Mankind Pharma Limited (NSEI:MANKIND) has joined the bidding process for surgical supplies company Healthium Medtech Limited, owned by private equity firm Apax Partners LLP, sources aware of the matter told ET. Mankind Pharma and ChrysCapital are jointly evaluating whether to purchase the company and have formed a consortium. The development comes immediately after ChrysCapital sold its entire stake in Mankind Pharma on March 26, 2024.

It had been an investor in the Delhi-based pharmaceutical company for several years. Bidding for Healthium is likely to be competitive with several others such as KKR & Co. Inc. (NYSE:KKR), Novo Nordisk A/S (CPSE:NOVO B), Hillhouse, Blackstone Inc. (NYSE:BX) and EQT Corporation (NYSE:EQT) said to be also evaluating a purchase of the company, according to sources close to the developments.

Apax expects a $1 billion valuation for the company. Final bids could be due in five weeks if due diligence proceeds as expected. Mankind Pharma and ChrysCapital had not responded to ET's queries until press time.

Apax Partners declined to comment. ET had first reported about Apax putting up Healthium for sale in its January 11 edition. "This is a global hospital supplies business.

It is a relevant diversification for a pharmaceutical company," a person aware of reasons behind Mankind Pharma's decision to evaluate this acquisition opportunity said on condition of anonymity.