Indian private equity firm True North has invested in Embio, a company that produces active pharmaceutical ingredients (APIs) using synthetic biology and precision fermentation for regulated markets, per an announcement.
The investment confirms an earlier DealStreetAsia report that said the two sides were in talks. Avendus acted as the financial advisor to Embio in this fundraising process.
Under the terms of the transaction, True North has picked up a minority stake in Embio. This marks the third investment of the PE firm’s Fund VII and the first in the pharma sector from the vehicle.
True North said the investment reflects its confidence in the long-term growth of India’s healthcare and life sciences sector and its focus on backing companies that can compete globally.
Satish Chander, Partner at True North, said in a media statement, “Our investment in Embio aligns closely with our philosophy of partnering with high-quality, promoter-led businesses that have built differentiated capabilities and strong global relevance over time.”
Founded in 1986, Embio is a contract research and manufacturing company. It works with bacteria, fungi, and other microorganisms to produce active pharmaceutical ingredients (APIs) and specialised chemical building blocks called chiral intermediates, which are essential for making a wide range of medicines.
With a manufacturing facility in Maharashtra, Embio’s global customer base spans over 80 markets, including the United States, Europe, Japan, Brazil, Canada, Africa, and the Middle East.
True North has a presence in both private equity and private credit. In private equity alone, it has launched six investment funds with a combined corpus of around $3 billion, including co-investments.
