A consortium led by Multiples Private Equity has invested Rs 685 crore in Mumbai-based pharmaceutical maker BDR Pharmaceuticals International in exchange for a 9.3% stake.
Institutional investors such as the Times Group’s investment arm, QRG Invest (Havells Family Office), and Nishantha Agarwal, a wealthy member of the Avigna Group, and others at the TAFE’s Mallika Srinivasan Consortium were present, Multiplus Private Equity said in a statement.
The pharmaceutical company wants to use the funds to pursue additional research and development capabilities, expand manufacturing capacity and pursue inorganic opportunities, it says.
“Healthcare is highly promising in India as an industry, and brings strong sector expertise with investments in companies across multiple value chains. Animal health, formulations and hospitals are some of the areas where we have supported companies with strong differences and high-quality entrepreneurs and management teams. We will continue to explore partnerships with promising initiatives in the healthcare industry, ”said Manish Gaur, Managing Director and Head of Health Care at Multiples.
Founded in 2003, BDR Pharma has partnered with several Indian pharmaceutical companies to innovate and manufacture therapies such as oncology and critical care. Its portfolio includes Covid-19 drugs Favipiravir, Molnupiravir and Baricitinib in India.
J. Sagar and Associates was the legal advisor and EY was the financial and tax advisor to Multiples PE.
Multiple, which focuses on key sectors of financial services, pharma and healthcare, consumer and technology, has investments in Enquib, Genex, PVR, Dilliveri, Dream Sports, Quantifi and Bastu Housing Finance.