Advent International to acquire controlling stake in RA Chem Pharma Ltd. from Micro Labs Limited

  • Investment builds on Advent’s expertise in the pharmaceuticals sector
  • Transaction is Advent’s sixth investment in the healthcare sector and seventh investment in India over the past twelve months

MUMBAI, INDIA, July 30, 2020 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced that it has signed a definitive agreement to acquire a controlling stake in RA Chem Pharma Limited (“RA Chem Pharma”), a vertically integrated pharmaceutical company from Micro Labs Limited.

Founded in 2003 in Hyderabad, India, RA Chem Pharma is one of the most rapidly growing pharmaceutical companies in India. While the core focus is API, over time the company has forward integrated into Pellets, Formulations and Clinical Research to provide end-to-end offerings to its customers. Its product portfolio ranges from pharmaceuticals to niche areas of Animal health and Cosmeceuticals; supported by four manufacturing units, two R&D laboratories and a clinical research facility.

Advent has committed over $1.7 billion globally in six companies across the healthcare sector in the last 12 months. The firm has also committed more than $700 million in seven Indian businesses over the same period in varied sectors such as healthcare, consumer, and financial services amongst others.

“We continue to be excited about India’s pharmaceutical landscape and investing in RA Chem Pharma will further strengthen our presence in the sector. We aim to build one of the leading API platforms in India and will leverage our financial and operational resources globally to scale RA Chem Pharma both organically and inorganically.” said Shweta Jalan, a Managing Director and Head of India at Advent International, India.

“We are impressed with RA Chem Pharma’s niche product portfolio and business trajectory. It is uniquely positioned to achieve further growth, in what is a highly fragmented market, given its vertically integrated capabilities, extent of backward integration and robust near-term pipeline.” said Pankaj Patwari, Director, Advent International India.

“We are very pleased with this transaction and are excited to partner with Advent. We strongly believe that this transaction will further build upon RA Chem’s strengths to continue its journey to deliver high quality, niche and specialized products to its customers globally.” said Dilip Surana, Chairman and Managing Director, Micro Labs Limited

“RA Chem is a strong vertically integrated pharmaceutical platform in India. Our business has demonstrated consistent revenue growth driven by high degree of customer satisfaction on quality and reliability. We look forward to the resources and expertise that Advent will offer to RA Chem to drive its next phase of growth.” said Anand Surana, Director, Micro Labs Limited

Advent International has significant experience in the healthcare industry globally. In the past 30 years, the firm has invested or committed over $9 billion in 48 companies in the sector, including 20 businesses involved in pharmaceutical R&D, production and distribution. Recent pharmaceutical transactions include Bharat Serums and Vaccines (biopharmaceuticals), Zentiva’s acquisition of Alvogen’s Central and Eastern European generics business, BioDuro (contract R&D), Industria Chimica Emiliana (pharmaceutical ingredient production), Somar (generic pharmaceuticals), Syneos Health (clinical development and commercialization services) and Zentiva (generic pharmaceuticals).

Advent has been investing in India since 2007. In this time, it has deployed almost $1.7 billion in 12 companies with headquarters or operations in the country. In addition to RA Chem Ltd, new investments in last 12 months include Bharat Serums and Vaccines (BSV), a biopharmaceutical leader in women’s health and critical care; Aditya Birla Capital, the holding company of the financial services businesses of Aditya Birla Group (ABG), an Indian multinational conglomerate; and DFM Foods, a leading manufacturer of packaged snack foods. Nomura acted as the sole financial advisor to Micro Labs for the transaction.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 350 private equity transactions in 41 countries, and as of March 31, 2020, had $49 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 200 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

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About Micro Labs Limited

Founded in 1973, Micro Labs Limited is a fully integrated Pharmaceutical company with presence in over 40 countries. Micro Labs is ranked amongst the Top 20 pharmaceutical companies in India. Micro Labs holds leading positions in various therapeutic areas including Cardiology, Diabetology, Ophthalmology, Neuropsychiatry and Pain Fever management. With its many state-of-the-art manufacturing facilities (that are accredited by various global health regulatory agencies), strong R&D capabilities and widespread distribution network, Micro Labs is amongst India’s fast-growing global healthcare organizations.

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