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Actis, a private equity company, has bought a “significant stake” in the Indore-based Symbiotec Pharmalab Ltd for $48 million, the company announced on Tuesday.
Actis invests exclusively in emerging markets such as Africa, Asia and Latin America.
Symbiotec is a producer of steroid-hormone active pharmaceutical ingredients (APIs), which are then used by over 200 pharmaceutical companies to manufacture steroid-based medicines for treatment of variety of illnesses, such as asthma, immune function disorders, infertility and others.
“Today Symbiotec is India’s leading steroid-hormone active ingredient producer, and the second largest player in Asia,” a statement by Actis said.
J.M. Trivedi, Partner and Head of South Asia at Actis, said, “Symbiotec is the leading Indian manufacturer of steroids-hormone APIs. With its US FDA approved facilities and high quality products with Asian cost manufacturing advantages, it is on track to become a leading global player.”
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