Advent, Warburg join Encube race; promoters may sell stake

Global private equity firms Advent International and Warburg Pincus have joined the race for a stake purchase in contract drug maker Encube Ethicals Pvt.Ltd, three people aware of the development said.

- Sneha Shah & Priyamvada C

Quadria is seeking $2.2-2.3 bn valuation for Encube. BLOOMBERG

(BLOOMBERG)

Apart from Quadria Capital, which hashired bankers to sell its minority stake, Encube's promoters are also likely to sell some of their stake, the people said on condition of anonymity. Quadria Capital, which invests in healthcare businesses in Asia, is seeking a valuation of $2.2-2.3 billion for the 27-year-old company.