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Piramal Group’s Subsidiary Invests INR 110 Cr in Biodeal Pharma

Written by : Nikita Saha

April 10, 2024

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The capital infusion is done through convertible instruments from Piramal Alternatives’ Performing Credit Fund, an institutional capital provider in India with a total of $1.5 billion under management.

The Piramal Group’s subsidiary Piramal Alternative has invested INR 110 Cr in Biodeal Pharmaceuticals, a contract development and manufacturing organization.

Biodeal specializes in contract manufacturing products such as nasal sprays to marquee international and domestic pharmaceutical companies.

The infusion is done through convertible instruments from Piramal Alternatives’ Performing Credit Fund, an institutional capital provider in India with a total of $1.5 billion under management.

According to the company, the funds will be directed towards improving infrastructure and capacities, upgrading technology, and nutraceuticals manufacturing facility,

Moreover, Emkay Global was the exclusive financial advisor to Biodeal for this deal.

Reportedly, Piramal will leverage Biodeal’s leading position in contract manufacturing. Further, the Noida-based company has a strong market potential in the nasal sprays segment, an area Piramal intends to venture into.

Sharing thoughts, Kalpesh Kikani, CEO, Piramal Alternatives, said, “Through Piramal Alternatives, we are committed to providing flexible, bespoke, and value-accretive capital to support Biodeal's growth trajectory in this promising segment."

The Piramal group in their further statement noted that Biodeal is among India’s leading manufacturers of nasal sprays catering 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.

‘’We will focus on revenue growth, cost optimisation, and debt reduction,’’ Nandini Piramal, chairperson, Piramal Pharma, noted.

Per Anurag Kumar, MD, Biodeal, the fundraising will help it boost its production capacity by three times, and be ready with a new upcoming facility in compliance with US FDA accreditations in the coming 12-15 months.

“It will bolster our manufacturing capabilities, and expand our market reach," Kumar added.

In November, Piramal Foundation partnered with Seth GS Medical College and KEM to improve healthcare in Maharashtra.

The primary objective of the collaboration, delineated in a three-year Memorandum of Understanding (MoU), aims to improve the well-being of the tribal populace, primarily focusing on the Palghar district, which houses over 68% of the tribal community.

Founded in 1984, the Piramal Group is an Indian multinational conglomerate with a presence across various sectors such as healthcare, life sciences, drug discovery, financial services, alternative investment, and real estate.

Piramal Group has several healthcare ventures including Piramal Healthcare that focuses on the pharmaceutical industry.

Their portfolio consists of branded consumer healthcare and wellness products, primarily in routine health disruption and proactive care, expanding across key OTC categories such as analgesics, gastro-intestinal, hygiene, skincare, vitamins & supplements, women's care, baby care, and kids wellness.

Piramal Pharma is also a part of Piramal Group. It includes Piramal Pharma Solutions (PPS), an integrated Contract Development and Manufacturing Organisation (CDMO), Piramal Critical Care (PCC), a complex hospital generics business, and the India consumer healthcare business selling over-the-counter products.

Moreover, the Piramal Foundation, the philanthropic arm of the group also has a significant impact on healthcare.

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