India's Mankind Pharma to buy Bharat Serums in a $1.6 billion deal

(Reuters) - Indian drugmaker Mankind Pharma said late on Thursday it would acquire Bharat Serums and Vaccines Ltd in a deal valued at around 136.30 billion rupees ($1.63 billion), including debt.

The deal will give Mankind, the maker of Manforce condoms and one of India's largest pharmaceutical companies, access to Bharat Serums' products targeting women's health and fertility treatments.

"We believe the women's health and fertility segment has massive opportunity along with strong growth visibility globally," Mankind Pharma Managing Director Rajeev Juneja said in a statement.

In the financial year ended March, Bharat Serums recorded revenue of 17.23 billion rupees, up 20% from the previous fiscal.

Mankind will buy the Navi Mumbai-based firm from U.S.-based private equity firm Advent International, which had acquired a majority stake in the biopharma firm in 2019.

Delhi-based Mankind plans to fund the acquisition through internal accruals and a mix of debt and equity.

The acquisition is expected to close in the next three to four months, following which Bharat Serums will become a wholly-owned unit of Mankind.

Moelis & Company acted as Mankind's financial advisor in the deal, while Jefferies and J.P. Morgan advised Advent and Bharat Serums.

($1 = 83.7200 Indian rupees)

(Reporting by Kanjyik Ghosh and Mariam Sunny in Bengaluru; Editing by Tasim Zahid)