Apax to buy TPG’s healthium medtech for $300 million
This will be London-headquartered Apax’s second healthcare deal in India after its 2007 India debut with an investment in Apollo Hospitals Enterprises.

This will be London-headquartered Apax’s second healthcare deal in India after its 2007 India debut with an investment in Apollo Hospitals Enterprises.
Medical representative turned entrepreneur Ramesh Juneja-founded Mankind — with a heavy focus on selling affordable drugs in the semi-urban and rural markets — is seen as one of the better placed companies to weather an affordable generics push by the government.
If it goes through, this would only be the third Indian acquisition by Apax, which had earlier acquired IT services companies like iGate and GlobalLogic.
Apax Partners & Carlyle have been shortlisted and are currently the front-runners for the proposed stake sale by Mankind Pharma, said two sources.
Global private equity funds TA Associates, Kedaara Capital and Apax Partners are in the race to acquire around 25% stake in Indegene, a healthcare IT firm backed by Infosys cofounder NS Raghavan.
The business is expected to be valued at over $500 million and may also attract interest from a Chinese drugmaker and some Indian pharma companies.
Medall Healthcare’s top investor Peepul Capital, which owns around 80% stake, and promoter Raju Venkataraman have appointed investment bank Spark Capital to look for buyers.
Medall Healthcare founder and managing director Raju Venkataraman will also sell a part of its stake to expand the retail chain in southern India.