Indian drug makers, Baring PE Asia in talks to buy Bharat Serums

India-based pharmaceutical companies Cipla, Zydus Cadilla, Dr. Reddy’s Laboratories and Chinese private equity (PE) fund Baring Asia are among those evaluating the acquisition of vaccine maker Bharat Serums and Vaccines.

The promoter Daftary family and existing investors Kotak Private Equity and Orbimed Asia are seeking to sell their stake in Bharat Serums at a 7,059 crore rupees ($1 billion) valuation.

The company has mandated U.S. investment bank Jefferies to manage the sale process, which is expected to start in the coming weeks.

Bharat Serums’ revenue was $86.7 million in the financial year 2017, with an operating profit of $11.6 million. For the financial year 2018, its operating profit is expected to be $427.8 million.