AMERICAS
Viagogo may need to sell all or part of StubHub, the UK's Competition and Markets Authority said, after an in-depth probe into its $4bn purchase of eBay's ticket reselling unit.
According to a Reuters report, CMA's investigation found that the merger could lead to increased fees for customers, including individuals, who resell or buy secondary tickets to live events. It could also result in a lower quality of service and reduce competition and innovation in the sector.
Viagogo was advised by JP Morgan, Kirkland & Ellis, Skadden Arps Slate Meagher & Flom, Mercury and Tusk Strategies. eBay was advised by Goldman Sachs, Quinn Emanuel, Wachtell Lipton Rosen & Katz and Sloane & Company. Debt financing was provided by JP Morgan and Madrone Capital Partners. Debt providers were advised by Sullivan & Cromwell.
EcoR1 Capital-backed Panacea Acquisition, a special purpose acquisition company, agreed to merge with Nuvation Bio, a biopharmaceutical company, in an $850m deal. Upon closing of the transaction, Panacea will be renamed Nuvation Bio. Its common stock is expected to remain listed on the New York Stock Exchange under the new ticker symbol "NUVB".
"Our goal is to develop new generations of oncology medicines that will meaningfully improve patient lives by addressing drug resistance or limited efficacy of current therapies, while reducing side effects and preserving quality of life for cancer patients. The large financing that we will secure with this SPAC merger provides us with the capital we need to advance that goal," David Hung, Nuvation Bio Founder and CEO.
Nuvation is advised by BMO Capital Markets, BTIG, Jefferies & Company, RBC Capital Markets, Wedbush PacGrow and Cooley. Panacea is advised by Cowen & Company and Skadden Arps Slate Meagher & Flom.
Acamar Partners Acquisition, a special purpose acquisition company, agreed to merge with CarLotz, a vehicle retailer, in an $827m deal. At closing, anticipated in the fourth quarter of 2020, the combined company will be named CarLotz, and is expected to remain listed on Nasdaq and trade under the new ticker symbol LOTZ.
"We are thrilled to bring CarLotz and Acamar Partners together as one company, adding more fuel to the fire that we built when founding the business in 2011. We pioneered the Retail RemarketingTM industry by creating a system for corporate sellers of vehicles to access the retail market. Our technology, omni-channel marketing and asset-light inventory sourcing model allows consumers to buy, sell, trade or consign vehicles online or in-person, creating a unique model to capture market share over the long term," Michael Bor, CarLotz Co-Founder and Chief Executive Officer.
CarLotz is advised by Barclays, Deutsche Bank, William Blair & Co, Freshfields Bruckhaus Deringer and ICR. Acamar Partners is advised by Goldman Sachs and Simpson Thacher & Bartlett.
Vista Equity Partners, a global investment firm focused on enterprise software, data and technology-enabled businesses, completed the investment in SmartBear, a provider of software development and quality tools. Francisco Partners, a global technology-focused investment firm, will continue as an investor with Vista and Francisco Partners as equal owners of the company. Financial terms were not disclosed.
"Speaking on behalf of everyone at SmartBear, I am thrilled to welcome Vista as investors. Having the significant backing of two leading PE firms demonstrates the tremendous track record our products and employees have delivered so far, as well as the growth and demand in our markets. As every company is rapidly transforming to digital-first, we're seeing a dramatically increasing demand for SmartBear solutions from developers, testers and entire organizations focused on consistently delivering high-quality software at the speed that business demands," Frank Roe, SmartBear CEO.
SmartBear and Francisco Partners were advised by Evercore, Shea & Co, Paul Hastings and Broad PR. Vista Equity Partners was advised by Kirkland & Ellis and Laurel Strategies.
Sun Life, an international financial services organization, agreed to acquire a 51% stake in Crescent Capital Group, a global credit investment manager, for $338m. The transaction is expected to close in late 2020, subject to receipt of regulatory approvals and satisfaction of customary closing conditions.
Crescent will form part of SLC Management, Sun Life's alternatives asset management business. The acquisition will extend SLC Management's solutions in alternative credit.
"This partnership represents the next stage of growth for Crescent. In getting to know the team at Sun Life and SLC Management, we feel confident our clients will benefit from the significant seed capital they are providing, their deep understanding of the asset management business, and commitment to Crescent retaining full investment and operational independence of the firm," Mark Attanasio, Crescent Capital Group Co-Founder and Managing Partner.
Crescent Capital is advised by Moelis & Co, Sullivan & Cromwell and Mendel Communications. Sun Life is advised by Berkshire Global Advisors and Skadden Arps Slate Meagher & Flom.
Madison Dearborn Partners, a private equity firm based in Chicago, completed the acquisition of a majority stake in Carnegie Learning, a provider of curricula, textbooks and math learning software for grades 6-12, from CIP Capital, a New York-based private equity firm. Financial terms were not disclosed.
"We are excited to partner with MDP as we work together to support students and educators in this dynamic, rapidly evolving learning environment. We expect to benefit from MDP's extensive resource network in the education technology space and expertise supporting high-growth technology companies like ourselves. Our ability to provide sophisticated, flexible digital solutions, and help administrators and educators ensure the success of their students, is further enhanced by adding Scientific Learning and its powerful reading platform to our suite of solutions," Barry Malkin, Carnegie Learning CEO.
Carnegie Learning was advised by Macquarie Group and Willkie Farr & Gallagher. Madison Dearborn Partners was advised by William Blair & Co, Kirkland & Ellis and Abernathy MacGregor Group.
Brightstar Capital Partners, a private equity firm, completed the acquisition a 75% stake in Brightstar, an end-to-end device lifecycle solution for carriers, retailers, and enterprise, managing mobile devices and accessories across the wireless ecosystem from SoftBank. Financial terms were not disclosed.
"We are thrilled to start this next phase for Brightstar along with our partners at BCP. BCP brings knowledge of Brightstar and the industry that will allow us to accelerate our strategy of growing device protection, warranty, trade-in, and supply chain solutions. Our customers, partners and employees are excited about the possibilities with our new owners," Rod Millar, Brightstar CEO.
SoftBank was advised by Morrison & Foerster. Brightstar was advised by Citigroup, Kirkland & Ellis and Dukas Linden Public Relations.
Advent led a $150m Series C round in Tekion, a cloud technology company and provider of SaaS retail operating platform, with participation from Index Ventures, Exor, Airbus Ventures and FM Capital.
"Today's consumers receive outstanding personalized retail experiences from companies like Amazon, Apple, Google, and Disney. Why shouldn't they expect the same in their vehicle acquisition and service needs? We believe Tekion will be the trailblazer for enabling the modernization of the entire consumer journey and providing the best experiences and operational efficiencies, period. It's time to even the playing field for the automotive retail industry," Jay Vijayan, Tekion CEO.
Tekion was advised by Fenwick & West. Advent was advised by Kirkland & Ellis and Finsbury Glover Hering.
TIBCO Software, a big data and software integrations company, agreed to acquire Information Builders, data and analytics software company. Financial terms were not disclosed. The transaction remains subject to customary conditions and certain regulatory approvals, and TIBCO expects the transaction to close during its first quarter of fiscal year 2021.
"Data-driven insight is more critical than ever. With the acquisition of ibi, we gain access to a broader set of analytics and technology, greatly enhancing our ability to help the world's leading organizations solve their most complex data problems. The blend of our two companies, with strong and complementary capabilities, will further unlock the potential of real-time data for making faster, smarter decisions," Dan Streetman, TIBCO CEO.
Information Builders is advised by Shea & Co and Skadden Arps Slate Meagher & Flom. TIBCO is advised by Kirkland & Ellis.
Pfizer, a pharmaceutical corporation, through its Hospital business, agreed to acquire Arixa Pharmaceuticals, a pharmaceutical company. Financial terms were not disclosed.
"Through this acquisition, Pfizer will advance the development program for Arixa's leading asset, ARX-1796. We are excited by the potential benefits ARX-1796 may provide to patients and the healthcare system overall, potentially allowing patients to leave the hospital earlier or avoid the need for hospital admission altogether," Annaliesa Anderson, Pfizer Vice President and Chief Scientific Officer Bacterial Vaccines and Hospital.
Arixa is advised by Four Oaks Partners and Burns McClellan.
Harvey Nash Group, a global technology recruitment and solutions company, completed the acquisition of Latitude 36, a technology recruitment company. Financial terms were not disclosed.
"We are thrilled and excited to become part of the Harvey Nash Group. Combining the businesses provides a platform to become one of the largest and fastest-growing staffing firms in the United States, creating more opportunities for our employees, clients, and candidates," Jason Pyle, Latitude 36 President & COO.
Harvey Nash Group was advised by Blackwood Partners and ProServ PR.
Cytocom, a biopharmaceutical company in the area of immune-modulation, agreed to merge with Cleveland BioLabs, a biopharmaceutical company developing novel approaches to activate the immune system. Financial terms were not disclosed.
Cytocom shareholders will have a majority position in the newly combined entity, which the parties anticipate will continue to be listed on the Nasdaq.
"Our merger with Cleveland BioLabs and its subsequent immune-focused platform will be a transformative growth opportunity for Cytocom and Cleveland BioLabs shareholders. We believe that the combination of these highly complementary late-stage pipelines will strengthen our position and advance our efforts to unlock the potential of immune-modulating agents in the treatment of serious medical conditions. Further, this merger will enhance our ability to become a recognized leader in immune-modulating treatments and builds on the momentum created by our recent acquisition of ImQuest Life Sciences. We plan to utilize the combined platform to further drive value with additional clinical and commercial products and continue to seek strategic partnerships and acquisitions," Michael K. Handley, Cytocom President and CEO.
Cytocom is advised by Tiberend Strategic Advisors.
Turnitin, a provider of academic integrity and assessment solutions, completed the acquisition of ExamSoft, a software-based assessment platform, from private equity firm Spectrum Equity. Financial terms were not disclosed.
"Turnitin and ExamSoft are both committed to safeguarding integrity in education. We look forward to working with the Turnitin team to continue to advance integrity solutions across all levels and modalities of education to improve learning outcomes. We would also like to thank Spectrum Equity for their support and partnership over the past six years. Spectrum always recognized the distinctive value proposition of our product set and the depth of our customer relationships. They worked tirelessly alongside us to leverage these core attributes, expand our strategic vision, and accelerate the growth of our business," Sebastian Vos, ExamSoft CEO.
Turnitin was advised by Pando PR.
KKR led a $100m funding round in RVshare, a peer-to-peer RV rental marketplace, with participation by existing investor Tritium Partners.
The fundraising will provide capital, as well as access to KKR's operational resources and global network, to help RVshare build on its leadership position and record 2020 growth with goals to rapidly scale the RV rental industry.
RVshare was advised by GCA Advisors.
HarbourVest Partners, a global private markets asset manager, completed the investment in Finalsite, a global education technology provider. Bridge Growth Partners, a technology investment firm, will remain Finalsite's majority owner. Financial terms were not disclosed.
"I founded Finalsite over two decades ago to provide schools around the world with a best-in-class marketing and communications software platform. We are all very pleased to have HarbourVest join us as an investor and appreciate their confidence in our platform," Jon Moser, Finalsite Founder and CEO.
Bridge Growth Partners was advised by Sard Verbinnen & Co.
Southwest Bancshares, the bank holding company for The Bank of San Antonio, completed the merger with Capitol of Texas Bancshares, the bank holding company for The Bank of Austin, and Texas Hill Country Bancshares, the bank holding company for Texas Hill Country Bank. Financial terms were not disclosed.
"With this merger, we have created a Central Texas banking franchise that is unique in its ability to serve three rapidly growing markets – San Antonio, Austin and the Texas Hill Country – with personal service and independent decision-making for local businesses. We have a tight regional focus that will drive growth and increased profitability," J. Bruce Bugg Jr., Southwest Bancshares Chairman, President and CEO.
USI Insurance Services, a risk management, employee benefit and retirement consulting provider, agreed to acquire Findley, an independent human resources and employee benefits consulting firm. Financial terms were not disclosed.
"Over the last 50 years, Findley has earned a strong reputation for helping organizations succeed by aligning people and benefit strategies to achieve business goals. By joining forces with USI, we look forward to expanding our service offerings to our valued clients through USI's premier network of national resources and expertise," Betsy Hammond, Findley Managing Principal and CEO.
Cox Enterprises, a privately held global conglomerate, led a $100m Series E round in BrightFarms, a next-generation indoor farming company, with participation from growth equity firm Catalyst Investors.
"Our goal over the next five years is to make quality, locally-grown greens a staple on grocery shelves and in refrigerators nationwide. We are thrilled to have the strong financial backing of Cox Enterprises, an organization that closely aligns with our mission to build a healthier and more sustainable future, and to have the additional support of our long-term partners at Catalyst Investors. Together we are ready to scale our model for local indoor farming in every major market in the US," Steve Platt, BrightFarms CEO.
Adidas to sell Reebok.
Adidas, a German sportswear company, intends to sell struggling division Reebok, an American sportswear and footwear company. The sale is expected to be completed by March 2021.
VF, an American worldwide apparel and footwear company, and China's Anta Sports, a multinational sports goods manufacturing company, are amoing potential suitors for Reebok.
Adidas bought Reebok in 2005 for $3.5bn and its sales fell 44% in Q2 to $270m due to effect Covid had on the US market.
Federal judge considers blocking Trump's TikTok US ban.
Federal judge considers blocking Trump administration action that would effectively force a sale of the video-sharing app TikTok to the US investors, WSJ reported.
TikTok and the US government are still pursuing a deal, but the outcome of the legal case could determine whether TikTok is forced to sell its US operations as a part of that deal and how a sale would be structured.
"We're going to have one of two outcomes: This will either be a safe American company, or it will be shut down," Steven Mnuchin, Treasury Secretary.
Leslie's looks to raise $640m in IPO. (FS)
Leslie's, a swimming pool supplies retailer, aims to raise $640 in its IPO. The L Catterton-backed firm is offering 40m shares $14-$16 a piece, according to its filing.
At the top of the price range the valuation of Leslie's would reach $2.98bn. The offering capitalizes on strong demand for backyard pools as worldwide lockdowns persevere.
McAfee raises $620m in IPO. (FS)
McAfee, a cybersecurity company, raised $620m in its IPO selling shares $20 apiece. This floatation values McAfee at $8.6bn.
The company, which is backed by private equity houses TPG and Thoma Bravo, got within its range to sell 37m shares at a target price range of $19-$22 per share. The part of the proceeds will be used to drive down debt.
Mavenir to raise $327m in IPO.
Mavenir, a cloud-native software company, set terms for its IPO, as the company anticipates to raise $327m. The stock is expected to list on the Nasdaq exchange under the ticker symbol "MVNR."
Mavenir is offering 13.64m shares in the IPO, which is expected to price between $20 and $24 a share. With 15.52m Class A shares and 62.81m Class B shares outstanding after the IPO, the pricing could value the company at up to $1.88bn.
Morgan Stanley, Goldman Sachs, JP Morgan and BofA Securities are the lead underwriters.
Goldman-backed ThredUp files confidentially for IPO. (FS)
Goldman-backed ThredUp, a resale clothing company, confidentially filed for a Class A common stock IPO with SEC. Further financial terms of an IPO were not disclosed and floatation comes as investors' demand for fresh stock reaches record hights.
ThredUp gathered $175m in August last year which was meant to expand its platform to offer resale clothing services to retailers. In total, the company raised $340m from various investors.
CD&R set to raise $14bn for its new buyout fund. (FS)
PE News reported that private equity firm Clayton Dubilier & Rice could collect about $14bn for its largest buyout fund to date, surpassing its fundraising goal.
While the firm has reached its $13bn target for its 11th flagship fund, it is still raising money for the new vehicle. Fundraising is expected to wrap up around year-end but could continue into early next year to accommodate investors aiming to make commitments in 2021.
RA Capital raises $461m for its second venture fund. (FS)
RA Capital Management, a multi-stage investment manager, closed its second venture fund on $461m. The Boston-based firm primarily invests in public and private biotech companies. RA Capital closed its previous venture fund on $300m in July 2019.
"We deeply appreciate the continued support of our existing limited partners and new institutions in this endeavour. Together, we share in the optimism that there is so much more good that biotechnology can do for humanity," Rajeev Shah, RA Capital Co-Founder and Portfolio Manager.
Amplify raised $375m for two new funds. (FS)
Amplify Partners, a venture capital based in Menlo Park, California, raised $275m for its fourth early-stage fund and another $100m for its debut select vehicle, which will focus on making growth investments in the firm's portfolio companies.
Founded in 2012, the firm targets companies in sectors including cloud infrastructure, data science and cybersecurity.
EMEA
Levine Leichtman Capital Partners, a global private equity firm, completed the acquisition of NMi Certin and Triskelion, two providers of testing and inspection services, from First Dutch Innovations, a Dutch business that enhances the growth of innovative companies. Financial terms were not disclosed.
"We believe that LLCP is optimally positioned to help us further build the company. We are excited to join LLCP's global network and believe that their strategic expertise and M&A capabilities will help us develop further as a high-end niche platform, supporting us in continuing to provide our customers with the services and quality we are reputed for," Robert-Jan Raterink, Triskelion Managing Director.
LLCP was advised by KPMG, Corporate Finance International, NautaDutilh and Kekst CNC. First Dutch Innovations was advised by PricewaterhouseCoopers, Allen & Overy and CorporateWise.
Alchemy Partners, a British private equity firm, agreed to invest £90m ($117m) in Countrywide, United Kingdom's largest property group.
"Today's news marks an exciting new chapter in the evolution of Countrywide. When I stepped in as Executive Chairman, the objectives were very clear: to restore profitability and fix the balance sheet. The business returned to profitable growth in 2019 and with this proposed £90m ($117m) fund raise, Countrywide now has a sustainable capital structure that will allow it to thrive. I am delighted that Alchemy have committed to this significant investment in the Company and I wish them and everyone at Countrywide the greatest of continuing success," Peter Long, Countrywide Executive Chairman.
Countrywide is advised by Barclays, Jefferies & Company and Brunswick Group. Alchemy Partners is advised by Macfarlanes.
Private equity firm Oakley Capital agreed to acquire WindStar Medical, a consumer healthcare company, from NuCom Group, a European omnichannel platform for consumer services, for €280m ($332m).
"WindStar Medical is a unique OTC platform in a highly attractive space that Oakley is excited to be investing in, having closely followed both the development of the business and management over recent years. We look forward to working together with the team and utilizing our broad expertise in digitalization, go-to-market and M&A to help WindStar Medical accelerate its growth trajectory in Germany and international markets," Peter Dubens, Oakley Capital Managing Partner.
Oakley Capital is advised by Kirkland & Ellis, Liberum Capital and Greenbrook.
Brookfield and Carlyle are final bidders for Siemens's Flender. (FS)
Investment firms Brookfield and Carlyle are the two final bidders for the mechanical drive unit of Siemens, a German multinational conglomerate, according to Bloomberg. The deal could reportedly reach $2.4bn.
Brookfield and Carlyle won over other potential suitors to progress to the final bid round for Flender. The decision by Siemens is expected to be given this month, as the spin-off of the unit is also one of the options.
Advent puts Mediq on a $1.4bn sale. (FS)
Advent put its portfolio medical supplier Mediq on a $1.4bn sale, PE Insights reported. Buyout groups such as CVC, Bain, BC Partners, Triton and Pamplona are reportedly expected to bid.
Advent took Mediq private in 2013 for $970m and has since strengthened the company through a string of acquisitions, such as that of Britain's H&R Healthcare and Norway's Puls.
Uber offers $1.18bn to acquire Daimler and BMW's Freenow.
Uber, a ride-hailing firm, reportedly offered approximately $1.18bn to acquire Daimler and BMW's joint mobility services company Freenow, Reuters reported.
While Daimler is set to proceed with the deal, BMW's CEO Oliver Zipse is deliberating about the sale and is rather open to offering Uber a stake.
Bain and Cinven to bid for Lonza Group unit. (FS)
Investors Bain Capital and Cinven teamed up to in the race for specialty ingredients unit of Lonza Group, a Swiss multinational, chemicals and biotechnology company, Bloomberg reported.
Specialty ingredients business of Lonza attracted other potential bidders who can match the competition of Bain and Cinven. Among interested parties are Advent, Blackstone, Carlyle, EQT, KKR, Lone Star and Partners Group, as well as strategic interest from German chemicals group Lanxess. More firms could reportedly partner up for bidding.
The deal could reportedly reach around $3.9bn, which could result in one of the largest European chemicals deals in 2020 so far.
Deutsche Bank in talks to sell Postbank Systems.
Deutsche Bank is currently in talks to divest its IT services division Postbank Systems, according to Reuters. Tata Consultancy Services, Indian multinational IT services and consulting company, is reportedly the potential bidder.
The sale will contribute to DB's attempt to cut down on employees by 18k as part of its plan to decrease costs and increase profitability.
Continental explores sale of its turbocharger unit.
Continental, a German multinational automotive parts manufacturing company, is exploring sale of its turbocharger unit as it conducts restructuring to reduce losses, Bloomberg reported.
Continental reportedly works with Citigroup on the potential sale. The company does not view the unit as essential anymore as it lacks the scale to compete globally.
Unilever weighs sale of beauty and personal care businesses.
Unilever, a British–Dutch multinational consumer goods company, could sell its beauty and personal care businesses in an attempt to shift its focus to faster-growth areas, Graeme Pitkethly, Unilever CFO said.
"We expect to have a slower pace of acquisitions ... we'd like to do slightly larger acquisitions and maybe fewer small acquisitions, but we definitely expect to pivot toward more disposal activity as a way of reshaping the portfolio," Graeme Pitkethly.
Ferragamo explores stake sale.
Family owners of Italian fashion house Salvatore Ferragamo have held informal talks with investors to sell a minority stake in their holding firm as their attempt to turn around their popular shoes worn by celebrities, Reuters reported.
Ferruccio Ferragamo, Ferragamo Chairman and son of late founder Salvatore, reportedly reached out to investors with the proposal in September with an offer of 20% stake in holding company controlling the fashion shop.
Idorsia completed a capital increase with gross proceeds of $591m.
Idorsia, which researches, develops, and manufactures pharmaceutical, biological, and diagnostic products, completed a capital increase with gross proceeds of $591m.
"The increased liquidity will take us through to the next inflexion points, namely key clinical data from late-stage assets and the launch of our first product, daridorexant," André C. Muller, Idorsia CFO.
Idorsia was advised by Wachtell Lipton Rosen & Katz.
T-Mobile forms a venture capital fund to invest in 5G companies. (FS)
T-Mobile, a mobile telecommunication company, announced the formation of T-Mobile Ventures, an investment fund focused on early and emerging growth companies developing 5G products and services for the T-Mobile network.
T-Mobile Ventures' portfolio companies will benefit from T-Mobile's network and engineering expertise, go-to-market infrastructure, and investment backing as they work to develop, test and bring to market the next big thing in 5G.
APAC
POET Technologies, a fabless semiconductor technology development company, and Xiamen Sanan, a compound semiconductor company, agreed to form Super Photonics, a manufacturer of high-performance optical engines. Financial terms were not disclosed.
"Super Photonics is both the culmination of a long path for POET and the beginning of a new phase in our growth and development as a company. We cannot overstate the importance of this moment and the depth of our commitment to making this joint venture a resounding success," Suresh Venkatesan, POET Technologies Chairman and Chief Executive Officer.
POET Technologies is advised by Shelton Group.
Japan Post plans to sell Toll Group.
Japan Post, a Japanese publicly traded conglomerate, intends to sell Toll Group, the Australian logistics business it acquired in an unrealized $5bn deal in 2015, FT reported.
The Japanese company has been hit by an insurance mis-selling scandal and a recent share price collapse. The sale of Toll would highlight its broken ambitions to become a global logistics leader and attempts to convince investors it was more than a former state-owned laggard in a shrinking domestic market.
Wuhan Boiler Group considers acquiring controlling stake in GE's steam power business.
Wuhan Boiler Group, a power station boilers company considers acquiring controlling stake in steam power business of General Electric, an American multinational conglomerate, Bloomberg reported.
The acquisition of a stake in Wuhan Boiler being discussed reportedly reaches 51%. Wuhan Boiler Group is the second-biggest shareholder of the business with a 6.9% stake. The deal could value GE's stake in Wuhan Boiler Co at a few hundred million dollars.
Flipkart, Amazon in talks to acquire stake in Aditya Birla Fashion.
E-commerce platforms Amazon and Flipkart held talks with Aditya Birla Fashion, an Indian clothing retail chain, to acquire a minority stake.
The deal could reportedly be a result of Amazon and Flipkart making fashion an essential category on their platforms and stake in Aditya could help attract new customers and increase offering.
Gland Pharma receives approval for $814m IPO.
Gland Pharma, a Chinese drug firm, received regulatory approval from SEBI for its $814m IPO in India. Gland Pharma could sell around 35m shares. Most of the proceeds will be used for capital expenditures and working capital in India.
Citigroup, Kotak Mahindra Capital, Nomura, and Haitong work with Gland Pharma on the share offering.
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