New Delhi-based Mankind Pharma, known for products such as Manforce, AcneStar, HealthOK among others, announced its acquisition of Bharat Serums and Vaccines Ltd based in Mumbai. The deal is valued at approximately $1.63 billion, (including debt). This move will grant Mankind access to Bharat Serums’ portfolio, particularly in women’s health and fertility treatments.
Rajeev Juneja, Mankind Pharma’s managing director, expressed optimism about the acquisition, citing the substantial growth potential in the women’s health and fertility segment globally. Bharat Serums has demonstrated strong financial performance, with a 20% increase in revenue to 17 billion rupees for the fiscal year ending March.
The acquisition involves purchasing Bharat Serums from Boston, MA-based private equity firm Advent International, which had acquired a majority stake in the biopharma company in 2019. Mankind plans to finance the deal through a combination of internal funds, debt, and equity.
The transaction is expected to conclude within four months, after which Bharat Serums will become a wholly-owned subsidiary of Mankind Pharma.
Financial advisors played key roles in facilitating the deal, with Moelis & Company advising Mankind Pharma, while Jefferies and J.P. Morgan advised Advent International and Bharat Serums.
This acquisition highlights the ongoing consolidation and growth strategies within the Indian pharmaceutical industry, as companies seek to expand their product portfolios and market presence. The deal also underscores the increasing focus on women’s health and fertility treatments as areas of potential growth in the global healthcare market.
Last updated: December 26th, 2025
