Indian vaccine maker Serum talking to PE funds to sell stake: Bloomberg

Asia’s largest vaccine maker, the Serum Institute of India Ltd, is in talks with private equity firms to sell a stake of as much as 10 percent in the unlisted group, Bloomberg reported on Friday.

Bloomberg, citing Chief Executive Officer Adar Poonawalla, said the group was in discussions with funds in the United States and Singapore. The report said Serum is seeking a valuation of as much as 800 billion Indian rupees ($12.16 billion).

Indian newspapers had reported in June that the Poonawalla family could sell as much as 20 percent of the group to a long-term fund, after shelving plans for a market listing.

A spokesman for Serum was not immediately reachable for comment.