Piramal Alternatives is investing ₹110 crore in Biodeal Pharmaceuticals Ltd, a contract development and manufacturing company.
Biodeal’s product range includes nasal sprays catering to international and domestic pharmaceutical companies. Piramal Alternatives (PA)‘s investment would go towards improving infrastructure and capacities, upgrading technology, and setting up a dedicated nutraceuticals manufacturing facility.
PA is the fund management division of the Piramal Group and the investment will be through convertible instruments from its Performing Credit Fund, a note from the company said.
Biodeal’s product basket includes dosage formats, including dry powder inhalation capsules, capsules, tablets, ointments, lotions, and dusting powder. Kalpesh Kikani, PA Chief Executive said, the market potential of the nasal sprays segment, along with Biodeal’s position in contract manufacturing and adherence to global regulatory standards, presents an opportunity.
Anurag Kumar, Biodeal Managing Director said, the capital infusion would empower Biodeal to be ready with a new facility in compliance with USFDA (US Food and Drug Administration) accreditation in 12-15 months. “This capital raise will help us accelerate our existing production capacity by 3 times and will bolster our manufacturing capabilities, and expand our market reach,” he said, adding the renewed focus would help Biodeal introduce novel solutions and enhance patient outcomes with unique drug delivery systems.