Multiples Alternate Asset Management led consortium to buy out Zydus Cadila’s India focused Animal Health Business

MUMBAI, May 12, 2021 

Multiples Alternate Asset Management (“Multiples”) led consortium, through an SPV controlled by them, have signed a Business Transfer Agreement (BTA) and other Ancillary Agreements (“Definitive Agreements”) to acquire Animal Healthcare Established Markets Undertaking (“Undertaking” or “Zydus AH”).  The consortium including Multiples, Canada Pension Plan Investment Board (“CPP Investments”) and RARE Enterprises (“RARE”), is buying the animal health business of Zydus AH focused on India and certain other countries on a going concern basis via a slump sale from Zydus Animal Health and Investments Limited (“ZAHL”), a wholly owned subsidiary of Cadila Healthcare Limited (“Cadila”).

The lump sum consideration for the transaction is fixed at INR 2921 crores on a cash free and debt free basis, subject to certain closing date adjustments and other conditions. Zydus AH is the second largest and one of the fastest growing animal health businesses in India. The business enjoys a leadership position across a wide spectrum of therapeutic and nutritional products for livestock and poultry animal segments. It employs approximately 700 people and has one manufacturing facility in Haridwar.

Commenting on the transaction Renuka Ramnath, Founder and CEO, Multiples Alternate Asset Management shared, “Zydus AH is a strong leader in the Indian animal health market with strong brands, comprehensive product portfolio and extensive distribution network. We are excited to back Zydus AH’s top quality management team led by Dr. Arun Atrey and be able to invest in a business that has been helping farmers enhance their productivity and incomes by delivering innovative animal health solutions”.


“I expect Multiples to do many such large transactions in the coming years. We are also delighted to partner with CPP Investments and RARE enterprises for our first consortium deal. We look forward to working with them and, help the Company unlock its full potential and create value for all stakeholders” Ms Ramnath added.


Mr Rakesh Jhunjhunwala, Partner, RARE Enterprises said ” We are delighted to partner with CPP Investments and Multiples in investing into a market leading business, in a segment which has huge growth potential and has a top-quality management team”

Business transfer details

Multiples, along with its consortium partners, will acquire 100% business of Zydus AH through a slump sale transaction. The transaction is subject to closing conditions and receipt of all statutory and other approvals and is expected to be completed within a period of 90 days.

Mr. Pankaj Patel, Chairman, Cadila Healthcare Ltd., said, “Over the last 3 decades Zydus AH has grown to become a pioneer and market leader in the Indian animal health industry. With Multiples and its consortium partners, committed to growing the business, we are sure that Zydus AH will continue to grow and strengthen its position in the industry.”

The Indian animal health market is one of the fastest growing animal health markets in the world driven by growing animal population and increasing medical spend per animal. Livestock and poultry are key contributors to India’s rural economy and improving animal health remains an important lever of improving farmers’ income. Indian government has been making focused efforts and investments to significantly increase farmers’ income over next few years. Zydus AH, being a leading player in the space is uniquely positioned to contribute to the faster pace of growth that India’s rural economy is currently witnessing.

Dr. Arun Atrey, Managing Director, ZAHL, said, “The Zydus AH business has a very strong franchise in the market and is extremely well positioned to take advantage of the continued industry growth in India and select exports markets. We expect this process to be seamless for our customers, suppliers and other stakeholders with no disruption to our operations.”


For Multiples, J Sagar and Associates acted as the Legal Advisors and PWC acted as financial and tax advisors.