Mumbai, July 30 -- InvAscent, the firm that manages India Life Sciences Fund, is expecting binding bids for its stake in the Hyderabad-based Aizant Drug Research Solutions Pvt. Ltd early next month.

The deal, which has been in the works for more than a year-and-a-half, will see the healthcare-focused private equity (PE) firm sell a controlling stake in the company together with the promoters, three people with knowledge of the development said.

Mint was the first to report in January 2024 InvAscent's interest in selling a controlling stake in the drug developer in a deal that could value the company at around $350-400 million.

"The deal is in fairly advanced stage. The binding bids are due in another fortnight. Some PE firms and strate...