Advent International’s Acquisition of a Majority Stake in Bharat Serums & Vaccines Ltd


Khaitan & Co acted as the Indian legal counsel to Bharat Serums and Vaccines Limited and its promoters (Daftary family)

Advent International has signed a definitive agreement to acquire a majority interest in Bharat Serums and Vaccines Limited, a biopharmaceutical leader in women’s healthcare, assisted reproductive treatment, critical care and emergency medicine in India and emerging markets.

With this transaction, OrbiMed PE and Kotak PE, two private equity firms that previously held minority positions in Bharat Serums, will fully exit their investments in the company. The Daftary family, which founded BSV, is retaining a meaningful equity stake in the business and is partnering with Advent on the company’s next stage of growth.

Founded in 1971 in Mumbai, Bharat Serums is one of the fastest-growing biopharmaceutical companies in India. BSV researches, develops, manufactures and markets specialized 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.

Including the BSV acquisition, Advent has invested or committed $2.2 billion in seven companies across the healthcare industry in 2019, further expanding its depth and commitment to the sector globally. The firm has also invested or committed more than $600 million in five Indian businesses this year in sectors such as healthcare, consumer products and financial services.

Khaitan & Co acted as the Indian legal counsel to Bharat Serums and Vaccines Limited and its promoters (Daftary family) with a team including Haigreve Khaitan (Picture), Sameer Sah, Ayush Nanda and Aman Anand, Purti Minawala, Avantika Govil, Kanika Mathew, Maitreya Subramaniam, Subramanian Ramaswamy (M&A – Corporate), Anshul Prakash, Deepak Kumar, Abhisek Choudhury, Deeksha Malik, Kosheel Gupta (Employment), Manavendra Mishra, Zacarias Joseph (Dispute Resolution), Harsh Parikh and Abhiraj Gandhi (Real Estate).

Involved fees earner: Haigreve Khaitan – Khaitan & Co.; Harsh Parikh – Khaitan & Co.; Anshul Prakash – Khaitan & Co.; Sameer Sah – Khaitan & Co.;

Law Firms: Khaitan & Co.;

Clients: Bharat Serums and Vaccines Limited;