Mankind Pharma Acquires Bharat Serums & Vaccines for INR 13,630 Cr

The acquisition will also see more than 2,500 BSV employees joining Mankind Pharma.

Mankind Pharma has entered into a definitive agreement to acquire a 100% stake in Bharat Serums and Vaccines (BSV) from private equity firm Advent International for an enterprise value of INR 13,630 Cr.

Mankind Pharma's acquisition of BSV is set to enhance its diagnostic capabilities and service offerings.

The acquisition will also see more than 2,500 BSV employees joining Mankind Pharma.

Commenting on the acquisition, Rajeev Juneja, vice-chairman and managing director of Mankind Pharma, said, "BSV's acquisition establishing us as the market leader in the Indian women's health and fertility segment. We believe the women's health and fertility segment has massive opportunities along with strong growth visibility globally, led by structural tailwinds."

Moelis & Company acted as Mankind Pharma's exclusive financial advisor, and AZB & Partners served as legal counsel. Jefferies LLC and JP Morgan advised Advent International and BSV as financial advisors and Khaitan & Co as legal counsel.

BSV was established in 1971 by Vinod Daftary, who initially opened a blood bank and later launched an injectable for expecting mothers. Over the years, the company expanded by exporting polyclonal sera and setting up a manufacturing plant in Thane.

BSV reported revenues of INR 1,723 Cr in FY24, reflecting a robust 20% year-on-year growth with adjusted EBITDA margins of 28%.

BSV now operates US FDA and EU-approved facilities in Germany and has a presence in the Philippines through a wholly-owned subsidiary.

Advent International's Exit

Private equity firm Advent International, which acquired a 74% stake in BSV in February 2020, providing a complete exit to previous investors OrbiMed Asia and Kotak PE and a partial exit to the Daftary family, was looking to exit BSV.

Following approval from the Department of Pharmaceuticals (DoP), Advent acquired the remaining 26% stake from the Daftary family in 2023-24.

Shweta Jalan, managing partner and head of Advent India, commented on the transaction, stating that Mankind's investment in BSV is a testament to their approach of identifying and nurturing unique businesses and building them into respected industry leaders.

R&D & Product Portfolio

BSV boasts an R&D center with over 60 scientists and a strong product pipeline. The company has developed recombinant and niche biologic products in-house, with a robust portfolio across women's health, fertility, and critical care.

Mankind Pharma highlighted the scalability potential of BSV's domestic product portfolio through niche filings across markets.

BSV's women's health portfolio includes products ranging from fertility drugs to post-pregnancy therapies. With increasing IVF penetration, there is significant growth potential in this segment.

Approximately 20 million couples in India alone experience infertility, affecting 60–80 million couples globally. BSV also offers treatments for conditions including endometriosis, which affects 109 million women worldwide, including around 25 million in India.

Sheetal Arora, CEO and whole-time director of Mankind Pharma, stated that BSV's business would be highly synergistic with its 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 marketing innovative and specialized offerings," Arora said.

Sanjiv Navangul, CEO and MD, BSV, said, "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."