Page 53 - CW E-Magazine (Oct-Nov-2023)

Happenings

Ipca picks up 33.38% the marketing and distribution of ge- Ind-Swift Labs to sell API
equity in Unichem for Rs. neric pharmaceutical products in the and CRAMS services to
945-crore US. It brings with it licenses to all IndiaRF
States, improving Indoco’s access to
Ipca Laboratories said it has US market. Drugmaker Ind-Swift Laboratories’
picked up 33.38% shares from one of board has approved the sale of its API
Unichem Laboratories’ promoters, for The US is a key market for Indoco, and CRAMS business to Synthimed
Rs. 945-crore. This follows the recent contributing about Rs. 250-plus crore Labs Pvt. Ltd., a portfolio company of
approval from the Competition Com- to its turnover of Rs. 1,666-crore for India Resurgence Fund (IndiaRF), an
mission of India, Ipca told the stock FY23. India-focused investment platform pro-
exchanges. moted by Piramal Enterprises and Bain
Torrent Pharma looks to Capital, for Rs. 1,650-crore.
In April, Ipca had entered into an tie up with CVC Capital to
agreement to pick up 33.38% equity in fund Cipla purchase Ind-Swift has two manufacturing
Unichem for Rs. 1,034.06-crore, with sites in Punjab and Jammu, and a com-
an eye on exports. Torrent Pharmaceuticals Ltd. is in bined reactor capacity of about 700-kl

In its communication, Ipca said it negotiations with CVC Capital Part- catering to both regulated and unregu-
lated markets, it said. “The API busi-
has acquired 2,35,01,440 fully paid-up ners to form a consortium and raise at ness has a strong market and cost posi-
equity shares of Rs. 21 each, constitut- least $1.2-1.5 bn tion with diverse therapeutic presence
ing about 33.38% of the paid up equity from the Euro- across the US, Japan, Korea, EU, Brazil
share capital of Unichem Laboratories, pean buyout fund and India,” the company said in a stock
from one of Unichem’s promoter share- as the Ahmed- exchange communication.
holders, at Rs. 402.25 per equity share, abad-based firm
amounting to Rs. 945.35-crore. This puts together a Zydus buys 6.5% stake
was executed through a block deal on Rs. 60,000-crore in Mylab from Adar
the National Stock Exchange, it said. ($7-bn) financ-
ing package to Poonawala firm
Ipca has already made an open of- acquire rival Cipla, said an Economic
fer to Unichem’s public shareholders Times report quoting unnamed sources. Zydus Lifesciences said its whol-
to acquire another 26% of the fully di- ly-owned subsidiary Zydus Animal
luted outstanding equity share capital Torrent was earlier reported to have Health & Investments (ZAHIL), it has
at Rs. 440 per share aggregating to Rs. also approached PE fund, Bain Capital, acquired 6.5% stake in Pune-based
805.44-crore. to form a larger consortium. Mylab Discovery Solutions from Ris-
ing Sun Holdings, an investment com-
Torrent is also engaged with Brook-
Indoco acquires 85% stake field to raise $1-1.2 bn (Rs. 8,300-9,000 pany owned by Adar Poonawalla for
in US-based FFP Holding crore) mezzanine debt as share-backed Rs. 106-crore. The deal values Mylab
promoter financing. at Rs. 1,631-crore.
Indoco Remedies has acquired
85% stake in the US-based FPP Hold- Torrent’s founders, the Sudhir and The proposed investment in Mylab
ing Company, LLC for $4-mn (about Samir Mehta family, own 71.25% as marks Zydus entry into diagnostics,
Rs. 32-crore) from Contract Pharmacal promoters. That’s among the highest which the company expects to witness
Corp. promoter ownership in Indian pharma increased penetration through in-clinic
solutions with Point of Care testing de-
The investment is expected to help and they are seeking to use that head- vices.
Indoco strengthen its position as a room to dilute equity to raise leverage.
player in the US market, with greater Their plan is to create a non-disposable Mylab is engaged in the business
control on its distribution, pricing and undertaking (NDU) using the shares as of developing, manufacturing and sell-
access to all States in the region. collateral for loans. An NDU is differ- ing of in-vitro diagnostics kits, equip-
ent from pledging of shares. Under an ment, reagents and related therapeutic
FPP Holding is the holding compa- NDU, an entity can sell the stocks un- products that are linked to its diagnostic
ny of Florida Pharmaceutical Products, like pledging, which prevents the sale portfolio and providing portfolio solu-
LLC, based in Florida and engaged in of shares. tions to other labs and hospitals.

Chemical Weekly October / November 2023 49