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Business News/ Companies / Piramal Alternatives invests 110 cr in Biodeal Pharmaceuticals
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Piramal Alternatives invests ₹110 cr in Biodeal Pharmaceuticals

Noida-based Biodeal specializes in contract manufacturing products like nasal sprays to international and domestic pharmaceutical companies.

The deal is being facilitated through convertible instruments from its performing credit fund and will be directed towards improving infrastructure and capacities, upgrading technology, and nutraceuticals manufacturing facility. (iStock)Premium
The deal is being facilitated through convertible instruments from its performing credit fund and will be directed towards improving infrastructure and capacities, upgrading technology, and nutraceuticals manufacturing facility. (iStock)

As contract manufacturing becomes the new growth driver of the pharmaceutical industry, Piramal Alternatives, the fund management business of the Piramal Group, on Monday announced an investment of 110 crore in Biodeal Pharmaceuticals Ltd, a contract development and manufacturing organization.

The company in a filing disclosed that the deal is being facilitated through convertible instruments from its performing credit fund and will be directed towards improving infrastructure and capacities, upgrading technology, and nutraceuticals manufacturing facility. Emkay Global was the exclusive financial advisor to Biodeal for this deal.

Piramal Alternatives is an institutional capital provider in India with a total of $1.5 billion under management.

“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," 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," said Kikani.

Noida-based Biodeal specializes in contract manufacturing products like nasal sprays to marquee international and domestic pharmaceutical companies. Its offerings span various dosage formats, including dry powder inhalation capsules, capsules, tablets, ointments, lotions, and dusting powder, the company added.

“The infusion of capital from Piramal Alternatives will empower the Biodeal to be ready with a 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 three times, it will bolster our manufacturing capabilities, and expand our market reach," said Anurag Kumar, MD, Biodeal Pharmaceuticals Ltd. 

“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."

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ABOUT THE AUTHOR
Naman Suri
Naman is a skilled business journalist who excels in breaking down complex financial details. He specializes in the corporate sector, providing thorough coverage of the pharmaceutical industry, the dynamic field of sports business, and the fascinating area of white-collar crime. Naman has a knack for making sense of numbers and presenting them in an understandable way.
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Published: 08 Apr 2024, 02:10 PM IST
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