Adar Poonawalla-led Serum Institute has reached an agreement to sell a 30% to 40% stake in SCHOTT Poonawalla to TPG Growth, valuing the joint venture at around $800 million.

SCHOTT Poonawalla, a leading provider of primary glass packaging for the pharmaceutical and biotech industries, operates as a 50:50 joint venture between Serum Institute of India and SCHOTT Pharma AG & Co, a subsidiary of the German specialty glass manufacturer SCHOTT AG.

The transaction, which has been signed by both parties, is pending a few formalities. Serum Institute, which made its initial investment in the venture more than three years ago, aims to unlock value through this stake sale, reducing its ownership from 50% to a minority position.