Citi Venture Capital picks up 30% in Unimark
US-based private equity fund Citi Venture Capital (CVC) has picked up nearly 30% stake in Mumbai-based bulk drug maker Unimark Remedies for INR 113 crore. The transaction, one of the largest investments in the pharma sector in 2007 and CVC’s first in the pharma sector, is made through its Indian arm- CVC India. Reportedly, Unimark is also planning to list the company soon. For the year ended March 31 ’07, Unimark Remedies had reported total revenues of USD 90 million (approx INR 360 crore.) Unimark Remedies is focused on manufacturing speciality active pharmaceutical ingredient (API) in cephalosporins, ace inhibitors, anti bacterials, anti-inflammatory, narcotics, oncology products and controlled substances segments. The company also manufactures advanced speciality intermediates. The company is also hoping to achieve a turnover of INR 800 crore over the next 3 years by focusing on regulated markets abroad. With most API manufacturers having long-term contracts with leading drug manufacturers, the margins of APIs will be protected.
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