Intas Pharma sells ChrysCapital's stake to Singapore's Temasek

Intas Pharma sells ChrysCapital's stake to Singapore's Temasek

Ahmedabad-based privately held pharmaceutical company Intas Pharmaceuticals Limited, on Monday announced that Singapore investment company Temasek has acquired a 10.16 per cent equity stake in the company by way of secondary purchase of shares from private equity investor ChrysCapital for an undisclosed sum.

Intas manufatures formulations along with backward integration of active pharmaceutical ingredients (APIs).

ChrysCapital is a leading private equity firm with over $2.5 billion under management across six funds. ChrysCapital has deployed over $2.5 billion across more than 65 investments and has successfully exited over 40 investments. ChrysCapital has made investments in several Indian pharmaceutical firms including Mankind Pharma, Zydus Cadila, Eris Lifesciences, Ipca Labs and Torrent Pharmaceuticals. ChrysCapital is currently investing out of its sixth fund which was raised in 2012.

Incorporated in 1974, Temasek is an investment company based in Singapore, with a $223 billion portfolio as on March 31, 2014. Temasek’s portfolio covers a broad spectrum of sectors: financial services; transportation, logistics and industrials; telecommunications, media & technology; life sciences, consumer & real estate; energy & resources.

Binish Chudgar, vice chairman and managing director of Intas Pharmaceuticals said, “In the domestic market, Intas is the twelfth largest player in the Indian pharmaceuticals market with a strong chronic oriented portfolio. It is ranked fourth largest in chronic therapy areas with a strong presence in cardiac-diabeto and neuropsychiatry therapeutic segments. Over the past few years, Intas has successfully transitioned into a global generics player with over 50 per cent of its revenues now coming from international markets.”

Intas has global presence in over 70 countries. Presently, US  and Europe account for almost 75 per cent of total international revenues.

He added, “ChrysCapital has been a valuable partner for Intas over the years. We are delighted to have lived up to the expectation of ChrysCapital and now look forward to welcoming a globally reputed investor like Temasek to enable Intas to reach greater heights in the years to come.”

Sanjiv Kaul, managing director, ChrysCapital said, “Intas has been an excellent investment for ChrysCapital with the company having grown revenues at 27 per cent CAGR since its investment in CY06. Thanks to the promoters and its management team, the shareholders’ value has rapidly grown over the last decade, boosted by its strong growth across India and export markets. ChrysCapital reaffirmed its faith in the company with a fresh Rs 300 crore investment from a separate fund in CY12 and will continue to remain invested for the next few years.”

A company statement here said, “Temasek’s investment deepens its exposure to India’s pharmaceuticals industry through a company with deepening comparative advantages. The sector is a good proxy for the needs of transforming economies, which is part of Temasek’s investment themes.

Chudgar added, “The company is investing significant resources to build a pipeline of novel drug delivery technology based products. Intas has become the first company in the world to launch a Nanosomal Docetaxel Lipid Suspension (NDLS), DoceAqualip, designed to significantly reduce the hypersensitivity of the drug among the patients. Intas is a pioneer in field of Biosimilars with a basket of commercialised products with a focus on oncology, nephrology and auto immune disorders. In 2014, Intas became the first company from India to manufacture and supply a Biosimilar (filgrastim) into the EU.”