**InvAscent Set to Receive Bids for Aizant Drug Research Stake**
InvAscent, the management firm behind the India Life Sciences Fund, is anticipating binding bids for its stake in Aizant Drug Research Solutions Pvt. Ltd, based in Hyderabad, by early next month. This transaction, which has been in progress for over a year and a half, will involve the healthcare-focused private equity firm selling a controlling interest in the company alongside its promoters, according to three sources familiar with the matter.
The deal could value Aizant at approximately $350-400 million, as first reported by Mint in January 2024. “The deal is in a fairly advanced stage, with binding bids expected in about two weeks. Several private equity firms and strategic investors have expressed interest,” one source stated, requesting anonymity.
Rothschild, a global investment bank, is assisting the founders and investors in the sale of their controlling stake. InvAscent initially invested $18 million in Aizant through its India Life Sciences Fund II in 2017, acquiring shares from the private equity fund Zephyr Peacock. Currently, InvAscent holds around 38.02% of Aizant, as per VCCEdge data.
Founded in 2008 by Dr. Rudraraju Varma and his family, Aizant is an integrated provider of drug development services, specializing in formulating finished dosages and offering contract research services focused on new drug delivery systems. The company operates a research laboratory and clinical trial facility in Hyderabad, with its manufacturing and clinical facilities approved by regulators in the US, Canada, Europe, Brazil, Russia, China, Australia, and Africa.
According to a second source, “The promoters are likely to retain a minority stake and will continue to be involved in the company’s operations in the near term.” Queries sent to representatives of Aizant and Rothschild went unanswered, and InvAscent declined to comment.
The Indian drug contract development and manufacturing organization (CDMO) market is projected to grow from $7 billion to $14 billion by 2028, capturing around 4-5% of the global market, as indicated in a February 2025 report by BCG. This growth is attributed to India’s strong position in Active Pharmaceutical Ingredients (API) and generic drug manufacturing, along with cost advantages over China. A recent ratings release by Crisil noted that Aizant generated ₹291.93 crore in operating income in FY25, an increase from ₹282.10 crore in FY24.
**FAQ**
**What is InvAscent’s role in the Aizant deal?**
InvAscent is managing the sale of its controlling stake in Aizant Drug Research Solutions, alongside the company’s promoters, with binding bids expected soon.
