South Africa's Adcock Ingram sells Indian business to Samara Capital for Rs 151 crores

The South African pharmaceutical company Adcock Ingram Holdings Limited has entered into a definitive agreement to sell its Indian operation, Adcock Ingram Healthcare Private Limited (Adcock Healthcare), to Samara Capital Partners Fund II Limited - an India focused private equity firm - for Rs 151 crore.
 
Adcock Healthcare’s regulatory services business has been excluded from this deal, which was signed on April 6, 2016. The regulatory services business provides transactional back office support service in the areas of regulatory services (drug dossiers, regulatory filings, etc), quality control and assurance, medical affairs, information technology support and R&D services to Adcock.
 
“The Indian pharmaceutical business does not meet the company’s current investment criteria and as a result the company has decided to exit this business,” said Adcock Ingram in a press release explaining the rationale behind the divestment. The disposed business was acquired by Adcock Ingram in 2013 from Cosme Farma Laboratories for about Rs 328 crore to tap the Indian pharmaceutical segment.
 
Adcock Ingram expects to complete the disposal process by the end of July 2016.