New Delhi, Jul 30 (PTI) Private equity firm Advent International on Thursday said it has signed a definitive agreement to acquire a controlling stake in Hyderabad-based RA Chem Pharma Ltd from pharma firm Micro Labs.

Though Advent did not provide any financial details or the percentage of the stake to be acquired, sources in know of the matter said the deal gives RA Chem Pharma an enterprise value of around Rs 1,000 crore.

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They also said the PE firm is acquiring up to 60 per cent stake in the pharmaceutical company.

"We continue to be excited about India's pharmaceutical landscape, and investing in RA Chem Pharma will further strengthen our presence in the sector," Advent International MD and Head (India) Shweta Jalan said in a statement.

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The company aims to build one of the leading API (active pharmaceutical ingredient) platforms in India and will leverage its financial and operational resources globally to scale RA Chem Pharma both organically and inorganically, she added.

Advent International has significant experience in the healthcare industry globally, the statement from the PE firm said.

"We believe that this transaction will further build upon RA Chem's strengths to continue its journey to deliver high-quality, niche and specialised products to its customers globally," Micro Labs Chairman and MD Dilip Surana said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)