India: Multiples PE-led consortium picks 9.3% stake in BDR Pharma for $88m

Photo: Reuters

Drugmaker BDR Pharmaceuticals has raised about $88 million (Rs 685 crore) from a consortium of investors led by private equity investor Multiples Private Equity, per an announcement Tuesday.

The investors have together bought a 9.3% stake in the Delhi-based pharma company for the aforesaid investment, Multiples PE said in a statement.

The consortium of investors participating along with Multiples include institutional investors such as the investment arm of Times Group, QRG Invest (Havells Family Office), and high networth individuals Nishant Agarwalof Avighna Group, and Mallika Srinivasan of TAFE, the statement added.

The funds will be used by the company to build additional research and development capabilities in current and emerging areas, accelerate investments in manufacturing capacity expansion and enhance the degree of vertical integration. The company will also selectively pursue inorganic opportunities to build scale.

“Healthcare, as an industry is highly promising in India and Multiples, brings strong sector expertise with investments in companies across the value chain. Animal health, formulations and hospitals are some of the segments where we have backed companies with strong differentiation, and high-quality entrepreneurs and management teams. We will continue to explore partnering with promising enterprises in the healthcare industry,” said Manish Gaur, managing director and head of healthcare at Multiples.

Established in 2003, BDR Pharma focuses on therapeutic segments such as oncology and critical care and is growing presence in dermatology and gynaecology. Its portfolio includes COVID-19 drugs Favipiravir, Molnupiravir and Baricitinib in India.

“Multiples is an active investor in the pharmaceuticals sector and have a strong track record of partnering with visionary entrepreneurs and management teams in helping them in their transformation journeys. We are looking forward to accelerating our growth journey with trusted investors having a deep understanding of the sector, and regulatory environment and who bring first-hand experience in working with innovative, high-growth companies,” said BDR Pharma’s chairman and MD Dharmesh Shah.

Multiples has so far backed 27 Indian businesses including Encube, Zenex, PVR, Delhivery, Dream Sports, Quantiphi, Vastu Housing Finance, ACKO, Licious and MoEngage.

 

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