US investment giant Goldman Sachs has become a minority stakeholder in Aragen Life Sciences, formerly known as GVK Biosciences.
The Hyderabad-based firm offers outsourced support in the areas of drug discovery and development.
It has a presence across seven sites in India and overseas, employs over 3,000 people globally and serves more than 450 life sciences customers across biotechs and large caps.
Financial details were not disclosed, but Goldman has acquired shares previously held by Mauritius-based, India-focused private equity firm ChrysCapital and other stakeholders.
Local media outlets have reported that it could be set to own roughly 33% of Aragen.
Drug discovery and development
Manni Kantipudi, chief executive of Aragen, commented: “We believe this new investment at this important junction in our company’s development underscores the tremendous opportunity ahead.
“Working with Goldman Sachs, we are well-positioned to address the opportunities in front of us to become a leading, global player with comprehensive end-to-end solutions for drug discovery and development.”
Goldman Sachs Asset Management managing director Rajat Sood added: “Aragen is well-positioned to benefit from the secular trend of increased outsourcing by the life sciences industry.
“With a clear value creation plan in place, we look forward to closely working with the management and shareholders.”
Sood continued: “Goldman Sachs is actively seeking to invest and foster leading, national champions of India who are building companies of a global scale.”
