In a groundbreaking move that has left the pharmaceutical sector buzzing, the Board of Directors of Ind-Swift Laboratories Limited (“Ind-Swift”) announced the blockbuster sale of its active pharmaceutical ingredients (API) and contract research and manufacturing services (CRAMS) divisions to Synthimed Labs Private Limited (“Synthimed”) on September 6, 2023. The mega-deal, valued at a whopping INR 1,650 crores, places Synthimed under the India Resurgence Fund (“IndiaRF”) umbrella, a joint venture between Piramal Enterprises Limited and Bain Capital.

As one of India’s top ten independent merchant API businesses, Ind-Swift boasts two manufacturing sites in Punjab and Jammu and a combined reactor capacity of approximately 700 KL. Catering to both regulated and unregulated markets, Ind-Swift has solidified its market and cost positions across the United States, Japan, Korea, the European Union, Brazil, and India. The company reported consolidated revenue and EBITDA figures of INR 1,207 Cr and INR 256 Cr for FY23, respectively.

Pending shareholder and regulatory approval, Synthimed is also set to acquire an intermediate manufacturing facility from the promoter group.

Shantanu Nalavadi, the Managing Director of IndiaRF, commented on the monumental transaction, emphasizing IndiaRF’s enthusiasm for Ind-Swift’s transformational potential. “We are committed to investing further primary capital into both the API and CRAMS businesses to drive growth from new geographies and product development,” Nalavadi stated.

N R Munjal, the Chairman and Managing Director of Ind-Swift, conveyed his excitement about the strategic collaboration with IndiaRF. “We are grateful to our team and look forward to scaling the business to unprecedented heights under IndiaRF’s stewardship,” Munjal said.

Notably, PwC acted as the exclusive financial advisor for Ind-Swift in this landmark deal, solidifying its role in one of the most noteworthy transactions in the Indian pharmaceutical sector this year.

  Bain Capital, Ind-Swift Laboratories Limited, India, India Resurgence Fund, N R Munjal, Pharma acquisition news, Piramal Enterprises, PwC, Shantanu Nalavadi, Synthimed Labs