Mankind Pharma to acquire Bharat Serums and Vaccines for Rs 13,630 crore

Pharmaceutical sector mergers: Mankind Pharma has announced its acquisition of Bharat Serums and Vaccines (BSV) from private equity investor Advent International for approximately Rs 13,630 crore, marking one of the largest deals in the pharmaceutical sector.

This strategic acquisition positions Mankind Pharma as a leader in the Indian women's health and fertility drug market and grants access to high-entry barrier products in critical care, supported by advanced R&D technology platforms.

Mankind Pharma has entered into a definitive agreement with Advent to acquire a 100 per cent stake in BSV for an enterprise value of around Rs 13,630 crore, the company stated.

BSV, with over five decades of leadership in biopharmaceuticals, has developed recombinant and niche biologic products in-house, demonstrating strong R&D capabilities. The company boasts a robust branded product portfolio across women's health, fertility, and critical care, with several marquee brands holding leadership positions in their respective therapy areas.

"BSV's acquisition represents a pivotal milestone in Mankind's journey, establishing us as the market leader in the Indian women's health and fertility segment," said Mankind Pharma Vice-Chairman and MD Rajeev Juneja. He stressed the massive opportunities and strong growth visibility in the women's health and fertility segment globally, driven by structural tailwinds.

"We are also delighted to welcome BSV's over 2,500 members to our Mankind family. Together, we look forward to achieving even greater milestones and making a positive impact on women's health worldwide," Juneja added.

Shweta Jalan, Managing Partner and Head of Advent India, expressed confidence in the continued growth of Mankind Pharma and BSV's management team, stating, "With the building blocks in place, we are confident that Mankind Pharma and BSV's management team will continue the accelerated journey to build one of India's largest pharma companies."

BSV CEO and MD Sanjiv Navangul highlighted the acquisition as a reinforcement of the company's commitment to bringing cutting-edge products and expanding access to millions of patients in India and globally. "With a proven and established leadership in women's health and critical care, the BSV team will add immense value to Mankind Pharma as we grow together, synergise our strengths, and explore opportunities towards bringing healthcare closer to every home in India and across the world," he said.

BSV reported revenues of Rs 1,723 crore in FY24, delivering a 20 per cent year-on-year growth with adjusted EBITDA margins of 28 per cent.

Mankind Pharma is one of India's largest pharmaceutical companies, focusing on the domestic market with a presence across acute and chronic therapeutic areas, including anti-infectives, cardiovascular, gastrointestinal, and antidiabetic segments.

(With Reuters inputs.)