- Companies
- Intas Pharmaceuticals
Intas Pharmaceuticals Revenue, Valuation, Funding & Investors
Intas Pharmaceuticals is valued at $8.5B as of April 2022. Intas Pharmaceuticals revenue was $2B, as disclosed with its June 2020 round.
Last Intas Pharmaceuticals valuation
$8.5B
Secondary · Apr 2022
Last Intas Pharmaceuticals funding round
$54M
Undisclosed stage · Jun 2012
Intas Pharmaceuticals revenue
$2B
Secondary · Jun 2020
Key investors in Intas Pharmaceuticals
ChrysCapital
Temasek
Abu Dhabi Investment Authority
Capital Group
About Intas Pharmaceuticals
Intas Pharmaceuticals is an Indian multinational pharmaceutical company headquartered in Ahmedabad, Gujarat, that develops, manufactures and markets generic and branded formulations, active ingredients and biosimilars. It was founded by Hasmukh Chudgar in 1977 and incorporated in 1985, and it is controlled by the Chudgar family, with Temasek and ChrysCapital as minority investors and the Abu Dhabi Investment Authority joining in 2022. It operates 22 manufacturing plants, 17 of them in India, and employs more than 25,000 people. Its Accord Healthcare subsidiary, which bought the Actavis UK and Ireland generics business in FY2017, gives it a large European business: in FY2022 Europe contributed about 39% of consolidated turnover, India 33% and the United States about 16%. ICRA reported consolidated operating income of Rs 18,416 crore for FY2022 and Rs 20,086 crore for FY2023, and ranked Intas seventh in the Indian pharmaceutical market in FY2022. Revenue comes from product sales, with specialty medicines such as oncology and biosimilars an increasing focus.
Founded
1977
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Revenue
$2B (Jun 2020)
Valuation
$8.5B (Apr 2022)
Sectors
Intas Pharmaceuticals Valuation
Intas Pharmaceuticals is currently valued at $8.5B, based on its secondary sale in April 2022. Read the announcement ↗
The round included Abu Dhabi Investment Authority.
Intas Pharmaceuticals' valuation has grown 2.4x from $3.5B at its secondary sale in April 2017 to $8.5B in April 2022, across 3 priced rounds.
Intas Pharmaceuticals valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Apr 2022 | Secondary | $8.5B | - |
| Jun 2020 | Secondary | $4.3B | 2.1x |
| Apr 2017 | Secondary | $3.5B | 3.5x |
Intas Pharmaceuticals Revenue
Intas Pharmaceuticals' latest recorded revenue is $2B, as of its secondary sale in June 2020. At a $4.3B valuation, that implies a 2.1x revenue multiple.
Revenue grew from $486M in June 2012 to $2B in June 2020.
Intas Pharmaceuticals revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jun 2020 | $2B | $4.3B | 2.1x | Secondary |
| Apr 2017 | $1B | $3.5B | 3.5x | Secondary |
| Jun 2012 | $486M | - | - | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Intas Pharmaceuticals Funding History
Intas Pharmaceuticals has raised a total of $54M across 1 funding round, plus 4 secondary share sales.
Intas Pharmaceuticals funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2022 | Secondary | Abu Dhabi Investment Authority | - | $8.5B | ADIA agreed to acquire approximately 3% of Intas Pharmaceuticals from Temasek for a reported INR 20 billion to INR 21 billion, implying an equity valuation near INR 650 billion. India’s competition authority later approved the acquisition, and ADIA’s annual review identified Intas among its completed 2022 direct investments. Intas manufactures generic, specialty and biosimilar medicines and uses Accord Healthcare as a major international commercial subsidiary. Temasek remained an investor after the partial sale, while the founding Chudgar family continued to control the company. The stored date reflects the counterparty announcement date; it is not inferred from a URL or publication identifier. |
| Jun 2020 | Secondary | ChrysCapital (lead) | $132M | $4.3B | ChrysCapital bought a 3% stake in Intas Pharmaceuticals from Capital International for $132 million in a secondary transaction reported on 2 June 2020, doubling its holding to 6% and providing Capital International's exit. The price implied a valuation of roughly $4.3 billion for Intas, according to Times of India reporting. Capital International had bought the same 3% from ChrysCapital in April 2017 for $107 million at a valuation of about $3.5 billion, and ChrysCapital had first invested in Intas in 2006. Intas, based in Ahmedabad, is a vertically integrated pharmaceutical group with formulation development, manufacturing and marketing in India, Europe and the United States; the Chudgar family held about 84% and Temasek about 10% after the deal. ICRA reported operating income of Rs 14,933 crore for FY2020, with an operating margin of 22.8%, and described Europe, India and the United States as the main revenue drivers. |
| Apr 2017 | Secondary | Capital Group (lead) | $107M | $3.5B | Capital International Private Equity Fund acquired about 3% of Intas Pharmaceuticals from ChrysCapital in a deal reported on 2-3 April 2017 for about $107 million (Rs 690 crore). The price valued Intas at about $3.5 billion (Rs 23,000 crore), according to a person aware of the deal quoted by Mint, and Moelis & Co. advised ChrysCapital on the sale. ChrysCapital, which had held about 6% before the transaction, kept the remaining stake. Intas, based in Ahmedabad and founded by Hasmukh Chudgar in 1977, manufactures formulations and active ingredients, had annual sales of more than $1 billion and was ranked 10th in the Indian pharmaceuticals market. Its UK subsidiary Accord Healthcare had just acquired the Actavis UK and Ireland generics business. ChrysCapital had first bought a 12.5% stake from ICICI Venture and raised its holding to more than 16% in 2012 by buying an additional stake for about Rs 300 crore, and it sold 10.16% to Temasek in 2014. |
| Nov 2014 | Secondary | Temasek (lead) | - | - | Intas Pharmaceuticals announced on 10 November 2014 that the Singapore investment company Temasek had acquired a 10.16% equity stake in the company by way of a secondary purchase of shares from the private equity investor ChrysCapital, for an undisclosed sum. Business Standard had reported in January 2014 that Temasek was in talks to invest $150 million to $180 million for a significant minority stake, with ChrysCapital, which then held about 16%, taking a partial exit. Intas, based in Ahmedabad, manufactures formulations along with backward integration of active pharmaceutical ingredients, has a presence in more than 70 countries and earns over half of its revenue internationally, with the US and Europe accounting for about three-quarters of that. Vice chairman Binish Chudgar said the company would use its new partner to reach greater heights. Temasek, which had a portfolio of $223 billion at 31 March 2014, later sold part of the holding to the Abu Dhabi Investment Authority. |
| Jun 2012 | Undisclosed stage | ChrysCapital (lead) | $54M | - | ChrysCapital made a fresh investment of about Rs 300 crore (INR 3,000 million) in Intas Pharmaceuticals in 2012 from a separate fund, raising its holding to more than 16%. ChrysCapital first invested in Intas in 2006, when it bought a 12.5% stake for around Rs 50 crore from ICICI Venture, and Mint reported the 2012 purchase came after Intas deferred its initial public offering because of volatile markets. ChrysCapital managing director Sanjiv Kaul later said the company had grown revenues at a 27% compound annual rate since the 2006 investment. Intas, based in Ahmedabad and founded by Hasmukh Chudgar in 1977, manufactures formulations and active ingredients and by 2014 earned more than half of its revenue outside India. ChrysCapital partly exited in November 2014 by selling 10.16% to Temasek, and sold 3% to Capital International in April 2017 before buying it back in 2020. |
Who has invested in Intas Pharmaceuticals?
4 investors have backed Intas Pharmaceuticals across its funding rounds, including ChrysCapital, Temasek, Abu Dhabi Investment Authority and Capital Group.
Lead investors include ChrysCapital, Capital Group and Temasek.
Intas Pharmaceuticals Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Jun 2012 | ||
| 1 | Lead | Nov 2014 | ||
This data is available for Pro users. Sign up to see all 4 Intas Pharmaceuticals investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Intas Pharmaceuticals
Intas Pharmaceuticals has acquired 3 companies to date.
Last acquisition by Intas Pharmaceuticals was on December 3rd 2024. Intas Pharmaceuticals acquired UDENYCA for $558M.
Latest Acquisitions by Intas Pharmaceuticals
| Description | UDENYCA is a biosimilar to Neulasta developed by Coherus BioSciences for reducing infection risk in chemotherapy patients. The on-body injector delivers pegfilgrastim over 45 hours with patient-controlled activation. UDENYCA received U.S. FDA approval in 2018 and European approval as Fulphila. It offers home administration kits shipped to patients. Coherus markets it through distributors in North America and Europe. | - | Actavis UK Ltd. is a Warwick-based developer and distributor of generic and branded pharmaceuticals, focusing on respiratory, dermatology, and pain management drugs. It manufactures at sites in Barnstaple and operates under MHRA oversight, supplying the National Health Service with products like Ovestin cream and Seretide generics. Part of Teva since 2016, it holds a 15% share of the UK generics market. |
| HQ Country | |||
| HQ City | San Francisco, CA | - | Barnstaple |
| Deal Date | 3 Dec 2024 | 6 Oct 2016 | 5 Oct 2016 |
| Valuation | $558M | $766M | $766M |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Intas Pharmaceuticals acquisitions and their M&A valuation multiples. Start Free Trial | |||
Intas Pharmaceuticals Competitors
Intas Pharmaceuticals competitors include listed companies like Arrowhead Pharmaceuticals, Krka, Fosun Pharma and Cytokinetics, and private ones like Biosplice Therapeutics and Biocon Biologics.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $829M | $128M | $8.5B | 17.3x | ||
| Publicly listed | $2.3B | $654M | $8.6B | 3.2x | ||
| Publicly listed | $6.3B | $1.4B | $8.4B | 2.3x | ||
| Publicly listed | $88M | ($719M) | $8.8B | 61.4x | ||
| Private | - | - | $12B | - | ||
| Private | $1.1B | $163M | $5.5B | 5.1x |
Intas Pharmaceuticals Public Comps
Intas Pharmaceuticals is still privately-owned, but its public comps include Arrowhead Pharmaceuticals, Krka, Fosun Pharma, Cytokinetics, Corcept Therapeutics, ALK, ImmunityBio, Kyowa Kirin, Praxis Precision Medicines and Spyre Therapeutics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $829M | $128M | 9.5x | 17.3x | 61.5x | (18.1x) | |||
| $2.3B | $654M | 3.4x | 3.2x | 11.7x | 11.1x | |||
| $6.3B | $1.4B | 2.3x | 2.3x | 10.1x | 15.2x | |||
| $88M | ($719M) | 100.7x | 61.4x | (12.3x) | (12.8x) | |||
| $761M | $47M | 11.1x | 8.0x | 181.4x | 39.4x | |||
| $943M | $299M | 8.5x | 7.5x | 26.8x | 23.9x | |||
| $113M | ($226M) | 81.6x | 44.4x | (40.9x) | - | |||
| $3.2B | $712M | 2.1x | 2.0x | 9.4x | 6.8x | |||
This data is available for Pro users. Sign up to see all Intas Pharmaceuticals competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Intas Pharmaceuticals
| When was Intas Pharmaceuticals founded? | Intas Pharmaceuticals was founded in 1977. |
| Where is Intas Pharmaceuticals headquartered? | Intas Pharmaceuticals is headquartered in Ahmedabad, India. |
| Is Intas Pharmaceuticals publicly listed? | No, Intas Pharmaceuticals is a private, VC-backed company. |
| What is Intas Pharmaceuticals' valuation? | Intas Pharmaceuticals was last valued at $8.5B in its secondary sale in April 2022. |
| How much funding has Intas Pharmaceuticals raised? | Intas Pharmaceuticals has raised $54M across 1 funding round. |
| What was Intas Pharmaceuticals' last funding round? | Intas Pharmaceuticals' last funding round was a $54M undisclosed-stage round in June 2012, led by ChrysCapital. |
| Who are Intas Pharmaceuticals' investors? | Intas Pharmaceuticals' investors include ChrysCapital, Temasek, Abu Dhabi Investment Authority and Capital Group. |
| What is Intas Pharmaceuticals' revenue? | Intas Pharmaceuticals' latest recorded revenue is $2B (June 2020). |
| What is Intas Pharmaceuticals' revenue multiple? | Intas Pharmaceuticals' latest valuation implies a 2.1x revenue multiple ($4.3B valuation on $2B of revenue). |
| Which companies are comparable to Intas Pharmaceuticals? | Companies comparable to Intas Pharmaceuticals include Arrowhead Pharmaceuticals, Krka, Fosun Pharma, Cytokinetics, Biosplice Therapeutics and Biocon Biologics. |
| How many companies has Intas Pharmaceuticals acquired? | Intas Pharmaceuticals has acquired 3 companies, including UDENYCA, Actavis Ireland Ltd. and Actavis UK Ltd. |
| What was the largest acquisition by Intas Pharmaceuticals? | The $766M acquisition of Actavis Ireland Ltd. in October 2016 is the largest acquisition Intas Pharmaceuticals has made to date. |
See companies similar to Intas Pharmaceuticals
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




