Liquidity Events
Mankind Pharma to acquire Bharat Serums from Advent Intl for Rs 13,630-Cr
BSE Disclosure Business Standard
Publicly-listed Mankind Pharma Limited has entered into a definitive agreement to acquire a 100% stake in Bharat Serums and Vaccines Limited (BSV) from Advent International at an enterprise value of approx. INR 13,630 crore. 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.Founded in 1971, biopharmaceutical company Bharat Serums has a research and development centre in Mumbai with over 100 scientists and operations that cover more than 70 countries, as well as subsidiaries in Germany, the Philippines and the US. BSV reported revenues of INR 1,723 crore in FY24, delivering a 20 per cent year-on-year growth with adjusted EBITDA margins of 28 per cent. It employs over 2,500.Advent International had acquired a 74 per cent stake in BSV in February 2020 and had bought the remaining 26 per cent stake from the promoter Daftary family in 2023-24.
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