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Carlyle and KKR Compete to Acquire Bharat Serums in $2 Billion Deal

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In Short:

Several private equity firms and asset managers, including Carlyle, Bain Capital, KKR, Blackstone, and Permira, are competing to acquire Indian biopharmaceuticals company Bharat Serums and Vaccines (BSV) for over $2 billion. Current owner Advent International is seeking an exit after four years, with non-binding bids expected by the end of the month. BSV reported a net profit of ₹9.4 crore in FY23, up from a loss the previous year.


Private Equity Firms Competing to Buy Bharat Serums and Vaccines

Exciting news! The race to acquire Indian biopharmaceuticals company Bharat Serums and Vaccines (BSV) is heating up with private equity giants like Carlyle, Bain Capital, KKR, Blackstone, and UK’s Permira all vying for a deal that could value BSV at more than $2 billion, sources revealed.

Key Details

  • Non-binding bids are due by the end of this month, marking the start of a full sale process.
  • Jefferies and JP Morgan are advising on the transaction.
  • Advent International, the current owner of BSV, is seeking an exit after a four-year ownership stint. They are in talks with various pharma companies and private equity firms for a lucrative sale.
  • Advent International originally acquired a 74% stake in BSV in 2019, valuing the company at $500 million. It later bought out the remaining stake from the Daftary family.

About Bharat Serums and Vaccines

BSV is a prominent player in women’s healthcare, assisted reproductive treatment, critical care, and emergency medicine. In FY23, it reported a net profit of ₹9.4 crore, a significant improvement from the previous year, with revenues reaching ₹1,207 crore, up 13.8% year-on-year. In FY20, BSV recorded a net profit of ₹48.6 crore on revenues of ₹822 crore.

Potential Targets

Blackstone is showing preliminary interest in BSV, exploring potential targets in the Indian pharma and healthcare sectors. Last year, the firm made its foray into healthcare investments with stakes in CARE Hospitals and KIMS Healthcare, backed by a $1 billion investment commitment.

Pharma and healthcare products company Mankind Pharma is also in the running to acquire BSV, having approved a capital raise of ₹7,500 crore for potential acquisitions. The company is gearing up for growth opportunities, as stated by Vice-Chairman and MD Rajeev Juneja during an earnings call.

BSV: At a Glance

  • BSV is a leader in women’s healthcare, assisted reproductive treatment, critical care, and emergency medicine.
  • Revenues soared to ₹1,207 crore in FY23 from ₹822 crore in FY20.
  • Non-binding bids are expected to be submitted by the end of May.

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