Global private equity funds, including Bain Capital, LP, KKR & Co. Inc. (NYSE:KKR), and Advent International, L.P., are in talks for a controlling stake in Sai Life Sciences Limited at a valuation of $600 million to $700 million, three people aware of the development said. Sai Life Sciences (SLS) is a Hyderabad-based pharmaceutical contract research and development, and manufacturing (CRDMO) firm.

PE firm TPG Capital, L.P., which had invested about $135 million (INR 9,000 million) in 2018, currently owns 43.4% stake in the company. Both TPG and its current promoter Krishna Kanumuri may sell stakes as part of the transaction. The first round of bids came in November, and the three funds are in further discussions.

"KKR, Advent, and Bain are carrying out due diligence, and are likely to submit final binding bids next month," the first person cited above said. Spokespersons for Sai Life Sciences, Bain Capital and KKR did not respond to emailed queries on December 7, 2023. Those for TPG and Advent International declined to comment.