Bengaluru-based Maiva Pharma announced on Thursday that it has successfully 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). This investment marks the acquisition of a controlling stake in Maiva Pharma by the two funds, who have jointly infused primary capital into the company while acquiring shares from existing investors.
Maiva Pharma, the second-largest pure play injectables contract development and manufacturing organization (CDMO) for North America, celebrated its first private equity fundraise with this significant investment. The company plans to utilize the proceeds to establish a new state-of-the-art manufacturing facility near Hosur in Tamil Nadu. This facility will specialize in sterile dosage forms, including pre-filled syringes, bags, oncology, and hormonal injectables.
Avendus Capital served as the exclusive financial advisor to Maiva Pharma for this transaction.
Maiva Pharma currently operates a USFDA, EU GMP, and ANVISA approved manufacturing facility in Hosur, equipped with sterile injectables capabilities in vials and lyophilized vials. With a portfolio of over 75 products for CDMO services, the company caters to more than 40 customers across the US, Canada, Europe, Australia, and LATAM markets.
![Bhaskar Krishna](https://themachinemaker.com/wp-content/uploads/2024/05/Bhaskar-Krishna-954x1024.jpg)
Bhaskar Krishna, Managing Director and CEO at Maiva Pharma, expressed his enthusiasm for the partnership with Morgan Stanley and ILSF – IV, stating, “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, highlighted the growth potential of the injectables CDMO market and Maiva’s strategic positioning within it, stating, “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, the investment manager to India Life Sciences Fund IV, emphasized Maiva’s strengths in complex injectables development and manufacturing, compliance, regulatory standards, and leadership, stating, “We are delighted to partner with Maiva in its vision to become a global leader in sterile injectables.”
The investment from Morgan Stanley PE and ILSF – IV underscores Maiva Pharma’s commitment to innovation, expansion, and leadership in the pharmaceutical industry.