Mankind Pharma Limited has completed the transaction to acquire 100% stake in Bharat Serums and Vaccines Limited (BSV), for a purchase consideration of INR 13,768 Crores. This strategic move marks a significant leap for Mankind Pharma, positioning it as a market leader in the Indian women’s health and fertility drug market alongside access to other high entry barrier products in critical care segment with established complex R&D tech platforms..

人类制药有限公司（Humany Pharma Limited）已完成收购巴拉特血清和疫苗有限公司（BSV）100%股权的交易，收购对价为137.68亿卢比。这一战略举措标志着Humand Pharma取得了重大飞跃，将其定位为印度女性健康和生育药物市场的市场领导者，同时拥有成熟的复杂研发技术平台，可以在重症监护领域获得其他高门槛产品。。

BSV, with over five decades of leadership in biopharmaceuticals, has developed recombinant and niche biologic products in-house, demonstrating its strong R&D capabilities and boasts of a robust branded product portfolio across Women’s Health, Fertility, Critical Care and Immunoglobulins, with a few of its marque brands enjoying a strong leadership position.

BSV在生物制药领域拥有50多年的领先地位，在内部开发了重组和利基生物产品，展示了其强大的研发能力，并拥有强大的品牌产品组合，涵盖女性健康，生育，重症监护和免疫球蛋白，其中一些品牌拥有强大的领导地位。

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Business Highlights:

业务亮点：

Strengthen Leadership: BSV has a niche portfolio offering in Women’s Health, that encompasses the entire lifecycle, with one of the most comprehensive offerings in the fertility segment. It is well positioned to scale-up in both India and International markets amid increasing IVF penetration. In critical care and immunoglobulins, BSV’s niche products like Thymogam, Octaplex, ASVS and others have already established market leadership..

加强领导力：BSV在女性健康领域有一个利基组合，涵盖整个生命周期，是生育领域最全面的产品之一。随着体外受精普及率的提高，该公司在印度和国际市场都处于有利地位。在重症监护和免疫球蛋白方面，BSV的利基产品如Thymogam、Octaplex、ASV等已经确立了市场领先地位。。

Leverage Synergies: Potential to optimize and build on the synergies in commercial operations, distribution, manufacturing, supply chain etc.

利用协同效应：优化和建立商业运营、分销、制造、供应链等协同效应的潜力。

R&D Innovation: BSV’s R&D tech platforms will bolster Mankind’s presence in highly complex innovative recombinant, biologics, immunoglobulins and complex delivery products and pipeline.

研发创新：BSV的研发技术平台将支持人类在高度复杂的创新重组，生物制剂，免疫球蛋白和复杂的输送产品和管道中的存在。

Scale up high entry barrier products: BSV’s established domestic product portfolio offers huge scalability potential through strong registration velocity through niche filings across international markets.

扩大高门槛产品规模：BSV已建立的国内产品组合通过在国际市场上的利基备案，以强大的注册速度提供了巨大的扩展潜力。

Transaction Highlights:

交易亮点：

Mankind Pharma and its wholly owned subsidiary (WOS) has successfully acquired 100% stake in BSV, with the transaction funded through a combination of internal accruals and external debt, arranged through a combination of Non Convertible Debentures  and Commercial Papers. Mankind Pharma may consider to retire, a portion of the debt through a potential equity raise, which is already approved by the shareholders.

。Humany Pharma可能会考虑通过潜在的股权融资来偿还部分债务，这已经得到股东的批准。

This EBITDA margin-accretive acquisition aligns with Mankind’s goal of maintaining a Net Debt to EBITDA ratio below 2x by FY26, reinforcing its commitment to sustainable growth and financial discipline..

此次息税折旧摊销前利润递增收购符合人类的目标，即在26财年前将净债务与息税折旧摊销前利润的比率保持在2倍以下，从而加强其对可持续增长和金融纪律的承诺。。

Rajeev Juneja, Vice-chairman and Managing Director, Mankind Pharma Ltd. shared “BSV’s acquisition marks a pivotal moment for Mankind Pharma. Their established specialty R&D tech platforms with complex portfolio perfectly aligns with our vision to expand into high entry barrier portfolio. This strategic move marks a significant leap for Mankind Pharma, positioning us as a market leader in the Indian women’s health and fertility drug market.

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Today, we warmly welcome BSV’s 2,500+ members to our Mankind family adding a new chapter to our exciting journey and setting the stage for accelerated growth”.

今天，我们热烈欢迎BSV的2500多名成员加入我们的人类大家庭，为我们激动人心的旅程增添了新的篇章，为加速增长奠定了基础”。

Sheetal Arora, Chief Executive Officer and Whole-time Director, Mankind Pharma Ltd. shared “Mankind’s strategic acquisition of BSV will bolster Mankind’s existing specialty portfolio in India and Emerging Markets. BSV’s women’s health & fertility segment has massive opportunity along with strong growth visibility globally, led by structural tailwinds.

Humany Pharma Ltd.首席执行官兼全职董事Sheetal Arora分享道：“Humany对BSV的战略收购将巩固人类在印度和新兴市场现有的专业投资组合。BSV的女性健康与生育部门拥有巨大的机会，同时在全球范围内具有强大的增长可见性，由结构性顺风引领。

We believe BSV will aid Mankind in delivering strong revenue growth and significant improvements in EBITDA margins. Together, we will unlock new opportunities, strengthen our product portfolio, and maximize full potential of our new growth vertical..

我们相信BSV将帮助人类实现强劲的收入增长和息税折旧摊销前利润率的显著提高。我们将共同开启新的机遇，加强我们的产品组合，并最大限度地发挥我们新的垂直增长潜力。。

Sanjiv Navangul, MD & CEO, BSV, shared, “Today, being a part of the 23000+ Mankind Pharma family makes BSV bigger, stronger and better.  Together, we will now be able to ensure wider access of our specialized and indigenously developed complex treatments to millions of patients in India and across the globe.  We will together unlock new possibilities, explore opportunities and maximize potential that will help achieve our priorities and business goals.”.

BSV医学博士兼首席执行官Sanjiv Navangul分享道：“今天，作为23000多个人类制药家族的一员，BSV将变得更大、更强、更好。我们现在将能够确保印度和全球数百万患者更广泛地获得我们的专业化和本土开发的复杂治疗方法。我们将共同发掘新的可能性，探索机会，最大限度地发挥潜力，帮助实现我们的优先事项和业务目标。”。