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April 25, 2012

Deal Alert: ChrysCapital invests Rs.300-Cr in Intas Pharma

From the Press Release:

Ahmedabad-based Intas Pharma, one of India’s leading private pharmaceutical companies, today announced that it is raising Rs. 300 crores from ChrysCapital in a pre-IPO round.  The Company has deferred its listing plans for the time being and intends to re-file for an IPO once market conditions stabilize.

Intas is an established global pharmaceutical player with FY 2012 revenues of over Rs. 2,700 crores.  The Company has a strong presence in chronic therapy areas and is currently ranked 12th in the domestic market by ORG-IMS.  Intas also has a fast growing and significant export base in Europe and USA under the brand name of Accord Healthcare.

This will be ChrysCapital’s second investment in Intas, having originally backed the Company in 2006 from an older fund.  As an existing investor in the Company, ChrysCapital has benefited significantly from the strong performance recorded by Intas over the past six years.  Consequently, this investment comes at a significant multiple to the 2006 investment.

Based on the Chairman, Hasmukh Chudgar’s recommendation, the Board of Directors endorsed the appointments of Binish Chudgar as the Vice-Chairman & MD and Nimish Chudgar as the MD & CEO with immediate effect. These appointments are to drive forward the Company’s ambitious growth plans and develop world-class leadership in the run-up to a public listing in the near future.

Binish Chudgar of Intas commented, “ChrysCapital has been an integral part of our journey and has played an important role in determining our business strategy along the way.  We greatly value ChrysCapital as an investment partner and look forward to extending our association further.”

Sanjiv Kaul, ChrysCapital’s nominee on the board of the Company, said, “Intas has demonstrated impressive historical growth and profitability and is poised for significant growth in the years ahead.  The Company has gained market share in a fast growing domestic market and successfully scaled up its international business at the same time.  This follow-on investment reaffirms ChrysCapital’s faith in the Company’s ability to continue to deliver superior shareholder value over the years.”

About Intas Pharmaceuticals Limited
Intas is a leading, vertically integrated Indian pharmaceutical company engaged in the development, manufacture and marketing of formulations including bio-pharmaceuticals. In the domestic market, the Company has over 55% of its revenues coming from chronic therapy areas like cardio and central nervous system.  Internationally, Intas is present in over 50 countries worldwide predominantly in North America, Europe & Latin America with exports constituting around 40% of total revenues. The Company operates 10 manufacturing facilities with approvals from leading regulatory agencies like the USFDA.

About ChrysCapital
ChrysCapital manages $2.5 billion across six funds and is one of the leading private equity funds that invest in India. With 60 investments since 1999, ChrysCapital has valuable experience in evaluating investment opportunities across a breadth of sectors that leverage growth in the Indian economy.

For further information, please contact:
Binish Chudgar, Vice-Chairman & Managing Director, Intas Pharma
Tel: 079 – 2657 6655

Jayesh Shah, CFO, Intas Pharma
Tel: 91-9998050507