The Hindu Business Line : Carlyle invests $20 million in Claris Lifesciences

Private equity firm The Carlyle Group has invested $20 million (about Rs 88 crore) in Ahmedabad-based pharmaceutical company Claris Lifesciences Ltd to propel it into its next phase of growth.

But there will be no dilution of equity by the promoters in Claris, only additional shares are being issued to the equity firm, said Claris promoter Mr Sushil Handa. The Managing Director and Head of its growth capital team for India, Mr Shankar Narayanan, would also be on Claris' board of directors, he said.

Other investments

The five-year-old company is also looking to invest an additional Rs 100 crore in infrastructure and product development. These funds would be raised through internal accruals and debt.

The estimated Rs 300-crore Claris has products in therapeutic segments such as anaesthesia, blood and plasma-expanders, besides working on new drug-delivery systems, Mr Handa said.

The additional investments from Calryle would take Claris to the next phase of growth, where it can sell Rs 1,000-crore worth of its own products. He expected to touch the projected revenue in about three years.

Meanwhile, Mr Narayanan said the pharmaceutical sector is of interest to the equity firm. But, Claris would look to engage with drug companies that do not clash with existing clients.

He added that Carlyle would look to leverage its networks to help Claris gain access to various partners, technology and human resources.