Somerset picks up stake in Gujarat based Globela Pharma
IMT News Desk
Strikes maiden pharma deal
Health private equity firm Somerset Indus Capital Partners has made its first investment in the pharmaceutical sector, according to news reports.
The PE firm has picked up a minority stake in Surat, Gujarat-based Globela Pharma. The deal value could not be immediately ascertained but may be in the range of $10-20 million.
This is Somerset’s third deal from the second fund, which is still on the road to raise capital. The fund had invested in med-tech company Genworks Health and Apex Hospitals in 2019. Somerset has garnered around $75 million for its second fund and is on course to raise around $100 million (about Rs 740 crore) or more to invest in the healthcare sector. In October last year, the National Investment and Infrastructure Fund—India’s quasi-sovereign fund—came in as a limited partner to the Somerset fund with a cheque of Rs 125 crore.
