RFCL operates r&d, life sciences and diagnostic facilities in clinical labs and hospitals
Avantor Performance Materials has agreed to buy biotech firm RFCL from ICICI Venture Funds Management, the private equity arm of the Indian bank.
Headquartered in New Delhi, RFCL is specialises in laboratory reagents and consumables as well as products for the medical diagnostics market in India. Through its Rankem division, RFCL offers more than 20,000 laboratory products to more than 5,000 customers across a variety of industries including pharmaceuticals, biotech, research organisations and educational institutions.
RFCL’s Diagnova division offers approximately 2,000 products used by more than 6,000 customers primarily in the Indian in vitro diagnostics, medical devices and life science research markets, which cater to hospitals, pathology laboratories and blood banks.
Previously known as Mallinckrodt Baker, Avantor was acquired by an affiliate of New York private equity firm Mountain Capital in August.
Avantor and its subsidiaries manufacture and market high-performance chemistries and materials around the world under the J T Baker and Mallinckrodt Chemicals brands.
The firm said at CPhI last month that it planned to more than double in size over the next few years through organic growth and acquisition.
Avantor and New Mountain Capital will provide RFCL with significant financial and strategic resources to support their growth initiatives.
‘We believe that the combined Avantor and RFCL business will be positioned as a leading player in the laboratory, pharmaceutical, electronic materials and diagnostics industries in India,’ said Raj Gupta, chairman of Avantor and a senior advisor to New Mountain Capital.
In 2009, RFCL sold its animal health business to Pfizer Pharmaceuticals India Private. With this new transaction, ICICI Venture Funds Management has completed its exit from its investment in RFCL.