 "TPG acquires 35% in SCHOTT Poonawalla, SII retains minority stake")
SCHOTT Pharma, a global player in drug containment and delivery solutions, announced on Tuesday that global investment firm TPG has acquired a 35 per cent stake in its Indian joint venture, SCHOTT Poonawalla, from the Serum Institute of India (SII).
The investment, made through TPG Growth — the firm’s middle-market and growth equity platform — includes Novo Holdings as a co-investor. Post-transaction, SCHOTT Pharma will continue to hold 50 per cent of the joint venture, while SII will retain a minority stake.
The infusion of capital and expertise from TPG is expected to drive the company’s next phase of growth and strengthen its position in the global pharmaceutical supply chain.
The transaction, subject to customary closing conditions, is expected to be completed in the first half of 2025.
SCHOTT Poonawalla, a collaboration between SCHOTT Pharma and SII — the world’s largest vaccine manufacturer and part of the Cyrus Poonawalla Group — manufactures advanced drug containment systems, including cartridges for auto-injector pens, prefillable syringes, vials, and ampoules. It also provides regulatory services to pharma and biotech clients, including CDMOs (contract development and manufacturing organisations).
Commenting on the development, Bhushan Bopardikar, business unit partner at TPG Growth, said: “SCHOTT Poonawalla has established itself as a market leader with a world-class manufacturing base in India. We are excited to partner with SCHOTT Pharma and SII to accelerate the company’s growth and innovation.”
Adar Poonawalla, CEO of SII, said that while the company is partially exiting the joint venture, it will continue its collaboration with SCHOTT Pharma. “TPG brings healthcare investing experience and a global network, which makes them a strong partner as SCHOTT Poonawalla scales and explores new opportunities,” he said.
SCHOTT Pharma’s CEO Andreas Reisse said India remains a key strategic manufacturing base for the company. “Welcoming TPG to this partnership strengthens our presence in the Indian market and enhances our global reach,” he added.
Ashok Saxena, managing director of SCHOTT Poonawalla, added that the company is focused on next-generation drug delivery systems. “We’re confident that TPG’s track record in healthcare in India will be invaluable.”
Jefferies advised TPG on the deal, with AZB & Partners and J Sagar Associates serving as legal advisors.