HQ Team
July 26, 2024: India’s Mankind Pharma will buy Mumbai-based Bharat Serums and Vaccines for 136 billion rupees ($1.63 billion), according to a company statement.
Mankind will take the entire stake from US-based private equity firm Advent International and the acquisition will be through internal accruals and a mix of debt and equity.
The acquisition is expected to close within three to four months and Bharat Serum will become a wholly-owned subsidiary of Mankind, according to the statement.
The buy-out 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.”
Women’s health
Bharat Serum operates in women’s health, encompassing the entire lifecycle – from fertility to post-pregnancy and critical care.
Bharat’s in-house research and development centre has a team of more than 60 scientists, a strong product pipeline, and a diverse domestic product portfolio.
“We believe women’s health & fertility segment has massive opportunity along with strong growth visibility globally, led by structural tailwinds,” said Rajeev Juneja, Vice-chairman and Managing Director, of Mankind Pharma Ltd.
“BSV’s established Specialty R&D Tech Platforms with a complex portfolio across women’s health, fertility, critical care and immunoglobulin segment perfectly aligns Mankind Pharma’s strategic vision to expand its footprint in high entry barrier portfolio.”
Sheetal Arora, Chief Executive Officer and full-time director, of Mankind Pharma Ltd., said: “Mankind’s strategic acquisition of BSV with branded speciality pharma portfolio across India and Emerging Markets presents immense growth potential and will add to the existing growth velocity of Mankind.”
20% rise in revenue
Bharat Serum reported revenue of 17.2 billion rupees in the financial year ended March 2024 — a 20% year-on-year growth. Its business has been growing at about 21% CAGR over the last three years.
Mankind operates at the intersection of the Indian pharmaceutical formulations and consumer healthcare sectors.
The company has 30 manufacturing facilities in India manufacturing a wide range of dosage forms, including tablets, capsules, syrups, vials, ampoules, blow fill seals, soft and hard gels, eye drops, creams, contraceptives and other over-the-counter products.
