INSUBCONTINENT EXCLUSIVE:
Mankind Pharma | Photo: Website4 min read Last Updated : Jul 26 2024 | 12:34 AM IST
Mankind Pharma on Thursday said it has entered into
a definitive agreement to acquire a 100 per cent stake in Bharat Serums and Vaccines (BSV) from private equity firm Advent International for
an enterprise value of Rs 13,630 crore.
BSV reported revenues of Rs 1,723 crore in FY24, delivering robust 20 per cent year-on-year
growth with adjusted EBITDA margins of 28 per cent
The business has grown at a 21 per cent revenue compound annual growth rate over the last three years.
More than 2,500 BSV employees will
be joining Mankind.
The company was set up in 1971 with Vinod Daftary opening a blood bank and eventually launching an injectable for
Over the next few years, the company started exporting polyclonal sera and also set up a manufacturing plant in Thane
It has US FDA and EU-approved facilities in Germany and operates in the Philippines through a wholly-owned subsidiary.
Private equity
major Advent International was looking to exit BSV four years after it picked up a majority stake in BSV
Advent acquired a 74 per cent stake in BSV in February 2020, providing a complete exit to private equity investors OrbiMed Asia and Kotak PE
and a partial exit to the promoter Daftary family
Following approval from the Department of Pharmaceuticals (DoP), Advent bought the remaining 26 per cent stake from the Daftary family in
of identifying and nurturing unique businesses, working with high-quality management teams and building these businesses into respected
industry leaders.
Mankind Pharma said that this strategic move marks a significant leap for the company, 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
With over five decades of leadership in biopharmaceuticals, BSV has developed recombinant and niche biologic products in-house
It has a strong portfolio across women's health, fertility, and critical care.
Rajeev Juneja, vice-chairman and managing director of
We believe the women's health and fertility segment has massive opportunities along with strong growth visibility globally, led by
structural tailwinds." He added that this strategic move aligns with Mankind's vision to expand its footprint in high entry-barrier
portfolios.
BSV has an R-D centre with over 60 scientists and a strong product pipeline
Mankind said the domestic product portfolio has huge scalability potential through niche filings across markets
The women's health portfolio has products ranging from fertility drugs to post-pregnancy therapies
Amid increasing IVF penetration, this offers growth potential
BSV has products for conditions like endometriosis, a condition that affects 109 million women worldwide and around 25 million in
with their comprehensive 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
one of the few Indian companies that have several first-of-its-kind indigenously developed complex treatments that have delivered better
patient outcomes."
Moelis - Company acted as exclusive financial advisor and AZB - Partners acted as legal counsel to Mankind Pharma
Advent and BSV were advised by Jefferies LLC and J.P
Morgan as financial advisors and Khaitan - Co as legal counsel.First Published: Jul 26 2024 | 12:34 AMIST
