CORPORATE
Mankind’s Rs 13,530-cr purchase of Bharat Serums to boost its women’s health segment
- IBJ Bureau
- Jul 26, 2024
Drug-maker Mankind Pharma said late on Thursday that it would acquire Bharat Serums and Vaccines in a deal valued at around Rs 13,630 crore, including debt.
The deal will give Mankind, the maker of Manforce condoms and one of India’s largest pharmaceutical companies, access to Bharat Serums’ products targeting women’s health and fertility treatments.
“We believe the women’s health and fertility segment has massive opportunity along with strong growth visibility globally,” Mankind Pharma Managing Director Rajeev Juneja said in a statement.
In the financial year ended March 2024, Bharat Serums had recorded revenue of Rs 1,723 crore, up by 20 per cent from that of the previous financial year.
Mankind will buy the Navi Mumbai-based company from US-based private equity firm Advent International, which had acquired a majority stake in the bio-pharmaceutical company in 2019.
Delhi-based Mankind plans to fund the acquisition through internal accruals and a mix of debt and equity.
The acquisition is expected to close in the next three to four months, following which Bharat Serums will become a wholly-owned unit of Mankind.
Moelis & Company acted as Mankind’s financial adviser in the deal, while Jefferies and JP Morgan advised Advent and Bharat Serums.
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