PAG-led platform Gamot buys 70% in Chennai-based Anjan Drug

Mumbai | New Delhi: Top Asian private equity group PAG has formed an investment platform called Gamot along with Samara Capital and CX Partners, to buy stakes in fast-growing Indian pharma companies.The platform has made its first investment by acquiring a 70% stake in Chennai-based Anjan Drug, four people with knowledge of the development said.

The mandate is to invest in Indian formulations and API manufacturers, as the country is expected to become an important part of the global supply chain amid changing geopolitical dynamics. Gamot will be led by PAG as a majority partner.

“The platform may even invest up to $500 million in Indian pharma companies as and when opportunities arise,” one of the people told ET.

A formal announcement of the formation of the consortium and the Anjan deal is expected this week.

“The platform is exploring several deals in the sector and is likely to close a couple of more deals in another quarter or so,” a second person involved said.

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