The funding will be directed towards improving infrastructure and capacities, upgrading technology, and underlaying a dedicated nutraceuticals manufacturing facility.
Biodeal is a key player in contract manufacturing, offering a wide range of products. It is among India’s leading manufacturers of nasal sprays catering to marquee international and domestic pharmaceutical companies.
Earlier this year, the company attained its
Pharmaceutical Inspection Co-operation Scheme (PIC/S) approval. Additionally, Biodeal’s offerings span various dosage formats, including dry powder inhalation capsules, capsules, tablets, ointments, lotions, and dusting powder.
“The strong market potential of the nasal sprays segment, along with the Biodeal’s leading position in contract manufacturing and adherence to global regulatory standards, presents an exciting opportunity for us,” said Kalpesh Kikani, CEO, Piramal Alternatives.
“Through Piramal Alternatives, we are committed to providing flexible, bespoke, and value-accretive capital to support Biodeal’s growth trajectory in this promising segment,” Kikani added.
Anurag Kumar, MD, Biodeal said the infusion of capital from Piramal Alternatives will empower the Biodeal to be ready with new upcoming facility in compliance with USFDA accreditations in the coming 12-15 months.
“This capital raise will boost us to accelerate our existing production capacity by 3 times and will bolster our manufacturing capabilities, and expand our market reach,” Kumar said.
“With a renewed focus on innovation and efficiency and USFDA compliance infrastructure, Biodeal is poised to introduce novel solutions that address unmet medical needs and enhance patient outcomes with the unique drug delivery system as Nasal Sprays (nasal root of administration) across geographies and regulatory regimes,” he added.
Biodeal has revenue of Rs 101 crore in FY23 and serves all top Indian pharmaceutical companies.
Emkay Global was the exclusive financial advisor to Biodeal for this deal.
