UAE –The Abu Dhabi Investment Authority (ADIA), a sovereign wealth fund owned by the Emirate of Abu Dhabi, has acquired approximately 3 percent of Intas Pharmaceuticals for US$250-US$270 million (2,000 crore) at a valuation of US$8.5 billion (65,000 crore).
It will purchase the 3 percent stake from current investor Temasek Holdings, which currently owns about 10 percent of the Indian drugmaker.
The Chudgar family, Intas’ promoters, currently own 84 percent of the company, while homegrown PE fund ChrysCapital owns 6 percent.
ADIA, which has property worth approximately US$800 billion, has received a lot of attention in India. Flipkart, Reliance Retail, Mindspace REIT, HDFC Capital, Mphasis, Paytm, Nykaa, and Mobikwik are among its major investments.
ADIA has invested more than US$3 billion in India since 2018. Intas Pharma is the seventh largest home formulations company, with nearly 30 percent of its revenue generated regionally, about 40 percent from the UK and European markets, and the remainder from the US and other markets.
Temasek purchased a 10.13 percent stake in Intas from current investor ChrysCapital in 2014 for US$1.6 billion.
ChrysCap paid 350 crores (US$45.7 million) for a 16.14 percent stake in Intas in two tranches, whereby it paid 50 crores (US$6.5 million) for a 12 percent stake in 2005.
ChrysCap offered Capital International a 3.01 percent stake in 2017 for US$3.5 billion. ChrysCap will repurchase the stake in May 2020 for US$4.25 billion.
Intas, based by Hasmukh Chudgar in 1977, is at present managed by the second technology of the Chudgar household – Binish Chudgar, Nimish Chudgar and Urmish Chudgar.
The company has 85 international offices and 16 manufacturing services around the world. Intas has a subject pressure of over 7,000 executives who cover over 500,000 doctors throughout the country.
In other related news, Intas Pharmaceuticals announced a research collaboration with Comera Life Sciences to develop a new generation of bio-innovative biologic medicines.
Under the terms of the partnership agreement, Comera will develop a differentiated formulation of an Intas product using Comeras proprietary SQore formulation platform.
Intas will initially provide research funding with the option to acquire global rights to the formulation through an exclusive license with the responsibility for subsequent development and commercialization.
The Intas Group’s revenue amounted to US$2.2 billion in FY 2020-21 and the compound annual growth rate of revenue has been 19 percent in the past 5 years.
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