Advent International to acquire majority stake in Bharat Serums and Vaccines

  • Investment to strengthen and expand Bharat Serums’ offerings in India and global markets
  • Transaction is Advent’s seventh investment in the healthcare sector and fifth investment in India in 2019

MUMBAI, INDIA, November 18, 2019 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced that it has signed a definitive agreement to acquire a majority interest in Bharat Serums and Vaccines Limited (“Bharat Serums” or “BSV”), a biopharmaceutical leader in women’s healthcare, assisted reproductive treatment, critical care and emergency medicine in India and emerging markets.

With this transaction, 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 BSV, is retaining a meaningful equity stake in the business and is partnering with Advent on the company’s next stage of growth.

Founded in 1971 in Mumbai, Bharat Serums is one of the fastest-growing biopharmaceutical companies in India. BSV researches, develops, manufactures and markets specialized injectable medicines with a portfolio focused on biotech and biological products. The company has multiple niche products that are leading brands across women’s health, assisted reproductive treatment, critical care and emergency medicine.

Including the BSV acquisition, Advent has invested or 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. “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.”

“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, a Managing Director and Head of India at Advent International in Mumbai. “Advent’s high level of investment activity in India this year demonstrates the attractiveness of the market and our commitment to investing here.”

“We are thrilled to partner with Advent and continue BSV’s journey to deliver innovative and specialized products,” said Bharat V. Daftary, a member of the founding family of Bharat Serums. “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. We look forward to the resources and expertise Advent will offer BSV.”

“BSV represents an exciting mix of innovative products and technologies, a dedicated team and strong market presence,” said Dr. Gautam V. Daftary, a member of the founding family of Bharat Serums. “The partnership with Advent is another major milestone in BSV’s growth story.”

Advent International has significant experience in the healthcare industry globally. In the past 29 years, the firm has invested or committed $9 billion in 48 companies in the sector, including 19 businesses involved in pharmaceutical R&D, production and distribution. Recent pharmaceutical transactions include Zentiva’s acquisition of Alvogen’s Central and Eastern European generics business (Advent is providing equity capital to help finance the transaction), BioDuro (contract R&D), Industria Chimica Emiliana (pharmaceutical ingredient production), Somar (generic pharmaceuticals), Syneos Health (clinical development and commercialization services) and Zentiva (generic pharmaceuticals).

Advent has been investing in India since 2007. During this time, it has deployed more than $1.5 billion in 11 companies with headquarters or operations in the country. In addition to BSV, new and follow-on investments this year include Aditya Birla Capital, the holding company for the financial services businesses of Aditya Birla Group; DFM Foods, a leading producer of packaged snack foods; and Enamor and Dixcy Textiles, two leading innerwear brands.

Innergize Solutions acted as Strategic Advisor to BSV on the transaction.

The acquisition is expected to close by the end of 2019. Financial terms were not disclosed.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 350 private equity transactions in 41 countries, and as of June 30, 2019, had $54 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 200 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit: www.adventinternational.com; LinkedIn: www.linkedin.com/company/advent-international.

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