June 2008

Gurgaon, HR-based listed pharmaceuticals manufacturer Ranbaxy Laboratories Ltd. is to be acquired by Japan-based pharmaceutical company Daiichi Sankyo for $3.4-4.6 billion. Under the deal, Daiichi will acquire the entire 35% stake of the promoter family of Ranbaxy. It will acquire an additional 9.5% through a preferential allotment of shares and another 4.5% through a preferential allotment of warrants. Further, it has launched an open offer for a 20% stake. Post deal, Malvinder Singh will continue to lead the company as its CEO and MD.

Religare Capital Markets was the exclusive financial advisor to Ranbaxy while Vaish Associates was its legal advisor. Nomura Securities acted as the exclusive financial advisor for Daiichi, while Jones Day was the legal advisor outside India, and P&A Law Office was the legal advisor in India. Mehta Partners was its business advisor while Ernst & Young was the accounting and tax advisor.

For more information:

http://ranbaxy.com/news/newsdisp.aspx?cp=889&flag=LN

http://www.daiichisankyo.com

Done Deals 

PE / VC Fund Investments 

BioPlus Life Sciences raises $31-M from AIF

BioPlus Life Sciences, Bangalore, KA-based manufacturer of a healthcare supplement formulations, has raised  $31 million from Hong Kong-based AIF Capital. Apart from outsourced manufacturing for major European pharmaceutical and retail companies.

BioPlus is also adding its own brand portfolio of healthcare supplements for the Middle East, Eastern Europe and Asia.

For more information:

http://www.aifcapital.com/news/2008/06/13/aif-capital-invests-us31-million-bioplus-life-sciences

http://www.biopluslifesciences.com

AyurVAID Hospitals raises $1-M from Acumen

Kochi, KL-based Kerala First Health Services Pvt. Ltd., which runs the AyurVAID Hospitals chain, has raise about $1.1 million (Rs. 4.5 crore) from Acumen Fund, a US-based non-profit fund, reports Financial Express. The two-year-old Kerala First has two hospitals, one in Kochi and another in Aluva, that provide a mix of ayurvedic and modern allopathy treatment to provide relief to chronic ailments, ranging from diabetes to arthritis.

For more information:

http://www.financialexpress.com/news/Acumen-Fund-invests-Rs-4-5-cr-in-AyurVAID/322202/

http://www.ayurvaid.com

VenturEast to invest in US firm Itero

Hyderabad, AP- and Chennai, TN-based VC firm VenturEast is to co-invest in the $21 million first round funding of San Mateo, CA-based Itero Biopharmaceuticals, Inc.. Itero is a developer of value-added follow-on and novel therapeutic proteins and antibodies. US-based SV Life Sciences and Panorama Capital led the financing.

http://www.iterobiopharm.com

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Mergers & Acquisitions (Outbound)

Zydus Cadila acquires Spanish firm Combix

Ahmedabad, GJ-based listed pharmaceuticals manufacturer Zydus Cadila has acquired Spain-based Laboratorios Combix for an undisclosed amount. The deal is projected to help Zydus enter the generics market. Combix, launched in 2006, has a portfolio of 17 molecules.

http://bseindia.com/xml-data/corpfiling/announcement/Cadila_Healthcare_Ltd_300508.pdf

Cadila to acquire South African firm Simayla

Ahmedabad, GJ-based listed pharmaceuticals firm Cadila Healthcare Ltd. has acquired a 70% stake in South Africa-based Simayla Pharmaceuticals for an undisclosed sum.

For more information:

http://bseindia.com/qresann/news.asp?newsid={6BCAAEEE-4C54-41E8-B840-5F2C591AF62B}

http://www.simayla.co.za

Maneesh Pharma acquires US firm Synovics

Mumbai, MH-based pharmaceuticals manufacturer Maneesh Pharmaceuticals Ltd. has acquired a 51% stake in US-based specialty pharma firm Synovics Pharmaceuticals for an undisclosed amount, reports Economic Times. Synovics had revenues of $30 million last year.

For more information:

http://economictimes.indiatimes.com/rssarticleshow/3138976.cms

http://www.maneeshpharma.com

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Mergers & Acquisitions (Domestic)

Emami acquires additional stake in Zandu

Kolkata, WB-based FMCG firm Emami has increased its stake in Mumbai, MH-based listed ayurvedic healthcare products manufacturer Zandu Pharmaceutical Works Ltd. to 27.5% from the earlier 3.5%. It has acquired the additional 24% stake from the Vaidya family, who are the descendants of Zandu founder Vaidya Zandu Bhattji. The promoter family retains an 18% stake in Zandu. As per regulatory norms, Emami has to make an open offer for an additional 20% stake in Zandu.

For more information:

http://tinyurl.com/3umcu3

http://www.zanduayurveda.com

Benzochem acquired by Arch Pharma for $24-M

Mumbai, MH-based pharmaceuticals manufacturer Arch Pharmalabs has acquired a 70% stake in Thane, MH-based Benzochem Lifesciences Pvt. Ltd. for about $24.4 million (Rs. 100 crore), reports Economic Times. Benzochem is a privately held company engaged in API manufacturing for the oncology and anti-malarial drug segment.

Arch Pharmalabs is backed by ICICI Venture, IIML and SwissTec.

For more information:

http://economictimes.indiatimes.com/articleshow/3112087.cms

http://www.benzochem.com

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Other Private Equity / Strategic Investments

Lotus Eye Care raises funds from BCCL

Coimbatore, TN-based Lotus Eye Care Hospital Ltd. (formerly Kalaivani Health Centre) has raised about $0.3 million (Rs. 1.3 crore) via a pre-IPO preferential allotment to Mumbai, MH-based media group Bennett, Coleman & Co. Ltd. (BCCL), reports PTI. Lotus Eye Care has filed for a Rs. 42 crore IPO to part finance its expansion plans. The book running lead manager to the issue is Keynote Corporate Services.

For more information:

http://economictimes.indiatimes.com/articleshow/3094177.cms

http://www.lotuseye.org

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Deals in the Making
 

Private Equity / Strategic Investments

PE firms scouting for stake in Piramal Life Sciences

A handful of PE firms including ICICI Venture and Actis are looking to acquire a minority stake in Piramal Life Sciences Ltd., the recently spun off drug research arm of Nicholas Piramal India, reports Mint. The Piramal family, which holds a 58% stake in Piramal Life, is expected to sell a 9-10% stake in the company.

http://www.livemint.com/2008/06/06000121/Piramal-Life-looks-to-sell-91.html

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IPOs 

Diagnostic labs operator SRL Ranbaxy plans IPO

SRL Ranbaxy, the pathological labs chain of the Ranbaxy promoter group, is to raise about $49-61 million (Rs. 200-250 crore) via an IPO by September, reports Financial Express. It is also in talks to sell up to a 20% stake to PE firms via a pre-IPO preferential allotment.

For more information:

http://www.financialexpress.com/news/SRL-Ranbaxy-eyes-IPO-route-for-funds/322190/

http://www.srlranbaxy.com

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