Private equity firm TPG has entered into a binding agreement to acquire 35 per cent stake in Schott Poonawalla from Serum Institute of India (SII), said Schott Pharma, a pharma delivery solutions company.
TPG Growth, the firms’s middle market and growth equity platform, is funding the investment along with Novo Holdings as a co-investor, said a communication on the transaction, without giving financial details. Subject to customary closing conditions, the deal is expected to close within the first half of 2025, it added. SII will retain a minority stake in the company, as Schott Pharma continues to hold 50 per cent.
The deal illustrates private equity’s continuing interest in the healthcare sector. Schott Poonawalla designs advanced drug containment and delivery solutions for pharmaceutical and biotechnology customers. The company’s portfolio features a large range of products including cartridges for auto-injector pens, prefillable syringes for a wide variety of biologics, vials, ampoules, as well as regulatory services for biotech and pharmaceutical companies, and Contract Development and Manufacturing Organizations (CDMOs), the note said.
In mid-2021, SII had bought out the Indian partner in the Schott Kaisha joint-venture, for an undisclosed amount.
Schott AG is a German specialty glass company and SII had then picked up 50 per cent stake in the Indian joint venture Schott Kaisha from former co-owners Kairus Dadachanji and Shapoor Mistry.
Manufacturing hub
Andreas Reisse, Chief Executive of Schott Pharma, pointed out that India continues to be one of the most dynamic and strategically important manufacturing hubs for the company.
“Now more than ever, our pharmaceutical customers are relying on us to supply next-generation cutting-edge drug delivery solutions, as they continue to innovate, expand operations and supply complex drugs,” added Ashok Saxena, Managing Director, Schott Poonawalla.
Bhushan Bopardikar, business unit partner at TPG Growth said, “On the back of a world-class manufacturing infrastructure in India, Schott Poonawalla has developed an industry leading reputation by offering a comprehensive product portfolio of the highest quality for over two decades.”