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TPG to invest $800m in Russian pharmaceutical company SIA International09/04/2008. Source: AltAssets. 
 TPG Capital has agreed to acquire a 50 per cent stake in Russian pharmaceutical distributor SIA International from company founder Igor Rudinsky, in a deal worth approximately $800m. The transaction is funded entirely through equity, according to a statement.
Under the terms of the agreement, part of the purchase price will finance the working capital needs of the business going forward and also fund investment to further improve logistical infrastructure and systems, according to a statement.
The newly formed board of directors will consist of eight members, with four appointed by each party to the deal. Rudinsky will continue to be CEO and serve as chairman of the board.
SIA operates a distribution network of 41 subsidiaries, delivering products to over 30,000 pharmacies and hospitals across Russia. The company also owns four pharmaceutical production plants. SIA employs 15,500 workers. In 2007 the company recorded revenues of $2.7bn.
Stephen Peel, partner of TPG and head of the firm's Eurasia business, said, 'SIA is a market leader in one of the world's fastest growing pharmaceuticals markets. Igor Rudinsky and his management team have built an impressive and highly effective business, and we are excited to partner with them. The combination of TPG's capital, global experience and resources should help take the company to the next stage in its development.'
TPG's investments in the healthcare sector have included Axcan Pharma, Biomet, Fenwal, IASIS Healthcare, Oxford Health Plans, Parkway Holdings, Quintiles Transnational and Surgical Care Affiliates.
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