Liquidity Events
Nirma Group acquires eye care products Stericon Pharma for Rs.380-Cr
Ahmedabad-headquartered Nirma Group has acquired 100% stake in Bengaluru-based Stericon Pharma Pvt Ltd, a maker of eye drops and contact lens solutions. Healthcare focused PE firm InvAscent made an exit in the deal, which is reported to be in the INR 350-380 crore range. Torreya Partners and Mirae Asset Capital Markets were advisors to the deal. Nirma's subsidiary Aculife Healthcare Pvt Ltd sells medical devices and critical care medicines under its Nirlife and Oneuse brands. Stericon has more than 200 drug licenses and provides contract manufacturing services for eye and ear drops. Stericon's eye drops and contact lens cleaning solutions are claimed to be sold in nearly 50 countries.
From the Venture Intelligence PE-VC Deal Database: In Dec-16, an Invascent managed fund had acquired a 45.45% stake in Stericon Pharma in 2016 for INR 50 Cr. (Subscribers to the database can login to view the valuation multiples, deal structuring and other transaction details.) From the Venture Intelligence Private Company Financials Database: For FY22, Stericon had reported an Operating Income of INR 87.6 crore and a Net Profit of INR 14.9 crore - both up significantly from the previous FY. (Subscribers to the database can login to view the detailed financials.)
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