Mankind Pharma Completes Acquisition of Bharat Serums and Vaccines for ₹13,768 Crore
Mankind Pharma announced on Wednesday that it has finalized the acquisition of Bharat Serums and Vaccines Limited (BSV) for ₹13,768 crore.
This acquisition positions Mankind Pharma as a leader in the Indian women’s health and fertility drug market, while also granting access to high-barrier products in the critical care segment supported by established R&D technology platforms, the company stated.
Rajeev Juneja, Vice-chairman and Managing Director of Mankind Pharma, expressed enthusiasm about the merger, stating, “We warmly welcome BSV’s 2,500+ members to our Mankind family, adding a new chapter to our journey and setting the stage for accelerated growth.”
BSV offers a niche portfolio in women’s health, with products such as Thymogam, Octaplex, and ASVS already recognized as market leaders.
Sanjiv Navangul, MD and CEO of BSV, added, “Together, we will ensure wider access to our specialized and indigenously developed complex treatments for millions of patients in India and beyond.”
Mankind Pharma and its wholly-owned subsidiary have acquired 100% of BSV, financing the transaction through a mix of internal funds and external debt. The acquisition is expected to enhance Mankind’s EBITDA margins while maintaining a net debt to EBITDA ratio below 2 times by FY26, reflecting the company’s commitment to sustainable growth and financial discipline.
The merger is anticipated to optimize synergies across commercial operations, distribution, manufacturing, and supply chain functions. Mankind Pharma operates 30 manufacturing facilities in India, producing a diverse range of health products, and has a strong track record of innovation through its six dedicated R&D facilities, supported by over 660 scientists.
