Mankind Pharma Limited said on July 25 that it has entered into a definitive agreement to acquire a 100 percent stake in Bharat Serums and Vaccines (BSV) Limited (BSV) from private equity major Advent International for an enterprise value of about Rs 13,630 crore, subject to closing related adjustments.
"This strategic 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," Mankind said in a press release.
Moneycontrol has exclusively reported on multiple facets of the Bharat Serums sale process since late last year. Here is a list of the key stories in the run up to the official announcement.
Earlier today, Moneycontrol had reported that Mankind Pharma had edged ahead of the EQT-ADIA consortium and emerged as the front-runner for the mega deal.
Moneycontrol was also the first to report the sale plans of Bharat Serums and the appointment of sell-side advisors on December 2 and December 20, respectively.
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On May 22, Moneycontrol had named Mankind Pharma as one of the suitors for the sale process.
Later, on July 3, Moneycontrol was also the first to report that Mankind Pharma and EQT-ADIA combine were the key contenders for the buyout.
With more than five decades of experience in biopharmaceuticals, BSV has a niche portfolio offering in women's Health, encompassing the entire lifecycle – from fertility to post-pregnancy.
"BSV’s acquisition represents a pivotal milestone in Mankind’s journey, establishing us as market leader in Indian women’s health & fertility segment. 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, Mankind Pharma.
“We are proud to be one of the few Indian companies that have several first-of-its-kind indigenously developed complex treatments that have delivered better patient outcomes. This acquisition reinforces our commitment towards bringing cutting edge products and expanding our access to millions of patients in India and across the globe," said Sanjiv Navangul, CEO & Managing Director, BSV.
In a comment, Shweta Jalan, Managing Partner and Head of Advent India, said Mankind’s investment in BSV "..is a testament to our approach of identifying and nurturing unique businesses, working with high-quality management teams and building these businesses into respected industry leaders. 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.”
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.
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