BENGALURU : Maiva Pharma, a Bengaluru-based injectables manufacturer, has secured 1,000 crore in a mix of primary and secondary funding from a fund managed by Morgan Stanley Private Equity Asia and India Life Sciences Fund-IV, led by InvAscent, to set up a new manufacturing plant near Hosur, Tamil Nadu.

The fund has acquired a controlling stake with the capital infusion, making it Maiva Pharma’s first private equity fundraise. Avendus acted as the exclusive financial advisor to Maiva and its shareholders on this transaction.

The company also aims to deploy the proceeds to enhance its capabilities in sterile dosage forms including pre-filled syringes, bags, oncology and hormonal injectables, it said on Thursday.

Maiva already has a plant in Hosur producing sterile injectables in vials and lyophilized vials, with a portfolio of more than 75 products for Contract Development and Manufacturing Organization (CDMO) services, catering to over 40 customers across the US, Canada, Europe, Australia, and Latin American, it said in a statement.

“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,” said Bhaskar Krishna, managing director and chief executive at Maiva Pharma.

Set up in 1993, Maiva Pharma focuses on contract manufacturing of sterile injectables for regulated markets.

Morgan Stanley Private Equity Asia is a leading private equity investor in the Asia-Pacific region, managing third-party money funds and investing in the region for over two decades, primarily through highly structured minority investments and control buyouts in the mid-market segment.

Private equity firm InvAscent manages assets worth $650 million across four funds, tailored for India’s small and mid-market companies across pharma, healthcare delivery, medical devices, other allied sectors.

“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 regulated markets. Under Bhaskar’s leadership, Maiva has put in place building blocks for future growth with a customer-centric approach, sharp R&D focus and an emphasis on maintaining high quality standards,” said Nirav Mehta, managing director and co-head at Morgan Stanley Private Equity Asia.

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Published: 02 May 2024, 03:57 PM IST