Mumbai: Ichor Biologics, a Hyderabad-based biopharmaceutical company, is looking to raise $80-100 million (`765-`950 crore) from by selling a significant minority stake, said people aware of the development.




Promoters of Ichor, Ananda Reddy Sudini and Sujana Sudini, hold 50.5% and 44.5% stake, respectively. Time Cap Pharma Labs holds another 5% stake.



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The promoters have appointed Alvarez & Marsal to manage the fundraising process, the people said. Established in 2021, Ichor operates in the specialised plasmatherapy segment, manufacturing derived from human plasma at its processing facility in Shameerpet, Hyderabad. Its products are used across a range of therapeutic areas, including neurology, haematology, oncology, immunology, paediatrics, gynaecology and organ transplantation.




Ichor Biologics didn’t respond to email queries.




Ichor manufactures and markets products under its own trademark, which are sold to branches of the Indian Medical Association (IMA) across states. It also supplies to medical practitioners through dealers and distributors, besides exports.




Its major products include Hemalb, Clotnine, IGAMA, Fibroseal, Seralb, Clotate and Immuglo.




In FY25, Ichor posted a revenue of $14.7 million, declining from $17 million in the previous year. Ebitda halved to $2 million in FY25 from the year before, according to Tracxn data. In India, Ichor competes with Reliance Life Sciences, PlasmaGen BioSciences, Virchow Biotech and Promea Therapeutics. Last December, PlasmaGen Biosciences raised `150 crore from ViNS Bioproducts, valuing the company at more than `1,500 crore. The company is already backed by UK’s Artian Investments, public market investor Ashish Kacholia, Eight Roads Ventures and FPrime Capital.



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The India plasma protein therapy market is forecast to reach $500 million by 2030, growing at 4% compounded annually.




In 2021, Ananda Reddy Sudini acquired the biopharma business of Hemarus Therapeutics through a slump sale, following the transfer of drug licenses from Hemarus.




FY23 marked Ichor’s first full year of operations. In these initial years, the company has been focusing on streamlining its production and operational processes.




In FY24, Ichor undertook a major expansion and modernisation project to enhance efficiency and boost annual plasma processing capacity to 281,000 litres from 130,000 litres by investing `165.33 crore.