Bringing together two decades of complex chemistry, vertically integrated manufacturing, and established commercial reach across the US, Europe, and the rest of the world.
Mumbai, April 14, 2026: Singapore-based private equity firm Everstone Capital has partnered with the founding promoters of India-based Apothecon and US-based Navinta (together, the “Apothecon Group” or “the Company”), investing close to $270 million for a substantial stake in the Company. The combined platform is a regulated markets-focused, speciality formulations business with in-house formulations and captive API manufacturing, as well as a diversified commercial presence across the United States, Europe, and the rest of the world.
The Company was founded in 2003 by industry veterans – Dr. Mahendra Patel, former Chief Scientific Officer at Sandoz and co-founder of Invamed (later acquired by Sandoz) and Mr. Joe Renner (former COO of Sandoz and Chairman of Zydus USA). Today, the Apothecon Group has a large, diversified and growing product portfolio spanning injectables, oral solids and other dosage forms. The Company has deep in-house capabilities across complex chemistry areas, supported by a regulated markets-compliant manufacturing and R&D platform, across Vadodara and Hyderabad in India, as well as New Jersey and Florida in the US. The US FDA, UK MHRA, EMA and ANVISA-approved facilities, manufacture formulations, APIs, and intermediates, which are then distributed through a global network of channel partners.
Everstone Capital will focus on accelerating and augmenting the Company’s product pipeline, expanding commercial reach across new geographies, and pursuing complementary acquisitions. The founding promoters will continue with a meaningful stake in the business. The Company’s European partner, Waymade, also participated in the Everstone Capital-led transaction via its investment vehicle, Waymade Capital. Dr. Mahendra Patel will continue as Chairman of the Company, ensuring continuity of scientific leadership and strategic oversight. Everstone Capital will appoint Mr. Puncham Mukim and Dr. Arjun Oberoi as its nominees to the Board of the Company.
With a strong track record of buying and building healthcare and pharmaceutical businesses, Everstone Capital’s past and current investments in this space include Rubicon Research, Slayback Pharma, Softgel Healthcare, Integris Medtech, Sahyadri Hospitals, and OmniActive Health, among others.
Talking about the deal, Atul Kapur, Co-Founder and Chief Investment Officer, Everstone Group said, “Apothecon Group specialises in complex formulations with a demonstrated track record of launching differentiated products. With its own manufacturing facilities, the company has built a resilient and self-reliant business model, serving its core markets including the US and Europe, and beyond. This investment adds to Everstone Capital’s history of building and scaling healthcare and pharmaceutical businesses globally. We expect the Company to reach greater heights and look forward to the next chapter together.”
“Our aspiration has always been to create a unique pharma business built on the anchors of niche product selection, innovative technological solutions, and cost-competitive manufacturing. With a shared ambition and value system, I strongly believe that Everstone Capital is the right partner, given their track record in scaling global generics and speciality pharma businesses. Their investment will help us expand our manufacturing footprint and accelerate R&D across complex chemistries and dosage forms, further strengthening our pipeline and global reach. With their diverse institutional resources and expertise, I look forward to working with the Everstone team to further grow the Apothecon Group,” said Dr. Mahendra Patel, Co-Founder and Chairman, Apothecon Group.
Apothecon Group was advised by Citadel Management Consulting on the transaction, while o3 Capital acted as the buy-side advisor to Everstone Capital.
About Apothecon Group
Apothecon Group is a vertically integrated, regulated markets-focused API and speciality formulations business with commercial presence across United States, Europe, and rest-of-the-world markets. The Company has a strong and growing portfolio of products across complex chemistry areas with 20+ approved ANDAs and 100+ approved dossiers across other markets worldwide. It currently employs 800+ individuals across its geographies of presence.
Website: https://www.apotheconpharma.com/; https://www.navinta.com/
About Everstone Capital
Everstone Capital is the private equity arm of the Everstone Group, a Singapore-headquartered investment firm. We focus on control-oriented, mid-market investments across high-growth sectors including Technology, Healthcare & Pharma, Consumer, Financial Services, and Industrials. Our platform-building approach combines operational expertise with strategic capital to unlock sustainable value and drive long-term growth. With a team of ~100 experienced professionals, we bring deep domain knowledge, local insight, and an on-ground execution edge to every partnership. Our active ownership model and disciplined execution enable us to scale businesses, accelerate transformation, and consistently deliver strong risk-adjusted returns for our investors.
Website: https://everstonecapital.com
LinkedIn page: https://www.linkedin.com/company/everstonecapital/?viewAsMember=tru
For media enquiries, please write to: ncontractor@everstonegroup.com