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Maiva Pharma Secures Rs 1,000 Crore Investment from Morgan Stanley and India Life Sciences Fund
This investment, comprising both primary and secondary funding, marks a pivotal moment for the Bengaluru-based company specializing in injectables contract development and manufacturing.
In a significant development, Maiva Pharma announced on Thursday that it has successfully raised Rs 1,000 crore in funding from Morgan Stanley Private Equity Asia and India Life Sciences Fund.
This investment, comprising both primary and secondary funding, marks a pivotal moment for the Bengaluru-based company specializing in injectables contract development and manufacturing.
According to an official statement, the transaction entails the acquisition of a controlling stake by the two investors from existing shareholders, alongside a substantial infusion of primary capital into the company. However, specific details regarding the stakes acquired were not disclosed.
This funding round represents Maiva Pharma's inaugural private equity raise and is earmarked for the establishment of a new manufacturing facility near Karnataka's Hosur. The facility is set to boast advanced capabilities in sterile dosage forms, encompassing pre-filled syringes, bags, oncology, and hormonal injectables.
Maiva Pharma already operates a USFDA-approved facility in Hosur, specializing in vial production.
Bhaskar Krishna, Managing Director and Chief Executive of Maiva Pharma, emphasized that the proceeds from the fundraise will facilitate the expansion of vial, lyophilisation, and suspension capacity. Additionally, the company aims to introduce novel manufacturing capabilities such as prefilled syringes, cartridges, and bags.
Nirav Mehta, Managing Director and Co-Head of Morgan Stanley PE Asia, expressed confidence in Maiva Pharma's potential to capitalize on the burgeoning injectables CDMO market. "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," Mehta stated.
Sumit Gupta, MD, Investment Manager at India Life Sciences Fund IV (InvAscent), lauded Maiva Pharma's sophisticated injectables development and manufacturing capabilities, robust compliance standards, and transparent leadership. "We are delighted to partner with Maiva in its vision to become a global leader in sterile injectables," Gupta remarked.
The transaction was facilitated by Avendus, serving as the exclusive financial advisor to Maiva and its shareholders. Anshul Gupta, MD and Head of Healthcare Investment Banking at Avendus Capital, underscored the critical role of injectables in addressing drug shortages identified by the US FDA. He noted Maiva's strategic positioning to emerge as a frontrunner in this domain.