Private equity firm Advent International (Advent) has signed a definitive agreement to acquire a majority interest in Bharat Serums and Vaccines Limited for an undisclosed sum. Bharat Serums is a biopharmaceutical player in women’s healthcare, assisted reproductive treatment, critical care and emergency medicine in India and emerging markets.
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. The Daftary family, which founded Bharat Serums, is retaining a meaningful equity stake and is partnering with Advent on the company’s next stage of growth, Advent said in a statement.
Founded in 1971 in Mumbai, Bharat Serums is one of the fastest-growing biopharmaceutical companies in India. Bharat Serums researches, develops, manufactures and markets specialized injectable medicines with a portfolio focused on biotech and biological products. It has multiple niche products that are leading brands across women’s health, assisted reproductive treatment, critical care and emergency medicine.
With this deal, Advent has committed $2.2 billion in seven companies across the healthcare industry in 2019, further expanding its depth and commitment to the sector globally. The firm has also invested or committed more than $600 million in five Indian businesses this year in sectors such as healthcare, consumer products and financial services.
“Bharat Serums has a differentiated portfolio of biotech and biological offerings in high-growth segments,” said Pankaj Patwari, a Director at Advent International in Mumbai.
“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,” said Shweta Jalan, Managing Director and Head of India at Advent.
“Advent’s high level of investment activity in India this year demonstrates the attractiveness of the market and our commitment to investing here,” she said.