Delhi-based pharmaceutical giant Mankind Pharma announced on Wednesday that it has successfully completed the acquisition of a 100% stake in Bharat Serums and Vaccines (BSV) for Rs 13,768 crore. The deal was financed through a combination of internal funds and external debt, including non-convertible debentures (NCDs) and commercial papers.
Mankind Pharma also hinted at the possibility of reducing its debt by considering an equity raise, a move already approved by shareholders.
Rajeev Juneja, Vice-Chairman and Managing Director of Mankind Pharma, described the acquisition as a significant milestone, aligning with the company’s vision to enter more complex, high-entry barrier markets. He emphasized that BSV’s expertise in specialty R&D platforms and its complex product portfolio would bolster Mankind’s position, particularly in the women’s health and fertility drug sectors.
BSV’s offerings include a range of fertility drugs and post-pregnancy therapies, along with products in the animal bites category, such as snake venom antiserum and equine rabies immunoglobulin (IgG). The acquisition, expected to improve Mankind’s Ebitda margins, is part of the company’s broader strategy to maintain a net debt-to-Ebitda ratio below two by FY 2025-26.
The announcement was made after market hours. On Wednesday, Mankind Pharma’s shares closed at Rs 2,529.80, down 1.46% on the Bombay Stock Exchange (BSE).