Advent buys majority stake in Bharat Serums

Mumbai: Private equity major

Advent

International has picked up a majority stake in Mumbai-based

Bharat Serums and Vaccines

at an enterprise valuation of about $500 million from its promoters, the Daftary family, and existing investors Orbimed and Kotak Private Equity. While the firm did not disclose financial details of the deal, Advent is believed to have picked up about 60% stake in the 48-year-old biopharmaceuticals company, pegging the deal size at over $250 million.

While Orbimed and Kotak held around 23% in Bharat Serums, the remaining shares were held by the Daftary family. The company was founded in 1971 by Vinod Daftary and is now run by his sons, chairman Bharat Daftary and vice-chairman Gautam Daftary.

The company, which saw its top line increase by about 18% to Rs 888 crore in FY19, makes and markets biopharma products in women’s healthcare, assisted reproductive treatment, critical care and emergency medicine.

“The group has also continuously invested in research and development resulting in creation of over 30 products in therapeutic segments. It also holds eight patents in India, the US, and Europe,” said a Crisil rating report, adding that it has a profit margin of about 10.4%.

The deal is the fourth major investment by Advent in India this year after it acquired majority in ‘Crax’ snacks maker DFM Foods, diversified financial services player Aditya Birla Capital besides innerwear makers Dixcy and Enamor. Globally, Advent has invested $9 billion in the pharma space in the past 29 years.

“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 Advent’s India head Shweta Jalan.


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