Serum in talks to sell 10% stake
18 September 2015 | News
Serum in talks to sell 10% stake
Serum's Rulers: Dr Cyrus Poonawalla (L) & Mr Adar Poonawalla (R)
According to a Bloomberg report, Dr Cyrus Poonawalla, CMD, Serum Institute, the largest vaccine maker in the Asian continent, is in talks with private equity (PE) firms to sell 10 percent stake in the company.
Selling a 10 percent stake at a valuation of $12 billion would be the largest private-equity investment in India, according to the data compiled by Bloomberg.
Serum is in talks with firms in Singapore and the US.
Bloomberg also reported Mr Adar Poonawalla, Serum's CEO & executive director, as saying that the company will decide on whether to sell a stake in the next 1-2 months.
"We're just waiting to hear back from the funds on their conditions and their valuations and what they would expect," Mr Adar Poonawalla told Bloomberg in an exclusive interview dated September 16, 2015. "Then we'll go from there."
