CCI clears merger of nine pharma entities with Sequent Scientific

The Competition Commission on Tuesday cleared the proposed amalgamation of nine entities with pharmaceutical firm Sequent Scientific Ltd (SSL).

"The proposed combination involves a series of inter-connected steps carried out for the amalgamation of SRL, Viyash, Symed, Appcure, Vindhya Pharma, Vandana, Vindhya Organics, Geninn and SV Labs with SSL as the ultimate surviving entity," CCI (Competition Commission of India) said in a release.

SSL offers active pharmaceutical ingredients (APIs), finished dosage formulations, and analytical services for the animal health sector.

Sequent Research Ltd (SRL), a wholly-owned subsidiary of SSL, is a contract research organisation.

Viyash is a pharmaceutical company and through its subsidiaries is primarily engaged in the development, manufacture and sale of APIs and intermediates for human healthcare in India.

Symed Labs, Appcure Labs, Vindhya Pharma (India) and Vandana Life Sciences are wholly-owned subsidiaries of Viyash while S V Labs is a wholly owned step-down subsidiary of Viyash.

The amalgamation will streamline operations and strengthen SSL's position in both the animal and human healthcare segments.

In another release, CCI said it approved the proposed acquisition of AI Lenarco Midco by Majesty II Pte Ltd and certain compulsory convertible debentures in Manjushree Technopack from AI Lenarco by Ashoka India Equity Investment Trust plc, Nuvama Private Investment Trust and InCred Growth Partners Fund I.

Manjushree Technopack is engaged in the business of manufacturing and sale of rigid plastics packaging products in India.

"The proposed combination involves the acquisition by Majesty II Pte. Ltd of the entire equity shareholding in AI Lenarco Midco Ltd., which will result in indirect acquisition of the majority equity shareholding in Manjushree Technopack Ltd," CCI said.

The Majesty II Pte Ltd is an special purpose vehicle, and an investment holding company of the PAG group. PAG group is a leading alternative investment firm focused on the Asia-Pacific region.

Ashoka India Equity Investment Trust is a closed-ended investment company incorporated in England & Wales. Nuvama Private Investment Trust is a Sebi-registered Alternative Investment Fund (AIF).

InCred Growth Partners Fund I is a Sebi-registered AIF that invests in high quality private businesses across consumer, banking and financial services. AI Lenarco Midco is a Cyprus-based investment holding company of Advent International group.