Axis Bank Limited and HDFC Bank Limited granted acquisition financing facilities and additional working capital facilities aggregating to INR 1100 Crore to Synthimed Labs Private Limited, a global leader in the pharmaceutical manufacturing industry, for its acquisition of the assets of Ind Swift Laboratories Limited on a slump sale basis.

Synthimed Labs Private Limited, headquartered in Chandigarh, and backed by a major India focussed alternative investment fund, is a market leader in manufacturing of active pharmaceutical ingredients and other pharmaceutical formulations. Ind-Swift Laboratories Limited is also engaged in the pharmaceutical manufacturing industry; and pursuant to the acquisition, the active pharmaceutical ingredients (API) and contract research and manufacturing services (CRAMS) business of Ind-Swift Laboratories Limited was transferred to Synthimed Labs Private Limited.

A part of the total facilities granted by Axis Bank Limited and HDFC Bank Limited was thereafter syndicated and down sold to ICICI Bank Limited.

The transaction was significantly complex with respect to the structuring and security ringfencing and involved various undertakings provided by the alternative investment fund which backs Synthimed Labs Private Limited; and the negotiations for this transaction went on for months.

Krishnamurthy & Co. (KLaw) advised Axis Bank Limited and HDFC Bank Limited, as the lenders’ legal counsel, and was involved in structuring the transaction, drafting, negotiating, and closing the financing and security documents, and advising on various legal and regulatory issues. KLaw also advised Axis Bank Limited, HDFC Bank Limited, and ICICI Bank Limited in relation to the syndication of the facility.

The transaction was led by Partner, Zeeshan Khan and assisted by Anirban Roy Choudhury and team of associates.

Synthimed Labs Private Limited and the alternative investment fund was advised by the banking team of Khaitan & Co. led by Partner, Manisha Shroff.