ChrysCapital acquires minority stake in La Renon for $70M
PE firm ChrysCapital acquired a minority stake in pharmaceutical company La Renon for $70 million to fuel growth.
India-focused private equity (PE) firm is investing close to $70 million in Ahmedabad-based pharmaceutical company, La Renon, in exchange for an undisclosed minority stake.
This expands ChrysCapital’s pharma portfolio, where in the last two decades, it has backed nearly 14 pharmaceutical companies, including Intas Pharma, Eris Lifesciences, and Corona Remedies. Its recent exit from listed entity Mankind Pharma in December 2023 generated a 3.5X return for the PE firm.
Founded in 2007 by Pankaj Singh, a former executive at Claris Lifesciences, La Renon specialises in formulations for chronic therapeutic segments across nephrology, neurology, gastroenterology, cardio diabetics, critical care, and gynaecology. It has a presence in consumer brands through its oral health products, Dente 91, and protein supplements brand, Whey 91.
“ChrysCapital’s investment is an endorsement of La Renon’s capabilities and will also provide the necessary impetus to the company’s ambitious plan of being in the top 20 Indian pharma companies in the next five years,” said Pankaj Singh, Chairman and Founder at La Renon, in the statement.
Other investors on La Renon’s cap table include Peak XV, which invested in the company in 2015, and A91 Partners, which was part of its 2021 fundraising.
“ChrysCapital is very excited to partner with La Renon, which is among the fastest growing companies in the attractive domestic pharma formulations market, has attained leadership positions across several niche and chronic therapeutic areas, and has a stellar management team,” said Kshitij Sheth, Managing Director, ChrysCapital, in the statement.
o3 Capital acted as the exclusive financial advisor to La Renon for the deal.
At present, La Renon has over 250 patents across India, the US, the European Union and Canada. The company is also looking at expanding its presence across Latin America, the Middle East, Africa, Southeast Asia, and CIS.
The pharma company has two manufacturing units, two API units, and an in-house R&D centre. It employs nearly 3,500 people.
Edited by Suman Singh