Maiva Pharma raises Rs 1,000 cr from Morgan Stanley, India Life Sciences Fund

Maiva Pharma has raised Rs. 1,000 crores in primary and secondary funding from a fund managed by Morgan Stanley Private Equity Asia and India Life Sciences Fund – IV (ILSF – IV), which have jointly acquired a controlling stake from existing investors and infused primary capital in the company.

This is Maiva’s first private equity fundraise. The company plans to use the proceeds to set up a new manufacturing facility near Hosur, India, with capabilities in sterile dosage forms including pre-filled syringes, bags, oncology and hormonal injectables. Avendus acted as the exclusive financial advisor to Maiva and its shareholders on this transaction.

Dr Bhaskar Krishna, MD and CEO at Maiva Pharma said, “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, MD and Co-Head at Morgan Stanley Private Equity Asia said, “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, MD, Investment Manager to India Life Sciences Fund IV (InvAscent ) said, “Complex injectables development and manufacturing capability, strong compliance and regulatory standards along with transparency and leadership, differentiate Maiva from its competitors. We are delighted to partner with Maiva in its vision to become a global leader in sterile injectables.”

Anshul Gupta, MD and Head, Healthcare Investment Banking at Avendus Capital said, “Injectables drugs have consistently been in the US FDA drug shortage list and Maiva is well-positioned to become one of the leading players from India.”