US-based

美国的

private equity

私募股权

firm

公司

Warburg Pincus

华平投资集团

is in advanced discussions to acquire the formulations business of Mumbai-based

正在就收购总部位于孟买的配方业务进行深入谈判

Maneesh Pharmaceuticals

曼尼什制药公司

in a deal valued around ₹1,600–1,800 crore, sources familiar with the matter told ET.

据知情人士向《经济时报》透露，这笔交易的价值约为160亿至180亿卢比。

Warburg has signed an exclusivity agreement with the company’s promoters and is currently engaged in final negotiations to acquire its non-tuberculosis (non-TB) medicines portfolio.

瓦尔堡已与该公司的发起人签署了独家协议，目前正在就收购其非结核（非TB）药品组合进行最后的谈判。

Maneesh Pharmaceuticals is best known for brands such as Smyle Mouth Ulcer Gel, along with key

曼尼什制药公司最著名的产品包括Smyle口腔溃疡凝胶以及关键品牌。

gynaecology products

妇科产品

like Doxinate and Clofert. The promoters have been exploring a potential sale for nearly four years, though the company’s anti-TB portfolio has remained a sticking point, with limited interest from prospective buyers in that segment.

像Doxinate和Clofert这样的药物。尽管公司的抗结核病产品组合一直是一个难点，且该领域的潜在买家兴趣有限，但发起人已经花了近四年时间探索可能的出售方案。

ET’s mailed queries to Maneesh Prama and Warburg Pincus remained unanswered until the publication of this report.

ET向马尼什·普拉玛和华平投资集团邮寄的询问在本报告发布前仍未得到答复。

A formal announcement is expected in the next three to four months, industry sources said, adding that discussions with multiple private equity investors have been ongoing for at least two years.

据业内消息人士透露，预计在未来三到四个月内会有正式公告，并补充说与多家私募股权投资者的谈判已经持续了至少两年。

Live Events

现场活动

Founded in 1985 by the Sapte family,

成立于1985年，由萨普特家族创立，

Maneesh Pharma

曼尼什制药

counts Rakesh Jhunjhunwala-led Rare Enterprises as a minority investor.

将拉凯什·俊俊瓦拉 (Rakesh Jhunjhunwala) 领导的 Rare Enterprises 视为少数股东。

The company, led by managing director Vinay Ramakant Sapte and Maneesh Ramakant Sapte, has built a strong presence in anti-TB treatments and works closely with the World Health Organization.

该公司由总经理维纳伊·拉玛坎特·萨普特和马尼什·拉玛坎特·萨普特领导，在抗结核治疗领域建立了强大的影响力，并与世界卫生组织密切合作。

Founders - Vinay Ramakant Sapte and Maneesh Sapte hold about 69% stake, star investor Utpal Sheth holds 16.2%, Rare holds 1.6%, while the rest of the stake is held by others, according to Tracxn data.

根据Tracxn的数据，创始人Vinay Ramakant Sapte和Maneesh Sapte持有约69%的股份，明星投资者Utpal Sheth持有16.2%，Rare持有1.6%，其余股份由其他人持有。

With a moving annual turnover of ₹504 crore as of February 2026, growing at 6%, the company has a diversified portfolio spanning tuberculosis, gynaecology, antibiotics, gastrointestinal, and pain management therapies. Its flagship brand Doxinate, used to treat morning sickness, generates annual sales of around ₹110 crore, according to PharmaTrac data.

截至2026年2月，公司年度营业额达5.04亿卢比，同比增长6%，其业务涵盖结核病、妇科、抗生素、胃肠道和疼痛管理治疗领域，产品组合多元化。根据PharmaTrac的数据，其旗舰品牌Doxinate用于治疗晨吐，年销售额约为1.1亿卢比。

.

。

Other key brands include Dysmen, Eracid D, MCV, Febrinil, and Clofert. While several products are seeing modest or flat growth, segments such as anti-infectives and respiratory are expanding at a faster pace of about 17%.

其他关键品牌包括Dysmen、Eracid D、MCV、Febrinil和Clofert。虽然一些产品的增长较为缓慢或持平，但抗感染药和呼吸系统药物等细分市场正以约17%的更快增速扩张。

Industry sources indicate that Warburg Pincus is working on a broader strategy to consolidate two to three India-focused pharmaceutical companies under a single platform. “Scale will play a critical role in building a new organisation, and they are actively scouting for top talent,” a source said.

行业消息人士指出，华平投资集团正在制定一项更广泛的战略，将两到三家专注于印度的制药公司整合到一个单一的平台下。一位消息人士表示：“规模将在建立新组织中发挥关键作用，他们正在积极寻找顶尖人才。”

As part of this strategy, Rehan Khan, former India head of Merck & Co. (MSD), is likely to be brought on board to lead the platform. Khan previously drove strong growth for MSD in India, largely on the back of its blockbuster cancer drug Keytruda, which is estimated to have crossed ₹2,500 crore in sales—making it one of the largest pharmaceutical brands in the Indian market..

作为该战略的一部分，默克公司（MSD）前印度负责人雷汉·汗可能会被引入来领导这一平台。汗此前曾推动MSD在印度实现强劲增长，这主要得益于其重磅抗癌药物Keytruda。据估计，该药物的销售额已超过25亿卢比，成为印度市场最大的制药品牌之一。

In parallel, Warburg is also close to acquiring Integrace Health from Temasek and True North for around ₹1,200 crore,ET reported in February. Integrace has strengthened its women’s healthcare portfolio through the acquisition of Glenmark Pharmaceuticals’ gynaecology, orthopaedic, and pain management business, and key brands such as Mifegest and Cytolog from Zydus Healthcare..

同时，据《经济时报》2月报道，华平投资也即将以大约120亿卢比的价格从淡马锡和True North手中收购Integrace Health。Integrace通过收购格兰马克制药的妇科、骨科和疼痛管理业务，以及从Zydus Healthcare获得的关键品牌如Mifegest和Cytolog，加强了其在女性医疗领域的投资组合。

India’s pharmaceutical industry ranks third globally by volume and 14th by value, supplying nearly 20% of global generic drugs and 60% of vaccines. Pharmaceutical exports have grown significantly—from $15.07 billion in FY14 to $27.85 billion in FY24—and are expected to surpass $30 billion in the near future, highlighting the sector’s growing economic and public health importance..

印度制药行业按产量排名全球第三，按价值排名全球第14，供应了全球近20%的仿制药和60%的疫苗。制药出口从2014财年的150.7亿美元显著增长到2024财年的278.5亿美元，并预计在不久的将来将超过300亿美元，凸显了该行业日益增长的经济和公共卫生重要性。

The country’s most definitive MSME stage returns on March 24 in New Delhi. Register now for the ET MSME Awards 2025

印度最具权威的中小微企业盛会将于3月24日在新德里回归。立即注册参加2025年《经济时报》中小微企业奖。

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