200m US dollars pumped into Indian generics firm
Private investment group KKR, traded on the New York Stock Exchange, has taken a $200m interest in Indian generics firm Gland Pharma.
Hyderabad-based Gland – which has collaborated with the German Vetter Group and prides itself on a “pre-eminent position globally” in the “niche field” of pre-filled syringes – develops and manufactures its products mainly for the US market.
The US cash injection to Gland, subject to regulatory approval, will give KKR a minority stake in the company.
“In addition to securing growth capital, we look forward to leveraging KKR’s global network of relationships to help enter new markets.”
Dr Ravi Penmetsa, vice-chairman and managing director, Gland Pharma.
Gland Pharma said it has a strong position in the US heparin market. It was the first India-based pharma to win US Food and Drug Administration approval (in 2003) for liquid injectable products. KKR India’s chief executive, meanwhile, highlighted the generics company’s presence in India.
“Gland Pharma has a track record of strong financial performance as well as long-standing relationships with Indian and international pharmaceutical companies and we believe there is significant potential for it to grow these partnerships even further.”
Sanjay Nayar, chief executive, KKR India.
Nayar added that KKR was “excited to invest behind a high-quality promoter” and in the “family and management team led by Dr Ravi“.
KKR to invest $200m in India pharma group Gland (Financial Times; subscription may be needed)
Gland Pharma and KKR announce partnership (KKR press release)
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