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Capital International acquires 3% stake in Intas

03 April, 2017

Capital International Inc has acquired a 3% stake in Ahmedabad-based Intas Pharmaceuticals Ltd, news reports said.

Both Mint and The Times of India quoted unnamed persons saying that Capital International has acquired the stake from ChrysCapital LLC for Rs 690 crore (about $107 million) in a secondary deal.

Investment bank Moelis and Co was the advisor to ChrysCapital for the transaction.

The transaction values Intas at Rs 23,000 crore, or $3.5 billion, making it the most valued private Indian pharmaceuticals company with a 2.8% market share.

E-mail queries to Intas Pharma, Capital International and ChrysCapital did not elicit any responses till the time of filing this story.

Following the stake sale, ChrysCapital will hold 3% in Intas. Last month, VCCircle had reported how several PE funds, including Apax Partners, TPG Capital and Bain Capital were in the race to acquire the 3% stake.

ChrysCapital had initially invested Rs 50 crore for a 10.8% stake in Intas in 2005 and had subsequently added another 6%, before it partially exited the company by selling a 10.16% stake to sovereign wealth fund Temasek Holdings Pvt Ltd in November 2014. According to reports, the PE firm had made a 20-fold gain in the transaction.

Chrys’ recent calls
ChrysCapital has also been looking to exit Ahmedabad-based pharmaceuticals company Eris Life Sciences.

Earlier in the year, the fund had announced the final close of its seventh fund.

Intas
Ahmedabad-based Intas has a turnover of about $1 billion, of which 60% comes from international operations.

The company has expanded its footprint rapidly through acquisitions, including the UK assets and operations of Actavis Generics, which was owned by generic drugmaker Teva Pharmaceutical Industries Ltd for whopping Rs 5,117 crore.

The deal struck in October was the second largest overseas pharmaceuticals acquisition by an Indian company.

The company had also acquired Spain’s Combino Pharma in March 2015 to grow its European business.

Intas operates 10 manufacturing facilities worldwide. About 80% of its export revenue comes from the US, UK and EU, according to its website.

Capital International
This will be the second investment for the company in the Indian generics pharmaceuticals space.

Capital International had previously bought ChrysCapital’s stake in another generics player, Mankind Pharma Ltd.

VCCircle had earlier reported that the firm had made a partial exit from L&T Finance.

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Capital International acquires 3% stake in Intas

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