The Competition Commission of India approved a minority stake acquisition in Micro Life Sciences Pvt. Ltd, by South Elm Investments B.V., a Dutch investment holding company. The deal was valued at $210 million.
The shareholders of South Elm Investments are private equity funds managed by Warburg Pincus LLC. Gujarat-based Micro Life Sciences is the parent of Meril group of companies, a medical devices maker.
Micro Life and its subsidiaries manufacture and market medical devices in various categories such as stents, percutaneous transluminal coronary angioplasty catheters, heart valves, orthopedic implants, and endo-surgery products such as sutures, staplers, meshes and intrauterine devices.
Additionally, they produce over-the-counter products such as Covid self-test kits and pregnancy test kits in India. Through its subsidiaries, it supplies specialized medical devices such as surgical robots and ultrasonic energy devices to hospitals. Micro Life Sciences also has R&D facilities for in-vitro diagnostic, orthopedic, endo-surgery and cardiovascular solutions.
While announcing the deal, Warburg Pincus India’s managing director Narendra Oswal said that the company was delighted to partner with Meril in their quest to build “an innovation-led provider of medical products and solutions that are developed and made in India to serve the global market.”
