Injectables company Maiva Pharma raises Rs. 1,000 crore | 03 May, 2024

Injectables company Maiva Pharma has raised Rs. 1,000 crore from a fund managed by Morgan Stanley Private Equity Asia and India Life Sciences Fund - IV, who have also jointly acquired a controlling stake from existing investors and infused primary capital in the company.

This is the first fund raise for Maiva Pharma, a Bengaluru-based pure play injectables Contract Development and Manufacturing Organization (CDMO) focussed on North America.

The funds would go towards setting up a new manufacturing facility near Hosur, with capabilities in sterile dosage forms including pre-filled syringes, bags, oncology and hormonal injectables, a note from the company said. Avendus acted as the exclusive financial advisor to Maiva and its shareholders on this transaction. The company has regulatory approvals from multiple countries for its manufacturing facility located at Hosur, with a strong regulatory compliance track record and sterile injectables capabilities in vials and lyophilised vials, it added.

It has a 75-odd product basket for CDMO services, catering to 40-plus customers across the US, Canada, Europe, Australia, and LATAM markets, the company said.

Dr Bhaskar Krishna, Maiva Managing Director and CEO, said, “Over the last three years, Maiva has quadrupled its manufacturing capacity for US, Canada, and EU markets. Based on continued strong interest from customers in partnering with Maiva, we will expand at a greenfield site near Hosur. This fundraise will be used to add more vial, lyophilization, and suspension capacity and introduce new manufacturing capabilities such as prefilled syringes, cartridges and bags.”

Nirav Mehta, Managing Director and Co-Head at Morgan Stanley Private Equity Asia, added, the injectables CDMO market was poised for strong growth.

(Source: Business Line)