Deal Closed | True North Managers LLP | Acquisition of a Minority Stake in Anthem Biosciences Private Limited

The details of the deal are as follows:

Sector: Pharmaceuticals, Biotechnology and Life Sciences 

Announcement Date: 01-Mar-2021 

Completion Date: Subject to completion of conditions precedent 

Name of Client: True North Managers LLP 

Acquirer Details: True North Fund VI LLP | India  

True North (formerly known as India Value Fund Advisors – IVFA) was established in 1999 with a focus on investing in and transforming mid-sized profitable businesses into world-class industry leaders. True North has successfully launched six separate investment funds with a combined corpus of over USD 2.8 billion including co-investments. True North is sector-agnostic but has built particular expertise in consumer financial services and healthcare services. True North has investments of over USD 700 million in the healthcare and life sciences sector and has raised over USD 3 billion across six funds. 

Target Details: Anthem Biosciences Private Limited | India  

Anthem Biosciences Private Limited (Anthem) is a Contract Research and Innovation Service Provider (CRISP) with a built-up capacity to house over 1000 researchers and manufacture novel commercial drug actives from its two sites in Bangalore India. Since commencing operations in 2007 the company has become a powerhouse for drug and new products development and manufacture with equal emphasis on biological and chemistry-based products and services. 

Deal Description:

Khaitan and Co advised True North on its acquisition of a minority stake in Anthem Biosciences Private Limited. 

Total Consideration: Confidential 

Team Members: The core transaction team comprised of Niren Patel (Partner), Saswat Subasit (Principal Associate), Yashashree Mahajan (Principal Associate) and Ruturaj Jere (Associate) with assistance from the following: 

Employment due diligence aspects: Anshul Prakash (Partner), Abhimanyu Pal (Senior Associate) and Kruthi Murthy (Associate) 

Intellectual property due diligence aspects: Adheesh Nargolkar (Partner), Sourav Dan (Senior Associate) and Jayesh Varavadekar (Senior Associate) 

Corporate and other due diligence aspects: Associates - Abhilasha Vyas, Ayesha Bhattacharya, Jasleen Dua, Noyonika Nair, Ravali Rayaprolu and Stephanie Nazareth 

Role of Firm: Khaitan & Co was involved in:  

(a) drafting, negotiating, and finalizing the transaction documents for True North’s acquisition of a minority stake in Anthem Biosciences Private Limited;  

(b) conducting legal due diligence on Anthem Biosciences Private Limited; and  

(c) generally advising True North on all legal aspects of the transaction. 

Other legal advisors: MD&T Partners, Bangalore represented Anthem Biosciences Private Limited and its promoters.