Global private equity fund Carlyle and US-based Brighton Park Capital have acquired an undisclosed minority stake in Bengaluru-based drug development services and technology provider Indegene for $200 million (Rs 1,461 crore).
The transaction, which is subject to customary regulatory approvals, consists of a secondary sale from existing shareholders of Indegene and a primary investment into the company.
Indegene offers its customers design, build, and manage operations that leverage data and automation to accelerate clinical development and regulatory compliance in biopharma industry. The company claims to have 18 of the top 20 global biopharma organisations as its customers and managed full commercialisation of an approximately $2 billion worth of products and created over one million medical and commercial content assets. Indegene plans to use the primary investment from Carlyle and Brighton Park to accelerate its M&A and global expansion plans.
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Indegene was founded by in 1998 by five first-generation entrepreneurs and has grown revenues at more than 25 per cent compound annual growth rate (CAGR) in more than 10 years. Infosys co-founder NS Raghavan was an investor in the company, which acquired health analytics platform SmartCare, life sciences business of Canada's Skura Corporation and US-based Encima Group. Indegene employs more than 3,000 people across North America, Europe, China, Japan and India.
"Carlyle's commitment to the healthcare sector with their global network and deep pharmaceutical expertise, coupled with Brighton Park's deep experience in the technology sector and nuanced understanding of our space, makes the two ideal partners to support our company's continued growth," said Manish Gupta, Co-Founder and CEO of Indegene.
"We have been impressed by the strong entrepreneurial energy of the management team at Indegene and their technology-led, data-driven, differentiated global delivery model, as well as by their ability to scale relationships with global healthcare enterprises," said Neeraj Bharadwaj, Managing Director of the Carlyle Asia advisory team.
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in June 2019, Carlyle had acquired a 20 per cent stake in the pharmaceutical business of Piramal Enterprises for about $490 million (Rs 3,700 crore) and had previously invested in Metropolis Healthcare and Medanta in the healthcare space.