Argus Partners Advises Ind Swift Laboratories Limited On The Sale Of Its API And CRAMS Businesses And The Intermediates Manufacturing Business Of Essix Biosciences Limited To India Resurgence Fund
LIVELAW NEWS NETWORK
11 Sep 2023 4:47 PM GMT
Argus Partners advised Ind Swift Laboratories Limited (ISLL) (a global manufacturer of APIs, Intermediates, and formulations) and its promoters on the sale of its active pharmaceutical ingredients (API) and contract research and manufacturing services (CRAMS) businesses to Synthimed Labs Private Limited (a special purpose vehicle of India Resurgence Fund) for INR 1,650 crores. Argus Partners also advised Essix Biosciences Limited in relation to the sale of its intermediates manufacturing business to Synthimed and an INR 80 crore investment by ISLL in CCPS and NCDs to be issued by Synthimed.
Ind-Swift is amongst the top ten independent merchant API businesses in India in size, with two manufacturing sites in Punjab and Jammu, and a combined reactor capacity of ~700 KL catering to both regulated and unregulated markets. The API business has strong market and cost position with diverse therapeutic presence across the US, Japan, Korea, EU, Brazil and India. Ind-Swift reported a consolidated revenue of INR 1,207 Cr and consolidated EBITDA of INR 256 Cr in FY23. India Resurgence Fund is a leading India-focused investment platform promoted by Piramal Enterprises Limited and Bain Capital.
Mr. N.R. Munjal, Chairman and Managing Director of Ind-Swift on this occasion said “Ind-Swift is amongst the largest independent API players in India and has had the track recording of developing API molecules with customer centric approach and has created high quality facilities. We are delighted that IndiaRF, which has a pedigree and track record in transforming businesses across varied sectors, will support and invest in the growth of the business. We are grateful to our team and wish them the best to scale the business to newer heights under the IndiaRF’s stewardship.”
The transaction team consisted of Abhinav Bhalaik, Armaan Patkar, Aastha (Partners), Mayank Jhunjhunwala (Principal Associate), Tanya Nair, Ayushi Khetan, Aditi Singh Kashyap and Tweesha Gosar (Associates).