Serum Institute of India (SII) and US private equity company TPG have reached a legally binding agreement for TPG to purchase a 35 percent share in the SCHOTT Poonawalla joint venture.
The transaction is being financed by TPG Growth, the company's middle market and growth equity vehicle, with Novo Holdings serving as a co-investor. SII is expected to hold a minority stake in SCHOTT Poonawalla after the deal.
“Partnering with TPG marks an important step for us,” Adar Poonawalla, chief executive of Serum Institute of India, says.
“Their experience in healthcare investing and global network make them a strong partner as we scale and explore new opportunities. Our collaboration with SCHOTT Pharma will continue, ensuring supply chain resilience and advancing innovation in vaccine packaging and delivery,” he adds.
In 2021, Serum Institute of India partnered with SCHOTT Pharma, a German leader in drug delivery and containment systems.
The managing director of SCHOTT Poonawalla, Ashok Saxena, states that as the company grows and moves toward greater innovation and complex medication sales, pharmaceutical clients are requesting more sophisticated drug delivery and discovery solutions.
“We are excited to welcome TPG onboard as an investor, and are confident that their proven track record of successfully driving healthcare businesses in the Indian market will greatly benefit SCHOTT Poonawalla,” he adds.
SCHOTT Poonawalla creates cutting-edge medication delivery and containment systems for clients in the biotechnology and pharmaceutical industries.
The company's products include auto-injector pen cartridges, prefillable syringes for a broad range of biologics, vials, ampoules, and regulatory services for pharmaceutical and biotech firms, as well as contract research and manufacturing firms.
Over 1,800 customers make up SCHOTT Pharma, which made €957 million in FY24.
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“We are excited to partner with SCHOTT Pharma and Serum Institute of India and build upon SCHOTT Poonawalla’s market leadership position as India’s largest injectables-focused drug containment solutions company,” Bhushan Bopardikar, business unit partner at TPG Growth, says.