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10-23-2013, 03:46 AM #1
Global PE firm Actis picks up stake in Indore's Symbiotec Pharmalab
Global private equity (PE) firm Actis has picked up a significant stake in Indore-based Symbiotec Pharmalab Ltd for $48 million (nearly Rs 300 crore).
Symbiotec is the country's leading producer of steroid-hormone active pharmaceutical ingredients (APIs), and its 200 plus customer base includes multinational firms as well as home-grown pharmaceutical firms.
Commenting on the development, JM Trivedi, partner and head of South Asia at Actis, on Tuesday said Symbiotec is the leading Indian manufacturer of steroids-hormone APIs, a specialised pharmaceutical segment.
"With its US FDA approved facilities and high quality products with Asian cost manufacturing advantages, it is on track to become a leading global player," he added.
IDFC Capital acted as exclusive adviser to Symbiotec on the deal.
"We are delighted to welcome Actis as a partner, one that understands our niche business and brings deep healthcare sector expertise," Symbiotec founder and promoter Anil Satwani said.
With Actis' help, the company looks forward to becoming a global force in the steroid-hormone segment and writing the next chapter in the growth story, he added.