Everstone Invests $270M in Apothecon Group

Mumbai, Apr 14 (PTI) Singapore-based private equity platform Everstone Capital on Tuesday announced a USD 270 million (around Rs 2,510 crore) investment in the Gujarat-based Apothecon Group, which is engaged in the pharmaceuticals sector.

The investment is in Apothecon and its US-based sister concern, Navinta, for a "substantial stake", a statement said.

Founded in 2003, the Apothecon Group has a large, diversified and growing product portfolio spanning injectables, oral solids and other dosage forms, it said.

It has 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, it said.


The founding promoters will continue to hold "meaningful" stake, and Everstone will focus on accelerating and augmenting the company's product pipeline, expanding commercial reach across new geographies, and pursuing complementary acquisitions, it said.

While Mahendra Patel will continue as chairman of the company, ensuring continuity of scientific leadership and strategic oversight, the PE investor will appoint Puncham Mukim and Arjun Oberoi as its nominees to the board.

Everstone Group's co-founder and chief investment officer, Atul Kapur, said the company has its own manufacturing facilities and has built a resilient and self-reliant business model, serving in the US and Europe, and beyond.

"We expect the company to reach greater heights and look forward to the next chapter together," Kapur added.

Patel said the investment will help the company expand its manufacturing footprint and accelerate research and development.