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Tuesday, July 23, 2024

Mankind Pharma discusses joint bid for Bharat Serums with PE firms

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In Short:

Mankind Pharma is planning to make a bid to acquire Bharat Serums and Vaccines in collaboration with global private equity firms. Top PE firms like Blackstone, KKR, Permira, and others are interested in buying BSV. Mankind Pharma is also planning to raise funds through a QIP to prepare for potential acquisitions. The deal is likely to be in the range of $1.5-1.8 billion.

Mankind Pharma Looking to Acquire Bharat Serums and Vaccines

Exciting news in the world of pharmaceuticals! Mankind Pharma is gearing up to make a bid in a consortium to acquire Bharat Serums and Vaccines (BSV), currently up for grabs by Advent International. Sources reveal that Mankind Pharma is in talks with global private equity firms like Blackstone Inc, KKR, Permira, Bain Capital, Carlyle, and others to form a partnership for this endeavor.

Interest from Top Private Equity Firms

The top PE firms are actively pursuing this opportunity, with Blackstone even submitting two separate bids. However, not all firms are looking to collaborate like Mankind Pharma, as some are opting for individual bids.

Advent International has set the price tag for BSV at over $2 billion, but industry insiders suggest the deal could fall within the range of $1.5-1.8 billion.

QIP Fundraising for Expansion

Mankind Pharma, known as the fourth largest drug manufacturer in India, has ambitious plans for expansion. The company is planning to raise up to ₹7,500 crore through a qualified institutional placement (QIP) and has increased its borrowing limit to ₹12,500 crore.

With the aim of funding potential acquisitions and ensuring organic growth, Mankind Pharma is strategically preparing itself for the future. The company emphasizes the significance of having a strong financial base and a war chest ready for opportunities.

In the fiscal year prior, Mankind Pharma ended with a healthy net cash reserve of ₹3,260 crore. Its financial performance also showcased impressive growth, with revenue up by 18%, EBITDA by 33%, and net profit by 48%.

On the other hand, BSV reported consolidated revenue of ₹1,455.3 crore in the last fiscal year, emphasizing its expertise in biological and biotech products tailored for women’s health and critical care.

Exciting times lie ahead as Mankind Pharma seeks to expand its presence in the pharmaceutical industry through strategic acquisitions and robust financial planning. Stay tuned for more updates!

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