TPG, a global alternative asset management firm, has entered into a binding agreement to acquire a 35% stake in SCHOTT Pharma’s joint venture SCHOTT Poonawalla from Serum Institute of India (SII).

SCHOTT Poonawalla is a joint venture of SCHOTT Pharma and SII, part of the Cyrus Poonawalla Group. TPG Growth, TPG’s middle market and growth equity platform, is funding the investment, along with Novo Holdings as a co-investor. Following the transaction, SII will retain a minority stake in the company.

With deep healthcare investing experience and local expertise in India, having TPG join the partnership alongside SCHOTT Pharma and Serum Institute of India represents a significant milestone in SCHOTT Poonawalla’s growth, equipping the company with additional resources and strategic insight to support its long-term global ambitions.

SCHOTT Poonawalla designs advanced drug containment and delivery solutions for pharmaceutical and biotechnology customers. The company’s portfolio features a large range of products, including cartridges for auto-injector pens, prefillable syringes for a wide variety of biologics, vials, ampoules, as well as regulatory services for biotech and pharmaceutical companies, and CDMOs.

“We are excited to partner with SCHOTT Pharma and Serum Institute of India and build upon SCHOTT Poonawalla’s market leadership position as India’s largest injectables-focused drug containment solutions company,” said Bhushan Bopardikar, Business Unit Partner at TPG Growth.

“Now more than ever, our pharmaceutical customers are relying on us to supply next-generation cutting-edge drug delivery solutions, as they continue to innovate, expand operations, and supply complex drugs,” said Ashok Saxena, Managing Director, SCHOTT Poonawalla. “We are excited to welcome TPG onboard as an investor, and are confident that their proven track record of successfully driving healthcare businesses in the Indian market will greatly benefit SCHOTT Poonawalla.”

The transaction is subject to customary closing conditions and is expected to close within the first half of 2025.