Everstone buys Mumbai-based drug tech firm Rubicon for Rs 220-crore

MUMBAI: Private equity firm Everstone Group has bought a controlling 70 per cent stake in Mumbai-based Rubicon Research, which is into drug delivery technology, for USD 33 million (about Rs 220 crore).

The deal involves a USD 20-million direct investment, acquiring the stakes from Kotak Private Equity and a private investor.

Rubicon, with its proprietary technology solutions, is a world-class outsourcing partner to the global pharma industry. It offers solutions like bio-availability enhancement, gastric retention, taste masking, and customizing the release profiles of drugs apart from life-cycle management services for pharma products.

Rubicon has a US FDA-approved plant with a capacity of 800 million tablets and it has refocused its business on creating its own abbreviated new drug applications/new drug applications for the global market.

On the deal, Everstone Group co-founder and managing partner Sameer Sain said Rubicon has an excellent record of providing cutting-edge solutions to the healthcare and pharma industry and that Everstone is excited about enhancing its capabilities.

Rubicon founder and chief executive Pratibha Pilgaonkar said that the investment and partnership with Everstone will help it significantly accelerate growth.

Everstone said Deep Mishra, who is managing director at the PE firm and leads its consumer and pharmaceutical investments, will join the Rubicon board after the deal gets over.

The India and Southeast Asia-focused Everstone has assets under management of USD3.3 billion and is headquartered in Singapore.