A consortium that includes Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds and EQT, a European private equity major, is in the race to buy Indian biopharmaceutical company BSV Group, according to a news report.

The other company bidding is India’s Mankind Pharma, Economic Times, an Indian financial newspaper, reported, citing people aware of the matter.

The two companies submitted firm offers this week to acquire the company from US private equity firm Advent International for Rs 140 billion ( $1.6 billion), the report said

If completed, it would be one of the largest buyouts of a domestic pharma company in India, Economic Times said.

However, a shortlisted consortium comprising Warburg Pincus, Chrys Capital and the UAE’s Mubadala did not submit a binding offer.

A final decision is likely soon, the report said.

Bharat Serums, founded in 1971, develops, manufactures, and markets specialised injectable medicines focusing on biotech and biological products.  

(Editing by Seban Scaria seban.scaria@lseg.com )