La Renon Healthcare, a pharmaceutical company backed by Sequoia Capital and A91 Partners, has acquired a 51 percent stake in Enaltec Labs. The transaction values Enaltec at Rs 180-200 crore post-money.
“This is a structured deal where—based on Enaltec’s performance between October 2021 and September 2022, and after achieving about 15-18% Ebitda—the conversion of stake will be ascertained..,” La Renon’s Chief Financial Officer Amit Jain said. La Renon will end up with a higher stake than 51% if Enaltec fails to achieve those business targets, he said. “This is entirely primary capital which is going into Enaltec.”
Enaltec is backed by India Life Sciences Fund II LLC, a private equity firm.
This acquisition marks La Renon’s entry into the development, manufacturing, and marketing of niche, specialised, and complex active pharmaceutical ingredients for the Indian and international markets.
According to the company, the acquisition complements its current capabilities and will allow it to become a fully integrated pharmaceutical company.
Enaltec, which was founded in 2006, is an API manufacturer with a global customer base. La Renon will gain access to the innovative and rapidly growing API space with the addition of Enaltec.
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