TA Announces Strategic Growth Investment in Synokem Pharmaceuticals
MUMBAI, INDIA, January 18, 2023 – TA Associates (“TA”), a leading global growth private equity firm, today announced that it has completed a strategic growth investment in Synokem Pharmaceuticals Ltd. (“Synokem” or “the Company”). Synokem’s founders will continue as shareholders in the Company alongside TA.
Founded in 1983 by Mr. J.M. Arora, Synokem Pharmaceuticals Ltd. is one of India’s leading contract development and manufacturing organizations (CDMOs), serving customers in the branded generic domestic formulations market. In addition, the Company’s products are exported to more than 30 countries. Synokem is based in New Delhi, India, with manufacturing and R&D facilities in Haridwar, India.
“We have been consistently impressed both by Synokem’s commitment to innovation and its excellent and enduring relationship with customers,” said Dhiraj Poddar, Managing Director and Head of Indian operations for TA Associates Advisory Pvt. Ltd. “That the Company has delivered numerous first-to-market products is further indicative of its industry-leading position. We believe Synokem can serve as a high-quality producer of pharma products, not just for India but also for international markets. We are excited to partner with Synokem’s management team to drive growth, including through strategic acquisitions.”
“With industry expansion being driven by both demographic and economic factors, including higher health insurance penetration and affordability, we believe there is a strong opportunity to build on Synokem’s momentum and further expand its capabilities,” added Vishal Gupta, Director at TA. “We look forward to complementing the organic growth of the Company with TA’s expertise in strategic acquisitions, as well as our broad network and global resources.”
“We believe TA is an ideal partner for Synokem as we enter the next phase of our journey,” said Abhinav Arora, Managing Director of Synokem. “The firm’s deep industry knowledge and experience scaling companies like ours will meaningfully boost our ability to pursue both organic and inorganic growth, thereby increasing our market share and further positioning Synokem as an industry leader.”
Financial terms of the transaction were not disclosed. TA is represented by AZB & Partners. BDA Partners acted as the financial adviser to Synokem.
TA Associates (“TA”) is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer, and business services – the firm invests in profitable, growing companies with opportunities for sustained growth and has invested in more than 560 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $48.6 billion in capital since its founding in 1968. The firm’s more than 110 investment professionals are based in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong.
About Synokem Pharmaceuticals
Synokem Pharmaceuticals is one of India’s largest contract development and manufacturing organizations (CDMOs) serving marquee clients backed by strong R&D capabilities and excellent track record of execution. Synokem was founded in 1983, with a vision of empowering life with quality medicines at competitive prices, and timely availability to each segment of the population. The Company’s operations began with ethical marketing before establishing its CDMO division in 2005.