Everstone buys Malaysian medical devices company Chemopharm

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NEW DELHI: The Everstone Group has acquired Malaysia-based diagnostics and medical supplies distributor Chemopharm for an undisclosed sum. Singapore-based Cure Capital acted as a co-investor in the transaction. 

Chemopharm has distribution presence in Singapore, Thailand, Indonesia, Vietnam and the Philippines, and caters to a wide set of customers that includes hospitals, laboratories and research facilities. 

"There is a critical need for scaled distributors with strong capabilities, which can provide regional access to the fragmented markets of Southeast Asia," said Amit Manocha, Everstone Group managing director. 

The private equity group, which manages investments of about $4 billion, is also an investor in Indian pharmaceutical distribution platform Ascent. 

The Everstone Group exited its investment in Hyderabad-based Global Hospitals two years ago by selling its stake to an arm of Malaysian sovereign wealth fund Khazanah, marking its first successful exit from its India healthcare portfolio.