BioSpectrum India Magazine November issue BioSpectrum India Magazine | Page 15

www.biospectrumindia.com
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November 2017
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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.
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