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Advent, Warburg join Encube race; promoters may sell stake
Mint New Delhi
|November 18, 2025
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.
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.
“It is most likely a controlling stake sale with the promoters also looking to sell some stake alongside Quadria Capital,” one of the persons cited above said.
On 20 August, Bloomberg reported that Quadria Capital is looking to sell its stake in the contract development and manufacturing organization (CDMO), which serves multinational firms including Reckitt, Sanofi, Teva, GSK and Bayer. An
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