ChrysCapital makes Surprise bid for Mankind Pharma stake

Mumbai: As the Mankind, Pharma deal is entering in the last stage, it is expected to heat up and create a high competition between the firms. The investor firm ChrysCapital has made a surprise bid in the final stage in order to buy a stake in Mankind pharma as per a recent media report.

Bankers directly aware of the matter told TOI that ChrysCapital along with its global sponsors has made a surprise late-stage bid to buy a stake of $350-400 million in Mankind Pharma.

The step of the firm comes even as private equity giants Advent International and Carlyle Group already had made binding offers to buy up the 15 percent stake in Mankind Pharma.

Read also: TOP Private Equity firms in race to buy stake in Mankind Pharma

TOI reports that ChrysCapital is in the midst of a due diligence to buy around 10% stake.

ChrysCapital will return to the Ramesh Juneja-led Mankind Pharma, if the deal goes through, as ChrysCapital had sold its 11 percent stake to Capital International last year. The promoters family controls 89 percent stake.

The Juneja family is keen on getting ChrysCapital, arguably the most successful investor in Indian pharma, back on board. The fund’s partner and pharma industry veteran Sanjiv Kaul has strong ties with Indian pharma entrepreneurs, including the Junejas reports TOI.

The Delhi based company Mankind Pharmaceuticals was founded in 1995 by Ramesh Juneja and Rajeev Juneja, having an intense focus on semi-urban and rural markets. Mankind Pharma focuses on a variety of therapeutic segments such as antibiotics, anti-fungal, gastro-intestinal, anthelmintic, cardiovascular, NSAIDs, dermal & erectile dysfunction. Some of its other brands include Addiction (deodorants for men), Gas-O-Fast (sachet for hyperacidity), Kaloree-1 (artificial sweetener) and Heal-O-Kind (anti-bacterial balm).

The company has the presence in about 22 countries across Southeast Asia, Africa, and the Middle East, with the leading brand such as Manforce condoms, PregaNews and Unwanted 72. The company is best known for its over-the-counter (OTC) product portfolio and condoms sold under the brand Manforce.