Global private equity fund Advent International on Monday said it will be acquiring a controlling stake in pharma sector-focused Avra Laboratories, in a deal which values the company promoted by A V Rama Rao at USD 100 million.
The company, in a press release, said it has developed an alternative low cost and highly efficient manufacturing process and is now supplying commercial quantities to drug maker Cipla for the launch of Ciplenza, the generic version of Favipiravir.
Avra Laboratories has been granted regulatory approval from the Central Drugs Standard Control Organization (CDSCO) to manufacture and market favipiravir API, which will help patients suffering from COVID-19.