An investor consortium comprising White Oak Capital Management, US private equity firm Siguler Guff, and Kuala Lumpur-based Creador has acquired about 10% of the pharmaceutical company La Renon Healthcare, said people aware of the development.
The deal valued the Ahmedabad-based chronic therapies specialist at ₹11,000 crore ($1.2 billion) and it entails stake dilution by the promoter group and existing shareholders.
Promoters Pankaj Singh and family are selling around 6% while existing investors, including Peak XV Partners (formerly Sequoia Capital) and A91 Partners are offloading the rest, the people said.
Creador will purchase about 7% stake in La Renon for about ₹770 crore, with Prashant Khemka-owned White Oak Capital and Siguler Guff jointly picking up the remaining 3% for around ₹330 crore. Existing investor Avendus also participated in the latest round.
ET was the first to report in September that Creador is set to acquire a minority stake in La Renon for ₹800 crore.
La Renon chairman and managing director Pankaj Singh declined to comment. Creador, White Oak did not respond to email queries.
“We can confirm your information is accurate,” said a Siguler Guff spokesperson without disclosing the transaction details. We’re excited to support Pankaj Singh with strategic guidance and operational support as the company continues to outpace the growth of the overall IPM market, he added.
The deal marks a 38% jump in La Renon’s valuation since February, when Avendus Future Leaders Fund (FLF) acquired around 2% at a valuation of ₹8,000 crore. Last year, ChrysCapital bought about 8% from the promoter family, valuing the company at ₹6,500 crore.
Citadel Management Consulting acted as an advisor to the transaction.
Founded in 2007 by Pankaj Singh, La Renon has emerged as a leading maker of branded formulations with a strong presence in chronic therapies. It is a dominant player in the nephrology segment besides accelerating growth in central nervous system (CNS), gastroenterology, gynaecology and cardio-diabetology portfolios, supported by a pan-India footprint.
In FY25, the company reported total revenue of around ₹1,700 crore and Ebitda of ₹360 crore. It is expected to close the current fiscal year with revenue of ₹2,000 crore and Ebitda of about ₹450 crore, said the people cited above. Exports contribute as much as 40–45% of total revenue.
La Renon operates through its subsidiaries—Stanford Laboratories; medical food maker Frimline; Enaltec Labs (API research and development); and Rusoma Healthcare, which is establishing a plant for small volume parenterals. La Renon had around 340 formulations in its product portfolio.
White Oak Capital is an investment management and advisory platform founded in 2017 by former Goldman Sachs Asset Management CIO Prashant Khemka. The group collectively manages $9.8 billion in assets as of August 2025.
Siguler Guff, a multi-strategy private markets investor with more than $16 billion in AUM, raised $110 million last year for its upcoming $300 million Global Emerging Markets Growth Opportunities Fund II, which will deploy around 80% of its corpus in India.
Source: Economic Times