Indian contract manufacturer and generics maker Piramal has invested millions in recent years to boost production of high-potency pharmaceutical ingredients at its Michigan plant and abroad. Now, an outside investor could help the CDMO’s parent company on its quest to grow through major acquisitions. India’s Piramal Enterprises may sell a 20% minority stake in the pharma unit—a slice valued at $500 million—to private equity giant KKR & Co., Money Control reported. KKR reportedly emerged as a frontrunner for a piece of the complex generics and contract manufacturing business after another firm, TPG Capital, dropped out of the running. Piramal retained investment bank Rothschild in January to pursue selling the minority stake as part of a $500 million cash raise aimed at future acquisitions.
Read the full article: M&A-Minded Piramal near $500M Deal to Sell Pharma Stake to KKR: Report //
Source: https://www.fiercepharma.com/manufacturing/piramal-nears-deal-to-sell-20-stake-500m-cash-raise-effort-report