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Caplin Steriles gets INR 218 crore investment from Eight Roads Ventures and F-Prime Capital

Posted On: 2019-01-18 13:37:09

Caplin Point Laboratories Limited(Caplin Point), one of the fastest growing pharmaceutical companies in India, today announced an investment in its injectables subsidiary, Caplin Steriles, by Eight Roads Ventures, the proprietary investment arm of FIL, Fidelity International Limited and its US-based sister fund, FPrime Capital.

Caplin Point was founded in 1990 by C.C. Paarthipan. Since then it has grown to become a leading provider of affordable, high quality pharmaceutical formulations in several emerging markets including Latin America and Africa, with over 2700 product registrations globally.

Caplin Steriles, its subsidiary, will cater to the rapidly growing demand for injectable products in the regulated markets, especially the US and Europe. The $10bn US generic injectables segment continues to be very attractive, driven by high barriers to entry on product development as well as regulatory compliance in manufacturing such sterile products. This has resulted in relatively lower competition and constrained online capacity in this segment. Caplin Steriles has established a 550-person business with state-of-the-art R&D facilities in Chennai and high-quality manufacturing infrastructure that is approved both by the US FDA and European regulatory authorities. The subsidiary has already filed 8 ANDAs on its own and through partners with the US FDA, with 2 approvals.

Commenting on the transaction, C.C. Paarthipan, Chairman, Caplin Point Laboratories Limited, said: "We are at a stage in our regulated markets journey where we believe that the business is now well positioned to evolve and thrive as a separate entity. We are expanding capacities to cater to growing demand from these regulated markets for sterile products, and working on development of complex generic injectable products in-house. Both these efforts will unlock great value in the long run. We are excited to extend our journey from a road less traveled (South America) to a road well-traveled (North America) with Eight Roads Ventures and F-Prime Capital as investment and knowledge partners, given their excellent track record worldwide and particularly in healthcare."

Dr. Prem Pavoor, Partner at Eight Roads Ventures India, added: "This is a unique opportunity for us to partner with Caplin Point to build a world-class platform in India to develop and manufacture injectable drugs. Over 70% of generic drug shortages in the US continue t9 be attributable to injectables. Through our combined experience and resources, we aspire to create a leader in this segment, providing affordable, differentiated products for patients."

Shares of CAPLIN POINT LABORATORIES LTD. was last trading in BSE at Rs.422.1 as compared to the previous close of Rs. 420.5. The total number of shares traded during the day was 16602 in over 776 trades.

The stock hit an intraday high of Rs. 436.7 and intraday low of 415.15. The net turnover during the day was Rs. 7086242.


Source: Equity Bulls

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