In a bid to expand its portfolio and venture into the lucrative surgical supplies market, Mankind Pharma has entered the fray for the acquisition of Healthium Medtech, a leading player in the field. Sources familiar with the matter revealed that Mankind Pharma, in partnership with ChrysCapital, is actively evaluating the possibility of acquiring Healthium Medtech, currently owned by private equity firm Apax Partners.

The move comes shortly after ChrysCapital divested its entire stake in Mankind Pharma, signaling a strategic shift in focus towards new avenues of growth. With several heavyweights like KKR, Novo Nordisk, Hillhouse, Blackstone, and EQT also eyeing a purchase of Healthium, the bidding process is expected to be fiercely competitive.

Apax Partners, the current owner of Healthium Medtech, anticipates a valuation of approximately $1 billion for the company. Final bids are slated to be submitted within five weeks, pending the completion of due diligence procedures.

Healthium Medtech specializes in surgical sutures and staples, essential supplies utilized in surgical procedures to prevent wound complications. With a strong market presence both globally and in India, Healthium holds a significant market share of around 18%, making it an attractive acquisition target for pharmaceutical companies seeking diversification opportunities.

The relationship between ChrysCapital and Mankind Pharma dates back to 2007, highlighting a longstanding partnership between the two entities. ChrysCapital’s previous investments and subsequent exits from Mankind Pharma underscore the strategic realignment towards emerging opportunities within the healthcare sector.

Founded in 1995 by Ramesh and Rajeev Juneja, Mankind Pharma ranks as the fourth-largest pharmaceutical company in India by domestic sales. The company’s recent foray into the bidding process for Healthium Medtech signifies its ambition to broaden its scope beyond traditional pharmaceuticals and tap into the burgeoning surgical supplies market.

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Healthium Medtech, formerly known as Sutures India, boasts a formidable position as the fourth-largest surgical suture manufacturer globally and the second-largest in India. Notable global players in the surgical sutures market include Ethicon, Arthrex, and Covidien Holding.

The potential acquisition of Healthium Medtech represents a strategic milestone for Mankind Pharma, aligning with its long-term growth objectives and diversification strategy. As the bidding process unfolds, stakeholders within the healthcare industry await further developments, anticipating significant implications for the competitive landscape of surgical supplies.

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