NEW YORK (TheDeal) -- New York buyout firm Kohlberg Kravis Roberts & Co. (KKR) has agreed to take a minority stake in generic drugs maker Gland Pharma Ltd, paying $200 million in what is reportedly the biggest ever private equity investment in the Indian subcontinent's health care sector.
The investment includes an injection of new money and also provides for a full exit for Evolvence India Life Sciences Fund. The seller is a Mauritius-based investment vehicle of Dubai's alternative assets manager Evolvence Capital.
It was not immediately clear whether another existing investor, pre-filled syringes specialist Vetter Pharma International GmbH, of Ravensburg, Germany and Stokie, Ill., is also selling all or part of its stake. Gland Thursday, Nov. 28, thanked the Vetter family for "inspiring" the company in the niche field in which both work.
As well as Heparin and other anti-coagulants, it manufactures active pharmaceutical ingredients and injectable formulations for conditions including osteoarthritis and areas including gynecology and ophthalmology.