Mankind Pharma Limited has finalized the acquisition of a 100% stake in Bharat Serums and Vaccines Limited (BSV) for INR 13,768 Crores, marking a significant milestone in its strategic expansion. This move solidifies Mankind Pharma’s position as a leader in the Indian women’s health and fertility drug market while granting access to BSV’s high entry barrier products in critical care, supported by cutting-edge R&D platforms.
BSV, a leader in biopharmaceuticals with over five decades of experience, has developed a strong portfolio of recombinant and niche biologic products. With established expertise in Women’s Health, Fertility, Critical Care, and Immunoglobulins, BSV brings market-leading products and R&D innovation to Mankind’s growing portfolio. Notable offerings include Thymogam, Octaplex, and ASVS, which have already achieved leadership status in the critical care segment.
The acquisition presents Mankind Pharma with opportunities to optimize synergies across commercial operations, distribution, manufacturing, and supply chain. BSV’s R&D capabilities will boost Mankind’s entry into complex biopharmaceuticals, recombinant biologics, and immunoglobulins, reinforcing its ability to scale high entry barrier products and drive growth in both domestic and international markets.
The transaction, financed through internal accruals and external debt, aligns with Mankind Pharma’s goal of maintaining a Net Debt to EBITDA ratio below 2x by FY26. The potential for an equity raise to reduce debt further enhances financial stability.
Rajeev Juneja, Vice-chairman and Managing Director of Mankind Pharma, emphasized the strategic importance of the acquisition, stating, “BSV’s specialty R&D platforms and complex portfolio align with our vision to expand into high entry barrier markets, establishing us as a leader in the Indian women’s health and fertility market.”
BSV’s MD & CEO, Sanjiv Navangul, noted that joining the Mankind Pharma family would expand access to BSV’s specialized treatments, creating new opportunities for growth and global market presence.
As per the press release, with this acquisition, Mankind Pharma is set to accelerate its growth trajectory, strengthen its specialty drug portfolio, and unlock new opportunities in high-potential markets.