Zenex Animal Health India Private Limited

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The proposed IFC investment involves purchase of equity shares of Zenex Animal Health India Private Limited (“Zenex” or the “company”) for up to INR1,200 million (approximately equivalent to US$16 million) together with purchase of equity shares of Zenex by IFC Asset Management Company Emerging Asia Fund (EAF) for up to INR2,700 million (approximately equivalent to US$36.5 million) from Multiples Private Equity Fund III (“Multiples”). The aggregate IFC and EAF investment is for up to INR 3,900 million (approximately equivalent to US$52.5 million).   A consortium of 3-4 other investors led by Multiples have invested in “Zenex” to acquire the animal health business for markets in India and certain other countries from Zydus Animal Health and Investments Limited (“ZAHL”).Zenex commenced its business with the acquisition of the animal health business of ZAHL, a wholly owned subsidiary of Cadila Healthcare Limited, which is focused on the development, marketing and sale of drugs, vaccines and feed supplements for livestock, poultry, companion, and other animals, for markets in India and certain other countries. This has been funded by equity from investors including Multiples and with debt.Zenex has a manufacturing facility in Haridwar, within the State Infrastructure & Industrial Development Corporation of Uttarakhand Limited (SIIDCUL) industrial area, which was earlier owned by ZAHL. This pharmaceutical formulation facility was commissioned in 2007 and has a monthly manufacturing capacity of 60000 liters per month (liquid injections), 156000 liters per month (liquid orals) and 15600 Kg tablets per month. The company does not have its own research and testing facility for product efficacy testing, but it collaborates with recognized national research institutes and laboratories for clinical trial/testing before launching the product.