Global alternative asset management firm TPG has agreed to acquire a 35% stake in SCHOTT Poonawalla from Serum Institute of India (SII), according to an announcement on Tuesday
SCHOTT Poonawalla is a joint venture between SCHOTT Pharma and SII, a part of the Cyrus Poonawalla Group, which is known for its vaccine manufacturing operations.
The investment is being made through TPG Growth, the firm’s middle-market and growth equity platform, with Novo Holdings joining as a co-investor. Following the transaction, SII will retain a minority stake in the company.
SCHOTT Poonawalla develops advanced drug containment and delivery solutions for pharmaceutical and biotechnology clients. Its product portfolio includes cartridges for auto-injector pens, prefillable syringes for various biologics, vials, ampoules, and regulatory services tailored to biotech and pharma companies, as well as Contract Development and Manufacturing Organizations (CDMOs).
“SCHOTT Pharma’s innovation capabilities and pure-play focus on injectables will be complemented by TPG’s local market expertise, relationships, and experience from its strong presence in the Indian healthcare sector,” Andreas Reisse, CEO of SCHOTT Pharma, said, adding, “As we continue to expand our local production capacities and leading role in the Indian market, we are confident that this step will further enhance our global footprint and deliver exceptional value to our customers.”
The transaction is subject to customary closing conditions and is expected to close within the first half of 2025.
India is seeing unprecedented demand for healthcare amid rising disposable incomes, higher insurance penetration, and more health awareness leading to a surge in investments in the sector, providing an exit route for early investors from their portfolios.
A recent example is KKR’s acquisition of a 54% stake in HealthCare Global Enterprises (HCG) for Rs 3,464 crore ($400 million), enabling an exit for CVC Capital, which had acquired control in 2020 for Rs 1,049 crore.
