Indian drug ingredients maker Shilpa Medicare Ltd has received Rs 172.425 crore ($25.5 million) from US-based private equity investor TA Associates Management Lp, acquiring 3.7 per cent stake in theÂ company.
Hyderabad-based Shilpa Medicare’s board has allotted 3.025 million shares to TA Associates at Rs 570 apiece, the company said in a stock-exchange filing.
TA Associatesâ€™ Director Naresh Patwari will join Shilpa Medicare’s board as an additional director, a statement said.
The Hyderabad-based firm is backed by PE firms including Tano Capital, which has an 8.01 per cent stake, and Baring India, which owns a 9.22 per cent stake, in the company.
Shilpa Medicare makes ingredients that are used to make anti-cancer drugs and anti-retroviral drugs. The firm also makes active pharmaceuticals ingredients for drugs used toÂ treat multiple sclerosis, immunosuppressant and is building a pipeline of novel drug delivery systems and biotech products, according to the company website.