Liquidity Events
Pharma co La Renon acquires 51% stake in therapeutics player Enaltec Labs
Ahmedabad-based La Renon Healthcare, a pharmaceutical company backed by Sequoia Capital and A91 Partners, has acquired 51% stake in Mumbai-based Enaltec Labs. The deal provides Enaltec a post-money valuation of INR 180-200 crore. The conversion of La Renon's stake will be ascertained based on Enaltec's performance between October 2021 and September 2022. La Renon will end up with higher than 51% if Enaltec fails to achieve the business targets Founded in 2006, Enaltec is an API maker with a global customer base. It has a manufacturing facility at Ambernath in Maharashtra which caters to the US and Europe markets. It also has an API manufacturing facility at Pithampur, Indore, which caters to Indian and multiple export markets. The company is focused on therapeutics for central nervous system, cardiac and ophthalmic issues. Last January, La Renon raised USD 30 million from A91 Fund at a valuation of USD 500 million.
From the Venture Intelligence PE-VC Deal Database: In Jan-17, Enaltec Labs raised $10-M from India Life Sciences Fund. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
Want to receive such news items in your inbox? Click Here to sign up for a trial.
