Private equity firm Advent has agreed to invest $175 million for a minority stake in Felix Pharmaceuticals, a Dublin-based global Gx animal pharma player, a statement said.
Founded in 2015 by Neeraj Agrawal, Felix Pharma is one of the fastest growing developers and manufacturers of off-patent medicines for companion animals. It has two manufacturing facilities in Madhya Pradesh and a research and development centre in Uttar Pradesh.
Felix develops, manufactures, and supplies to distributors and other branded Gx players for private labelling, particularly in the US. With a portfolio of 14 approved products from US FDA and many more under review and development, Felix has the widest portfolio of products in the industry, the statement said. It has a US FDA approved oral solid facility dedicated for animal health products and an injectable facility that is expected to be ready by Q3 2025, it added.
“Healthcare has been a long-standing focus for us, and strong parallels we see between success in human Gx globally and emerging opportunity in animal health Gx. Felix is well positioned to lead this space with its strong leadership, broad portfolio, and robust R&D and commercial capabilities,” saidShweta Jalan, Managing Partner at Advent.
The industry is nascent, with less than 10 per cent share held by generic players, providing a long-term growth opportunity, saidPankaj Patwari, Managing Director at Advent.
Agrawal said Advent would be a strong partner both for its capital and expertise in healthcare and pharma.
Guggenheim Securities were financial advisors for Advent and Lincoln International were the financial advisors for Felix. JSA, Aurthur Cox and A&L Goodbody were the legal advisors on the transaction.