Advent to acquire controlling stake in pharma co Avra Labs from AV Rama Rao

Advent International has signed an agreement with distinguished scientist Dr AV Rama Rao, and his family, to acquire a controlling stake in Hyderabad-based Avra Laboratories Pvt Ltd. Founded in 1995, Avra Labs is a contract manufacturing and research services (CRAMs) and specialty active pharmaceutical ingredients (API) manufacturer with four facilities across Telangana and Andhra Pradesh. The company is focused on niche generic molecules as well as proprietary custom synthesis business for global pharmaceutical players. Ernst and Young LLP was the sole financial advisor to the shareholders of Avra Laboratories for this transaction.