TA Associates (TA), a global growth private equity firm, announced that it has completed a strategic growth investment in Synokem Pharmaceuticals Ltd. (Synokem). Synokem’s founders will continue as shareholders in the Company alongside TA Associates.
Why did TA make the investment in Synokem?
“We have been consistently impressed both by Synokem’s commitment to innovation and its excellent and enduring relationship with clients. That the company has delivered numerous first-to-market products is further indicative of its industry-leading position,” said Dhiraj Poddar, Managing Director and Head of Indian operations for TA Associates Advisory Pvt. Ltd.
“We believe Synokem can serve as a high-quality producer of pharma products, not just for India but also for international markets. We are excited to partner with Synokem’s management team to drive growth, including through strategic acquisitions,” Poddar said.
“With industry expansion being driven by both demographic and economic factors, including higher health insurance penetration and affordability, we believe there is a strong opportunity to build on Synokem’s momentum and further expand its capabilities. We look forward to complementing the organic growth of the company with TA’s expertise in strategic acquisitions and our broad network and global resources,” added Vishal Gupta, Director at TA.
What does the funding mean for Synokem?
Founded in 1983 by Mr. J.M. Arora, Synokem is one of India’s leading contract development and manufacturing organizations (CDMOs), serving clients in the branded generic domestic formulations market. In addition, the company’s products are exported to over 30 countries. Synokem is based in New Delhi, India, with manufacturing and R&D facilities in Haridwar, India.
“We believe TA is an ideal partner for Synokem as we enter the next phase of our journey. The firm’s deep industry knowledge and experience scaling firms like ours will boost our ability to pursue organic and inorganic growth, thereby increasing our market share and further positioning Synokem as an industry leader,” said Abhinav Arora, Managing Director, Synokem