MUMBAI: SCHOTT Pharma, a pioneer in drug containment and delivery solutions, announced today that TPG, a leading global alternative asset management firm, has entered into a binding agreement to acquire a 35% stake in its joint venture, SCHOTT Poonawalla, from Serum Institute of India (SII).  SCHOTT Poonawalla is a joint venture of SCHOTT Pharma and SII, part of the Cyrus Poonawalla Group and a global leader in vaccine manufacturing, dedicated to providing affordable vaccines worldwide. TPG Growth, TPG’s middle market and growth equity platform, is funding the investment, along with Novo Holdings as a co-investor. Following the transaction, SII will retain a minority stake in the company.

With deep healthcare investing experience and local expertise in India, having TPG join the partnership alongside SCHOTT Pharma and Serum Institute of India represents a significant milestone in SCHOTT Poonawalla’s growth, equipping the company with additional resources and strategic insight to support its long-term global ambitions.

SCHOTT Poonawalla designs advanced drug containment and delivery solutions for pharmaceutical and biotechnology customers. The company’s portfolio features a large range of products, including cartridges for auto-injector pens, prefillable syringes for a wide variety of biologics, vials, ampoules, as well as regulatory services for biotech and pharmaceutical companies, and Contract Development and Manufacturing Organizations (CDMOs).  

“We are excited to partner with SCHOTT Pharma and Serum Institute of India and build upon SCHOTT Poonawalla’s market leadership position as India’s largest injectables-focused drug containment solutions company,” said Bhushan Bopardikar, Business Unit Partner at TPG Growth. “On the back of a world-class manufacturing infrastructure in India, SCHOTT Poonawalla has developed an industry-leading reputation by offering a comprehensive product portfolio of the highest quality for over two decades. We look forward to partnering with the senior leadership team as they continue to innovate and improve the quality and standards of pharmaceutical drug containment solutions.”

“Partnering with TPG marks an important step for us,” said Adar Poonawalla, CEO of Serum Institute of India. “Their experience in healthcare investing and global network makes them a strong partner as we scale and explore new opportunities. Our collaboration with SCHOTT Pharma will continue, ensuring supply chain resilience and advancing innovation in vaccine packaging and delivery.”

“India continues to be one of the most dynamic and strategically important manufacturing hubs for SCHOTT Pharma. Welcoming TPG to the partnership marks an exciting step forward in our collaboration. SCHOTT Pharma’s innovation capabilities and pure-play focus on injectables will be complemented by TPG’s local market expertise, relationships, and experience from its strong presence in the Indian healthcare sector. As we continue to expand our local production capacities and leading role in the Indian market, we are confident that this step will further enhance our global footprint and deliver exceptional value to our customers,” said Andreas Reisse, CEO at SCHOTT Pharma.

“Now more than ever, our pharmaceutical customers are relying on us to supply next-generation cutting-edge drug delivery solutions, as they continue to innovate, expand operations, and supply complex drugs,” said Ashok Saxena, Managing Director, SCHOTT Poonawalla. “We are excited to welcome TPG onboard as an investor, and are confident that their proven track record of successfully driving healthcare businesses in the Indian market will greatly benefit SCHOTT Poonawalla.”

The transaction is subject to customary closing conditions and is expected to close within the first half of 2025.

Jefferies acted as the financial advisor to TPG. AZB & Partners acted as the legal advisors to TPG and SCHOTT Pharma. J. Sagar Associates (JSA) acted as the legal advisors to Serum Institute.

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DOHA: Qatar Airways Group has acquired a 25 percent stake in Southern Africa’s premier independent regional carrier, Airlink. The announcement is a continuation of the multi-award-winning airline’s ambition to further develop its operations across the African continent.

The investment in Airlink – which flies to more than 45 destinations in 15 African countries – will enhance a code-sharing partnership between the two airlines. The deal will bolster Qatar Airways’ Africa growth strategy and cement its role as a key driver to the continent’s economic success.

On the announcement, Qatar Airways Group Chief Executive Officer, Engr. Badr Mohammed Al-Meer, said: “Our investment in Airlink further demonstrates how integral we see Africa being to our business’ future. This partnership not only demonstrates our confidence in Airlink, as a company that is resilient, agile, financially robust, and governed on sound principles but also in Africa as a whole, showing huge potential that I am delighted we can help start realizing.”

Airlink Chief Executive, Rodger Foster, said: “Having Qatar Airways as an equity partner is a powerful endorsement of Airlink and echoes our faith in the markets we currently serve and plan to add to our network. This transaction will unlock growth by providing efficiencies of scale, increasing our capacity, and expanding our marketing reach. By bolstering Airlink and its business, this investment will strengthen all of the existing airline partnerships Airlink has nurtured over the years.”

The partnership between Qatar Airways and Airlink seeks to align both carriers’ loyalty programs – Qatar Airways Privilege Club and Airlink Skybucks.

Qatar Airways currently flies to 29 destinations in Africa, and there’s been strong growth in the market with new destinations added to the Qatar Airways network on the continent since December 2020.

Abidjan, Abuja, Accra, Harare, Kano, Luanda, Lusaka, and Port Harcourt are the African cities newly added to the extensive Qatar Airways network, while Cairo and Alexandria were resumed.

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MUMBAI: Godrej Agrovet Limited (GAVL), one of India’s largest diversified food and agri-business conglomerates, today announced that the company has signed a definitive agreement with Tyson India Holdings Limited, an affiliate of Tyson Foods, Inc. to buy its 49 percent stake in Godrej Tyson Foods Limited (GTFL), a subsidiary of GAVL. Following the completion of the transaction, GAVL will now hold a 100 percent stake in GTFL thereby further consolidating its business.

In 2008, GAVL entered into a joint venture with an affiliate of Tyson Foods, Inc. to manufacture and market processed poultry and vegetarian products. Selling products under its brands ‘Real Good Chicken’ and ‘Yummiez’, GTFL is also engaged in the sale of live poultry birds in the market.

“Our partnership with Tyson Foods has been very enriching. Enabling us to leverage their capabilities in vertically integrated poultry processing and product development, it enabled us to modernize the way high-quality poultry products are developed, produced, and distributed in our country,” said Balram Singh Yadav, Managing Director, Godrej Agrovet Limited.

He further added, “The household penetration of frozen snacks in India is below 6%, indicating ample room for expansion. Hence, as we continue to focus on branded business supported by a cost-efficient live bird production system, we endeavor to strengthen our portfolio and increase our presence across different channels.”

Godrej Tyson Foods operates in the B2C space through value-added products such as Real Good Chicken and Godrej Yummiez whereas in the B2B vertical, it supplies processed chicken to renowned brands across leading hotel chains and quick service restaurants. With a presence in more than 35 cities and increasing, the company has also started exporting products under the Godrej Yummiez brand to several countries.

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• High entry barrier portfolio with specialty R&D tech platforms across – Recombinants, Niche Biologics, Novel Delivery and Immunoglobulins
• Only innovator in the world to develop patented recombinant Anti-D
• Brands across Women’s Health Lifecycle in India; Comprehensive Fertility drug portfolio globally
• Ranked #1/#2 in 9 of the top 10 fast-growing brands with limited competition in India
• Acquisition in line with our stated objective to expand our presence in high entry barrier complex portfolios and high potential OTX brands; with accretive EBITDA margins

MUMBAI: Mankind Pharma Limited has entered into a definitive agreement to acquire a 100% stake in Bharat Serums and Vaccines Limited (BSV) from Advent International (“Advent”), one of the world’s largest and most experienced private equity investors, for an enterprise value of approx. INR 13,630 Crores, subject to closing-related adjustments. This strategic move marks a significant leap for Mankind Pharma, positioning it as a market leader in the Indian women’s health and fertility drug market alongside access to other high entry barrier products in critical care with established complex R&D tech platforms.

With over five decades of leadership in biopharmaceuticals, BSV has developed recombinant and niche biologic products in-house, demonstrating its strong R&D capabilities and boasts of a robust branded product portfolio across Women’s Health, Fertility, and Critical Care, with a few of its marque brands enjoying a strong leadership position in their respective therapy areas. BSV’s dedicated in-house R&D center along with a dedicated team of 60+ scientists, a strong product pipeline, coupled with a diverse domestic product portfolio offering huge scalability potential through niche filings across markets.

BSV has a niche portfolio offering in Women’s Health, encompassing the entire lifecycle – from fertility to post-pregnancy. BSV has one of the most comprehensive portfolios in the fertility segment to scale in both Indian and International markets amid increasing IVF penetration. The company remains committed to delivering high-quality, innovative healthcare solutions at affordable prices to meet the evolving needs of patients and healthcare providers worldwide.

Rajeev Juneja, Vice-chairman and Managing Director, Mankind Pharma Ltd. shared “BSV’s acquisition represents a pivotal milestone in Mankind’s journey, establishing us as market leader in Indian women’s health & fertility segment. We believe the women’s health & fertility segment has massive opportunity along with strong growth visibility globally, led by structural tailwinds. BSV’s established Specialty R&D Tech Platforms with complex portfolios across Women’s health, Fertility, critical care, and Immunoglobulin segments perfectly align with Mankind Pharma’s strategic vision to expand its footprint in a high entry barrier portfolio. We are also delighted to welcome BSV’s 2,500+ members to our Mankind family. Together, we look forward to achieving even greater milestones and making a positive impact on women’s health worldwide.”

Sheetal Arora, Chief Executive Officer and Whole-time Director, Mankind Pharma Ltd. shared “Mankind’s strategic acquisition of BSV with branded specialty pharma portfolio across India and Emerging Markets presents immense growth potential and will add to existing growth velocity of Mankind. Moreover, BSV’s business will be highly synergistic with our comprehensive product portfolio, expansive field force and doctor coverage. We are confident this would correspond to the expansion of EBITDA margins and thereby solidify our position as a company known for marketing innovative and specialized offerings.”

Shweta Jalan, Managing Partner and Head of Advent India commented, “Mankind’s investment in BSV is a testament to our approach of identifying and nurturing unique businesses, working with high-quality management teams, and building these businesses into respected industry leaders. With the building blocks in place, we are confident that Mankind Pharma and BSV’s management team will continue the accelerated journey to build one of India’s largest pharma companies.”

Pankaj Patwari, Managing Director, Advent India, said, “We are delighted that BSV has found the right home and is joining forces with Mankind Pharma. BSV’s deep-domain R&D capabilities and unique portfolio of products combined with Mankind’s strong pan-India coverage and growth orientation will provide significant synergies; bringing differential scale, reach, and capabilities. We are excited for BSV to support Mankind’s aspirations of ‘Building a Healthier Bharat’.”

Sanjiv Navangul, CEO & Managing Director, BSV, said, “We are proud to be one of the few Indian companies that have several first-of-its-kind indigenously developed complex treatments that have delivered better patient outcomes.  This acquisition reinforces our commitment to bringing cutting-edge products and expanding our access to millions of patients in India and across the globe.  With a proven and established leadership in women’s health and critical care, our robust R&D pipeline, and best-in-class manufacturing, and above all, a dedicated and high-performing one-BSV team will add immense value to Mankind Pharma as we grow together, synergize our strengths and explore opportunities towards bringing healthcare closer to every home in India and across the world.”

BSV reported revenues of INR 1,723 crore in FY24, delivering robust 20% y-o-y growth with adjusted EBITDA Margins of 28%. The business has grown at ~21% revenue CAGR over the last 3 years.

Moelis & Company acted as exclusive financial advisor and AZB & Partners acted as legal counsel to Mankind Pharma. Advent and BSV were advised by Jefferies LLC and J.P. Morgan as financial advisors and Khaitan & Co. as legal counsel.

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The announcement is a significant step in the decarbonization of the mobility industry and illustrates Symbio’s technological excellence in hydrogen fuel cell innovations. The addition of Stellantis as a shareholder will boost Symbio’s development across Europe and in the U.S.

“Acquiring an equal stake in Symbio will bolster our leadership position in hydrogen-powered vehicles by supporting our fuel cell van production in France, and it also serves as a perfect complement to our growing battery electric vehicle portfolio,” said Carlos Tavares, Stellantis CEO. “As we push our Dare Forward 2030 plan forward and move to become carbon net zero by 2038, we are considering every technological tool at our fingertips to fight global warming. Hydrogen fuel cells are necessary, and Symbio will become a significant player in the battle to protect future generations.”

Symbio plans to produce 50,000 fuel cells per year by 2025, leveraging its Saint-Fons state-of-the-art gigafactory, which will start production in the second half of 2023. In 2022, Symbio announced the implementation of its HyMotive project aimed at accelerating its industrialization and the development of disruptive innovations, a project that will enable the company to reach a total annual production capacity in France of 100,000 systems by 2028 with the creation of 1,000 jobs in France.

“We are delighted with this transaction which further increases Symbio’s capabilities and will give additional momentum to the joint venture. Symbio is now perfectly equipped to scale up and expand its leadership outside Europe, at a time when the automotive industry is accelerating towards zero emissions,” said Patrick Koller, Chief Executive Officer of Faurecia. “This agreement benefits all parties and allows FORVIA to confirm its status as a global leader in clean mobility.”

“The entry of Stellantis into the capital of Symbio is a tremendous development driver for our joint subsidiary,” said Florent Menegaux, CEO of Michelin. “It is also a perfect demonstration that fuel cell technology is essential for the automotive industry to succeed in the electrification of mobility, particularly for professional use. Stellantis is already a partner of choice and will be a key player with us in the future. Finally, this transaction reinforces the conviction that Michelin has held for many years: hydrogen will be one of the unavoidable solutions for decarbonization.”

The transaction is subject to customary regulatory approvals. Closing is expected in the third quarter of 2023.

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