Gujarat Themis Biosyn secures nearly $60 million through foreign and domestic private credit to acquire MicroBiopharm Japan, highlighting a shifting landscape in Asian corporate financing.
Gujarat Themis Biosyn has turned to a mix of foreign and domestic private credit to support its acquisition of MicroBiopharm Japan, underscoring how Asian companies are increasingly using non-bank lenders to finance cross-border expansion. Business Standard reported that the Indian drugmaker received ¥9.2 billion, or about $58 million, from Orion Capital Asia to help fund the purchase, while later reports said the transaction has now been completed.
The Japanese acquisition was first disclosed in May at a value of ¥21.5 billion. More recent company-focused reports said Gujarat Themis has since closed the deal through its wholly owned Japanese subsidiary, Themis Biosyn Japan, after securing the necessary approvals and completing closing conditions. The purchase gives the company direct access to Japan’s regulated biopharmaceutical market and marks a shift from its domestic roots towards a broader contract development and manufacturing role.
Alongside the Orion financing, Gujarat Themis raised ₹585 crore, or about $61 million, through a private placement of secured five-year debentures carrying a 10% coupon and 18-month notes priced at 17.75%, according to a company statement released on September 16. The company said the money would be channelled into its Japanese subsidiary to help finance the acquisition and support general corporate needs. Business Standard reported that Indian private credit managers at Avendus Capital and Edelweiss Alternatives bought the rupee debt.
Founded in 1981, Gujarat Themis says it was the first company in India to begin commercial production of rifampicin, an anti-tuberculosis medicine. The latest funding round adds to a broader regional trend in which private credit funds are stepping in where conventional bank lending may be slower or harder to secure. Earlier this year, Indonesian petrochemicals producer PT Chandra Asri Pacific used private credit from KKR’s insurance arm Global Atlantic to finance its $1 billion purchase of Exxon Mobil’s Esso-branded service stations in Singapore.
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