Mankind Pharma trumps EQT-ADIA, set to acquire BSV for Rs 14,000 crore
Mankind Pharma, India’s fourth largest pharma company by market share, is all set to acquire BSV Group, formerly Bharat Serum & Vaccines, from Advent International for around Rs 14,000 crore ($1.67 billion), people aware of the development told ET. Mankind will be trumping a rival bid from a consortium of EQT and Abu Dhabi Investment Authority (ADIA).
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Both sides are engaged in the final set of negotiations and a formal announcement is expected within the next few days. Once announced this will be the largest buyout ever by the company that got listed a year back.
Advent declined to comment. Mails to Mankind Pharma did not get an immediate response.
The third contender — a consortium of Warburg Pincus, ChrysCapital and Mubadala — did not submit a binding offer even after evaluating the opportunity, having made the shortlist from a wider pool of potential final bidders. ET in its July 18th edition edition was the first to report that Mankind and EQT-ADIA were the final two contenders.
Bloomberg on Thursday reported Mankind has emerged as the frontrunner.
In May, Mankind’s board approved equity fund raising of Rs 7,500 crore, and also increased the borrowing limits up to Rs 12,500 crore. Mankind also has a net cash balance of Rs 3,260 crore and negligible debt as on March 31, 2024. The drugmaker bought the domestic formulation business of Panacea
