API platform to comprise of RA Chem Pharma, ZCL Chemicals and Avra Laboratories
The platform hopes to add more assets in the future and aims to be a top three merchant API and CDMO company in India
New Delhi, November 1, 2022: Advent International (“Advent”), one of the world’s largest and most experienced private equity investors, today announced the launch of Cohance Lifesciences, a new brand identity for its API and CDMO platform, which would comprise of three portfolio companies in RA Chem Pharma, ZCL Chemicals and Avra Laboratories.
The setting up of Cohance Lifesciences is significant, as it would help in establishing a unified new brand identity for the API and CDMO platform, to better reflect its vision and operating philosophy. The new brand brings its API-focused assets together under one platform. The platform is also forward integrated into pellets, formulations and clinical research to provide end-to-end offerings to its customers.
The company intends to add more assets in the future with the vision to become one of the top three merchant API and CDMO companies in India.
Speaking on the initiative, Pankaj Patwari, Managing Director, Advent, said, “We are very happy to announce the launch of our new platform, Cohance Lifesciences. Over the last two years, Advent International has acquired three unique, yet complementary businesses in the API/CDMO space and has built a meaningful market position, demonstrating strong growth.”
Elaborating on the initiative and how Advent operates its companies with a common operating philosophy and values, Mr. Patwari said, “We have built a single leadership team for this API platform, which will help us to drive strong growth, synergies and operational efficiencies. Our business model has a strong focus on customer service, sustainability, efficient infrastructure and robust quality systems.”
Dr. V Prasada Raju, MD and CEO, Cohance Lifesciences, said, “Our vision is to be amongst the top three merchant API and CDMO players in India. The name ‘Cohance’ is crafted by fusing ‘collaboration’, ‘co-creation’ and ‘enhancement’. At Cohance Lifesciences, the team possesses the spirit of co-creation and collaboration to relentlessly enhance value, as we build a best-in-class company to help our customers serve patients worldwide.”
Advent’s journey in the API space began with a controlling stake in RA Chem Pharma in October 2020, followed by controlling stakes in ZCL Chemicals in March 2021 and Avra Laboratories in April 2022. The platform, now wholly owned by Advent, has already built a solid track record of high profitability and strong growth.
Advent has been investing in India since 2007 and founded its Mumbai office in 2009. Currently, it has invested/committed over $3.4 billion across 14 companies with headquarters or operations in India in sectors such as business and financial services, retail, consumer and leisure, healthcare, industrial and technology. Previous healthcare investments in India also include Bharat Serums and Vaccines. Globally, Advent has invested over US$ 10.4 billion across 51 companies in healthcare.