US-based Gavis Pharma makes open offer to acquire 26% more in Bangalore’s Wintac

US-based Gavis Pharma LLC has made an open offer to acquire an additional 26 per cent stake in Bangalore’s Wintac Ltd, which could give it a majority stake in the public-listed pharma company. Wintac, a small-sized firm, develops products in the ophthalmic, injectables and critical care segments.

Gavis, which was founded five years ago by an entrepreneur of Indian origin, has offered to buy up to 26,06,303 shares of Wintac at a price of Rs 101.07 per unit. If it is successful, Gavis will end up paying around Rs 26.34 crore ($4.7 million) to hike its stake in the Bangalore firm.

A few months ago, Gavis picked up 39.9 per cent stake in Wintac for Rs 40 crore ($7.31 million) through a preferential allotment. It now holds more stake than the promoters and if the open offer is successful, it may pick up majority stake in the company.

Wintac scrip last traded at Rs 100 a share, down 0.15 per cent on the BSE in a weak Mumbai market in Thursday.

For the nine months ended December 2012, Wintac had revenues of Rs 16 crore, with net loss of Rs 5 crore.

Indian pharma industry has recently seen some considerable activities in the acquisition space, both in terms of number of deals and quantum of capital. In the most significant deal of late, Strides Arcolab sold its injectables business housed under Agila Specialities Pvt Ltd to US-based Mylan Inc for $1.6 billion.

(Edited by Sanghamitra Mandal)

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