Private equity firm TPG said Tuesday it has picked up a 35% stake in pharmaceutical packaging company Schott Poonawalla, a joint venture between billionaire Adar Poonawalla-led Serum Institute of India (SII) and Schott Pharma AG & Co.
TPG is making the investment along with Danish firm Novo Holdings as a co-investor. SII, the world's largest vaccine maker, will retain a minority stake in the company following the transaction. SII and Schott Pharma previously owned a 50% stake each in the joint venture.
The announcement comes months after VCCircle exclusively reported TPG’s plan to invest in Schott Poonawalla in January this year.
TPG, which is among the most active alternative investment firms in India, is investing in the Mumbai-headquartered company via TPG Growth, its middle market and growth equity platform. It didn’t disclose the financial terms of the deal.
Novo Holdings, which owns a majority stake in weight-loss drugmaker Novo Nordisk, last year invested in Indian hospital chain Manipal Hospitals, healthtech startup Qure.ai and agritech startup AgNext Technologies.
Schott Poonawalla designs advanced drug containment and delivery solutions for pharmaceutical and biotechnology customers. Its portfolio includes cartridges for auto-injector pens, prefillable syringes for various biologics, vials, ampoules, regulatory services for biotech and pharmaceutical companies, and support for contract development and manufacturing organisations (CDMOs).
“With world-class manufacturing infrastructure in India, Schott Poonawalla has built an industry-leading reputation with a comprehensive product portfolio of the highest quality for over two decades,” said Bhushan Bopardikar, Business Unit Partner at TPG Growth.
Poonawalla, CEO of Serum Institute of India, said that TPG’s healthcare investing experience and global network make it a strong partner as the company scales and explores new opportunities. “Our collaboration with Schott Pharma will continue, ensuring supply chain resilience and advancing innovation in vaccine packaging and delivery,” he said.
Andreas Reisse, CEO of Schott Pharma, said the company’s innovation capabilities and pure-play focus on injectables will be complemented by TPG’s local market expertise, relationships, and healthcare experience. “As we expand our local production capacity and leadership in India, this move will enhance our global footprint and deliver greater value to our customers.”
The transaction is subject to customary closing conditions and is expected to close in the first half of 2025. Jefferies acted as financial advisor to TPG. AZB & Partners advised TPG and Schott Pharma. J. Sagar Associates advised Serum Institute.
