The company announced on Tuesday that U.S. private equity firm TPG has entered into a binding agreement to acquire a 35% stake in the Schott Poonawalla joint venture from the Serum Institute of India (SII).
TPG Growth is TPG's mid-market and growth stock platform that is funding investments, while Novo Holdings is a co-investor. Following the transaction, SII will retain a minority stake in Schott Poonawalla.
A person familiar with the matter said the total investment of TPG and Novo Holdings totaled $300 million.
The companies said in a statement that the partnership with TPG will help the joint ventures scale, “providing the company with additional resources and strategic insights to support their long-term global ambitions.”
The Serum Institute of India is a joint venture with Schott Pharma, a German pioneer in drug containment and delivery solutions in 2021.
“Partnering with TPG is an important step for us,” Adar Poonawalla, CEO of the Indian Institute of Serum, said in a statement.
He added: “Their experience in healthcare investments and global networks makes them a strong partner for us to expand and explore new opportunities. Our partnership with Schott Pharma will continue to ensure the resilience of the supply chain and advance innovation in vaccine packaging and delivery.”
Ashok Saxena, managing director of Schott Poonawalla, said the entity is seeing rising demand for advanced drug delivery and discovery solutions from drug customers as they expand operations and move towards more innovative and more complex drug sales.
He added: “We are pleased to welcome TPG as an investor and are convinced that their strong track record of successfully promoting the healthcare business in the Indian market will greatly benefit Schott Poonawalla.”
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Schott Factor
Schott Poonawalla designs advanced drug containment and delivery solutions for pharmaceutical and biotech customers.
The company's portfolio includes ink cartridges for automatic injection pens, various biologics, vials, amps pre-filled syringes for biotechnology and pharmaceutical companies, and regulatory services for contract development and manufacturing organizations.
Schott Pharma has over 1,800 customers and has revenue of €957 million in fiscal 24.
“We are delighted to work with Schott Pharma and the Serum Institute of India and to be the largest injectable drug containment solution company in India with Schott Poonawalla's market leadership,” said Bhushan Bopardikar, a business unit partner at TPG Growth, in a statement.
“Schott Pharma's innovative capabilities and pure gaming focus on injections will be complemented by TPG's local market expertise, relationships and experience in the strong business in the Indian healthcare sector,” added Andreas Reisse, CEO of Schott Pharma. “This step will further enhance our global footprint and bring extraordinary value to our customers as we continue to expand our local production capacity and leadership.”
