 "Piramal group")
Piramal Alternatives, the investment arm of the Piramal Group, has announced an investment of Rs 110 crore in Biodeal Pharmaceuticals. Biodeal is a contract development and manufacturing organisation. The investment is aimed at fuelling Biodeal's development of solutions, enhancing its production capabilities, and expanding operations, positioning it as a leading nasal spray manufacturer.
The funding will be utilised to improve Biodeal's infrastructure and production capacity. It will also be directed towards upgrading technology and establishing a nutraceuticals manufacturing facility. Biodeal is already a player in contract manufacturing, offering products such as nasal sprays, dry powder inhalation capsules, tablets, and ointments.
The investment was facilitated through convertible instruments from Piramal's Performing Credit Fund. Earlier this year, the company attained its Pharmaceutical Inspection Co-operation Scheme (PIC/S) approval, further solidifying its position in the market.
The investment was facilitated through convertible instruments from Piramal's Performing Credit Fund. Earlier this year, the company attained its Pharmaceutical Inspection Co-operation Scheme (PIC/S) approval, further solidifying its position in the market.
Speaking on this, Kalpesh Kikani, Chief Executive Officer of Piramal Alternatives, stated, “The strong market potential of the nasal sprays segment, along with Biodeal’s leading position in contract manufacturing and adherence to global regulatory standards, presents an exciting opportunity for us. Through Piramal Alternatives, we are committed to providing flexible, bespoke, and value-accretive capital to support Biodeal's growth trajectory in this promising segment."
Commenting on this, Anurag Kumar, Managing Director of Biodeal Pharmaceuticals, stated, “The infusion of capital from Piramal Alternatives will empower Biodeal to be ready with a new upcoming facility in compliance with United States Food and Drug Administration (USFDA) accreditations in the coming 12-15 months. This capital raise will boost us to accelerate our existing production capacity by three times and will bolster our manufacturing capabilities, and expand our market reach.”
Emkay Global was the sole financial advisor to Biodeal Pharmaceuticals for this deal.
