KKR to Take Minority Stake in India’s Gland Pharma
November 30, 2013 Leave a comment
KKR to Take Minority Stake in India’s Gland Pharma
KENAN MACHADO
Nov. 28, 2013 2:43 a.m. ET
MUMBAI— KKR & Co. L.P. KKR +0.08% Thursday said it had agreed to pick up a minority stake in Indian generic injectable pharmaceutical products company Gland Pharma Ltd. for about $200 million. The U.S. private-equity firm didn’t disclose how much stake it had planned to buy. As part of the deal, KKR will also buy the stake held by Evolvence India Life Sciences Fund, an existing private equity investor in Gland Pharma.Gland Pharma, based in the southern Indian city of Hyderabad, develops and manufactures generic injectables primarily for the U.S. market, and for India and other semi-regulated markets. In 2003, Gland Pharma was the first company in India to get U.S. Food and Drug Administration approval for pharmaceutical liquid injectable products, KKR said in a news release.
KKR’s investment in Gland Pharma represents its fourth announced investment from the KKR Asian II Fund and its second overall private equity investment in India in 2013, the release added.
The firm has invested more than $1 billion in private equity in India since 2006, with substantial investments in atlas five Indian firms, its website showed. The fund may own residual interests in other Indian firms which weren’t listed on its website, the website said.
The investment is KKR’s fourth announced deal from its Asia II fund, which raised $6 billion earlier this year for investments across the region. In October, it bought a minority stake in Malaysia’s Weststar Aviation Services for about $200 million, an investment made from the fund.
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