GUJARAT THEMIS COMPLETES RS 1,220-CRORE FUNDING

Gujarat Themis Biosyn Limited announced on Friday that it has completed the acquisition of Japan-based MicroBiopharm Japan Co., Ltd. (MBJ) for ¥21.5 billion, equivalent to approximately ₹1,300 crore. The transaction gives the Indian fermentation-focused pharmaceutical company access to new technologies, regulated manufacturing facilities and established relationships with global pharmaceutical companies. The acquisition, initially announced on May 22, was completed through GTBL’s wholly owned Japanese subsidiary, Themis Biosyn Japan Limited (TBJ), after all required regulatory approvals were secured and other closing conditions were fulfilled. To finance the transaction, GTBL invested ₹475 crore as equity capital and provided a ₹745-crore loan to TBJ. The company has also entered into a loan agreement with TBJ for an additional facility of up to ₹800 crore. Avendus Capital arranged the entire acquisition financing through a combination of onshore and offshore debt. Avendus Structured Credit Fund III served as the lead investor for the onshore debt component. The acquisition combines GTBL’s Indian fermentation capabilities and manufacturing scale with MBJ’s more than 60 years of pharmaceutical research, development and manufacturing experience. MBJ also brings long-standing relationships with global pharmaceutical companies. GTBL expects to use its lower-cost Indian manufacturing base alongside MBJ’s technology and customer network to improve cost competitiveness and potentially expand margins on higher-value products. The company also expects the acquisition to be accretive to earnings per share.