Mankind Pharma Ltd’s acquisition of Bharat Serums and Vaccines Ltd (BSV) for INR136.3bn ($1.6bn) was without doubt the showstopper in 2024. As private equity (PE) firm Advent profitably exited BSV, the deal left Mankind seeking INR100bn in funds for the global toehold, R&D platform and niche therapy strength offered by the acquired company.
What Will Fuel M&A Fire In 2025, Will PE Firms Star In Biggest Deals In India Again?
CRDMOs In Focus Amid China Decoupling
PE firms Advent and Carlyle drove the biggest M&A deals in human and animal pharmaceuticals in India during 2024, a year that also saw Lupin strike deals with Eli Lilly and Boehringer Ingelheim to further its ambitions in the fast-growing diabetes space. Which segments look hot and what are the expected trends for deal making in 2025?
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