Indian drugmaker Gujarat Themis Biosyn Ltd. has secured ¥9.2 billion ($58 million) in private credit from Orion Capital Asia to fund its acquisition of Japanese peer Micro Biopharm Japan Co. The deal, valued at ¥21.5 billion, highlights the growing trend of Asian firms using private credit for overseas expansion. In addition to the Orion facility, Gujarat Themis raised 5.85 billion rupees ($61 million) through a private placement of secured debentures, with Indian funds managed by Avendus Capital and Edelweiss Alternatives purchasing the rupee debt. The financing will support the acquisition and general corporate purposes.

Founded in 1981, Gujarat Themis is India’s first commercial producer of the anti-tuberculosis drug Rifampicin.