PE-VC Fund Investments
Everstone invests $270-M in specialty pharma firm Apothecon
PE investor Everstone Capital has invested about USD 270 million to acquire a majority stake in Vadodara-headquartered Apothecon Pharmaceuticals and its US-based sister concern Navinta. Apothecon Group was advised by Citadel Management Consulting on the transaction, while o3 Capital acted as the buy-side advisor to Everstone Capital.Apothecon Group, founded in 2003 by industry veterans including Mahendra Patel, a former Sandoz executive, and Joe Renner, former chief operating officer of Sandoz and chairman of Zydus Pharmaceuticals (USA) Inc, has built a diversified portfolio spanning injectables, oral solids, and other dosage forms. The company operates manufacturing and research and development (R&D) facilities in Vadodara and Hyderabad, as well as in New Jersey and Florida. Its plants produce formulations, APIs (active pharmaceutical ingredients), and intermediates for global distribution.Everstone plans to accelerate the company’s product pipeline, expand into new markets, and pursue acquisitions. The founding promoters will retain a “meaningful stake” with Patel continuing as chairman. Everstone will appoint Puncham Mukim and Arjun Oberoi to the board.
For FY25, Apothecon Pharmaceuticals had reported about INR 258 Cr in Operating Income and about INR 45 Cr in PAT.
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