Synthimed Labs Private Limited agreed to acquire API and CRAMS business of Ind-Swift Laboratories Limited (NSEI:INDSWFTLAB) for INR 16.5 billion on September 6, 2023. The deal has been approved by board of directors of Ind-Swift Laboratories, and is subject to approval from regulatory board and shareholders. As of December 19, 2023, Competition Commission of India approved the acquisition. API and CRAMS business reported revenue of INR 11.5195 billion and net worth of INR 3.6189 billion as on March 31, 2023. The transaction is expected to close on or before March 18, 2024.

PricewaterhouseCoopers Business Consulting Services LLP acted as financial advisor to Ind-Swift Laboratories Limited. Abhinav Bhalaik, Armaan Patkar, Aastha and Mayank Jhunjhunwala of Argus Partners acted as the legal advisor to Ind-Swift Laboratories Limited. Kartick Maheshwari, Aashutosh Sampat, Aishwarya Nagpal, Abhishek Dadoo, Manisha Shroff, Anisha Chand, Sanjeev K Kapoor, Sneha Janakiraman, Manavendra Mishra, Kshitij Bishnoi, Deepak Kumar, Shailendra Bhandare and Atul Pandey of Khaitan & Co. acted as the legal advisors to Synthimed Labs Private Limited.

Synthimed Labs Private Limited agreed to acquire API and CRAMS business of Ind-Swift Laboratories Limited (NSEI:INDSWFTLAB) and Essix Biosciences Limited on March 18, 2024.