New York (HedgeCo.Net) – One of Blackstone’s affiliated private equity entities is selling its equity stake in Emcure Pharmaceuticals to Bain Capital, the $70 billion global investment form formerly run and founded by Mitt Romney.
Emcure is currently ranked as the 14th largest pharmaceutical company in India in terms of market share based on the domestic sales of pharmaceutical products.
“Blackstone has been a valuable strategic partner for us over the last few years.” Satish Mehta, Emcure’s Managing Director and Chief Executive Officer, said, “In addition to providing growth capital to expand our business multi-fold, they also shared strategic insights to manage our fast growing business effectively. We are delighted that we have lived up to the faith reposed in us by Blackstone. We are also delighted to welcome a prestigious firm like Bain Capital and look forward to reaching greater heights in partnership with them.”
The international Business Times reports that pharma giant GlaxoSmithKline is planning to increase its stake in Indian pharmaceuticals to 75%, the deal is valued at 629 million pounds or $1.2 billion. Unilever, the producers of brands including Lipton, Knorr, Dove, Axe and Suave, also announced their intentions to increase their stakes in India.
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