Singapore-based private equity and real estate investment group Everstone has acquired a majority stake of 70 per cent in the Indian drug delivery technology company Rubicon Research.
With a total outlay of Rs 220 crore ($33 million), the deal includes a $20 million investment directly into the business besides acquisition of stakes from Kotak Private Equity and a private investor.
The deal is a in-win for both the firms, say top company officials. âRubicon has an excellent record of providing cutting-edge solutions to the healthcare and pharmaceutical industry. We are excited about enhancing its capabilities,â said Sameer Sain, co-founder and Managing Partner of the Everstone Group.
Welcoming the partnership, Â Dr. Pratibha Pilgaonkar, founder and CEO of Rubicon, said, “With their (Rubicon’s) deep managerial and operational expertise, capital infusion, and global connectivity, we will be able to significantly accelerate our growth.â
This investment will be fourth investment from Everstoneâs latest PE fund (Everstone Capital Partners III). The deal was led by Deep Mishra, an Everstone MD who focuses on consumer and pharmaceutical investments for the group. Deep will be joining the board of directors of Rubicon.
The company’s proprietary technologies provide solutions for bioavailability enhancement, gastric retention, taste masking, and customising the release profiles.
According to Rubicon, it offers a complete spectrum of services in the drug development programme consisting of formulation development, analytical development, stability uations and technology transfer.