Private equity firm, Advent International has launched Cohance Lifesciences to hold its active pharmaceutical ingredients (API) business and contract development and manufacturing organisation (CDMO). Cohance will comprise three formerly acquired companies, RA Chem Pharma, ZCL Chemicals, and Avra Laboratories.
The new brand, Cohance Lifesciences helps streamline the businesses along formulations and clinical research lines, providing an end-to-end offering to its customers. The company intends to add more assets in future, to become one among the top three API and CDMO companies in India, it said.
Pankaj Patwari, Advent Managing Director, said, “Over the last two years, Advent International has acquired three unique, yet complementary businesses in the API/CDMO space and has built a meaningful market position, demonstrating strong growth.” Further, he added, “We have built a single leadership team for this API platform, which will help us drive strong growth, synergies, and operational efficiencies. Our business model has a strong focus on customer service, sustainability, efficient infrastructure, and robust quality systems.”
Dr V Prasada Raju, MD and CEO, Cohance Lifesciences, explained, “’Cohance’ was crafted fusing ‘collaboration’, ‘co-creation’ and ‘enhancement’. Cohance has over 1,900 employees, eight manufacturing units (including five US FDA-approved units) and three dedicated R&D units, across the three companies.”
Advent’s API journey began with a controlling stake in RA Chem Pharma in October 2020, followed by controlling stakes in ZCL Chemicals in March 2021, and Avra Laboratories in April 2022. The platform, now wholly owned by Advent, has already built a solid track record of high profitability and strong growth, a note from Advent said.
Advent has been investing in India since 2007 and has invested/committed over $3.4 billion across 14 companies in India, including healthcare. Other healthcare investments include Bharat Serums and Vaccines. Globally, Advent has invested over $ 10.4 billion across 51 companies in healthcare.