Biological E may raise $250 mn from PE firms
The Economic Times reported that Biological E was seeking to raise funding from PE firms to finance its plans to hive off its vaccine business. The company was founded in 1953 by Dr D.V.K. Raju and Dr G.A.N.
Raju. It operates in two segments—vaccines and pharmaceuticals—and is now being run by Mahima Datla, daughter of Vijay Kumar Datla, the company’s former chairman and managing director who passed away in 2013. A majority of the company’s revenue comes from vaccine exports, primarily to the institutional segment.
Its pharma portfolio includes mature and strong brands for the domestic cough, cold, anti-coagulant, anti-venom and gastrointestinal segments. It is also present in regulated markets with a complex generics and injectables portfolio. Queries sent to spokespersons of Biological E, General Atlantic, TA Associates and Goldman Sachs did not elicit a response till press time.
Biological E is the first company in India to manufacture certain critical vaccines (such as anti-tuberculosis and heparin), the largest manufacturer of the tetanus vaccine with a more than 80% market share globally, a leader in snake antivenom in India, and the leading liquid pentavalent vaccine supplier in the world. According to a November 2022 ratings release by credit ratings agency Icra, Biological E is likely to see traction in the vaccine and pharmaceutical segments, going forward. “The company witnessed 72% year-o-year revenue growth in FY2022 backed by covid vaccine revenues and improved traction in the existing business segments, led by an uptick in the newly launched vaccines/products and healthy order flow for key vaccines such as typhoid conjugate vaccine (TCV), measles and rubella (MR) and liquid pentavalent vaccine (LPV)," Icra
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