The two investors have jointly acquired a controlling stake from existing investors and also infused primary capital into the company, an official statement said, without disclosing the stakes picked up.
This is Maiva’s first private equity fundraise and the proceeds will be used to set up a new manufacturing facility near Karnataka’s Hosur with capabilities in sterile dosage forms, including pre-filled syringes, bags, oncology, and hormonal injectables.
It already has a facility in Hosur approved by the USFDA and other regulators that manufacture vials.
“This fundraise will be used to add more vial, lyophilisation, and suspension capacity and introduce new manufacturing capabilities such as prefilled syringes, cartridges and bags,” its Managing Director and Chief Executive Bhaskar Krishna said.
Morgan Stanley PE Asia’s Managing Director and Co-Head Nirav Mehta said the injectables CDMO market is poised for strong growth and the company is well-positioned to gain from it. Complex injectables development and manufacturing capability, strong compliance and regulatory standards, along with transparency and leadership, differentiate Maiva from its competitors, Sumit Gupta, managing director of Invascent, which acts as the investment manager to India Life Sciences Fund IV, said.
Avendus acted as the exclusive financial advisor to Maiva and its shareholders on the deal, the statement said.
