Mumbai: Orbicular Pharmaceutical Technologies has attracted early interest from private equity firms including Warburg Pincus and CVC Capital Partners, as the specialty pharmaceutical firm explores a stake sale in a deal that will likely value the company at up to $1.5 billion, three people familiar with the matter said.
“The company has mandated Jefferies as the advisor and existing investor Tata Capital Healthcare Fund is likely to explore a part or full exit as a part of the transaction,” one of the people cited above said on the condition of anonymity.
“The exact quantum of the stake sale and valuation may evolve depending on the incoming investor,” the second person said.
“While the deal is in its early days, CVC and Warburg are spending some time on the asset. The deal will officially be launched over the next quarter, with other private equity firms and strategics also expected to evaluate the company for a potential investment at a valuation of between $1 billion and $1.5 billion,” said a third person, on the condition of anonymity as the discussions are still private.
Orbicular, CVC and Tata Capital Healthcare Fund did not respond to Mint’s requests for a comment. Jefferies and Warburg declined to comment.
Orbicular, which commenced operations in 2010, is a research-oriented pharmaceutical product development company with capabilities across various dosage forms. Its business strategy revolves around developing niche, generic, and specialty pharmaceutical products and licensing them at a late stage to its global partners.
Based in Hyderabad, the company partners with major national and international drug manufacturers with advanced development solutions and capabilities that enable them to deliver safe drugs and effectively meet the needs of millions of patients around the world, Orbicular said on its website.
It plans to execute the defined CI-TOP SPIN strategy for both regulated and emerging markets. CI-TOP SPIN refers to complex injectables, topicals, ophthalmic, parenterals, nasal sprays and inhalations, which characterizes a product domain that is complex, has entry barriers and profitable domain.
Led by M.S. Mohan and Hiren Patel, Orbicular has a team of over 300 scientists focused on establishing a one-stop shop to ensure seamless delivery of highly complex products. Over the years, it has evolved from an R&D-consultancy service provider into a developer of complex formulations with a focus on niche peptide molecules.
In FY25, the company began commercial production of formulations containing the GLP-1 molecule liraglutide. It currently has two molecules under commercial production: liraglutide and semaglutide. As of March 2026, it has filed over 90 abbreviated new drug application (ANDAs), a few on its own and a few in collaboration with other players, and received approvals for over 66 products, Icra said in a note last month.
The credit ratings agency said Orbicular is one of the three players with an approved semaglutide molecule in the Canadian market, which supported its strong order book position as on 31 March 2026.
For FY26, the company reported an operating income of ₹525 crore from ₹265.2 crore a year earlier. Its net profit also surged to ₹53.3 crore from ₹28.7 crore in FY25, according to the Icra report.
Orbicular competes with specialty generic and complex formulation developers in India and globally, including companies like Gland Pharma Ltd, Apotex Inc., Dr Reddy's Laboratories, and Aurobindo Pharma, as per online reports.
The investor interest comes amid India emerging as world’s third-largest pharmaceutical producer by volume and eleventh-largest by value, with more than 3,000 companies and 10,500 manufacturing units, according to a government report in March. India is world’s largest supplier of generic medicines, accounting for about 20% of global supply, it added.
The domestic pharma market, currently valued around $60 billion, is seen more than doubling to $130 billion by 2030, according to the government report. The sector had recorded a turnover of ₹4.72 trillion in FY25.