Indian PE firm True North to acquire minority stake in Anthem Biosciences
Photographer: Krisztian Bocsi/Bloomberg
March 2, 2021
Homegrown private equity firm True North has signed definitive documents to acquire a minority stake in Bengaluru-based Anthem Biosciences Pvt Ltd, which is an integrated drug discovery, development and manufacturing services provider.
Financial details of the transaction were not disclosed.
In an official statement, True North said that it will partner with Anthem Biosciences founders Ajay Bhardwaj, Ganesh Sambavisan, and KC Ravindra to help the company invest growth capital towards expanding capacity and capability for its next growth phase.
“We have been closely following the growth story of Anthem Biosciences and are impressed with the progress the team has made in becoming a globally competitive player in the fast-growing CDMO (contract development and manufacturing company) industry,” said True North partner Satish Chander.
Explore Now
Mumbai: Outbidding global buyout funds, home grown private equity fund True North is all set to acquire a minority stake in Bengaluru-based contract research and manufacturing services firm Anthem Biosciences, multiple people aware of the development said.
True North will acquire about 8-10 per cent stake in Anthem Biosciences for Rs 740 crore ($75-100 million), at a valuation of $1 billion (Rs 7,400 crore).
Others who were in the race include US funds Warburg Pincus, General Atlantic and Singapore-based Temasek Holdings. The deal is expected to be signed by next week, sources added.
Set up by ex-Biocon executive Ajay Bharadwaj, Rs 1,200-crore Anthem Biosciences competes with Biocon-owned
National Bio Entrepreneurship Competition announce 2020 winners
National Bio Entrepreneurship Competition announce 2020 winners
21 December 2020 | News Winning start-ups to take home a cumulative of over Rs 7 crore in cash prizes and investment opportunities.
Source credit: Shutterstock
The National Bio Entrepreneurship Competition (NBEC), a nationwide platform to showcase India’s most promising bio innovations with high impact potential in the life sciences and biotech domain, wrapped up with 11 bio entrepreneurs and three student-led teams announced as winners of NBEC 2020, fourth edition of this prestigious competition.
Winning start-ups will take home a cumulative of over Rs 7 crore in cash prizes and investment opportunities, while student-led teams stand to receive Rs 10 lakh in cash prizes.