Advent International yesterday signed a definitive agreement with Dr A V Rama Rao, a distinguished scientist, and his family, to acquire a controlling stake in Avra Laboratories, Advent International said in a statement.
Founded in 1995, Avra Labs is a Hyderabad-based contract manufacturing and research services (CRAMs) and specialty Active Pharmaceutical Ingredients (API) manufacturer with four facilities across Telangana and Andhra Pradesh, the statement added.
It further mentioned that the company is a science-driven organisation with a strong Research and Development (‘R&D’) team trained under the leadership of Dr A V Rama Rao, which is focussed on niche generic molecules as well as proprietary custom synthesis business for global pharmaceutical players. The company has several active process patents, and is the only company in the world to develop and commercialise a total synthetic process for Camptothecin analogues that are currently being used in antibody drug conjugates for targetted therapies in treating cancer.
“…..Advent’s API platform resources, R&D capabilities and global reach will help Avra Labs explore new markets and products, as well as consolidate its leadership position in the existing portfolio, while continuing to deliver value to customers,” the statement quoted Dr A V Rama Rao, founder and Managing Director of the company, as saying.
Adding to it, the statement mentioned Pankaj Patwari, Managing Director, Advent International India, as saying, “….This acquisition is an important milestone towards our goal of creating a top five merchant API Platform in India and allows Advent to be present across the spectrum of generic and patented molecules, while adding marquee innovator pharma customers.”
The transaction will be subject to customary closing conditions, concluded the statement.