Piramal Alternatives, the fund management division of the Piramal Group, said it had made an investment of ₹110 crore in Biodeal Pharmaceuticals Ltd., a contract development and manufacturing company.
The investment was facilitated through convertible instruments from its Performing Credit Fund. “The funding will be directed towards improving infrastructure and capacities, upgrading technology, and underlay a dedicated nutraceuticals manufacturing facility,” Piramal Alternatives said in a statement.
Kalpesh Kikani, CEO, Piramal Alternatives said “The strong market potential of the nasal sprays segment, along with the Biodeal’s leading position in contract manufacturing and adherence to global regulatory standards, presents an exciting opportunity for us.”
“We are committed to providing flexible, bespoke, and value-accretive capital to support Biodeal’s growth trajectory in this promising segment,” he added.
Anurag Kumar, MD, Biodeal Pharmaceuticals Ltd. said, “This capital raise will boost us to accelerate our existing production capacity by 3 times and will bolster our manufacturing capabilities, and expand our market reach.”
