Global alternative asset management firm TPG has entered into a binding agreement to acquire a 35% stake in Schott Poonawalla, a joint venture of German pharmaceutical glassware company Schott Pharma and vaccine maker the Serum Institute of India, which is part of the Cyrus Poonawalla Group, a global vaccine manufacturer.

Schott Poonawalla designs advanced drug containment and delivery solutions for pharmaceutical and biotechnology customers. Its portfolio features a large range of products, including cartridges for auto-injector pens, pre-fillable syringes for a wide variety of biologics, vials, ampoules, as well as regulatory services for biotech and pharmaceutical companies, and contract development and manufacturing organizations.  

TPG Growth, TPG’s middle market and growth equity platform, is funding the investment, along with Novo Holdings as a co-investor. Following the transaction, Serum will retain a minority stake in the company.

Having TPG join the JV, Schott Pharma and Serum say, represents a significant milestone in its growth, equipping the company with additional resources and strategic insight to support its long-term global ambitions.

“Partnering with TPG marks an important step for us,” says Adar Poonawalla, Serum’s CEO. “Its experience in healthcare investing and global network make them a strong partner as we scale and explore new opportunities.”

Andreas Reisse, Schott Pharma’s CEO, adds: “India continues to be one of the most dynamic and strategically important manufacturing hubs for us. 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.

Jefferies acted as the financial adviser to TPG. AZB & Partners acted as the legal advisers to TPG and Schott Pharma, while J. Sagar Associates acted as Serum’s legal adviser.