Mankind Pharma buys 100% stake in BSV for ₹13,630 cr

Mankind Pharma has signed a deal to acquire a 100% stake in Bharat Serums and Vaccines Limited (BSV) from private equity firm Advent International for an enterprise value of ₹13,630 crore.

This strategic move marks a significant leap for Mankind Pharma, positioning it as a market leader in the Indian women's health and fertility drug market, Mankind Pharma says in a statement.

With over five decades of experience in biopharmaceuticals, BSV has developed recombinant and niche biologic products in-house and boasts of a robust branded product portfolio across women's health, fertility and critical care, with a few of its brands enjoying a strong leadership position in their respective therapy areas.

BSV’s in-house R&D centre along with a team of over 60 scientists, a strong product pipeline, coupled with a diverse domestic product portfolio offer huge scalability potential through niche filings across markets, the company says.

“BSV’s acquisition represents a pivotal milestone in Mankind’s journey, establishing us as market leader in Indian women’s health & fertility segment. We believe women’s health & fertility segment has massive opportunity along with strong growth visibility globally, led by structural tailwinds,” says Rajeev Juneja, vice-chairman and managing director, Mankind Pharma.

“BSV's established Specialty R&D Tech Platforms with complex portfolio across women’s health, fertility, critical care and immunoglobulin segment perfectly aligns Mankind Pharma's strategic vision to expand its footprint in high entry barrier portfolio,” says Juneja.

“Mankind’s strategic acquisition of BSV with branded specialty pharma portfolio across India and Emerging Markets presents immense growth potential and will add to existing growth velocity of Mankind. Moreover, BSV’s business will be highly synergistic with our comprehensive product portfolio, expansive field force and doctor coverage. We are confident this would correspond to the expansion of EBITDA margins and thereby solidify our position as a company known for marketing innovative and specialised offerings,” says Sheetal Arora, chief executive officer and whole-time director, Mankind Pharma.

BSV has a niche portfolio offering in Women's Health, encompassing the entire lifecycle – from fertility to post-pregnancy. BSV has one of the most comprehensive portfolio in the fertility segment amid increasing IVF penetration.

“We are delighted that BSV has found the right home and is joining forces with Mankind Pharma. BSV’s deep-domain R&D capabilities and unique portfolio of products combined with Mankind’s strong pan-India coverage and growth orientation will provide significant synergies; bringing differential scale, reach and capabilities,” says Pankaj Patwari, managing director, Advent India.

BSV reported revenues of ₹1,723 crore in FY24, delivering 20% year-on-year growth. The business has grown at around 21% revenue CAGR  over the last three years.

“This acquisition reinforces our commitment towards bringing cutting edge products and expanding our access to millions of patients in India and across the globe,” says Sanjiv Navangul, CEO and managing director, BSV.