Mankind Pharma has clinched a deal to acquire Bharat Serums and Vaccines from private equity firm Advent International for 13,630 crore, the company said in a release.
The Delhi-based pharma firm said it has entered into a definitive agreement to acquire a 100% stake in Bharat Serums and Vaccines Limited D (BSV) from Advent, for an enterprise value of around 13,630 crore, subject to closing related adjustments.
“This strategic move marks a significant leap for Mankind Pharma, positioning it as a market leader in the Indian women’s health and fertility drug market alongside access to other high entry barrier products in critical care with established complex R&D tech platforms,” the company said.
BSV’s established Specialty R&D Tech Platforms with complex portfolios across Women’s health, Fertility, critical care and Immunoglobulin segment aligned with Mankind Pharma’s strategic vision to expand its footprint in the high entry barrier portfolio, the company said.
Advent International, which had acquired BSV in 2019 in two transactions, had put the company on the block late last year and the process has been going on for quite a while with several PE firms as well as pharmaceutical companies showing interest and submitting non-binding bids.
Mankind Pharma’s domestic pharma business’ product portfolio spans formulations across acute and therapeutic areas. Though over half of its revenues come from the metro and Tier 1 cities, the company has a good foothold in Tier 2 to 6 cities that are not covered by the bigger pharma players. In the OTC segment, it has expanded to consumer wellness, while bolstering pregnancy care and sexual wellness. This is where the BSV acquisition would give it a strong boost and enhance its portfolio.
“Mankind’s strategic acquisition of BSV with branded specialty pharma portfolio across India and Emerging Markets presents immense growth potential and will add to existing growth velocity of Mankind,” said Sheetal Arora, chief executive officer and whole-time director, Mankind Pharma.
She pointed out that BSV’s business will be synergistic with Mankind’s product portfolio, expansive field force and doctor coverage. “We are confident this would correspond to the expansion of EBITDA margins and thereby solidify our position as a company known for marketing innovative and specialized offerings.”
BSV reported revenues of 21,723 crore in FY24, up 20 per cent on year with adjusted EBITDA margins of 28 per cent. The business has grown at 21 per cent revenue annually over the last 3 years.
Bharat Serums is a biopharmaceutical leader in women’s healthcare, assisted reproductive treatment, critical care and emergency medicine.
