Argus, Khaitan act on Ind-Swift Laboratories sale of API and CRAMS businesses to Synthimed Labs

Ind-Swift Laboratories Limited (ISLL) has sold its active pharmaceutical ingredients (API) and contract research and manufacturing services (CRAMS) businesses to Synthimed Labs Private Limited (a special purpose vehicle of India Resurgence Fund) for ₹1,650 crores.

Simultaneously, Essix Biosciences Limited has sold its intermediates manufacturing business to Synthimed and an ₹80 crore investment by ISLL in CCPS and NCDs is to be issued by Synthimed.

Argus Partners advised both Ind-Swift Laboratories and Essix Biosciences in these transactions.

The transaction team consisted of Abhinav Bhalaik (Partner), Armaan Patkar (Partner), Aastha (Partner), Mayank Jhunjhunwala (Principal Associate), Tanya Nair (Associate), Ayushi Khetan (Associate), Adi Singh Kashyap (Associate) and Tweesha Gosar (Associate).

Khaitan & Co advised India Resurgence Fund in this deal.

The core team consisted of Kartick Maheshwari (Partner), Aashutosh Sampat (Partner), Aishwarya Nagpal (Partner) and Gunsaheb Singh (Principal Associate) with assistance from the following:

Diligence and transaction support: Devika Vasandani (Associate), Madhav Chandan (Associate) and Apoorv Dixit (Associate)

Securities Laws Aspects: Abhishek Dadoo (Partner)

Banking and Finance aspects: Manisha Shroff (Partner), Dipayan Dash (Principal Associate), Sriram Madhav Kommu (Senior

Associate), Chirag Gohil (Associate) and Saranya Karanath (Associate)

Competition Law aspects: Anisha Chand (Partner), Alisha Mehra (Senior Associate) and Yatharth V Singh (Associate)

Litigation aspects: Sanjeev K Kapoor (Partner), Sneha Janakiraman (Partner), Manavendra Mishra (Partner) and Madhav Khosla (Principal Associate)

Real estate aspects: Kshitij Bishnoi (Partner), Siddharth Godha (Principal Associate), Shivam Sachdeva (Senior Associate) and Saumya Tandon (Senior Associate)

Employment aspects: Deepak Kumar (Partner), Archika Dudhwewala (Senior Associate) and Varsha Sankara Raman (Associate)

Intellectual Property aspects: Shailendra Bhandare (Partner), Sourav Dan (Principal Associate) and Vaishali Adhikari (Associate)

Regulatory aspects: Atul Pandey (Partner) and Hirak Mukhopadhyay (Principal Associate)

Ind-Swift Laboratories is amongst the top ten independent merchant API businesses in India in size, with two manufacturing sites in Punjab and Jammu, and a combined reactor capacity of ~700 KL catering to both regulated and unregulated markets. The API business has strong market and cost position with diverse therapeutic presence across the US, Japan, Korea, EU, Brazil and India. Ind-Swift reported a consolidated revenue of ₹1,207 Cr and consolidated EBITDA of ₹256 Cr in FY23. India Resurgence Fund is a leading India-focused investment platform promoted by Piramal Enterprises Limited and Bain Capital.

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