People with knowledge of the situation claim that Mankind Pharma Ltd. is emerging as the front-runner to buy Bharat Serums & Vaccines Ltd. in a deal that may value the target business at about $1.5 billion.

The persons, who wished to remain anonymous while discussing personal matters, stated that Mankind Pharma, which makes brands including Manforce Condoms and Prega News pregnancy tests, is in advanced negotiations to purchase a majority interest in Bharat Serums from Advent International. They suggested that an announcement may occur within the next several weeks. According to the people, private equity firm Advent, which bought the bulk of Bharat Serums in 2019, wants to leave the company and give investors their money back.

They stated that although discussions are still in progress, they might end or another buyer could show up. Advent and Bharat Serums representatives declined to comment. Messages seeking response from Mankind Pharma were not answered. Mankind Pharma had a 1.2% increase in value after the Bloomberg News story on Thursday. The shares have increased by around 6.5% so far this year and 10% over the last 12 months.

The biopharmaceutical business Bharat Serums was founded in 1971 and, according to its website, has activities spanning over 70 countries, a research and development center in Mumbai with over 100 scientists, and subsidiaries in Germany, the Philippines, and the US.