Mankind Pharma is set to acquire Advent International-backed Bharat Serums & Vaccines (BSV), leading the bidding process and expected to officially sign the deal soon.

Mankind Pharma, a leading pharmaceutical company, has announced its definitive agreement to acquire a 100% stake in Bharat Serums and Vaccines Limited (BSV) from Advent International, one of the largest private equity investors globally. The deal, valued at approximately INR 13,630 Crores, is subject to closing-related adjustments. This strategic acquisition positions Mankind Pharma as a market leader in the Indian women's health and fertility drug market, providing access to high-entry-barrier products in critical care, supported by established complex R&D tech platforms.

Swedish private equity firm EQT and the Abu Dhabi Investment Authority (ADIA) consortium were also contenders in the acquisition process, with the deal estimated at a valuation between $1.5 billion and $2 billion.

"We are proud to be one of the few Indian companies that have developed several first-of-its-kind complex treatments delivering better patient outcomes. This acquisition reinforces our commitment to bringing cutting-edge products and expanding our reach to millions of patients in India and globally. With proven leadership in women’s health and critical care, a robust R&D pipeline, best-in-class manufacturing, and a dedicated, high-performing BSV team, we will add immense value to Mankind Pharma as we grow together, synergize our strengths, and explore opportunities to bring healthcare closer to every home in India and worldwide," said Sanjiv Navangul, CEO & Managing Director, BSV.

Mankind Pharma had previously bid for Apax Partners-backed Healthium Medtech, but KKR ultimately won the auction. Acquiring Bharat Serums & Vaccines is expected to enhance Mankind Pharma's domestic operations, as BSV's product portfolio includes formulations across acute and therapeutic areas.

Insight into Bharat Serums & Vaccines:

Advent International acquired a majority stake in BSV in November 2019, giving an exit to investors such as Orbimed Asia and Kotak PE, and a partial exit to the Daftary family, the promoters. This acquisition valued BSV at $500 million.

Established in 1971, Mumbai-based Bharat Serums and Vaccines Limited develops, manufactures, and markets biological, biotech, and pharmaceutical formulations. According to an ICRA Ratings report released in September 2023, BSV's product portfolio includes plasma derivatives, monoclonals, fertility hormones, antitoxins, antifungals, anesthetics, cardiovascular drugs, and diagnostic products. BSV has manufacturing facilities in Ambernath and Thane, Maharashtra, along with an R&D unit in Navi Mumbai. The company also operates four wholly-owned subsidiaries in the US, Germany, the Philippines, and India.