Mankind Pharma is looking to acquire Bharat Serum & Vaccines from Private Equity player Advent, sources with knowledge of the matter told CNBC-TV18.Advent currently owns 100% stake in Bharat Serum & Vaccines and is now looking for an exit, according to the sources.These sources also added that Advent is seeking a valuation of $2 billion for its complete stake.
Advent has been looking to exit this stake since February this year, the sources said.Advent had initially acquired a 74% stake in Bharat Serum & Vaccines in November 2019 from Orbimed Asia and Kotak PE for $500 million and the remaining 26% stake was acquired a year later in 2020 for an undisclosed sum, thereby giving its erstwhile promoters an exit.Bharat Serum and Vaccine is involved in women's healthcare, assisted reproductive treatment, critical care and emergency medicines.CNBC-TV18 has written to Mankind Pharma with regards to this story and is awaiting a response.Shares of Mankind Pharma had listed in May last year and have doubled from their IPO price of ₹1,080 during these last 12 months.
The IPO was a complete Offer for Sale, meaning the company did not get any proceeds from the issue.Shares of Mankind Pharma are trading 3.4% higher at ₹2,252.35.
Mankind Pharma is looking to acquire Bharat Serum & Vaccines from Private Equity player Advent, sources with knowledge of the matter told CNBC-TV18.Advent currently owns 100% stake in Bharat Serum & Vaccines and is now looking for an exit, according to the sources.These sources also added that Advent is seeking a valuation of $2 billion for its complete stake. Advent has been looking to exit this stake since February this year, the sources said.Advent had initially acquired a 74% stake in Bharat Serum & Vaccines in November 2019 from Orbimed Asia and Kotak PE for $500 million and the remaining 26% stake was acquired a year later in 2020 for an undisclosed sum, thereby giving its erstwhile promoters an exit.Bharat Serum and Vaccine is involved in women's healthcare, assisted reproductive treatment, critical care and emergency medicines.CNBC-TV18 has written to Mankind Pharma with regards to this story and is awaiting a response.Shares of Mankind Pharma had listed in May last year and have doubled from their IPO price of ₹1,080 during these last 12 months. The IPO was a complete Offer for Sale, meaning the company did not get any proceeds from the issue.Shares of Mankind Pharma are trading 3.4% higher at ₹2,252.35.
