Advent to acquire a significant minority stake in Felix Pharmaceuticals, Ireland

Mumbai, 9^th June 2025 – Advent, a leading global private equity investor, today announced that funds managed by Advent have signed a definitive agreement to invest USD $175 million via primary and secondary for a significant minority stake in Dublin headquartered Felix Pharmaceuticals Pvt Ltd (“Felix”), a leading global Gx animal pharma player. Felix Pharma is one of the fastest growing developers and manufacturer of off-patent medicines for companion animals.

Felix develops, manufactures and supplies to distributors and other branded Gx players for private labelling, particularly in the US. With a portfolio of 14 approved products from USFDA and many more under review and development, Felix has the widest portfolio of products in the industry. The Company is differentiated by its development capabilities around incremental innovation in dosage and delivery, its breadth of portfolio, advance stage pipeline, and most importantly its cost-efficient manufacturing.

Shweta Jalan, Managing Partner at Advent, said, “Healthcare has been a long-standing focus for us, and we see strong parallels between India’s success in human Gx and the emerging opportunity in animal health. Felix is well positioned to lead this space with its strong leadership, broad portfolio, and robust R&D and commercial capabilities. Its rapid growth and high customer satisfaction make it a differentiated platform, and we are excited to support Neeraj and the Felix team in scaling it into a global franchise.”

Pankaj Patwari, Managing Director at Advent, said, “Felix has an opportunity to shape the companion animal health generics market. The industry is nascent, with less than 10% share held by generic players, providing a long-term growth opportunity. There are lot of learnings we can bring from our other pharma experiences and we are excited to partner with a like-minded founder, Neeraj, to work towards building the #1 generic animal health company globally.”

Felix, founded in 2015 by Neeraj Agrawal, a McKinsey alum, Sir Jonathan Symonds, Chair of GSK and with 30 years of experience in global pharmaceuticals, and Dr Shumeet Banerji, ex-CEO of Booz-Allen, has pursued strategic growth through a disciplined approach. While the company achieved its first US FDA approval in 2020, marking a pivotal step in its expansion, it has quickly scaled to a 14 commercialised product portfolio and has several others in advanced stages of pipeline. It has a USFDA approved oral solid facility dedicated for animal health products and an injectable facility that is expected to be ready by Q3 2025.

Neeraj Agrawal, Co-Founder of Felix Pharma, said, “This marks an important milestone in Felix’s journey. As we scale in a fast-evolving market, we were looking for a partner who brings not just capital, but also deep operating expertise and the right mindset and networks to help us grow faster and stronger. Advent’s strong track record in healthcare and pharma, and their close involvement in building strong businesses, gives us great confidence. We are excited to have them on-board as we take Felix to its next phase of growth.”

Jon Symonds, Co-Founder of Felix Pharma, said, “When Neeraj, Shumeet and I began Felix a decade ago our intention was to build a globally competitive business dedicated to companion animals. We are well on the path of doing this and bringing in Advent as a partner at this stage will enable us to accelerate our growth path and to bring high quality differentiated products to pet owners around the world.”

Guggenheim Securities acted as the financial advisors for Advent and Lincoln International were the financial advisors for Felix. JSA, Aurthur Cox and A&L Goodbody were the legal advisors on the transaction.