Hyderabad-based Ichor Biologics is looking to raise up to $100 million through a private equity sale to grow its plasma protein therapy business. The company has engaged consultants for the process, even as it faces a decline in recent annual revenue and operating profits. Investors will watch how the company uses these funds to improve its margins.
Ichor Biologics is looking to raise between $80 million and $100 million in private equity funding. The Hyderabad-based firm, which focuses on developing medicines from human plasma, has hired financial advisor Alvarez & Marsal to manage this stake sale. This fundraising effort aims to provide the capital needed to grow its specialized manufacturing business.
The company operates in a niche healthcare sector, creating therapeutic proteins used for treating conditions in neurology, oncology, and immunology. Its portfolio includes products such as Hemalb, Clotnine, and Immuglo, which are sold to hospitals and medical associations across India. The firm was established in 2021 after it took over the assets of Hemarus Therapeutics and set up a manufacturing unit in Shameerpet, Hyderabad.
While the company is seeking fresh capital, its recent financial performance shows some pressure. In the financial year 2025, the firm reported revenue of $14.7 million, down from the $17 million recorded in the previous year. Operating profit, or EBITDA, also fell significantly, halving to $2 million during the same period. For a company in the capital-intensive biotechnology sector, lower profit margins can reduce the cash available to fund daily operations and new projects.
To support future growth, the company recently completed a major infrastructure project. It spent roughly ₹165.33 crore to upgrade its facility, doubling its annual plasma processing capacity from 130,000 litres to 281,000 litres. This expansion shows the company’s intent to capture a larger share of the Indian plasma therapy market, which is expected to reach $500 million by 2030.
The sector is highly competitive, with established players like Reliance Life Sciences, PlasmaGen BioSciences, and Virchow Biotech also active in the space. Because this industry requires heavy investment in manufacturing and quality control, the ability to turn this expanded capacity into profitable sales will be critical.
The next steps for the company will be securing the funding and managing the pressure on its margins. Investors in the broader healthcare and biotech sector will be watching to see if the company can use its new production capacity to reverse the recent trend of falling revenue and improve its profitability.