New Delhi, June 4 -- A private equity consortium led by PAG, an Asia-focused investment firm, has announced the appointment of Santosh Kumar Mahil as managing director and CEO of Sekhmet Pharmaventures Pvt Ltd, an investment platform established to support the next generation of active pharmaceutical ingredient (API) companies.
Sekhmet Pharma is backed by PAG, CX Partners, and Samara Capital.
Mahil succeeds Anil Khubchandani, who was appointed as MD and CEO in 2023. Mahil brings nearly three decades of experience in the pharmaceutical industry, having held leadership roles at Lupin, USV, Unichem, and Shilpa Medicare, among others.
In his most recent role, he served as CEO of Shilpa Pharma Life Sciences, an R&D and manufacturing subsidiary of Shilpa Medicare. His experience spans the entire pharmaceutical value chain, including APIs, formulations, intermediates, and CDMO services. In his earlier roles, he has led growth initiatives, focusing on strategic expansion, operational excellence, consumer satisfaction, and M&As.
Sekhmet is the India arm of Gamot API Pte Ltd, a Singapore-based platform launched by PAG along with Indian PE firms CX Partners and Samara Capital to invest in fast-growing pharmaceutical companies.
Sekhmet's platform includes Chennai-based Anjan Drug Pvt Ltd and the Optimus Drugs Group of Companies, both API manufacturers with an emphasis on global standards of quality and regulatory compliance.
The consortium had acquired a controlling stake in Hyderabad-based Optimus group for $260 million in September 2022, and a controlling stake in Anjan in October 2020 for an undisclosed amount.
As of March 2024, Sekhmet Pharma had net sales of Rs 1,035 crore, up from Rs 1,004 crore a year ago, according to VCC Edge. Its net loss narrowed to Rs 190 crore from Rs 256 crore in March 2023.
The appointment comes on the heels of PAG elevating Nikhil Srivastava, partner and India head of PE, to co-head of the firm's global PE business.
Published by HT Digital Content Services with permission from VC Circle.