BioSpectrum India Magazine November issue BioSpectrum India Magazine - Page 15

www.biospectrumindia.com | November 2017 | BioSpectrum l FINANCE NEWS Mankind Pharma plans to sell out 15 per cent stake Delhi based Mankind Pharma, one of India’s top pharmaceutical companies and maker of leading brands like Manforce condoms, PregaNews & Unwanted 72 is eyeing a mega fund raising round. Mankind Pharma is looking to sell a 15 per cent stake in the company and is eyeing a premium valuation of $500-$600 million for the same. The proposed transaction is at a preliminary stage and investment bank Moelis has been mandated to scout for potential buyers. If struck at the expected valuation, the deal would value Mankind Pharma at $4 billion. Several leading private equity funds including the likes of Bain Capital & Warburg Pincus have expressed preliminary interest in the proposed stake sale. Mankind Pharma has grown at a scorching pace in recent years and has witnessed private equity investments in the past with ChrysCapital raking in a ten-fold gain when it sold its 11 per cent stake held in the company for seven years to Capital International for a little over $200 million. Lupin acquires Symbiomix Therapeutics Pharma major Lupin has announced that its US subsidiary, Lupin, Inc., has acquired Symbiomix Therapeutics, LLC. Symbiomix is a privately held company focused on bringing innovative therapies to market for gynecologic infections that can have serious health consequences. The acquisition has been made for a cash consideration of $150 million including a $50 million upfront and other time-based payments. In addition, there are sales based contingent payments. The acquisition is funded from internal funds. The acquisition of Symbiomix and the Solosec franchise significantly expands Lupin’s branded women’s health specialty business, which is presently anchored by Methergine (methylergonovine) tablets. SOLOSEC (secnidazole) 2g oral granules is a 5-nitroimidazole antimicrobial agent indicated for the treatment of bacterial vaginosis in adult women. On September 15, 2017, the US FDA approved Symbiomix’s lead product, Solosec (secnidazole) oral granules, for the treatment of bacterial vaginosis (BV) in adult women. The FDA approval of Solosec was supported by a comprehensive set of studies, including two pivotal trials in BV and an open label safety study, which demonstrated efficacy for single-dose Solosec 2g. Solosec is the first and only single dose oral treatment approved for BV, the most prevalent gynecologic infection in the US, affecting 21 million women ages 14 to 49 annually. Manipal Group to acquire TTK’s stake in Cigna Manipal Group, with presence in health care and higher education is entering health insurance sector by buying out TTK’s stake in Cigna TTK Health Insurance. Post the transaction, Manipal will own 51 per cent stake. The company has a share capital of Rs 250 crore. With this round, share capital will expand to Rs 350 crore. Cigna TTK has filed an application with India’s insurance regulator, the IRDAI, for a change in partnership from the TTK Group to the Manipal Group. Cigna is in the process to raise its stake from 26 per cent to 49 per cent. The joint venture between global health services firm Cigna and TTK, launched operations in February 2014. It had a market share of 0.17 per cent at the end of March 31, 2017. Cigna TTK is a standalone health insurance company. It has over 3,00,000 customers in India with a network of 15 branches and is present in 6,000 locations through its point of sales network. It had recorded 54 per cent growth in premium income to Rs. 222 crore in fiscal 2017. The company is going through initial capital burn as it is investing in technology and building infrastructure. It has tie-ups with Andhra Bank, Lakshmi Vilas Bank, Bank of Maharastra and Saraswat Bank. 15