Piramal Alternatives, the fund management arm of the Piramal Group, has announced a Rs 110-crore ($13.2 million) investment in Noida-based Biodeal Pharmaceuticals, a contract development and manufacturing company. The investment is being facilitated through convertible instruments from Piramal Alternatives’ Performing Credit Fund.
Biodeal will use the fund to improve infrastructure, expand operations, and establish a dedicated nutraceuticals manufacturing facility, it said in a statement.
Biodeal makes a diverse range of products, including nasal sprays, dry powder inhalation capsules, tablets and ointments.
“The infusion of capital will empower the Biodeal to be ready with new upcoming facility in compliance with USFDA accreditations in coming 12-15 months,” said Anurag Kumar, managing director of Biodeal.
This capital raise will also help the company raise its production capacity by three times, he said.
Biodeal is also poised to introduce novel solutions that address unmet medical needs and enhance drug outcomes by using nasal sprays as drug delivery system, the company said.
In fiscal year 2023, the company reported net sales of Rs 100.3 crores, up over 40% from Rs 71.8 crore in the preceding year. Profit after tax grew 37% on year to Rs 5.8 crore.
Piramal Alternatives, with $1.5 billion under management, focuses on addressing credit gaps in India's mid-market segment. Some of its recent investments in Indian companies include specialty chemicals company Harmony Organics, precision engineering company Azad Engineering and hospitality company Impresario Entertainment.
