Ichor Biologics manufactures therapeutic protein products from human plasma for doctors treating patients across neurology, haematology, oncology, immunology, paediatrics, gynaecology and organ transplantation. The Hyderabad company is seeking $80 million to $100 million from private-equity investors through the sale of a significant minority stake, The Economic Times reported, citing people aware of the process.
The business handles more than production. According to the report, Ichor markets medicines under its own trademarks, sells them to Indian Medical Association branches, reaches practitioners through dealers and distributors, and exports products. The commercial workflow runs from plasma processing at its Shameerpet facility through branded-product distribution to doctors.
Founded in 2021, Ichor traces its operating base to promoter Ananda Reddy Sudini’s acquisition of Hemarus Therapeutics’ biopharma business and the transfer of its drug licenses that year. FY23 was Ichor’s first full operating year. It later expanded and modernized the plant, lifting annual plasma-processing capacity to 281,000 liters from 130,000 liters in FY24.
The promoters have appointed Alvarez & Marsal to run the fundraising process, the report said. Sudini owns 50.5% of Ichor, Sujana Sudini owns 44.5%, and Time Cap Pharma Labs holds the remaining 5%. The report does not specify whether the proposed deal would issue new shares, sell existing ones or combine both, leaving the split between company funding and shareholder liquidity unresolved.
The process follows a weaker financial year. The Economic Times, citing Tracxn, said FY25 revenue fell to $14.7 million from $17 million and EBITDA halved to $2 million. Ichor had therefore added substantial processing capacity while its latest reported sales and operating earnings moved in the other direction.
Ichor operates in a specialized but competitive market. The report names Reliance Life Sciences, PlasmaGen BioSciences, Virchow Biotech and Promea Therapeutics as domestic rivals, and forecasts India’s plasma-protein therapy market will reach $500 million by 2030 with 4% annual growth.