TOP Private Equity firms in race to buy stake in Mankind Pharma

Mumbai: Private equity firms Advent International and Carlyle Group have entered into the final stage for Mankind Pharma deal.

According to Times of India report, in order to buy a minority stake in Mankind, both the companies are firing binding offers this week.

A source knowing about the matter told TOI that the deal would value the company closer to Rs 23,000 crore, or $3.5 billion.

It is reported that Advent, advised by JM Financial, is facing off Carlyle Group in the last stage to buy around 15% stake valued at $500-600 million. Both Advent and Carlyle have been chasing deal opportunities with Indian pharma companies in recent years.

Warburg Pincus and Apax Partners are among the other investors who pursued deal-making in Mankind

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.

The promoters family controls 89 percent stake while Capital International, a private equity firm bought 11 percent in the company last year from domestic investor ChrysCapital.

Carlyle owns a 27% stake in a Gurgaon-based super specialty hospital, Medanta.