You are currently viewing [Funding alert] Quadria Capital-led consortium acquires stake in global topical drugs manufacturer Encube Ethicals

[Funding alert] Quadria Capital-led consortium acquires stake in global topical drugs manufacturer Encube Ethicals

Asia’s private healthcare investor Quadria Capital and its co-investors including Gulf Islamic Investments, a UAE-based financial services company having assets under management of over $2.5 billion, on Tuesday announced a minority investment into Encube Ethicals, an India-based, global player in manufacturing of topical drugs. 


The deal also included a secondary transaction whereby existing investors, Multiples Alternate Asset Management Private Limited (Multiples) exited the company.


The funding amount is still undisclosed, but according to media reports, it would be said between $100-$120 million and the company is now valued at around $800 million.


Encube’s founder and Managing Director, Mehul Shah said,

“I am pleased to have Asia’s largest private healthcare investor, Quadria Capital onboard with us for Encube’s Growth 2.0 journey. We aspire to grow organically and inorganically, and will be making long-term investments across the value chain. I am certain that matching our capabilities to our Topical focussed strategy will best position Encube to continue to create and deliver value.”

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Founded in 1998, Encube is engaged in contract development and manufacturing of topical formulations for a global, blue-chip customer base. The company claims to have a strong focus on research and development and has successfully developed and launched multiple own products in regulated markets. The partnership with Quadria will enable Encube to execute a robust expansion and growth strategy to establish itself as an integrated global leader in topical drugs globally, the company said.


Quadria Capital Managing Partner and Co-founder Dr Amit Varma added,

“Encube has an unparalleled track record in topicals manufacturing, with an uncompromising commitment to the highest quality, safety, and reliability standards. We are impressed by the vision of Encube’s founders to provide affordable and quality topical products; we are even more impressed by their ability to realise that vision at significant scale.”

Kotak Mahindra Capital Company Limited served as the exclusive sell-side advisor to the company and sellers.


Multiples Private Equity Founder and CEO Renuka Ramnath said, 


“We are proud that we backed an outstanding leader like Mehul and played a pivotal role in transforming Encube from a contract manufacturing company to a fully integrated pharma company with a front end in the USA. Bringing dreams of outstanding entrepreneurs to life and stretching their aspirations is the true purpose of Multiples.”

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