PE-backed Avantor Pays $100M For Indian Biotech Firm

Indian private equity fund ICICI Venture sold its stake in biotech company RFCL to U.S.-based Avantor Performance Materials, Reuters reported. Avantor paid roughly $100 million for the 85% stake in RFCL, which develops technology for the pharmaceutical and biotech industries. RFCL is based in New Delhi. Avantor is owned by New York-based private equity firm New Mountain Capital.

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