Franklin Templeton Private Equity Strategy (FTPES) said it has invested INR 45 Crore in Symbiotec Pharmalab.
FTPES, a private equity portfolio managed by Franklin Templeton Asset Management India, was advised by Darby Asia Investors India, a private equity affiliate within Franklin Templeton Investments Group, while Systematix Capital Services was the exclusive advisor to Symbiotec for this transaction, a release from the company said.
However, transaction details were not disclosed.
“The domestic healthcare industry is expected to grow strongly helped by increased domestic demand and growing export potential. Higher per capita spending and greater health insurance penetration, along with increased outsourcing by global pharma companies augur well for companies such as Symbiotec Pharmalab,” Franklin Templeton India President Harshendu Bindal said.
Symbiotec is engaged in research, development, manufacturing and marketing of research-based active pharmaceutical ingredients (APIs) for corticosteroids and hormones.
It has an extensive product portfolio of over 40 corticosteroids and hormones APIs and supplies its products to leading pharmaceutical companies in India and overseas, including GSK Pharma, Teva, Ranbaxy and Cipla .
Funds raised from FTPES will be applied towards backward integration by setting up fermentation facilities which is expected to improve the company's competitive positioning and profitability.
This is also expected to help the company attract customers from highly regulated markets such as US, Europe and Japan.
“We at Symbiotec look forward to benefiting from Franklin Templeton's global experience and achieving the common goal of transforming Symbiotec into an integrated steroids solution provider to the global pharmaceuticals industry,” Symbiotec Managing Director Anil Satwani said.
Source: Silicon India