Singapore-based private equity firm Everstone Capital has announced a $270 million investment for a substantial stake in Apothecon Group, according to reports from PTI. The investment includes India-based Apothecon and US-based Navinta, creating a regulated-markets-focused speciality formulations business with in-house formulation capabilities and captive active pharmaceutical ingredient (API) manufacturing. The combined platform has a diversified commercial presence across the US, Europe and other international markets, with capabilities across complex chemistry areas supported by a regulated markets-compliant manufacturing and R&D platform.
Apothecon was founded in 2003 by industry veterans Mahendra Patel, former chief scientific officer at Sandoz and co-founder of Invamed (later acquired by Sandoz), and Joe Renner, former chief operating officer of Sandoz and chairman of Zydus US. As reported by PTI, the group has a large, diversified and growing product portfolio spanning injectables, oral solids and other dosage forms. Patel will continue as chairman, ensuring continuity of scientific leadership and strategic oversight, while Everstone will appoint Puncham Mukim and Arjun Oberoi as its nominees to the board.
Everstone said it will focus on accelerating and augmenting the company's product pipeline, expanding commercial reach across new geographies, and pursuing complementary acquisitions, according to PTI reports. The founding promoters will retain a meaningful stake in the business, with the investment expected to help Apothecon expand its manufacturing footprint and accelerate research and development activities. Waymade Capital, Apothecon's European partner, also participated in the transaction through its investment vehicle.
Apothecon Group operates manufacturing facilities across Vadodara and Hyderabad in India, as well as New Jersey and Florida in the US, as reported by PTI. The company has built a resilient and self-reliant business model with its own manufacturing facilities, serving markets in the US and Europe and beyond. The founding promoters will continue to hold a meaningful stake, with the investment providing the company with enhanced capabilities to serve global regulated markets.
Atul Kapur, co-founder and chief investment officer at Everstone Group, stated that with its own manufacturing facilities, Apothecon Group has built a resilient and self-reliant business model, according to PTI. He added that this investment adds to Everstone Capital's history of building and scaling healthcare and pharmaceutical businesses globally, and expressed expectations that the company will reach greater heights in the next chapter together. Mahendra Patel emphasized that the investment will help the company expand its manufacturing footprint and accelerate research and development activities.
