Global alternative asset management firm TPG has acquired a 35% stake in SCHOTT Poonawalla from Serum Institute of India (SII). SCHOTT Poonawalla is a joint venture between SCHOTT Pharma and SII, part of the Cyrus Poonawalla Group. The investment was made through TPG Growth—TPG’s middle market and growth equity platform—in collaboration with Novo Holdings as a co-investor.
The transaction is expected to close in the first half of 2025. Following the deal, SCHOTT Pharma will retain a 50% ownership stake, while SII will hold a minority stake in the joint venture.
In August 2021, during the Covid-19 pandemic, SII had acquired a 50% stake in SCHOTT Kaisha for an undisclosed amount from former co-owners Kairus Dadachanji and Shapoor Mistry. That move created a 50:50 joint venture with SCHOTT Pharma. The partnership currently operates four manufacturing facilities.SII has had a longstanding relationship with SCHOTT, using its products for vaccine storage—including for the Covishield Covid-19 vaccine.
Adar Poonawalla, CEO of SII, acquired the stake to secure the packaging supply chain during the pandemic.SCHOTT has invested ₹600 crore over three years to establish two new manufacturing plants in Umarsadi, Gujarat, and Baddi in Himachal Pradesh. In 2021, SCHOTT supplied vials for over two billion vaccine doses.
This deal marks the second collaboration between Adar Poonawalla and TPG. In December 2022, Poonawalla Fincorp—also owned by Poonawalla—sold its housing finance subsidiary, Poonawalla Housing Finance, to Perseus, an affiliate of TPG Global, for ₹3,900 crore.SCHOTT Pharma specialises in drug containment and delivery systems, offering cartridges for auto-injector pens, prefillable syringes for biologics, vials, ampoules, and regulatory services for pharmaceutical and biotechnology companies, as well as contract development and manufacturing organisations (CDMOs).
Adar Poonawalla expressed that TPG’s expertise in healthcare investing and its global network would make for a strong partnership as they scale and pursue new opportunities. Bhushan Bopardikar, business unit Partner at TPG Growth, said they intended to build upon SCHOTT Poonawalla’s leadership position as India’s largest injectables-focused drug containment solutions.