New Delhi, Nov. 17 -- Global private equity firms Advent International and Warburg Pincus have joined the race for a stake purchase in contract drug maker Encube Ethicals Pvt. Ltd, three people aware of the development said.

Apart from Quadria Capital, which has hired bankers to sell its minority stake, Encube's promoters are also likely to sell some of their stake, the people said on condition of anonymity. Quadria Capital, which invests in healthcare businesses in Asia, is seeking a valuation of $2.2-2.3 billion for the 27-year-old company.

"It is most likely a controlling stake sale with the promoters also looking to sell some stake alongside Quadria Capital," one of the persons cited above said.

On 20 August, Bloomberg reported tha...