Cyril Amarchand Mangaldas has advised True North on its acquisition of a minority stake in Embio, a regulated markets-focused manufacturer of complex API and advanced intermediates, and a key player in the controlled substances sector. Khaitan & Co guided Embio on this transaction.
According to reports, True North invested about INR 478 crores to acquire a 25 percent stake in Embio.
“This will be a minority investment through True North Fund VII, marking the fund’s third investment and its first in the pharmaceuticals sector,” said True North.
Satish Chander, partner, True North said, “Embio has established a strong position in complex APIs through its focus on technical excellence, long standing customer relationships in regulated markets, and a consistent focus on customer centricity and quality. We believe the Company is well-placed to play a meaningful role in India’s pharmaceutical manufacturing for global regulated markets.”
Over the past 35 years, Embio has built a diversified customer base spanning more than 80 markets, including the US, Europe, Japan, and Brazil.
Cyril Amarchand Mangaldas’s (CAM) transaction team was led by partners Aditi Manchanda and Abhishek Kalra, with support from principal associates Naimi Kamdar and Chandni Ochani, and associate Rajat Pareek. The core transaction team was supported by senior associate Kaushik Raichura on due diligence aspects.
Partner Biplab Lenin, with support from associate Anam Chowdhary, assisted on pharma and healthcare due diligence and related aspects for the transaction. Partner Arya Tripathy, with support from associate Milind Yadav, assisted on intellectual property, information technology, and data privacy due diligence and related aspects.
Partner Sowmya Kumar, with support from director – employment Luv Saggi and associate Tara Thakur, assisted on employment due diligence and related aspects. Partner Dhruv Rajain, with support from associate Ridhima Sethi, assisted on CCI analysis. Partner Siddharth Singh, with support from associate Rushi Panchal, assisted on real estate-related aspects.
Khaitan’s transaction was led by partner Bhavik Narsana, with support from senior associate Ipshita Dey and associates Kamayani Mittal, Pragya Mishra, and Sakshi Mehta. The legal due diligence team was led by partner Bhavik Narsana, along with consultant Shweta Dwivedi and associates Kamayani Mittal and Pragya Mishra. The employment due diligence team comprised partner Deepak Kumar and associate Ananya Gandhi.
The intellectual property due diligence team included partner Shailendra Bhandare, counsel Janaksinh Jhala, principal associate Abhishek Kumar, senior associate Vaishali Adhikari, and associate Shouraseni Chakraborty. The real estate due diligence team comprised partners Amit Wadhwani, Mudit Shah, and Pavithra Thammaiah, principal associate Shrey Bheda, and associates Hanumant Chauhan, Nidhi Marakana, and Esha Sanjyot Shah.
The litigation due diligence team comprised partners Raj R. Panchmatia, Peshwan Jehangir, and Divya Chaturvedi, counsel Srishti Rai, senior associates Ayush Jain and Niyathi Kalra, and associate Chandan Kumar.
