Actis to raise Rs 125 cr from 15% stake sale to PE firms

Actis Biologics (ABPL), the Indian arm of US-based biotech drug discovery company Actis Biologics Inc, plans to raise about $30 million by selling stake to a clutch of private equity players to build two new plants and market a new process that will help other drug makers cut cost.The company will sell a 15 per cent stake to US- and Europe-based leading private equity investors. The sale may be completed in the next four weeks.

Private equity investors are keen to invest in drug discovery companies having a good pipeline of products since a successful new drug could reap more revenues from global sales.

The deal would be structured to reduce a 15 per cent shareholding across shareholders of ABPL. Actis Biologics Inc holds 30 per cent equity in ABPL. The promoters' group led by Sanjeev Saxena has another 35 per cent, while contract research company Innovasynth holds 26 per cent and the rest is with private investors such as Walchand Industries.

Read more in The Business Standard article.