Kochi: Private equity fund ChrysCapital has bought a significant minority stake in Curatio Healthcare Pvt. Ltd.
ChrysCap will invest $20 million (Rs130 crore) in the Chennai-based skin care products firm, a senior executive at ChrysCap said.
Venture capital fund Sequoia holds about 33% stake in the company while promoter G.K. Ramani and Fulcrum Venture India together holds the rest. In this latest round, Fulcrum has made a partial exit while Ramani has diluted his stake.
Curatio has a medical field force of 550. It focuses on dermatologists, paediatricians and gynaecologists, a company statement said. “With both Sequoia India, who were early investors with us, and a quality partner like ChrysCapital on-board, Curatio can focus on its ambitions of growing into a top dermatology product company,” said Ramani, director, Curatio Healthcare.
Curatio was set up in 2005 by a team of former executives at American Remedies, which merged with Dr Reddy’s Laboratories in 1999. Curatio’s board includes K. Ramanathan, a founder director of American Remedies; Ramani, another ex-American Remedies executive and P.V. Sankar Dass, a former vice-president at Dr Reddy’s. “Last couple of years, there were fewer healthcare investment opportunities available as the situation was challenging,” said Kshitij Sheth, vice-president, ChrysCapital. The Rs7,000-crore dermatology sector, which accounts for 6% of India’s pharma market, remains attractive and Curatio plays a key role in the space, he added.
ChrysCapital, with over $3 billion asset under management (AUM) across seven funds, has done nine investments in the pharmaceuticals space including Eris Lifesciences, Intas Pharma, Mankind Pharma, Torrent Pharma and Zydus Cadila.
Currently,ChrysCap holds stake in GVK Biosciences, a Hyderabad-based contract research and discovery services company, Ahmedabad-based Intas Pharmaceuticals Ltd, Mumbai-based drug-maker Ipca Laboratories Ltd and Ahmedabad-based Torrent Pharmaceuticals Ltd.