Serum sells 35% stake in Schott Poonawalla to TPG; JSA, AZB, Gibson Dunn advise

Serum Institute of India Private Limited has sold 35% stake in Schott Poonawalla Private Limited to TPG Scion Unit Trust (acting through its trustee Scion Trustee Limited).

JSA Advocates & Solicitors advised Serum Institute of India on this stake sale.

The transaction team consisted Iqbal Khan (Lead Partner & National Corporate Lead), Devika Menon (Partner), Subbalaxmi S (Senior Associate) and Gunjan Singh (Associate).

They were supported by the JSA competition team consisting of Nisha Kaur Uberoi (Partner and Chair, Competition Law), Rahat Dhawan (Principal Associate), Rishi Kauntia (Senior Associate) and Cherian Chacko Manayath (Associate).

JSA was assisted by Gibson, Dunn & Crutcher LLP on the anti-bribery and anti-corruption-related aspects of the transaction.

AZB & Partners acted on this transaction for SCHOTT Pharma.

The transaction team consisted of Daksh Trivedi (Senior Partner), Aman Jain (Partner) and Associates Sarthak Sharma and Srishti Kaushal.

Hemangini Dadwal (Senior Partner) advised on Competition aspects.

This transaction is being executed through TPG Growth, TPG’s middle-market and growth equity platform, with Denmark-based Novo Holdings participating as a co-investor. Following the deal, SCHOTT Pharma will retain its 50% stake in the joint venture, while SII will continue to hold a minority interest.

SCHOTT Poonawalla is a joint venture between Serum Institute and the Schott group – pursuant to the proposed sale, the Schott group remains a majority shareholder in Schott Poonawalla, while Serum Institute and TPG will hold 15.01% and 34.99%, respectively.

TPG is a leading global alternative asset management firm founded in 1992, with over $222 billion in assets under management (as of early 2025). TPG has a strong track record of investing in healthcare, technology, consumer, and financial services sectors. Through its TPG Growth platform—which focuses on middle-market and growth equity investments—TPG has backed several high-growth companies across emerging markets, including in India.

The investment from TPG is aimed at bolstering SCHOTT Poonawalla's growth both in India and globally. Bhushan Bopardikar, Business Unit Partner at TPG Growth, stated that the partnership would enhance the company's market leadership in injectables-focused drug containment solutions.

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