CCI approves Mankind Pharma’s purchase of Bharat Serums for $1.6 bn
The company, which debuted on the Indian stock exchanges in May last year, saw its market value cross $12.3 billion at the end of trading. | Photo: X@Pharma_Mankind
India’s anti-trust regulator approved Mankind Pharma Ltd.’s Rs 13,630 crore ($1.6 billion) acquisition of vaccine-maker Bharat Serums and Vaccines Ltd., according to a release by the Competition Commission of India.
Mankind Pharma, which has brands including Manforce condoms and Prega News pregnancy tests, signed an agreement to acquire Bharat Serums from a number of funds owned by private equity giant Advent International back in July. The proposed acquisition also requires approvals from the Turkish Competition Authority and Federal Ministry of Economic Affairs and Climate Action.
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Bloomberg News reported earlier that Mankind was in talks with Barclays Plc and Deutsche Bank AG to finance the acquisition of Bharat Serums through rupee-denominated bonds. The pharmaceutical company’s board approved a proposal to raise Rs 10,000 crore in bonds on Sept. 20.
The acquisition will expand Mankind’s product portfolio and establish itself as a market leader in Indian women’s health and fertility segment, Rajeev Juneja, managing director of Mankind Pharma said in an earlier statement.
The company, which debuted on the Indian stock exchanges in May last year, saw its market value cross $12.3 billion at the end of trading on Tuesday.
First Published: Oct 02 2024 | 10:18 PM IST