MUMBAI: Gurugram-based Mankind Pharma, which is a leading player in the domestic OTC drug segment, has entered into a definitive agreement to acquire 100% stake that global investor Advent International holds in Bharat Serums and Vaccines (BSV) for an enterprise value of Rs 13,630 crore, the companies said in a joint statement late Thursday evening.
This strategic deal marks a major leap for Mankind, which went public with a Rs 4,326 crore IPO in April 2023, positioning it as a market leader in the domestic 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.
Mankind has beaten the Swedish private equity firm EQT and a consortium led by the Abu Dhabi Investment Authority to buy BSV. Earlier Mankind had bid for Apax Partners-backed Healthium Medtech, a medical device maker, but KKR won the auction process in the end.
Established in 1971 by the Daftary family in Navi Mumbai, BSV develops, manufactures, and markets biological, biotech, and pharmaceutical formulations and has a manufacturing facility in Ambernath, Maharashtra and Thane along with a R&D unit at its headquarters. It has four wholly-owned subsidiaries in the US, Germany, the Philippines and India. Advent bought 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 promoters, the Daftary family. This deal valued it at $500 million.
With over five decades of leadership in biopharmaceuticals, BSV has developed niche biologic products, demonstrating its R&D capabilities and boasts of a robust product portfolio across women’s health, fertility and critical care, and some them are marquee brands enjoying leadership position in their respective segments.
Some of its products include high entry barrier portfolio with specialty R&D platforms across recombinants, niche biologics, novel delivery and immunoglobulins. It is the sole innovator in the world to develop patented recombinant Anti-D. BSV’s niche portfolio are in women’s health segment, encompassing the entire lifecycle from fertility to post-pregnancy and it has one of the comprehensive portfolios in the fertility segment to scale in both domestically and internationally amid increasing IVF penetration.