Private equity (PE) investor Advent International announced on Monday it is set to acquire a majority stake in Bharat Serums and Vaccines (BSV), a biopharmaceutical firm involved in women’s health care, assisted reproductive treatment, critical care and emergency medicine in India and emerging markets. This is Advent’s fifth investment in India in 2019.
With this transaction, two PE firms — OrbiMed PE and Kotak PE — that previously held minority positions in BSV, will fully exit their investments in the company. “The Daftary family, which founded BSV, is retaining a meaningful equity stake in the business and partnering with Advent on the company’s next stage of growth,” Advent stated in a release.
BSV researches, develops, manufactures and markets specialised injectable medicines with a portfolio focused on biotech and biological products. The company has multiple niche products that are leading brands across women’s health, assisted reproductive treatment, critical care and emergency medicine.
Financial details of the transaction were not disclosed but the PE firm said it would close by the end of 2019.
Advent highlighted it had invested or committed $2.2 billion in seven companies across the health care industry in 2019, including the BSV acquisition. The firm has also invested or committed more than $600 million in five Indian businesses this year in sectors such as health care, consumer products and financial services.
Advent has been investing in India since 2007 and claims that during this time, it has deployed more than $1.5 billion in 11 companies with headquarters or operations in the country. “In addition to BSV, new and follow-on investments this year include Aditya Birla Capital, DFM Foods, and Enamor and Dixcy Textiles,” it said.