Jan 4, 2023

QUADRIA CAPITAL-LED CONSORTIUM ACQUIRES STAKE IN LEADING GLOBAL TOPICAL DRUGS MANUFACTURER, ENCUBE ETHICALS Quadria’s investment to help catalyse Encube’s growth into a leading integrated topicals-focused company Mumbai, 28 June 2021 – Quadria Capital, Asia’s leading private healthcare investor, and its co-investors including Gulf Islamic Investments, a UAE based financial services company having assets under management of over $2.5 billion, today announced a minority investment into Encube Ethicals, an India-based, leading global player in manufacturing of topical drugs. The deal also included a secondary transaction whereby existing investors, Multiples Alternate Asset Management Private Limited (Multiples) exited the company. Founded in1998, Encube is engaged in contract development and manufacturing of topicalformulations for a global, blue-chip customer base. The company has a strongfocus on research and development and has successfully developed and launchedmultiple own products in regulated markets. The partnership with Quadria willenable Encube to execute a robust expansion and growth strategy to establishitself as an integrated global leader in topical drugs globally. Quadria Capital Managing Partner and Co-Founder Dr.Amit Varma said: “Encube has an unparalleled track record in topicalsmanufacturing, with an uncompromising commitment to the highest quality,safety, and reliability standards. We are impressed by the vision of Encube’sfounders to provide affordable and quality topical products; we are even moreimpressed by their ability to realise that vision at significant scale. We areexcited about this partnership as this represents a stepping-stone in buildingan integrated global leader in topicals.” Commenting on the investment, Encube’s founder andManaging Director, Mehul Shah said: “I am grateful for Multiples and RenukaRamnath to trust and build on our abilities. It was an exceptional partnershipand transformational journey for our company. I am now pleased to have Asia’slargest private healthcare investor, Quadria Capital on-board with us forEncube’s Growth 2.0 journey. We aspire to grow organically and inorganically,and will be making long-term investments across the value chain. I am certainthat matching our capabilities to our Topical focussed strategy will bestposition Encube to continue to create and deliver value. I look forward to afruitful association with Quadria Capital” Multiples Private Equity Founder and CEO RenukaRamnath said, “We had unequivocal conviction in Mehul’s vision, acumen and hisleadership. We are proud that we backed an outstanding leader like Mehul andplayed a pivotal role in transforming Encube from a contract manufacturingcompany to a fully integrated pharma company with a front end in USA. Bringingdreams of outstanding entrepreneurs to life and stretching their aspirations isthe true purpose of Multiples. We feel fulfilled with the outcome of Encube.’ Kotak Mahindra Capital Company Limited served as the exclusive sell-side advisor to the company and sellers. – The End – Encube Ethicals Encube Ethicals is an integrated specialized topicalfocused pharmaceutical player dedicated to Topical formulations. It has alegacy of more than twenty-three years in manufacturing and developing topicalformulations which touch millions of patients globally. Encube has the world’slargest single site topical manufacturing facility in Goa with capacity toproduce over 400 million units annually that has been inspected and deemedcompliant by US, EU, and several global regulatory authorities. Encube has agrowing US business focused on Topical generics supported by more than 150scientists in research & development. Encube aspires to be a global leaderin Topical products end to end value chain over the next 5 years. For more information, visit at www.encubeethicals.com Quadria Capital Quadria Capital is an independent healthcare focussedprivate equity firm with assets under management exceeding US$ 2.3 billion andinvestments in 23 companies across the Asia-Pacific region. Quadria focuses onpartnering with promising regional healthcare companies and, with its activeinvestment strategy, help them grow into regional leaders, while creating anddelivering outstanding returns to its investors. Quadria complements itsinvestment objective with a progressive philosophy of creating positive impacton environment, society and governance. Its aim is to improve lives by bringingbetter healthcare for all. This comes from its belief that positive investmentreturns and constructive social and financial impact must go hand-in-hand. For more information, visit at www.quadriacapital.com Multiples Alternate AssetManagement Multiples is India’s leadingprivate equity platform distinguished by its long and successful experience ofpartnering Indian entrepreneurs. Multiples was founded in 2009 and during thisdecade has backed 20+ Indian businesses to build aspirational, distinctive andresponsible businesses. Multiples focuses on 4 core sectors of financialservices; pharma & healthcare; consumer and consumer-tech and technology.Some of Multiples’ distinctive investment-partnerships include PVR, Delhivery,Encube, DreamSports, Quantiphi and Vastu Housing Finance. For more information, visitat www.multiplesequity.com