KUALA LUMPUR (Dec 8): Private equity firm Creador has acquired a 7% stake in India’s fast-growing pharmaceutical company La Renon Healthcare from its promoter and an existing investor.

La Renon’s promoter family led by founder Pankaj Singh will continue to hold a controlling stake while Peak XV Partners, an Indian spin-off of American venture capital firm Sequoia Capital, will remain a shareholder, Creador said in a statement. The deal’s financial details were not disclosed.

“With Creador’s partnership, we aim to continue our accelerated growth path,” said Pankaj who is also the managing director of the pharmaceutical company.

Peak XV has been invested since 2015 in La Renon that focuses on chronic therapeutic segments with a dominant position in nephrology by serving the highest number of kidney patients in India. The company also has other investors including ChrysCapital, Avendus and WhiteOak.

La Renon operates five manufacturing facilities and four research and development centres across India while employing more than 4,000 staff. In the latest financial year, the company reported revenue of about 17 billion Indian rupees, or US$187 million, and earnings before interest, tax, depreciation and amortisation of 3.6 billion Indian rupees.

The company is poised to sustain its growth momentum and deliver another year of record profitability in the current financial year, Creador noted.

“This investment underscores Creador’s conviction in the long-term growth potential of India’s healthcare and pharmaceutical sectors,” the firm added.