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Quadria Capital Acquires Stake In Leading Encube Ethicals

The partnership with Quadria will enable Encube to execute a robust expansion and growth strategy to establish itself as an integrated global leader in topical drugs globally.

Quadria Capital, Asia’s leading private healthcare investor, and its co-investors including Gulf Islamic Investments, a UAE based financial services company having assets under management of over $2.5 billion, today announced a minority investment into Encube Ethicals, an India-based, leading global player in manufacturing of topical drugs. The deal also included a secondary transaction whereby existing investors, Multiples Alternate Asset Management Private Limited (Multiples) exited the company.

Founded in 1998, Encube is engaged in contract development and manufacturing of topical formulations for a global, blue-chip customer base. The company has a strong focus on research and development and has successfully developed and launched multiple own products in regulated markets. The partnership with Quadria will enable Encube to execute a robust expansion and growth strategy to establish itself as an integrated global leader in topical drugs globally.

Quadria Capital Managing Partner and Co-Founder Dr. Amit Varma said: “Encube has an unparalleled track record in topicals manufacturing, with an uncompromising commitment to the highest quality, safety, and reliability standards. We are impressed by the vision of Encube’s founders to provide affordable and quality topical products; we are even more impressed by their ability to realise that vision at significant scale. We are excited about this partnership as this represents a stepping-stone in building an integrated global leader in topicals.”

Commenting on the investment, Encube’s founder and Managing Director, Mehul Shah said: “I am grateful for Multiples and Renuka Ramnath to trust and build on our abilities. It was an exceptional partnership and transformational journey for our company. I am now pleased to have Asia’s largest private healthcare investor, Quadria Capital on-board with us for Encube’s Growth 2.0 journey. We aspire to grow organically and inorganically, and will be making long-term investments across the value chain. I am certain that matching our capabilities to our Topical focussed strategy will best position Encube to continue to create and deliver value. I look forward to a fruitful association with Quadria Capital”

Multiples Private Equity Founder and CEO Renuka Ramnath said, “We had unequivocal conviction in Mehul’s vision, acumen and his leadership. We are proud that we backed an outstanding leader like Mehul and played a pivotal role in transforming Encube from a contract manufacturing company to a fully integrated pharma company with a front end in USA. Bringing dreams of outstanding entrepreneurs to life and stretching their aspirations is the true purpose of Multiples. We feel fulfilled with the outcome of Encube.’

Kotak Mahindra Capital Company Limited served as the exclusive sell-side advisor to the company and sellers.

Source: Business World

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