NEW DELHI: Private equity player Everstone will sell its 70% stake in Rubicon Research for around ₹1,000 crore, which will fetch more than four times return on the initial investment.
In 2016, Everstone Group acquired 70% shareholding in Rubicon for about ₹220 crore.
"Everstone Group's Singapore fund will sell its entire stake in Rubicon Research to a global private equity player, generating 4.5x multiple and a 92% IRR (Internal Rate of Return) in a span of three years.
"This would be one of the best returns generated in the pharmaceutical industry," Everstone said in a release on Monday.
On the basis of the initial investment, the stake will be sold for around ₹1,000 crore.
Rubicon is into research, development and manufacturing of branded and specialty generic products as well as OTC (Over The Counter) products.
"This is a great example of how a strong relationship and true team work between internal and external stakeholders can produce exceptional outcomes," Everstone Group Co-Founder and CEO Sameer Sain said.
This story has been published from a wire agency feed without modifications to the text.