o3 Capital acted as the Exclusive Financial Advisor to Everstone Capital.

o3 Capital is pleased to announce that its client, Everstone Capital, has acquired a controlling stake in Apothecon - Navinta Group, creating a scaled specialty formulations platform with a presence across the US, EU and Rest of World markets.

Apothecon – Navinta Group is a vertically integrated pharmaceutical company with robust R&D and manufacturing capabilities across APIs, oral solids, liquids, gels, and injectables. The Group has developed a differentiated platform focused on complex chemistry APIs. Its backward-integrated model, strong margins, long-term customer relationships, and upcoming US injectables facility position it well for sustained long-term value creation.

Notably, this is the largest private equity buyout in the Indian pharmaceutical sector over the past three years, building on Everstone’s strong track record in Healthcare & Lifesciences, while also marking another milestone in o3 Capital’s active dealmaking in the Indian Life Sciences and Healthcare sector, with 13 transactions completed over the past two years.

Speaking on the transaction,

Shiraz Bugwadia, Managing Partner at o3 Capital, said: “o3 Capital is proud to have advised on this landmark deal - the largest Indo-US cross-border pharma PE buyout in three years. It reflects our strong understanding of the Indian pharma ecosystem and the evolving US generics market, where value lies in specialized portfolios, backward integration, R&D strength, and supply-constrained segments like injectables. A balanced manufacturing strategy, combining India’s cost advantage with selective US onshoring for complex products, is also key to managing regulatory risks.”

Atul Kapur, Co-founder and CIO at Everstone Capital, said: “Apothecon - Navinta Group stands out for the quality and resilience of its business model having built its portfolio around niche, complex and low-competition therapies, where product lifecycles are longer and barriers to entry are higher. This investment aligns with our healthcare strategy, where we partner with high-quality platforms and work alongside founders to drive institutionalization, scale and long-term value creation. We see significant potential to accelerate Apothecon’s growth through portfolio expansion and leveraging its capabilities while continuing to strengthen and expand its geographic presence across US, EU and RoW markets.”

Dr. Mahendra Patel, Founder at Apothecon - Navinta Group remarked: “This partnership with Everstone marks an important milestone in the Group’s journey. With Everstone’s deep healthcare expertise and experience in scaling pharmaceutical businesses, we are well positioned to accelerate our growth through innovation and expansion across the global market.”