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Mitsui Increases Stake In API Maker - Arch Pharmalabs


Japanese diversified trading company - Mitsui has acquired 25% stake in API maker Arch Pharmalabs for R372 Cr increasing its stake to 30%, according to ET.
Mitsui is buying out the stakes of IL&FS Trust Co, IDBI Trusteeship Services and Rainbow Fund. The move will lead to exit for these funds.
The deal will also increase the stake of foreign investors in the Indian company to 46%. Other investor includes – ICICI Venture, Dynamic India Fund, Granite Hill India Oppourtunities Fund and Leverage India Fund among others.
Incorporated in 1993, Arch Pharmalabs as Merven Drug is engaged in the manufacturing of API / intermediates and also offers CRAMS. APL has 11 multipurpose manufacturing facilities (including two facilities owned by its subsidiary Avon Organics Limited) across Maharashtra (Six), Andhra Pradesh (Four) and Gurgaon. Out of these facilities, three are USFDA approved (including one owned by Avon Organics Limited) and one of the USFDA unit has also been approved by EDQM, TGA-Australia and PMDA-Japan. 
The company also has its Corporate R&D center located at Taloja. As on March 31, 2011, APL had four subsidiaries and one step-down subsidiary, out of which only Avon Organics is operational. 
Last year, Arch had planned for an IPO to raise around R135 Cr, but didn’t go forward with the plan due to adverse IPO market condition.
Mitsui & Co is a diversified conglomerate with interests across trading, investment and service enterprise. It is also engaged in product sales, logistics and financing. Mitsui also has a significant stake in an API company in Japan and a formulations facility in China.
In 2010, Mitsui & Co acquired 5% stake in Arch Pharmalabs for around R65 Cr.
In 2011, it also invested $12Mn in IFC backed Suvidhaa Infoserve for a minority stake.
Similar transaction in the space includes - Bilcare Limited signed an agreement with United Drug Plc. for the sale of its Global Clinical Supplies (GCS) businesses in the U.S and U.K.; Japanese drug maker Takeda infused around $5 Mn in Advinus Therapeutics; B Braun Singapore Pte is acquiring 26% in New Delhi based Ahlcon Parenterals (India) Ltd through an open offer and many more.'


Sandip Ginodia
ABHISHEK SECURITIES

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