Multiples private equity, others invest Rs 685 crore in BDR Pharmaceuticals

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A consortium led by Multiples Private Equity has invested Rs 685 crore in Mumbai-based drugmaker BDR Pharmaceuticals International in lieu of a 9.3% stake.

Institutional investors such as the investment arm of Times Group, QRG Invest (Havells Family Office), and high net worth individuals Nishant Agarwal of Avighna Group and Mallika Srinivasan of TAFE were the others in the consortium, Multiples Private Equity said in a statement.

The pharmaceutical company intends to use the funds to build additional research and development capabilities, expansion of manufacturing capacities and pursue inorganic opportunities, it said.

“Healthcare, as an industry is highly promising in India, and Multiples brings strong sector expertise with investments in companies across the value chain. Animal health, formulations and hospitals are some of the segments where we have backed companies with strong differentiation, and high-quality entrepreneurs and management teams. We will continue to explore partnering with promising enterprises in the healthcare industry,” Manish Gaur, managing director and head of healthcare at Multiples, said.

Set up in 2003, BDR Pharma partners with several Indian drug firms for innovation and manufacturing in therapy areas such as oncology and critical care. Its portfolio includes Covid-19 drugs Favipiravir, Molnupiravir and Baricitinib in India.

J Sagar and Associates was the legal advisors and EY was the financial and tax advisors to Multiples PE.

Multiples, which focuses on core sectors of financial services, pharma & healthcare, consumer and technology, has investments in Encube, Zenex, PVR, Delhivery, Dream Sports, Quantiphi and Vastu Housing Finance, among others.