Global private equity fund Carlyle Group and investment firm Brighton Park Capital are acquiring a minority stake worth $ 200 million in Indegene, the Bengaluru-based healthcare IT firm backed by Infosys cofounder NS Raghavan, according to a joint statement by the companies.
ET first reported the development on January 29.
The transaction consists of a secondary sale from existing shareholders and a primary investment and values the company in the $ 500-600 million range.
Indegene plans to use the primary investment from Carlyle and Brighton Park to accelerate its M&A and global expansion plans.
“Carlyle’s commitment to the healthcare sector with their global network and deep pharmaceutical expertise, coupled with Brighton Park’s deep experience in the technology sector and nuanced understanding of our space, makes the two firms the ideal partners to support our company’s continued growth,†said Manish Gupta, cofounder of Indegene.
In 2002, KITVEN Fund had initially invested in the company and later in 2005, Raghavan’s Nadathur Holdings bought out KITVEN Fund’s stake.
Indegene provides technology platforms and commercialisation services to pharmaceutical, biotechnology and medical device companies. The company uses advanced analytics, AI and machine learning technology to sift through technical documents and then compile clinical data that complies with the legal and regulatory requirements of various countries. This data/content is then used by pharmaceutical companies to explain the properties of their drugs to doctors and medical executives.
The company has also helped smaller drug discovery companies plan their go-to-market strategy including clinical trials, compliance and marketing of drugs.
Indegene has made organic and inorganic investments to build its technology stack and has grown at a 25% revenue CAGR over the last decade.
Torreya, Seyfarth Shaw, Deloitte, KPMG and Tatva Legal advised Indegene on the transaction. Moelis & Company, EY, Shardul Amarchand Mangaldas & Company, Latham & Watkins and Bain & Company acted as advisors for Carlyle. Brighton Park Capital was advised by EY, Paul Weiss and Bharucha & Partners.
