Mankind Pharma acquires Bharat Serums and Vaccines for Rs 13,600 crore

Mankind Pharma on Thursday said it has entered into a definitive agreement to acquire a 100 per cent stake in Bharat Serums and Vaccines (BSV) from private equity firm Advent International for an enterprise value of Rs 13,630 crore. BSV reported revenues of Rs 1,723 crore in FY24, delivering robust 20 per cent year-on-year growth with adjusted EBITDA margins of 28 per cent. The business has grown at a 21 per cent revenue compound annual growth rate over the last three years. The company was set up in 1971 with Vinod Daftary opening a blood bank and eventually launching an injectable for expecting mothers. Over the next few years, the company started exporting polyclonal sera and also set up a manufacturing plant in Thane. It has US FDA and EU-approved facilities in Germany and operates in the Philippines through a wholly-owned subsidiary. Private equity major Advent International was looking to exit BSV four years after it picked up a majority stake in BSV. Advent acquired a 74 per cent stake in BSV in February 2020, providing a complete exit to private equity investors OrbiMed Asia and Kotak PE and a partial exit to the promoter Daftary family. Following approval from the Department of Pharmaceuticals (DoP), Advent bought the remaining 26 per cent stake from the Daftary family in 2023-24.