Bengaluru-based Maiva Pharma announced that it had raised Rs 1,000 crore in primary and secondary funding from a fund managed by India Life Sciences Fund – IV (ILSF – IV) and Morgan Stanley Private Equity Asia, who together have taken over a controlling position from current investors and provided primary capital to the business.

In North America, Maiva is the second-biggest contract development and manufacturing organization (CDM) for pure play injectables. This is Maiva's inaugural fundraising for private equity. The business intends to utilize the money raised to construct a new manufacturing facility in Tamil Nadu, close to Hosur, that will specialize in producing sterile dosage forms, such as bags, cancer injectables, and pre-filled syringes. For this transaction, Maiva's only financial advisor was Avendus Capital.

The firm operates a state-of-the-art manufacturing facility in Hosur, approved by the USFDA, EU GMP, and ANVISA, that has the capacity to produce sterile injectables in vials and lyophilized vials. The business offers more than 75 products in its range for CDMO services. More than 40 clients in the US, Canada, Europe, Australia, and LATAM regions are served by these products.

"Maiva has quadrupled its manufacturing capacity for US, Canada, and EU markets over the last three years," stated Bhaskar Krishna, managing director and CEO of Maiva Pharma. We want to grow at a greenfield location close to Hosur, driven by the persistently high level of interest expressed by clients in working with Maiva. More vial, lyophilization, and suspension capacity as well as novel production capabilities including prefilled syringes, cartridges, and bags will be introduced with the help of this fundraising effort. We are excited to collaborate with Morgan Stanley and InvAscent and anticipate gaining from their vast healthcare industry knowledge and worldwide presence."

"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," stated Nirav Mehta, managing director and co-head of 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," stated Sumit Gupta, managing director of InvAscent, the investment manager for the India Life Sciences Fund IV. It gives us great pleasure to support Maiva in its ambition to dominate the world market for sterile injectables.