Maiva Pharma raises Rs 1000 crore from Morgan Stanley Private Equity, InvAscent
Maiva Pharma, the Benguluru based pure play injectables Contract Development and Manufacturing Organization (CDMO) catering to US market, 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 (InvAscent), for a controlling stake from existing investors and infused primary capital in the company.
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
