Bengaluru-based Maiva Pharma has accomplished a significant feat by securing a Rs 1,000 crore investment 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, involving the acquisition of a controlling stake from existing investors and the infusion of primary capital into the company, represents a pivotal moment for Maiva Pharma.
Establishing a New Manufacturing Facility in Hosur
The injection of funds will propel Maiva Pharma’s expansion initiatives, notably the establishment of a new manufacturing facility near Hosur, Tamil Nadu. This facility will specialize in sterile dosage forms, including pre-filled syringes, bags, oncology, and hormonal injectables. Maiva Pharma, renowned for its USFDA-approved facility in Hosur manufacturing sterile injectables in vials and lyophilized vials, aims to augment its capabilities to meet the burgeoning market demands.
Bhaskar Krishna, CEO of Maiva Pharma, conveyed his optimism regarding the company’s growth trajectory. He emphasized Maiva’s steadfast commitment to quadrupling its manufacturing capacity for the US, Canada, and EU markets over the past three years. With burgeoning customer interest, Maiva intends to expand its footprint at a greenfield site near Hosur, focusing on vial, lyophilization, and suspension capacity. Additionally, the company seeks to introduce novel manufacturing capabilities such as prefilled syringes, cartridges, and bags.
Krishna welcomed the partnership with Morgan Stanley and InvAscent, citing their profound expertise in the healthcare sector and global outreach. He expressed confidence in leveraging their insights to propel Maiva Pharma’s growth agenda forward.
Nirav Mehta, managing director and co-head at Morgan Stanley Private Equity Asia, underscored the robust growth potential in the injectables CDMO (Contract Development and Manufacturing Organization) market. He spotlighted Maiva’s strategic positioning to emerge as a pivotal player supplying to regulated markets.
Sumit Gupta, managing director of InvAscent, accentuated Maiva’s prowess in complex injectables development and manufacturing, adherence to regulatory standards, and astute leadership. He reaffirmed InvAscent’s steadfast commitment to partnering with Maiva in actualizing its vision of becoming a global leader in sterile injectables.
