TPG Picks 35% Stake in SCHOTT Poonawalla from Serum Institute

The investment is being made via TPG Growth, the firm’s middle-market and growth equity platform, alongside co-investor Novo Holdings. The financial terms of the transaction remain undisclosed.

Global alternative asset management firm TPG has entered into a binding agreement to acquire a 35% stake in SCHOTT Poonawalla, a joint venture between SCHOTT Pharma and Serum Institute of India (SII), part of the Cyrus Poonawalla Group. 

The investment is being made via TPG Growth, the firm’s middle-market and growth equity platform, alongside co-investor Novo Holdings.

The financial terms of the transaction remain undisclosed. 

Sharing thoughts, Adar Poonawalla, CEO of SII, said, “Their experience in healthcare investing and global network make them a strong partner as we scale and explore new opportunities. Our collaboration with SCHOTT Pharma will continue, ensuring supply chain resilience and advancing innovation in vaccine packaging and delivery.”

The Financial Details

The deal is expected to close in the first half of 2025, subject to customary closing conditions. 

Post-transaction, SCHOTT Pharma will retain a 50% stake, while SII will hold a minority stake.

Commenting on the development, Bhushan Bopardikar, Business Unit Partner at TPG Growth, said, “On the back of a world-class manufacturing infrastructure in India, SCHOTT Poonawalla has developed an industry-leading reputation by offering a comprehensive product portfolio of the highest quality for over two decades. We aim to build upon its market leadership position as India’s largest injectables-focused drug containment solutions company.”

The move highlights private equity’s growing interest in India’s healthcare manufacturing sector, especially in high-demand, specialty verticals like vaccine packaging and drug delivery solutions.

The deal marks the second partnership between Adar Poonawalla and TPG. 

In December 2022, Poonawalla Fincorp, another entity within the group, sold its housing finance subsidiary to TPG affiliate Perseus for INR 3,900 Cr.

“India continues to be one of the most dynamic and strategically important manufacturing hubs for SCHOTT Pharma. Our 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. 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,” SCHOTT Pharma CEO Andreas Reisse noted.

SCHOTT Poonawalla designs advanced drug containment and delivery systems for pharmaceutical and biotechnology clients, with a product portfolio that includes cartridges for auto-injector pens, prefillable syringes for biologics, vials, ampoules, as well as regulatory services for biotech firms and Contract Development and Manufacturing Organizations (CDMOs).

As per reports, SCHOTT Pharma has invested INR 600 Cr over the past three years to establish new manufacturing plants in Umarsadi, Gujarat, and Baddi, Himachal Pradesh, and has been a key supplier for over two billion vaccine doses globally.

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