PE Fund Investments
Zenex Animal Health attracts Rs.390-Cr from IFC; Multiples sells stake
IFC, the private sector focused investment arm of the World Bank, is to invest INR 390 crore (approx USD 52.5 million) in Ahmedabad-based Zenex Animal Health India Pvt Ltd (formerly Zydus AHL). IFC will purchase new shares in Zenex for INR 120 crore (approx USD 16 million). Also, IFC Asset Management Company Emerging Asia Fund (EAF) will buy shares in the company worth INR 270 crore (approx USD 36.5 million) from Multiples Private Equity Fund III. Zenex has a manufacturing facility in Haridwar, within the State Infrastructure & Industrial Development Corporation of Uttarakhand Ltd (SIIDCUL) industrial area. This pharmaceutical formulation facility was commissioned in 2007 and has a monthly manufacturing capacity of 60,000 liters per month (liquid injections), 156,000 liters per month (liquid orals) and 15,600 Kg tablets per month. The company does not have its own research and testing facility for product efficacy testing, but collaborates with national research institutes and laboratories for clinical trial/testing before launching the products.
From the Venture Intelligence PE-VC Deal Database: In May-21, Multiples PE, CPPIB and Rare Enterprises had invested $398-M in Zydus AHL, the animal health business focused on India and certain other countries that was spun-out from publicly listed Cadila Healthcare Ltd. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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