Mumbai: US private equity (PE) firm Advent International Corp. on Monday said it has acquired a controlling stake in Bharat Serums and Vaccines Ltd, a leading maker of injectable biological and pharmaceutical products. The Daftary family, the promoters of the company, will continue to hold a “meaningful stake", a company statement said, without elaborating. However, the JV ended in 2015 after Zydus Cadila bought over Bharat Serums’ stake in the business. Bharat Serums competes with Serum Institute of India, which is controlled by the Poonawalla family and is one of the world’s largest manufacturers of vaccines. We are thrilled to partner with Advent and continue Bharat Serums and Vaccines’ journey to deliver innovative and specialized products," said Bharat V. Daftary, a member of the founding family of Bharat Serums and Vaccines.

Source: Mint November 18, 2019 12:22 UTC