Gujarat Themis is tapping private credit to fund its takeover of MicroBiopharm Japan Co., with people familiar saying Orion Capital Asia has provided ¥9.2 billion in financing. The Indian drugmaker announced a ¥21.5 billion price tag when it unveiled the acquisition in May. A Gujarat Themis spokesperson wasn't immediately able to comment, and an Orion representative declined to comment.
In a Sept. 16 company statement, Gujarat Themis said it raised 5.85 billion rupees through a private placement split between secured five-year debentures paying 10% and 18-month notes yielding 17.75%. According to people familiar, Avendus Capital- and Edelweiss Alternatives-run Indian private credit vehicles bought the rupee securities. An Avendus spokesperson stated that its vehicle participated as a lead investor, while Edelweiss Alternatives didn't immediately respond. The company said the money will be routed to its fully owned subsidiary in Japan to fund the acquisition, with any excess earmarked for general corporate purposes.
Across Asia, more companies are turning to private lenders for cross-border growth because these funds can move faster than banks. Case in point: Indonesia's PT Chandra Asri Pacific teamed up with KKR's insurance arm Global Atlantic to help fund a $1 billion deal to buy from Exxon Mobil Esso-branded service stations located in Singapore earlier this year. As for Gujarat Themis, it traces its roots to 1981 and notes it was the first in India to commence commercial manufacturing of the anti-tuberculosis drug Rifampicin.
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Private credit's bigger role in M&A can keep deals moving when bank lending slows, but it often comes with higher interest costs. Watch how mid-sized buyers like Gujarat Themis handle double-digit coupons and shorter maturities. If these transactions perform, you could see more regional players stepping up to larger acquisitions, even in tighter credit cycles.
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