ChrysCapital may return to Mankind with $400m deal

Mumbai: Indian private equity posterboy ChrysCapital along with its global sponsors have made a surprise late-stage bid to buy a stake of $350-400 million in Mankind Pharma, bankers directly aware of the matter said.

This comes even as private equity giants Advent International and Carlyle Group made binding offers to buy up to 15% stake in India’s fifth largest pharma company by retail market share.

ChrysCapital is in the midst of a due diligence to buy around 10% stake. ChrysCapital and Mankind could not be reached for immediate comments.

If a deal goes through, this would mark ChrysCapital’s return to the Ramesh Juneja-led Mankind Pharma founded 25 years ago. Three years ago, ChrysCapital had sold an 11% stake to Capital International for $214 million.

The Juneja family is keen on getting ChrysCapital, arguably the most successful investor in Indian pharma, back on board. The fund’s partner and pharma industry veteran Sanjiv Kaul has strong ties with Indian pharma entrepreneurs, including the Junejas.

Mankind, with a revenue of around Rs 5,000 crore, is seen best suited to take advantage of the government’s push towards affordable medicines.