Asian healthcare-focused private equity firm Quadria Capital is exploring the sale of its minority stake in Indian topical pharmaceuticals company Encube Ethicals, according to a report by Bloomberg citing unnamed sources familiar with the matter.
Quadria is said to be engaging advisers to assess a potential exit and is reportedly seeking a valuation of $2bn for the Mumbai-based business. The discussions are at a preliminary stage, and no final decisions have been made.
Quadria, alongside Gulf Islamic Investments, acquired its minority stake in Encube in 2021, at a valuation of around $800m, according to data provider Tracxn. Founded in 1998, Encube develops and markets creams, gels, and ointments across dermatology and reproductive health segments in India and the US, and also operates contract development and manufacturing services from three plants in India.
Representatives for Quadria Capital and Encube founder Mehul Shah did not immediately respond to requests for comment.
Fitch Ratings noted this week that while Indian corporates currently have limited exposure to US tariffs, sectors including pharmaceuticals could be affected by future trade measures. A potential US-India trade deal could mitigate such risks.
