Bengaluru-based Maiva Pharma on Thursday said it has raised Rs 1,000 crore in primary and secondary funding from a fund managed by Morgan Stanley Private Equity Asia and India Life Sciences Fund – IV (ILSF – IV), which have jointly acquired a controlling stake from existing investors and infused primary capital in the company.
Maiva is the second-largest pure play injectables contract development and manufacturing organization (CDMO) for North America. This is Maiva’s first private equity fundraise. The company plans to use the proceeds to set up a new manufacturing facility near Hosur in Tamil Nadu, with capabilities in sterile dosage forms including pre-filled syringes, bags, oncology and hormonal injectables. Avendus Capital acted as the exclusive financial advisor to Maiva on this transaction.
The company has a USFDA, EU GMP and ANVISA approved state-of-the-art manufacturing facility at Hosur with sterile injectables capabilities in vials and lyophilized vials. The company has a portfolio of over 75 products for CDMO services. These products cater to over 40 customers across the US, Canada, Europe, Australia, and LATAM markets.
Bhaskar Krishna, managing director and CEO at Maiva Pharma, 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, lyophilisation, and suspension capacity and introduce new manufacturing capabilities such as prefilled syringes, cartridges and bags. We are delighted to work with Morgan Stanley and InvAscent and we look forward to benefitting from their extensive experience in the healthcare space and their global reach.”
Nirav Mehta, managing director and co-head at Morgan Stanley Private Equity Asia, said, “We believe that the injectables CDMO market is poised for strong growth and Maiva is well positioned to emerge as one of the leading independent players supplying to regulated markets.”Sumit Gupta, managing director at InvAscent, investment manager to India Life Sciences Fund IV, said, “Complex injectables development and manufacturing capability, strong compliance and regulatory standards along with transparency and leadership, differentiate Maiva from its competitors. We are delighted to partner with Maiva in its vision to become a global leader in sterile injectables.”
