ICICI Venture, India’s largest private equity player, is looking at selling I-Ven Pharma Capital Limited, a Special Purpose Vehicle, to Dr Reddy’s Labs (DRL), its exclusive partner in the SPV.
ICICI Venture has invested Rs 100 crore and holds 100% stake in I-Ven Pharma, created in 2005 for the purpose of funding research, development and commercialisation of pharma products by DRL for the US market. It was the first deal of its kind in R&D funding in the Indian pharma sector.
ICICI Venture has been on an exit mode from a few of its portfolio firms. It has exited from diagnostic chain Metropolis Healthcare in a secondary transaction with Warburg Pincus. It was also reported about ICICI Venture’s plans to exit from Ranbaxy Fine Chemicals and to offload part of its stake in Arch Pharmalabs through the latter’s IPO expected later this year.
ICICI Venture has made significant investments in the lifescience and healthcare space. Recently, it announced an investment of Rs 120 crore ($27 million) in Star Health and Allied Insurance Company Limited from its latest fund.