Morgan Stanley PE Asia and India Life Sciences Fund are investing almost equally, total stake with both funds combined will be over 60% post primary investment, the company told ET.
This is Maiva’s first private equity fundraise. Few existing high networth individual (HNI) investors will be exiting.
The company plans to use the proceeds to set up a new manufacturing plant near Hosur, Karnataka, with capabilities in sterile dosage forms including pre-filled syringes, bags, oncology and hormonal injectables.
Incorporated in 1993, Maiva is expected to end FY24 with revenue of around Rs 300 crore in FY24, with business growing at over 40% YoY in revenue.
The company has a US FDA, EU GMP and ANVISA approved state-of-the-art manufacturing facility located at Hosur with a strong regulatory compliance track record and sterile injectables capabilities in vials and lyophilized vials. The company has a portfolio of 75+ products for CDMO services. These products cater to around 40 customers across the US, Canada, Europe, Australia, and LATAM markets.Avendus acted as the exclusive financial advisor to Maiva and its shareholders on this transaction.“Over the last three years, Maiva has quadrupled its manufacturing capacity for US, Canada, and EU markets,” said Dr. Bhaskar Krishna, managing director and CEO at Maiva Pharma.
“Based on continued strong interest from customers in partnering with Maiva, we will expand at a greenfield site near Hosur,” Krishna added.
“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 regulated markets,” said Nirav Mehta, MD and co-head at Morgan Stanley Private Equity Asia.
“Complex injectables development and manufacturing capability, strong compliance and regulatory standards along with transparency and leadership, differentiate Maiva from its competitors,” said Sumit Gupta, MD at InvAscent (Investment Manager to India Life Sciences Fund IV).
