evaluating the asset, while the formal sale process is expected to be launched over the next quarter. Other private equity firms and strategic investors are also expected to assess the company for a potential investment, with the valuation under consideration ranging between $1 billion and $1.5 billion.
Orbicular, CVC and Tata Capital Healthcare Fund did not respond to requests for comment. Jefferies and Warburg Pincus declined to comment on the matter.
Orbicular Pharmaceutical Technologies commenced operations in 2010 and is a research-oriented pharmaceutical product development company with capabilities across several dosage forms. Its business strategy centres on developing niche, generic and specialty pharmaceutical products and licensing these products to global partners at a late stage of development.
Based in Hyderabad, Orbicular works with major national and international drug manufacturers. The company provides advanced development solutions and capabilities intended to help its partners deliver pharmaceutical products and meet the needs of patients across global markets. Orbicular has also stated that it plans to execute its CI-TOP SPIN strategy across both regulated and emerging markets.
The CI-TOP SPIN strategy covers complex injectables, topicals, ophthalmics, parenterals, nasal sprays and inhalations. These product categories are characterised by complexity, entry barriers and profitability opportunities, forming the core of Orbicular's specialty development focus.
The company is led by M.S. Mohan and Hiren Patel and has a workforce of more than 300 scientists. Orbicular is developing a one-stop platform aimed at enabling seamless delivery of highly complex pharmaceutical products. Over the years, the company has evolved from an R&D consultancy service provider into a developer of complex formulations, with a particular focus on niche peptide molecules.
In FY25, Orbicular began commercial production of formulations containing the GLP-1 molecule liraglutide. The company currently has two molecules under commercial production—liraglutide and semaglutide.
As of March 2026, Orbicular had filed more than 90 abbreviated new drug applications (ANDAs). Some of these applications were filed independently by the company, while others were submitted in collaboration with other pharmaceutical players. The company had received approvals for more than 66 products, according to an Icra report issued last month.
Icra also identified Orbicular as one of three players with an approved semaglutide molecule in the Canadian market. According to the ratings agency, this approval supported the company's strong order book position as of March 31, 2026.
Orbicular recorded substantial growth in its financial performance during FY26. According to the Icra report, the company's operating income increased to ₹525 crore, compared with ₹265.2 crore in FY25. Its net profit also increased significantly to ₹53.3 crore in FY26, from ₹28.7 crore in FY25.
The company competes with specialty generic and complex formulation developers in India and international markets. Online reports have identified companies including Gland Pharma Ltd, Apotex Inc., Dr Reddy's Laboratories and Aurobindo Pharma among its competitors.
The reported investor interest in Orbicular comes at a time when India's pharmaceutical sector continues to expand. According to a government report issued in March, India is the world's third-largest pharmaceutical producer by volume and the eleventh-largest by value. The country has more than 3,000 pharmaceutical companies and 10,500 manufacturing units.
India is also the world's largest supplier of generic medicines, accounting for approximately 20% of global supply, according to the same government report. The domestic pharmaceutical market is currently valued at around $60 billion and is expected, according to the government report, to more than double to $130 billion by 2030. The Indian pharmaceutical sector recorded a turnover of ₹4.72 trillion in FY25, reports Mint.
