Rubicon Research entered India’s domestic central nervous system (CNS) formulations market by acquiring an 85% equity stake in Arinna Lifesciences from its existing shareholders for Rs 175.92 crore. 

 The transaction values Arinna at an enterprise value of Rs 200 crore on a cash-and-debt-free basis. After net cash and other closing adjustments, Rubicon will acquire the 85% holding at Rs 158.53 per share, with the final consideration subject to customary closing adjustments. 

Arinna brings a portfolio of over 60 brands in chronic therapies, with a strong focus on CNS disorders. The company has built a network of more than 4,000 prescribers supported by an established distribution ecosystem spanning distributors, stockists and retail pharmacies across India. 

The acquisition aligns with Rubicon’s strategy of leveraging its IP-led chronic products portfolio to expand in key therapeutic segments, particularly CNS, which the company considers a core focus area. Through Arinna’s commercial network, Rubicon expects to accelerate access for its differentiated specialty products and drug-device combinations in the Indian market. 

Commenting on the acquisition, Parag Sancheti, CEO of Rubicon Research, said the deal provides a launchpad to deploy the company’s proven R&D-led growth playbook in India’s domestic formulations market, adding that strategic M&A remains central to Rubicon’s long-term expansion strategy. 

For the nine months ended December 31, 2025, Arinna reported provisional revenue of Rs 56.7 crore and EBITDA of Rs 9.5 crore. The transaction is expected to close within 30 days, subject to agreed conditions precedent. Founder Vivek Seth will retain a 15% ownership stake and continue as Managing Director, ensuring continuity in leadership.