Healthcare-focused private equity firm InvAscent is looking to sell its stake in Aizant Drug Research Solutions Pvt. Ltd in a deal expected to value the drug development company at $350-400 million.
So far, InvAscent has poured $18 million into the Hyderabad-based company. It now aims to sell a controlling stake in Aizant, with the promoters retaining their share, three people with knowledge of the development said.
"Private equity funds have been reached out to for a controlling stake sale," one of them said.
Global investment bank Rothschild has been appointed to look for buyers, another person said. "The (information memorandum) was sent out last month," this person said.
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