Warburg Pincus invests Rs550 crore in Laurus Labs
Global private equity fund Warburg Pincus LLC has acquired a minority
stake for Rs550 crore in Laurus Labs, a Visakhapatnam-based manufacturer and
developer of drug ingredients, it said in a statement on Wednesday. This is the
third transaction for Warburg Pincus in a month. In October, the fund had
invested Rs1,200 crore in Kerala-based jewellery company Kalyan Jewellers and
led a Rs185 crore investment in online auto classifieds platform CarTrade.com.
Warburg Pincus will join Fidelity Growth Partners India and Boston-based
Fidelity Biosciences, who led an earlier round of investment in Laurus in 2012,
as an investor in the company, the firm said. Laurus is a manufacturer of drug
ingredients for anti-retroviral (ARV), oncology, cardiovascular, anti-diabetic
therapeutic segments. The firm also has a presence in nutraceuticals business.
In addition to the drug ingredients business, the company has a contract
manufacturing business that caters to several generic and innovation-driven,
global pharmaceutical companies. The company started commercial operations in
2008. It recorded revenue of around Rs1,200 crore in the fiscal ended March
2014, the firm said.
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