A final deal to buy a controlling share in Avra Laboratories was inked by Advent International. According to a release, the deal will be subject to usual closing conditions. For this transaction, Ernst and Young LLP served as the only financial advisor to Avra Laboratories’ stockholders.
Commenting on the agreement, Dr A V Rama Rao, Founder and Managing Director, Avra Labs said, “We are delighted to see Avra Labs join Advent’s broader API platform and are confident that the business will see sustained growth under the highly experienced leadership team”.
“Advent’s API platform resources, R&D capabilities and global reach will help Avra Labs explore new markets and products, as well as consolidate its leadership position in the existing portfolio while continuing to deliver value to customers,” he added.
Pankaj Patwari, Managing Director at Advent International India, said, “We continue to be excited about India’s pharmaceutical landscape and investing in Avra Labs will further strengthen our presence in the sector. This acquisition is an important milestone towards our goal of creating a top five merchant API Platform in India and allows Advent to be present across the spectrum of generic and patented molecules while adding marquee innovator pharma customers.”
