Global buyout fund KKR would likely acquire one third of Gland Pharma. The proposed deal for the Hyberdad-based Gland Pharma was priced INR1 billion and would likely push through by the end of this month. The deal would be a combination of fresh equity infusion and buyout of an existing investor, Evolvance India Life Science Fund. This was according to two people familiar with the matter who told ET but asked not to be named as the matter was not yet public.
Gland Pharma was established in 1978 and took the lead in cardiovascular products and othropedic fields in India. The company had formed and equity alliance with Vetter group, a Germany based firm, to deliver products to the global market.
"The deal will value the company at around USD500 million. KKR will infuse about INR600-700 million of the deal's proceeds into the company to augment manufacturing capacity while the balance will be used to buy out the Evolvance's stake in the company," said one of the sources.
Gland Pharma officials declined to give comments regarding the report. KKR also refused to give statements.
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