Indian pharmaceutical company Gujarat Themis Biosyn has secured private credit financing to support its JPY21.5bn ($135m) acquisition of Japanese drugmaker MicroBiopharm Japan, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as revealing that Gujarat Themis obtained JPY9.2bn ($58m) from Asian private credit manager Orion Capital Asia to help finance the acquisition.
The Indian drugmaker announced the purchase in May. A spokesperson for Gujarat Themis was reportedly not immediately available for comment, while Orion reportedly declined to comment.
The Orion financing forms part of a broader funding package assembled by Gujarat Themis for the transaction. The company has also raised INR5.85bn ($61m) through a private placement of secured debt, comprising five-year debentures carrying a 10% coupon and 18-month notes paying 17.75%.
According to a company statement, proceeds from the debt issuance will be invested in Gujarat Themis’ wholly owned Japanese subsidiary to fund the acquisition, with some funds also earmarked for general corporate purposes.
Indian private credit managers Avendus Capital and Edelweiss Alternatives participated in the rupee-denominated debt financing, according to people familiar with the matter. Avendus said its fund was a lead investor, while Edelweiss did not immediately respond to requests for comment.
