This acquisition strengthens Mankind’s leadership in the fertility drug market and grants access to BSV’s R&D-driven biologics and niche products, further solidifying its presence in high-entry barrier segments
Mankind Pharma has completed the transaction to acquire 100 per cent stake in Bharat Serums and Vaccines Limited (BSV), for a purchase consideration of Rs 13,768 crores.
The transaction funded through a combination of internal accruals and external debt, arranged through a combination of Non Convertible Debentures and Commercial Papers. Mankind Pharma may consider to retire, a portion of the debt through a potential equity raise, which is already approved by the shareholders. This EBITDA margin-accretive acquisition aligns with Mankind’s goal of maintaining a Net Debt to EBITDA ratio below 2x by FY26, reinforcing its commitment to sustainable growth and financial discipline.
Rajeev Juneja, Vice-chairman and Managing Director, Mankind Pharma shared “BSV’s acquisition marks a pivotal moment for Mankind Pharma. Their established specialty R&D tech platforms with complex portfolio perfectly aligns with our vision to expand into high entry barrier portfolio. This strategic move marks a significant leap for Mankind Pharma, positioning us as a market leader in the Indian women’s health and fertility drug market. Today, we warmly welcome BSV’s 2,500+ members to our Mankind family adding a new chapter to our exciting journey and setting the stage for accelerated growth”
Sheetal Arora, Chief Executive Officer and Whole-time Director, Mankind Pharma shared “Mankind’s strategic acquisition of BSV will bolster Mankind’s existing specialty portfolio in India and Emerging Markets. BSV’s women’s health & fertility segment has massive opportunity along with strong growth visibility globally, led by structural tailwinds. We believe BSV will aid Mankind in delivering strong revenue growth and significant improvements in EBITDA margins. Together, we will unlock new opportunities, strengthen our product portfolio, and maximize full potential of our new growth vertical.
Sanjiv Navangul, MD & CEO, BSV, shared, “Today, being a part of the 23000+ Mankind Pharma family makes BSV bigger, stronger and better. Together, we will now be able to ensure wider access of our specialised and indigenously developed complex treatments to millions of patients in India and across the globe. We will together unlock new possibilities, explore opportunities and maximise potential that will help achieve our priorities and business goals.”