Piramal Pharma’s 20 per cent stake sale to Carlyle over

Piramal Pharma has received Rs 3,523.40 crore from CA Alchemy Investments, an affiliated entity of CAP V Mauritius Ltd, an investment fund managed and advised by affiliated entities of The Carlyle Group Inc, the companies said in a joint statement.

 The transaction values the Pharma Business at an enterprise value of $2,775 mn (over Rs 20,300 crore) with an upside component of up to $360 mn (over Rs 2,630 crore) depending on the company’s FY21 performance, it added. This transaction is one of the largest private equity deals in the Indian pharmaceutical sector. It provides Piramal Pharma Ltd (PPL) growth capital that enables it to invest in accelerated business growth through both organic and inorganic opportunities, the statement said.

 “We are pleased to announce the closure of the transaction for Carlyle’s growth investment in Piramal Pharma….With this completion, we are now excited about the enhanced opportunities ahead and look forward to leveraging Carlyle’s deep expertise and global strengths to bolster our growth plans,” Piramal Enterprises ED Nandini Piramal said.

 This fresh growth investment will be used to expand capacity across PPL’s sites as well as to tap attractive acquisition opportunities within and outside India, the statement said.