Ekuinas CEO Syed Yasir Arafat Syed Kadir said the pharmaceutical industry is a significant economic contributor with remarkable growth potential.
“APIs have been identified as a key growth segment for the pharmaceutical sector in the New Industrial Master Plan (NIMP) 2030,” he said.
The market for corticosteroids, steroid hormones, and non-steroidal APIs was estimated to be worth US$36 billion (RM171.71 billion) in 2023 and is projected to grow at a compound annual growth rate of 6.7% by 2027.
“Having achieved progressive and consistent growth over the past two decades, and being a well-regulated and certified API supplier, Symbiotica, as one of the largest API manufacturers in SEA, is well-positioned to take advantage of the macro trends driving this sector’s future growth.
“There are clear strategies in place, and we look forward to taking the company to its next level of growth and contributing to the broader advancement of Malaysia’s pharmaceutical sector as the leading API company in SEA,” he said in a statement.
Syed Yasir Arafat added that the acquisition marks Ekuinas’s third investment in the pharmaceutical sector.
The private equity fund management company’s current portfolio includes Medispec (M) Sdn Bhd and Eagle Cliffe Sdn Bhd.
Meanwhile, Symbiotica managing director Ajoy Prabhu said Ekuinas brings added value to Symbiotica from its experience in growing organisations.
“We look forward to synergising our positive attributes to leverage market opportunities internationally, regionally, and domestically, strengthening our edge and leadership in the API segment,” he said.
Established in 2001, Symbiotica is based in Seberang Perai, Penang, with manufacturing facilities in Kulim, Kedah.
“It specialises in manufacturing corticosteroid and steroid hormone APIs.
“Symbiotica serves customers in Malaysia and more than 70 other countries spanning six continents and has a strong presence in Europe and Asia,” it said.
He said the company has consistently expanded its product range and capabilities with a portfolio of over 70 API products.