Quadria Cap Invests Rs 475.31 crore investment in Concord Biotech
New Delhi : Private equity firm Quadria Capital has concluded a Rs 475.31 crore investment in bio-pharmaceutical active ingredient manufacturer Concord Biotech. The transaction has been carried out through Quadria Capital's Singapore-based SPV, Helix Investments Pte Ltd. Other investors in the SPV are Rising Tide and Neuberger Berman.
Concord is among the leading manufacturers of fermentation-based biopharmaceutical APIs, focused on niche segments such as immuno suppressant, oncology, anti-fungal and anti-bacterial.
"We believe that now is the time to take the business to the next level by extending therapy expertise and introducing new range of products. In this pursuit of ours, we are delighted to have a partner like Quadria, who we believe will help us in the next phase of our growth through their domain expertise and global network," Concord promoter Sudhir Vaid said.
Concord's strong dominance in the fermentation-based biopharma products, and their operating philosophy of delivering complex product categories, firmly positions them to achieve future growth, Quadria Capital Managing Partner Amit Varma said.
"We are confident of the company's ability to deliver the next phase of growth and will support them along the way through our network and eco-system," he added.
In May this year, FIPB had cleared a Rs 475.31 crore proposal of Singapore-based Helix Investment Holding to invest 20 per cent in the equity of Concord Biotech by subscribing to equity shares and purchasing them from existing shareholders.
Concord is coming up with a new formulation facility in Ahmedabad and expects to start operations by the end of 2016. It has been designed to cater to solid and liquid orals both for regulated and semi-regulated markets.