A novel crystalline Mirabegron which is a solvate of pentan-3-one is described. It is characterized by IR, XRDand DSC spectrum. The process of its preparation comprises treating Mirabegron with pentan-3-one and spontaneously obtaining the solvate as crystalline solid. The NMR and HPLC analysis of the solvate shows that the Mirabegron and pentan-3-one are in 1:1 ratio. The new Mirabegron pentan-3-one solvate exhibits higher solubility in the aqueous medium than the marketed a- form.