Mankind Pharma has agreed to acquire Bharat Serums & Vaccines (BSV) from Advent International in a deal worth INR136.3bn ($1.6bn) deal.

Based in Mumbai, India, Bharat Serums & Vaccines is a speciality pharmaceutical company focusing on women’s health and critical care.

Mankind Pharma, which has brands such as Manforce Condoms and Prega News pregnancy tests, will acquire 73,086 equity shares in Bharat Serums & Vaccines.

The company was competing against private equity firm EQT and the Abu Dhabi Investment Authority (ADIA) consortium for the acquisition.

Mankind Pharma previously bid for Healthium Medtech, a medical device maker backed by Apax Partners, but KKR prevailed in the auction.

Bharat Serums & Vaccines is involved in the research, development, licensing, manufacturing, importing, exporting, marketing, and distribution of branded pharmaceutical formulations and active pharmaceutical ingredients (APIs).

It also develops biotech and biological formulations and/or API, food and health supplements, medical devices, and ayurvedic medicines.

Bharat Serums & Vaccines focuses on areas like gynaecology, in-vitro fertilisation (IVF), critical care, and emergency medicines for human use.

It operates through six subsidiaries in India, the Philippines, Germany, the US, and Malaysia, and has business operations in over 50 countries.

Bharat Serums & Vaccines CEO and managing director Sanjiv Navangul 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 towards bringing cutting edge products and expanding our access to millions of patients in India and across the globe.”

Upon completion of the acquisition, Bharat Serums & Vaccines will become a wholly owned subsidiary of the Delhi-based Mankind Pharma.

The deal is expected to expand Mankind Pharma’s portfolio includes products in women’s health, fertility, critical care, and the immunoglobulin sector.

Mankind Pharma vice-chairman and managing director Rajeev Juneja said: “BSV’s acquisition represents a pivotal milestone in Mankind’s journey, establishing us as market leader in Indian women’s health & fertility segment.

“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.”

The transaction is anticipated to close within three to four months, contingent upon receiving regulatory approvals and fulfilling specific conditions precedent.