Private Equity firm TPG Growth on February 4 said it will be investing $30 million in Solara Active Pharma, a maker of active pharmaceutical ingredients (API) supplying to highly regulated markets of US and Europe.
The funding is expected to support Solara Active Pharma's expansion in regulated markets.
Solara Active Pharma was formed after the demerger of Strides Shasun's API business and Sequent Scientific in April 2018.
The company, which clocked sales of Rs 1,121.5 crore in FY18, produces APIs of ibuprofen, ranitidine, praziquantel, gabapentin, sevelamer carbonat and nizatidine.
The transaction is expected to close in early 2019 subject to shareholder and regulatory approval.
The Chennai-based Solara Active Pharma has operations in over 40 countries, with five globally compliant facilities in India. Additionally, the company runs two research and development centres in the country, staffed by nearly 150 scientists.
The investment also marks TPG Growth's first investment in India focused on life sciences, a growing sector where it is able to leverage its global healthcare portfolio and experience to gain unique insights into the market, as well as its extensive business building capability.
TPG, one of the world's largest healthcare investors, with more than $13 billion in equity capital invested across the sector, in India has backed Healthium MedTech, Asiri Hospitals, Manipal Hospitals, CTSI, and Rhea Healthcare.
As part of the investment, Ankur Thadani Vice President at TPG Growth, will join the Solara Board of Directors.