o3 Capital acted as the exclusive financial advisor to La Renon and its shareholders on their minority stake sale to ChrysCapital

ChrysCapital (“ChrysCapital”) one of the leading private equity funds investing in India, has invested ~$70M in Ahmedabad based La Renon Healthcare Pvt. Ltd. (“La Renon”), a high-growth domestic formulations player by way of secondary purchase of shares from the promoter group.

Founded by Pankaj Singh in 2007, La Renon is one of the fastest growing domestic formulations players and is the youngest company to be ranked in the top 25 in the Indian Pharmaceutical market. It carved its niche in the market with a unique approach towards chronic disease management and provides a range of products in therapeutic areas of Nephrology, CNS, Critical Care, Gastro among others. La Renon has marquee investors viz. Peak XV Partners (formerly Sequoia India & Southeast Asia) and A91 Partners as its existing shareholders.

Founded in 1999, ChrysCapital is one of the largest and most established India-focused investment firms. The firm has raised $5 billion across nine funds and is currently investing out of its $1.3+ billion ninth fund. Since inception, ChrysCapital has made 100+ investments across a variety of sectors, including some marquee investments in the pharmaceutical sector such as Intas Pharma, Mankind Pharma, Eris Lifesciences, Corona Remedies, Torrent Pharma, Ipca Labs, Curatio Healthcare and Zydus Cadila.

Pankaj Singh, Chairman & Managing Director of La Renon said, “I am delighted to welcome ChrysCapital, one of the most sought-after investors, especially in the pharmaceutical sector, as a valued partner in the business. I am sure we will be able to leverage their expertise and experience in Pharma in growing the company. They share the same vision of continuing to grow and transform the Indian pharmaceutical space for the benefit of everyone. ChrysCapital’s investment is an endorsement of La Renon’s capabilities and will also provide necessary impetus to Company’s ambitious plan of being in top 20 Indian pharma company in next 5 years. I also take this opportunity to thank Peak XV Partners and A91 Emerging Fund LLP for their continued trust in our growth journey.”

Kshitij Sheth, Managing Director of ChrysCapital said, “ChrysCapital is very excited to partner with La Renon in the next phase of its growth journey. ChrysCapital has always believed in the domestic pharmaceutical market being an attractive industry with a healthy outlook. La Renon is among the fastest growing companies in this market and has attained leadership positions across several niche and chronic therapeutic areas, and ChrysCapital truly believes in its transformative potential. It has the right combination of a great management team, strong brand equity and robust execution capabilities, with a strong potential to create significant value.”

This deal marks o3 Capital's 14th deal closure in the Healthcare & Lifesciences space in the last 24 months. The deal reiterates o3 Capital’s strong credentials in the Healthcare and Lifesciences segment (59 deal closures till date) and our ability to consummate deals in the formulations space within the Lifesciences industry.