Mumbai/IBNS: Mankind Pharma Ltd, Indias fourth largest pharmaceutical company by market share, on Thursday (July 25) said it has entered into a definitive agreement to acquire a 100 percent stake in Bharat Serums and Vaccines (BSV) from Advent International for an enterprise value of Rs 13,630 crore, according to reports.
BSV, a branded specialty pharma platform in womens health and critical care, reported revenues of Rs 1,723 crore in FY24, delivering robust 20 percent year-on-year growth with adjusted EBITDA margins of 28 percent.
The business has grown at a 21 percent revenue compound annual growth rate over the last three years, reports Business Standard.
According to reports, over 2,500 employees of BSV will be joining Mankind Pharma Ltd.
Earlier in February 2020, American global private equity firm Advent International Corporation acquired a 74 percent stake in BSV, providing a complete exit to private equity investors OrbiMed Asia and Kotak PE and a partial exit to the promoter Daftary family, as per reports.
Advent International, following approval from the Department of Pharmaceuticals (DoP), acquired the remaining 26 percent stake from the Daftary family in 2023-24.
The Business Standard reported, quoting Shweta Jalan, managing partner and head of Advent India, that Mankind Pharmas investment in BSV is a testament to their approach of identifying and nurturing unique businesses, working with high-quality management teams and building these businesses into respected industry leaders.
The FY24 sales of Mankind Pharma Ltd. stood at Rs 10,335 crore, with Ebitda at Rs 2,550 crore translating into Ebitda margins of 24.7 percent.
According to a report by Mint, the acquisition of BSV will mean expansion of Mankind Pharmas brand portfolio that will now contain more than 40 brands valued at more than Rs 50 crore.
