Maiva Pharma, a contract development and manufacturing Oorganisation (CDMO) for North America, 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.
Morgan Stanley Private Equity Asia and India Life Sciences have jointly acquired a controlling stake from the existing investors and infused primary capital into the company.
With the new funding, the firm plans to set up a new manufacturing facility near Hosur, India, with capabilities in sterile dosage forms including pre-filled syringes, bags, oncology, and hormonal injectables.
Maiva’s funding comes as India continues to witness unprecedented growth in its healthcare sector over the past few years amid an ageing population and a rise in disposable income.
A consequent pickup in deal activity, including billion-dollar deals such as Temasek’s $2-billion investment in Manipal Hospitals and Blackstone’s $1-billion acquisition of CARE Hospitals, has in turn spurred a host of new healthcare funds in the world’s most populous country.
Maiva claims to have a US FDA, EU GMP, and ANVISA-approved state-of-the-art manufacturing facility located at Hosur with a strong regulatory compliance record and sterile injectables capabilities in vials and lyophilised vials.
Avendus acted as the exclusive financial advisor to Maiva and its shareholders on this transaction.
“Injectables drugs have consistently been in the US FDA drug shortage list, and Maiva is well-positioned to become one of the leading players from India,” Anshul Gupta, Managing Director and Head of Healthcare Investment Banking at Avendus Capital, said, adding that Avendus continues to see strong sponsor interest in India’s healthcare sector and particularly in the CDMO theme as India is becoming a major outsourcing hub for pharmaceutical manufacturing and research-related services.
The company has a portfolio of 75+ products for CDMO services, catering to 40+ customers across the US, Canada, Europe, Australia, and LATAM markets.
