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KKR agrees to buy minority stake in Gland Pharma for USD200m.


28 November 2013 a[euro]" US private equity major KKR & Co LP (NYSE:KKR) has inked an agreement to buy a minority interest in Indian active pharmaceutical ingredients and injectable formulations producer Gland Pharma Ltd for some USD200m (EUR147.2m), the target said.

The interest includes the entire Gland Pharma holding of buyout specialist Evolvence India Life Sciences Fund, the company noted.

The deal, which has yet to be cleared by regulators, is KKRa[euro](tm)s fourth announced investment from the KKR Asian II Fund as well as its second Indian private equity investment this year.

Gland Pharma boasts a history of robust financial results and established client relationships, which it is seen to be able to expand further, KKR Indiaa[euro](tm)s CEO Sanjay Nayar said, commenting on the transaction.

The move will support Gland Pharmaa[euro](tm)s growth plan as it aims to boost manufacturing capacities and step up investments in development activities with a view to increasing its product registrations, its chairman P V N Raju said.

Gland Pharma, which is based in Hyderabad, supplies products to the osteoarthritis, anti-coagulants, gynaecology and ophthalmology markets.Country: IndiaSector: PharmaceuticalsTarget: Gland Pharma Ltd Buyer: KKR & Co LP Vendor: Other vendors, Evolvence India Life Sciences FundDeal size in USD: 200mType: LBO, StakebuildingStatus: Agreed

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Publication:M & A Navigator
Date:Nov 28, 2013
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