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.
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
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
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.
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.
information, please contact:
Chudgar, Vice-Chairman & Managing Director, Intas
079 – 2657 6655
Jayesh Shah, CFO, Intas Pharma