Advent International to acquire majority stake in Bharat Serums and Vaccines
"With this transaction, OrbiMed PE and Kotak PE, two private equity firms that previously held minority positions in Bharat Serums, will fully exit their investments in the company," Advent International said in a statement.
The Daftary family, which founded Bharat Serums and Vaccines (BSV), is retaining a 'meaningful equity' stake in the business and is partnering with Advent on the company's next stage of growth, it added.The acquisition is expected to close by the end of this year, Advent International said. Advertisement
The company however did not disclose the financial terms of the definitive agreement.
"Drawing on our deep experience in pharmaceuticals and our global platform, we see significant opportunity to further strengthen the company's leadership position in India, particularly in women's health, and scale its presence in emerging markets around the world," Shweta Jalan, Managing Director and Head of India at Advent International said.Advent's high level of investment activity in India this year demonstrates the attractiveness of the market and Advent's commitment to investing here, she added.
"The partnership with Advent is another major milestone in BSV's growth story," Gautam V Daftary, a member of the founding family of Bharat Serums said.Innergize Solutions acted as strategic advisor to BSV on the transaction, the statement said. Founded in 1971, in Mumbai, Bharat Serums is a biopharmaceutical companies in India. BSV researches, develops, manufactures and markets specialised injectable medicines with a portfolio focused on biotech and biological products. AKT DRR
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