Wednesday, 29 October 2014

Warburg Pincus invests Rs550 crore in Laurus Labs



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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