US-based private equity firm Warburg Pincus is in advanced discussions to acquire the formulations business of Mumbai-based Maneesh Pharmaceuticals in a deal valued around ₹1,600–1,800 crore, sources familiar with the matter told ET.
Warburg has signed an exclusivity agreement with the company’s promoters and is currently engaged in final negotiations to acquire its non-tuberculosis (non-TB) medicines portfolio.
Maneesh Pharmaceuticals is best known for brands such as Smyle Mouth Ulcer Gel, along with key gynaecology products like Doxinate and Clofert. The promoters have been exploring a potential sale for nearly four years, though the company’s anti-TB portfolio has remained a sticking point, with limited interest from prospective buyers in that segment.
ET’s mailed queries to Maneesh Prama and Warburg Pincus remained unanswered until the publication of this report.
A formal announcement is expected in the next three to four months, industry sources said, adding that discussions with multiple private equity investors have been ongoing for at least two years.
Founded in 1985 by the Sapte family, Maneesh Pharma counts Rakesh Jhunjhunwala-led Rare Enterprises as a minority investor.
The company, led by managing director Vinay Ramakant Sapte and Maneesh Ramakant Sapte, has built a strong presence in anti-TB treatments and works closely with the World Health Organization.
Founders – Vinay Ramakant Sapte and Maneesh Sapte hold about 69% stake, star investor Utpal Sheth holds 16.2%, Rare holds 1.6%, while the rest of the stake is held by others, according to Tracxn data.
With a moving annual turnover of ₹504 crore as of February 2026, growing at 6%, the company has a diversified portfolio spanning tuberculosis, gynaecology, antibiotics, gastrointestinal, and pain management therapies. Its flagship brand Doxinate, used to treat morning sickness, generates annual sales of around ₹110 crore, according to PharmaTrac data.
Other key brands include Dysmen, Eracid D, MCV, Febrinil, and Clofert. While several products are seeing modest or flat growth, segments such as anti-infectives and respiratory are expanding at a faster pace of about 17%.
Industry sources indicate that Warburg Pincus is working on a broader strategy to consolidate two to three India-focused pharmaceutical companies under a single platform. “Scale will play a critical role in building a new organisation, and they are actively scouting for top talent,” a source said.
As part of this strategy, Rehan Khan, former India head of Merck & Co. (MSD), is likely to be brought on board to lead the platform. Khan previously drove strong growth for MSD in India, largely on the back of its blockbuster cancer drug Keytruda, which is estimated to have crossed ₹2,500 crore in sales—making it one of the largest pharmaceutical brands in the Indian market.
In parallel, Warburg is also close to acquiring Integrace Health from Temasek and True North for around ₹1,200 crore,ET reported in February. Integrace has strengthened its women’s healthcare portfolio through the acquisition of Glenmark Pharmaceuticals’ gynaecology, orthopaedic, and pain management business, and key brands such as Mifegest and Cytolog from Zydus Healthcare.
India’s pharmaceutical industry ranks third globally by volume and 14th by value, supplying nearly 20% of global generic drugs and 60% of vaccines. Pharmaceutical exports have grown significantly—from $15.07 billion in FY14 to $27.85 billion in FY24—and are expected to surpass $30 billion in the near future, highlighting the sector’s growing economic and public health importance.
Source: Economic Times