The deal marks a significant leap for Mankind Pharma, positioning it as a market leader in India’s 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.It will potentially establish Mankind as the number one player in the Rs 11,000 cr gynaecology market, with a 13% share. At present, Mankind is ranked third, and has a 7% market share, while BSV 6%.
The deal will be funded through internal accruals and a mix of debt and equity, sources told TOI.
BSV has an in-house manufacturing and R&D platform with a track record of multiple firsts in the country and globally, says a company statement. The deal was in the making for the last few months with Europe’s largest buyout group EQT with Abu Dhabi Investment Authority ( ADIA) as other bidders.
BSV has developed recombinant and niche biologic products in-house, demonstrating its strong R&D capabilities and boasts of a robust branded product portfolio across women’s health, fertility and critical care. It reported revenues of Rs 1,723 crore in FY24, delivering a 20% y-o-y growth . The company has a niche portfolio offering in women’s health, encompassing the entire lifecycle – from fertility to post-pregnancy.
Advent had acquired a majority stake in Bharat Serum & Vaccines in November 2019 from Orbimed Asia and Kotak PE for $500 million and remaining was acquired a year later in 2020 for an undisclosed sum, thereby giving its erstwhile promoters the Daftary family an exit.
Rajeev Juneja, vice-chairman and MD, Mankind Pharma said, “BSV acquisition represents a pivotal milestone in the Mankind’s journey, establishing us as a market leader in Indian women’s health and fertility segment.”
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