Mankind Pharma Completes Acquisition Of BSV For Rs 13,768 Cr

Mankind Pharma Limited has successfully completed its acquisition of a 100 per cent stake in Bharat Serums and Vaccines Limited (BSV) for a purchase consideration of Rs 13,768 crore. 

In a press statement on Thursday, the company said that this acquisition positions Mankind Pharma as a key player in the Indian women’s health and fertility drug market, while also granting the company access to high entry barrier products in the critical care segment, backed by BSV's established research and development (R&D) capabilities.

BSV, with over five decades of experience in the biopharmaceutical sector, has built a robust product portfolio across women's health, fertility, critical care, and immunoglobulins. The company is known for its recombinant and niche biologic products, many of which hold leadership positions in the market. The acquisition is expected to bolster Mankind’s presence both in India and international markets, particularly in areas like IVF where penetration is increasing.

Rajeev Juneja, Vice-chairman and Managing Director of Mankind Pharma, stated, "BSV’s acquisition marks a pivotal moment for Mankind Pharma. Their established speciality R&D tech platforms with a complex portfolio align perfectly with our vision to expand into high-entry barrier portfolios. This strategic move positions us as a market leader in the Indian women’s health and fertility drug market."

The acquisition is expected to create significant synergies in commercial operations, distribution, manufacturing, and supply chain management. BSV’s R&D technology platforms, particularly in biologics, recombinant products, and immunoglobulins, will be instrumental in expanding Mankind Pharma’s innovative portfolio. BSV’s products like Thymogam, Octaplex, and ASVS have already established leadership positions in the critical care market, while its fertility portfolio is poised for strong growth, particularly as IVF treatment becomes more widespread.

Mankind funded the transaction through a combination of internal accruals and external debt, including Non-Convertible Debentures (NCDs) and Commercial Papers (CPs). The company has indicated it may retire part of this debt through a potential equity raise approved by shareholders. The acquisition is expected to enhance Mankind’s EBITDA margins while maintaining a net debt-to-EBITDA ratio below 2x by FY26.

Sheetal Arora, Chief Executive Officer of Mankind Pharma, highlighted the strategic importance of the acquisition, saying, "BSV’s women’s health and fertility segment presents massive opportunities for growth globally, with strong visibility driven by structural tailwinds. We believe BSV will drive significant revenue growth and improve EBITDA margins for Mankind Pharma."

Sanjiv Navangul, Managing Director and CEO of BSV, expressed his optimism about the acquisition, noting that joining the Mankind Pharma family will enable BSV to expand access to its specialized treatments across India and internationally.