Biodeal Pharmaceuticals, a contract development and manufacturing company, is set to receive a Rs 110 crore investment from the Piramal Group. The funds, provided through convertible instruments from Piramal Alternatives’ Performing Credit Fund, will be utilized for enhancing infrastructure, upgrading technology, and establishing a new nutraceuticals manufacturing facility, according to an official statement.
Biodeal Pharmaceuticals, known for its manufacturing of nasal sprays for renowned international and domestic pharmaceutical companies, holds a prominent position in the market.
Kalpesh Kikani, CEO of Piramal Alternatives, highlighted the robust market potential in the nasal sprays segment and emphasized Biodeal’s leading role in contract manufacturing and adherence to global regulatory standards, underscoring the significant opportunity it presents.
Anurag Kumar, Managing Director of Biodeal Pharmaceuticals, expressed confidence that the fundraising will enable the company to triple its production capacity, establish a new facility compliant with United States Food and Drug Administration (USFDA) accreditations within the next 12-15 months, and expand its market presence.
