Singapore-based private equity firm Everstone Capital has partnered with the founding promoters of India-based Apothecon and US-based Navinta, investing close to US$270m for a substantial stake in the Apothecon Group. The combined platform is a regulated markets-focused, speciality formulations business with in-house formulations and captive API manufacturing, as well as a diversified commercial presence across the US, Europe, and the rest of the world.
“Apothecon Group specialises in complex formulations with a demonstrated track record of launching differentiated products,” said Atul Kapur, co-founder and CIO, Everstone Group. “With its own manufacturing facilities, the company has built a resilient and self-reliant business model, serving its core markets including the US and Europe, and beyond.”
The company was founded in 2003 by industry veterans – Dr Mahendra Patel, former CSO at Sandoz and co-founder of Invamed (later acquired by Sandoz) and Joe Renner (former COO of Sandoz and Chairman of Zydus USA).
Today, the Apothecon Group has a large, diversified and growing product portfolio spanning injectables, oral solids and other dosage forms. The company has in-house capabilities across complex chemistry areas, supported by a regulated markets-compliant manufacturing and R&D platform, across Vadodara and Hyderabad in India, as well as New Jersey and Florida in the US.
Everstone Capital will focus on accelerating and augmenting the company’s product pipeline, expanding commercial reach across new geographies, and pursuing complementary acquisitions. The founding promoters will continue with a meaningful stake in the business. The company’s European partner, Waymade, also participated in the Everstone Capital-led transaction via its investment vehicle, Waymade Capital.
Everstone Capital’s past and current investments in healthcare and pharmaceutical businesses include Rubicon Research, Slayback Pharma, Softgel Healthcare, Integris Medtech, Sahyadri Hospitals, and OmniActive Health.
Apothecon Group was advised by Citadel. o3 Capital acted as buy-side advisor to Everstone Capital.
Press release: Everstone Capital invests close to $270 Million in Apothecon and Navinta – Everstone Capital
