Six-seven private equity firms and strategics, including Blackstone and KKR, are understood to have submitted non-binding bids to acquire Bharat Serums and Vaccines from Advent International in a deal valued at over $2 billion, sources said.
Bids were to be submitted by the end of May. Others who have shown interest include Carlyle, Bain Capital, and the UK’s Permira, while pharma and healthcare products company Mankind Pharma is also reportedly interested.
Blackstone had no comment to offer, KKR did not respond by press time, and Advent declined comment.
Private equity firm Advent International acquired BSV in 2019 in two transactions that valued the company at around $500 million. It is looking for an exit and sources said it would be a full sale process.
Bharat Serums is a biopharmaceutical leader in women’s healthcare, assisted reproductive treatment, critical care, and emergency medicine. In FY23 it reported a net profit of ₹9.4 crore, compared to a loss a year ago, and revenue of ₹1,207 crore, up 13.8 per cent on year. In FY20, it reported a net profit of ₹48.6 crore on revenue of ₹822 crore.
The Indian healthcare sector, including drug makers and hospital chains, have attracted considerable interest from global private equity investors and in 2023, PE and venture investments into the sector rose by a quarter to hit a record $5.5 billion, according to a report by Bain & Company earlier this month.
Last month Advent said it would invest around $300 million in Apollo Hospitals’ digital and pharmacy arm.