Desai & Diwanji assists Anjan Drug in stake sale

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Desai & Diwanji pharmaceutical Anjan Drug

Desai & Diwanji advised Chennai-based active pharmaceutical ingredients (API) manufacturer Anjan Drug when it sold a controlling stake to Stepahead Business Services, a subsidiary of Singapore-based joint venture Gamot API.

Terms of the deal, which was signed on 3 August and closed on 9 October, were not disclosed.

Gamot API consists of a three-member consortium: PAG Capital, CX Partners and Samara Capital. AZB & Partners advised PAG Capital, while Platinum Partners advised CX Partners and Samara Capital.

Desai & Diwanji’s team was led by partner Siddharth Mody and included senior associates Rahul Deodhar and Prerana Chaudhari. “It’s always challenging to work on transactions with multiple investors, and a structure like this, where a controlling stake was sold to the API platform held by the consortium of investors, was quite interesting,” Mody told India Business Law Journal.

AZB & Partners’ team comprised partners Ashwath Rau and Atreya Bhattacharya, and senior associate Raina Upadhyay.

Platinum Partners’ team comprised partner Ankit Majmudar, and associates Namrata Sinha and Stuti Khosla. Describing the deal as “an interesting challenge”, Majmudar said the transaction “involved the balancing of the needs of each party”, as the acquirer was a consortium.

Announcing the deal, PAG Capital said the consortium was “moving towards the creation of a platform to tap into the consolidation opportunities in India’s high-growth API manufacturing industry”.