New Delhi, June 9 -- Private equity firm Advent International has signed a definitive agreement to invest $175 million (about Rs.1,500 crore) for a significant minority stake in Felix Pharmaceuticals Pvt. Ltd, an Ireland-headquartered company focused on developing and manufacturing generic medicines for companion animals such as dogs, cats, and horses.

This marks another bet by Advent in the growing healthcare space, this time tapping into the under-penetrated animal health generics segment, where branded drugs continue to dominate.

Founded in 2015, Felix Pharma is among the fastest-growing companies in the animal health space, with 14 USFDA-approved products and several more in the pipeline. The company primarily supplies to distributo...