M&A

M&A

Encube Ethicals to buy Soframycin, other brands from Sanofi India for Rs.125-Cr

BSE Release,   Economic Times  

Mumbai-based, publicly listed Sanofi India Ltd is to divest its topical antimicrobial brand Soframycin and other products to Encube Ethicals, a maker of prescription and OTC skin care products, for INR 125 crore. Mumbai-based Encube will also acquire other legacy associated brands such as Sofradex (antibacterial cream), Sofracort (antibacterial eye and ear drops), Soframycin-Tulle (antibacterial cream). It will have the right to exclusively sell and distribute these products in India and Sri Lanka. The brands acquired by Encube reported sales of INR 60 crore in 2020 (2.6% of the total sales of Sanofi India). Soframycin and Sofradex are manufactured through a third-party arrangement and distributed by the company. Encube, which has been contract manufacturing Soframycin for over 20 years for Sanofi, will vertically integrate the brand, building a front-end presence in India. Wadia Ghandy & Co. served as legal advisors to Encube on the transaction.

From the Venture Intelligence PE-VC Deal Database: Between Jul-16 and Jun-21, Encube Ethicals raised $165.3 M from Gulf Islamic Investments, Quadria India, Multiples PE, and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)