J. Sagar Associates (JSA) advised and represented PI Industries Limited (PI) in execution of business transfer agreement with Ind-swift Laboratories Limited and (ISLL) and the promoters of ISLL for acquisition of ISLL’s active pharmaceutical ingredient (API) business by way of slump sale on a going concern basis.
The purchase consideration is INR 15300 million (approximately) on a debt free cash free basis subject to certain closing adjustments. This consummation of the transaction is subject to completion of customary conditions precedents including obtaining of approval of its shareholders by ISLL.
PI is a listed company and is one of the leading players in Agri-sciences and CSM industry for over seven decades and is on a strategic path of diversification and envisions the pharma vertical as one of the key pillars for future growth. PI intends to create a differentiated position in pharma sector by leveraging its core competencies in complex chemistry, operational excellence, technology platforms and global reach through partnership with large innovators. The API business of ISLL has diversified portfolio of 20+ products with leadership position (global top 5) in several of them and a good R&D product pipeline.
The acquisition is in line with PI’s long-term strategic objective and aiming to create a differentiated scale play in pharma. ISLL is an entity listed on stock exchanges in India and engaged in the business of manufacturing and export of API and advanced intermediates and caters to the API needs of regulated and soft regulated markets.
JSA team comprised Lead Partner – Manvinder Singh, Senior Associates – Aman Parnami and Anant Mishra, and Associate – Vishakha Singh and Parnik Saxena.
Manvinder has a practice of more than 20 years and specializes in acquisitions, private equity investment and business restructuring. Manvinder regularly advises leading global private equity funds in structuring and concluding their investments in Indian companies.