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Buyout (LBO, MBO, MBI) • Life Science

ICICI Venture Acquires Perlecan Pharma

On September 28, 2005, corporate investor ICICI Venture acquired life science company Perlecan Pharma for 53M USD

Acquisition Context
  • This is ICICI Venture’s 1st transaction in the Life Science sector.
  • This is ICICI Venture’s largest (disclosed) transaction.
  • This is ICICI Venture’s 4th transaction in India.
Investment Fate
  • Perlecan Pharma was sold to a publicly-traded strategic buyer in 2008.

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M&A Deal Summary
Date September 28, 2005
Target Perlecan Pharma
Sector Life Science
Buyer(s) ICICI Venture
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 53M USD

Target Company

Perlecan Pharma

Hyderabad, India
Perlecan Pharma is India's first integrated drug development company and is promoted by Dr. Reddy's Laboratories Limited (DRL) with equity capital commitment from ICICI Venture and other investors. The capital committed is to be used for funding R&D, clinical development and drug filing costs of 4 molecules. Perlecan Pharma has in-licensed 4 NCEs (New Chemical Entities) in the area of Cardiovascular and Metabolic disorders from DRL. The company's key objective is to advance the clinical development of NCE assets through Phase II and thereafter seek out-licensing, co-development or joint commercialization opportunities. Perlecan Pharma was founded in 2005 and is based in Hyderabad, India.
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Buyer Overview 1

Buyer

ICICI Venture

Mumbai, India

Investor Investor Investor Investor Investor

Category Corporate Investor
Founded 1988
PE ASSETS 5.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

ICICI Venture is an India-focused investment firm that targets opportunities in private equity, real estate, and mezzanine finance with funds covering each investment strategy. ICICI's private equity practice looks for buyout and growth capital opportunities across sectors such as retail, media, information technology, consumer services, consumer goods, textiles, pharmaceuticals, biotech, oil, and non-consumer goods. ICICI Venture is a subsidiary of ICICI Bank and has offices in Mumbai and Bangalore.

Deal Context for Buyer #
Overall 4 of 27
Sector: Life Science 1 of 2
Type: Buyout (LBO, MBO, MBI) 1 of 3
Country: India 4 of 24
Year: 2005 3 of 3
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-01 ACE Refractories

Nagpur, India

ICICI Venture bought out the Refractories division of the Associated Cement Companies Ltd. (ACC) on a slump sale basis and renamed it as Ace Refractories. Ace is the second largest player in the industry in terms of revenues and profits supplying to a diverse set of industries. It is a leader in monolithics commanding over 50% market share and is a leading manufacturer of binders. It supplies a wide spectrum of refractory products to steel, cement, petrochemicals, fertilizers, power, sponge iron and non ferrous metal industries.

Buy Rs257M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-04 PVR INOX

Gurugram, India

PVR INOX is a cinema entertainment company. PVR INOX was founded in 1995 and is based in Gurugram, India.

Sell -

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