India's Mankind Pharma to buy Bharat Serums in a $1.6 billion deal (updated)

Mankind Pharma

25/07/2024 19:19

(Adds details throughout)
       July 25 (Reuters) - 
    Indian drugmaker Mankind Pharma  MNKI.NS  said late on
Thursday it would acquire Bharat Serums and Vaccines Ltd in a
deal valued at around 136.30 billion rupees ($1.63 billion),
including debt.
    The deal will give Mankind, the maker of Manforce condoms
and one of India's largest pharmaceutical companies, access to
Bharat Serums' products targeting women's health and fertility
treatments.
        "We believe the women's health and fertility segment has
massive opportunity along with strong growth visibility
globally," Mankind Pharma Managing Director Rajeev Juneja said
in a statement.
        In the financial year ended March, Bharat Serums
recorded revenue of 17.23 billion rupees, up 20% from the
previous fiscal.
        Mankind will buy the Navi Mumbai-based firm from
U.S.-based private equity firm Advent International, which had
acquired a majority stake in the biopharma firm in 2019.
        Delhi-based Mankind plans to fund the acquisition
through internal accruals and a mix of debt and equity.
    The acquisition is expected to close in the next three to
four months, following which Bharat Serums will become a
wholly-owned unit of Mankind.
    Moelis & Company acted as Mankind's financial advisor in the
deal, while Jefferies and J.P. Morgan advised Advent and Bharat
Serums.     

($1 = 83.7200 Indian rupees)

 (Reporting by Kanjyik Ghosh and Mariam Sunny in Bengaluru;
Editing by Tasim Zahid)
 ((Kanjyik.Ghosh@thomsonreuters.com;))