Mankind Pharma Finalizes Acquisition of BSV for ₹13,768 Crore

Mankind Pharma closes acquisition of 100% equity of Bharat Serums and Vaccines (BSV) for an acquisition consideration of Rs 13,768 crore. This strategic acquisition positions Mankind to be a market leader in the women's health and fertility drug space within India and also allows entry into other very high-entry-barrier products in the critical care segment through platforms established by BSV's well-established complex R&D tech platforms.

The BSV brand boasts nearly six decades of leadership in biopharmaceuticals through in-house development of recombinant and niche biologic products, exemplifying the company's strength in R&D. Its product portfolio consists of branded offerings in women's health and fertility, critical care, and immunoglobulins with many of the marquee brands having significant market leadership.
The company, Mankind and its wholly owned subsidiary, has fully acquired BSV. The funding was through accruals coming from the company's internal sources and debt coming from outside sources. In this case, the company resorted to debentures that cannot be converted into shares or stocks and commercial papers. Mankind observed that it would retire part of the debt by raising equity, which was approved by its shareholders. In any case, the purchase would be EBITDA accretive and more aligned to Mankind's long term aim of keeping the net debt to EBITDA ratio below 2x by FY26. It would reinforce the commitment to sustainable growth and financial discipline in the company.

Vice-chairman and managing director of Mankind Pharma, Rajeev Juneja said, "Acquisition of BSV marks a landmark deal. The well-established specialty R&D tech platforms with complex portfolios fully synergize with our vision of expansion in high entry-barrier portfolios. Today, we warmly welcome 2,500-plus members of BSV to our Mankind family, adding a new chapter in our exciting journey and setting up the stage for further growth acceleration."

Sheetal Arora, chief executive officer and whole-time director of Mankind Pharma, said, "BSV's women's health & fertility segment has tremendous opportunity along with robust growth visibility globally, led by structural tailwinds. We believe BSV will help Mankind in delivering significant revenue growth and considerable improvements in EBITDA margins. Together, we will unlock new opportunities, strengthen our product portfolio, and optimize the full potential of our new growth vertical."

Sanjiv Navangul, MD & CEO, BSV said, "Together, we shall now be able to provide wider access to our specialized and indigenously developed complex treatments for millions of patients both in India and across the globe. We shall unlock new possibilities, explore opportunities, and maximize potential which would help us achieve our priorities and business objectives."