Global private equity fund Advent International on Monday said it will be acquiring a controlling stake in pharma sector-focused Avra Laboratories, in a deal which values the company promoted by A V Rama Rao at USD 100 million.
The 26-year-old Avra is headquartered in Hyderabad and engaged in contract manufacturing and research services and speciality active pharmaceutical ingredients. A definitive agreement has been signed between both the parties for the deal, as per a statement.
The statement did not disclose details on valuations, but officials privy to the matter pegged the valuation of the company started by Padmabhushan awardee Rao and his family at USD 100 million.
Avra has four facilities across Telangana and Andhra Pradesh, and is focused on niche generic molecules and also proprietary custom synthesis business for global pharmaceutical players.
Rao, the founder and managing director of the company, said he is confident of Avra will see sustained growth and reach newer markets.
Advent International India's managing director Pankaj Patwari said the private equity fund wants to create top five merchant API Platform in India and the deal will also allow it to be present across the spectrum of generic and patented molecules.
The PE fund, which has been investing in India since 2007, and its bets in the last one year include ZCL Chemicals, Eureka Forbes, Classy Kontainers and Encora.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU