Advent buys Indian biopharma player
Advent International has agreed to acquire a controlling position in Bharat Serums and Vaccines, an Indian biopharmaceuticals supplier focused on the women’s health segment.
The transaction will facilitate full exits for OrbiMed Advisors and Kotak Private Equity, which reportedly hold a combined 23% stake. OrbiMed invested $14 million in the company in 2010, according to AVCJ Research. Financial terms of the Advent investment have not been disclosed, although local media have estimated the deal values Bharat Serums at $500 million.
“Bharat Serums has a differentiated portfolio of biotech and biological offerings in high-growth segments,” Pankaj Patwari, a Mumbai-based director at Advent, said in a statement. “We are also excited about the company’s robust R&D pipeline, which offers the potential to capture whitespace both in India and global markets.”
Founded in 1971, Bharat Serums claims to be one of the fastest-growing biopharmaceutical companies in India and a leader in women’s healthcare, assisted reproductive treatment, critical care and emergency medicine. Operations focus on developing markets and include research, development, manufacturing, and marketing of specialized injectable medicines.
“Our business has demonstrated consistent product innovation and revenue growth, and with this partnership we will seek to further expand our presence in select large emerging markets,” Bharat Daftary, a member of the founding family of Bharat Serums, said. The Daftary family is retaining a meaningful equity stake in the business and is partnering with Advent on the next stage of growth.
The investment marks Advent’s fifth investment in India since the start of the year. This activity includes commitments to Aditya Birla Capital, clothing brands Enamor and Dixcy Textiles, and snack maker DFM Foods. Advent has been investing in the country since 2007 and claims to have deployed more than $1.5 billion in 11 companies during this period.
Bharat Serums also represents the private equity firm’s seventh healthcare investment of the year globally. Asian deals in this space include the acquisition of a controlling stake in Chinese pharmaceuticals contract R&D company BioDuro in January. Advent claims to have invested or committed a total of $9 billion in 48 healthcare companies in the past 29 years.
Advent closed its latest global fund in June at $17.5 billion, of which $3 billion has been earmarked for deployment in Asia.
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