Multiples, others weigh exit from vet drugs firm Zenex

Owners of Zenex Animal Health are exploring a stake sale that could value the veterinary drug maker at over $1 billion, three people aware of the plan said.

- Priyamvada C & Sneha Shah

Investors including Multiples Alternatives, late Rakesh Jhunjhunwala's Rare Enterprises, Canadian pension firm CPPIB and IFC are looking at either an outright sale of Zenex or a public listing, the people said on the condition of anonymity.

The company's management and investors invited bankers late last month to prepare an exit plan through a sale or listing, the people said on the condition of anonymity.

The consortium had acquired the maker of livestock, poultry and pet medicines from pharma major Zydus Cadila for ₹2,921 crore in 2021.

"An investment banker is likely to be appointed soon, after which the process will kickstart by next month," one of the three people said, adding the company has grown multifold in the last four years.

Queries emailed to the spokespersons of Multiples and Zenex remained unanswered.

A Rare Enterprises spokesperson did not respond to calls and IFC and CPPIB declined to comment.