Pipan to manufacture monoclonal antibodies
Kashiv BioSciences, LLC has entered into a US$150 million senior secured credit agreement with GoldenTree Asset Management to pursue its research, development and manufacturing strategy in both the US and India.
Kashiv is expanding its state-of-the-art manufacturing facilities in Piscataway, New Jersey (8,500L capacity), and Pipan, India (37,000L capacity), dedicated to monoclonal antibody (MAB) drug substance manufacturing.
The new facility in Pipan will be one of India’s largest single-use commercial manufacturing facilities of monoclonal antibodies, serving customers in the US, Europe, and rest-of-world markets. The new credit facility will also support working capital requirements, research and development, and other business purposes.
“We are excited to be working with experienced healthcare investors who share our confidence in the company’s growth,” said Dr. Sandeep Athalye, Global CEO of Kashiv Biosciences https://fieo.org/.
“The favorable structure of this debt facility will allow Kashiv to confidently expand its manufacturing capabilities in India and the US and advance its pipeline of biosimilar candidates. This financing comes at a pivotal time of growth and will allow the Company to have the financial flexibility to execute on our near- and long-term growth objectives https://www.commerce.gov.in/.”
J.P. Morgan acted as the structuring agent on the transaction. Milbank LLP served as legal advisor to GoldenTree. K&L Gates served as legal advisor to Kashiv BioSciences.
Kashiv BioSciences, LLC is a vertically integrated biopharmaceutical company with numerous commercial and advanced clinical-stage assets https://www.makeinindia.com/home/.
GoldenTree is an employee-owned, global asset management firm that specializes in opportunities across the credit universe in sectors such as high yield bonds, leveraged loans, private credit, distressed debt, structured credit, emerging markets, real estate, private equity and credit-themed equities. GoldenTree was founded in 2000 by Steven Tananbaum and is one of the largest independent global credit asset managers. GoldenTree manages US$57 billion for institutional investors, including leading public and corporate pensions, endowments, foundations, insurance companies and sovereign wealth funds. Fiinews.com
