The Competition Commission of India (CCI) has cleared a minority stake acquisition in Micro Life Sciences Pvt. Ltd by South Elm Investments B.V., a Dutch investment holding company. The shareholders of South Elm Investments are private equity funds managed by Warburg Pincus LLC.
The $210 million deal involves a minority stake purchase in Micro Life Sciences, the parent of Meril group of companies, a medical devices maker.
Micro Life Sciences and its subsidiaries are engaged in production and sale of medical devices such as stents, coronary angioplasty catheters, heart valves, orthopedic implants, and endo-surgery products such as sutures, staplers, meshes and intrauterine devices.
The company also produces over the counter products like Covid self-test kits and pregnancy test kits in India. Through subsidiaries, it sells specialized medical devices such as surgical robots and ultrasonic energy devices to hospitals and has research and development (R&D) facilities, CCI said in a statement.
While announcing the deal last month, Warburg Pincus had said in a statement quoting Narendra Ostawal, managing director, Warburg Pincus India that the company was delighted to partner with Meril in their quest to build “an innovation-led provider of medical products and solutions that are developed and made in India to serve the global market.”
“We are excited by Meril’s compelling growth story and believe the company stands to benefit from the secular tailwinds of healthcare in India, realizing the potential of a strong pipeline of market-defining products and expansion into global markets,” Ostawal said then.
Source: Mint