New Delhi, Dec. 1 -- Sai Parenteral's Ltd, a drug formulation company which has filed its draft papers with the capital markets regulator for an initial public offering, has acquired an Australian pharmaceutical company.
The Hyderabad-based company has acquired a 74.6% stake in Adelaide-based pharmaceutical company Noumed Pharmaceuticals Pty Ltd for Rs 125 crore ($13.9 million), it said in a statement.
"By combining Noumed's R&D capabilities, distribution network, extensive dossier library, and upcoming manufacturing facility, along with Sai Parenteral's strengths and capabilities in India, we are unlocking significant synergies across the value chain," said Anil KK, managing director at the Indian drugmaker.
"This partnership enhances our entry into semi- regulated and regulated markets with a wider, more competitive product portfolio," he added.
The development comes after the company in September filed its draft IPO papers with the Securities and Exchange Board of India (SEBI). The IPO plan consists of a fresh issue of up to Rs 285 crore and an offer for sale of up to 3.5 million shares by existing shareholders.
Noumed Pharmaceuticals is a supplier of private-label over-the-counter (OTC) products to pharmacy chains across Australia and New Zealand. The company has a portfolio of over 451 product dossiers across therapeutic categories. It is setting up a manufacturing facility in Adelaide with an investment of A$53 million (Rs 310 crore). The facility is expected to start commercial operations by the fourth quarter of 2026.
Sai Parenteral's is a diversified pharmaceutical formulations company offering end-to-end services, including research and development, regulatory compliance, manufacturing, and global commercialization. It is backed by investors such as Samarsh Capital, Vyom Partners, Blue Lotus Capital and Gruhas. The company had raised Rs 50 crore in July from some of these investors, largely to fund acquisitions to gain access in regulated markets.
It operates in two verticals: branded generic formulations, and contract development and manufacturing organization (CDMO) services. Its product portfolio consists of sterile injectables, oral solids, oral liquids, and topical formulations.
As per its draft red herring prospectus (DRHP), the company recorded a revenue growth of 6% to Rs 163.1 crore and a net profit of Rs 14.4 crore for the financial year ended March 2025.
Published by HT Digital Content Services with permission from VC Circle.