Bangalore : Zephyr Peacock India (ZP) private equity fund has signed an agreement to invest US$ 5 million for a minority stake in Aizant Drug Research Solutions Pvt. Ltd (Aizant), an integrated drug development solutions provider.

Established in 2006, Aizant is engaged in the business of Contract Research Outsourcing (CRO) and provides formulation development and clinical research services to international and domestic pharmaceutical companies. These services are used by pharmaceutical companies for the conversion of base drug molecules into marketable and consumable forms by ensuring commercial manufacturability, adequate shelf life, drug stability and therapeutic effectiveness. The company specializes in the development of high-end formulations and has strong relationships with leading pharmaceutical companies around the world. Within two years of launching operations, Aizant has secured substantial business from leading global and domestic pharmaceutical companies. Aizant has over 130 employees and is headquartered in Hyderabad, India.

Varma Rudraraju, CEO, Aizant stated, “We are excited about our partnership with Zephyr Peacock. We plan to leverage Zepyhr’s global network to support our growth plans in both the developed and emerging markets”.

Mukul Gulati, Managing Director, Zephyr Peacock India stated, “Aizant, by the virtue of its deep expertise in high end formulation product development, is uniquely positioned among Indian CRO’s. The Company is poised for strong growth over the next few years. We plan to work closely with Aizant’s senior management team to scale up the Company’s capabilities in order to benefit from the tremendous growth opportunities in the emerging markets”.

Zephyr Peacock India will work closely with the Aizant management team to grow the business and refine the company’s strategy. ZP assumes active governance roles within its portfolio companies, drawing upon Zephyr’s international experience, networks and knowledge.

Zephyr Peacock India Funds were established to provide growth capital to small and middle market companies positioned to benefit from India’s growing domestic demand. Zephyr Peacock India Fund I was launched in 2006 and Zephyr Peacock India Fund II in 2008.

Aarayaa Crossborder Advisors, Ernst & Young and JSagar Associates were the advisors to the transaction.