Private equity firm PAG-led consortium has reached an agreement to acquire a controlling stake in city-based active pharmaceutical ingredients (API) maker Anjan Drug Pvt. Ltd, the company announced on Monday. Terms of the deal were not disclosed.
“The acquisition is part of the PAG-led consortium’s strategy to create a best-in-class platform for the development and production of bulk drug ingredients,” PAG said in a release.
The consortium includes CX Partners and Samara Capital. Founded by C Kalaichelvan, Anjan is a leading supplier of active drug ingredients in the central nervous system therapy segment to some of the world’s largest pharmaceutical companies in markets, including the US and Europe, the release said.
According to Managing Director and head of India private equity at PAG, Nikhil Srivastava, partnering with Anjan is a key first step in the company’s plan to create the pre-eminent platform for Indian API. PAG, an Asia-focused firm, is currently investing out of its USD 6 bn PAG Asia III buyout fund and has declared plans to invest up to USD 1 bn in India over the next few years, the release added.