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Serum Institute in Stake Sale Talks at $12 Billion Valuation

  • Billionaire Poonawalla in talks with sovereign funds, PE firms
  • Stake sale could be India's largest private equity deal ever
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Indian billionaire Cyrus Poonawalla is in talks with private equity firms and sovereign funds about selling as much as a 10 percent stake in Asia’s largest vaccine maker, Serum Institute of India Ltd.

Serum is seeking a valuation of as much as 800 billion rupees ($12 billion), Chief Executive Officer Adar Poonawalla said. The company is in discussions with funds from Singapore and the U.S. about the sale of a 5 to 10 percent stake, he said in a Sept. 16 interview at Serum’s headquarters in the western Indian city of Pune.