Five global private equity firms ? Warburg Pincus LLC, Permira Limited, EQT AB (publ) (OM:EQT), Bain Capital, LP and TPG Inc. (NasdaqGS:TPG) ? have conveyed their interest to join the bidding process for Bharat Serums and Vaccines Limited (BSV), which has been put on the block by its existing owners, who are seeking over $1 billion for the company, according to sources close to the development.

The private equity (PE) firms will sign expressions of interest papers in two weeks, after which they will formally start due diligence on the company, though they have already done some spadework, according to the people. The Mumbai-headquartered biopharmaceuticals company was acquired by US-based investor Advent International from its previous owners, the Daftary family, for an undisclosed sum in 2019. Advent, which is now the 100%-owner of BSV, wants to sell the company.

At least one of the five contenders may rope in a pharmaceutical company as a partner for its bid, the sources said. Baring Private Equity Asia (EQT Private Capital Asia), which has now folded into EQT, and Bain Capital, had independently evaluated a purchase of BSV in the past. EQT and Bain may have a competitive advantage in the bid process, as per the sources.

Advent declined to comment when contacted. Bain Capital, EQT, TPG, Warburg Pincus and Permira declined to comment. Advent has engaged investment banks Jefferies and JP Morgan to advise on the sale process.