SINGAPORE, August 18, 2023. Quadria Capital (“Quadria”), one of Asia’s largest healthcare-focused private equity firms, announced the sale of its entire 20% stake in biopharmaceutical company Concord Biotech (“Concord”) following its initial public offering (IPO) on the National Stock Exchange today. The offering size of INR 15.5 billion (US$187 million) was one of the largest pharma IPOs in the last two years and was priced at INR 741 per share. The issue received overall subscription of close to 25 times, with the portion reserved for qualified institutional buyers subscribed 68 times and the non-institutional investors’ portion subscribed 17 times.
Ahead of the initial public offering, the company raised INR 4.6 billion (US$56 million) from marquee anchor investors like the Government of Singapore (GIC), Abu Dhabi Investment Authority, Amundi, Pinebridge Global, Polar Capital, Bajaj Allianz Life Insurance Company, Tata AIF Life Insurance, Max Life Insurance and Aditya Birla Sun Life Insurance.
The listing is Quadria’s second exit this year after announcing the sale of its stake in FV Hospital in July, demonstrating their capability to build sustainable businesses in Asia.
Based in Ahmedabad, Concord is one of India’s largest vertically integrated biopharmaceutical companies, focusing on the development and manufacturing of advanced life-saving drugs across niche, high-growth therapeutic segments such as immunosuppressants, anti-infectives and oncology. As one of the world’s largest suppliers of fermentation-based Active Pharmaceutical Ingredients (API), Concord has established a strong presence and distribution network in over 70 countries spanning North America, Europe, and Asia, with some products capturing a market share of over 20% by volume in 2022.
Since Quadria’s initial investment in 2016, Concord has more than tripled its sales as a result of continued strong organic growth, significant capacity expansion and focus on innovation. Quadria has worked closely with Concord on expanding manufacturing capabilities to create one of the largest pharma fermentation capacities globally for non-penicillin small molecules, while diversifying its therapeutic focus through new products and geographies to cement its position as a market leader within the API segment. Quadria has also supported Concord’s foray into the global formulations business, with the launch of its new formulation manufacturing facility and the strategic growth of its distribution networks in India and other emerging markets.
In addition, Quadria has collaborated with Concord to further its commitment towards making a positive social impact by promoting quality products and increasing accessibility of critical pharmaceuticals in India and other emerging markets.
Dr Amit Varma, Managing Partner, Quadria Capital, said: “Concord’s listing is a significant moment not just for the company but also for us, and is testament to our commitment to support healthcare companies build global scale and become regional leaders. We’re proud to have partnered with Concord and contributed to the growth and expansion of the business over the past seven years. The overwhelming success of the listing clearly demonstrates that this is the right next step for Concord, and we have every confidence in the management team’s ability to lead the business into this new growth phase.”
Sudhir Vaid, Chairman & Managing Director, Concord Biotech, said: “I would like to thank Quadria Capital for their partnership and support since their investment. Their expertise in the healthcare sector and their global network has contributed to the growth of the business and helped us prepare for the public markets. I look forward to continue building on this momentum as we embark on this new chapter as a listed company.”
About Quadria Capital
Founded in 2012, Quadria is an Asia healthcare-focused private equity firm with assets under management of over US$ 3.4 billion, maximising returns by investing in the high growth healthcare sector of some of the world’s fastest-growing economies in South Asia and Southeast Asia, including Healthcare Delivery, Life Sciences, Medical Technology and Associated Healthcare Services subsectors. The firm aims to create significant and sustainable shareholder value by supporting strong, professionally run, stable and scalable healthcare organisations to address the critical and undersupplied healthcare needs in Asia.
For more information, please visit https://quadriacapital.com
About Concord Biotech
Concord Biotech is one of the leading global developers and manufacturers of select fermentation-based APIs across immunosuppressants and oncology in terms of market share. The company supplies products to over 70 countries including regulated markets. With three manufacturing facilities in Gujarat (India) and two DSIR-approved R&D units, the company manufactures bio-pharmaceutical APIs through fermentation and semi-synthetic processes, across the therapeutic areas of immunosuppressants, oncology and anti-infectives; and formulations, which are used in the therapeutic areas of immunosuppressants, nephrology drugs and anti-infective drugs for critical care.
Investor Relations Contact
Gerald Ng, Head of Investor Relations