TPG Growth first Indian life sciences investment in Solara Active Pharma

Private equity firm TPG Growth Monday said it will be investing USD 30 million in Solara Active Pharma, a leading global manufacturer of active pharmaceutical ingredients (API). This is TPG Growth's first Indian life sciences investment, it said in a statement.

Solara Active Pharma was formed after the demerger of Strides Shasun's API business and Sequent Scientific last year. "The investment will be focused on supporting Solara Active Pharma's growth initiatives as they expand capacity in regulated markets. The transaction is expected to close in early 2019 subject to shareholder and regulatory approval," it said.

Solara has operations and distribution in more than 40 countries, and manufacturing spread across five facilities in India. Additionally, it runs two research and development centres in the country. "We are excited about partnering with the Solara management team to build the company as a leading global API business and expand on our global healthcare efforts. Solara is poised for success given its regulated market capability, strong customer base and leadership in key molecules," TPG Growth senior partner and head of healthcare investing Matthew Hobart said.

As part of the investment, Ankur Thadani will join the Solara board. "Solara is at the leading edge of a growing life sciences market in India, and we want to be a part of the exciting pathway of growth that lies ahead for the business. This investment will serve as a cornerstone of our growing efforts to invest in Indian life sciences," TPG Growth head of India Shailesh Rao said.

(With inputs from agencies.)