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Home Indian Pharma News

Morepen Group receives investment of Rs. 750 crores from Corinth Group of Switzerland

PRN by PRN
April 28, 2021
in Indian Pharma News
30 1
0
Rossari Biotech announces full commissioning of its Greenfield manufacturing facility at Dahej, Gujarat
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The Board of Directors of Morepen Laboratories Limited today approved the investment proposed by Corinth Group, a global private investment Group headquartered in Switzerland, ‘to the extent of USD 32.50 million in the parent company, Morepen Laboratories Limited’, out of a total USD 100 million investment in the promoter group, subject to approval of the shareholders and other regulatory bodies.

As per company statement, funds will be used for

  • The expansion/scaling up of the company’s R&D center/facilities to meet the significantly enhanced Active Pharmaceutical Ingredient (API) demand
  • Setting up new USFDA standard API plant
  • Establishing a world class facility for Finished Dosages as per USFDA standards at Morepen’s pharma complex in Baddi, Himachal Pradesh, to cater to highly sophisticated/regulated markets such as the USA and Japan
  • Investment into world class diagnostics facilities including the manufacture of critical inputs / components / enzymes to meet regulated market standards.
  • Investment in new products and brands under the Dr Morepen umbrella
  • Investment in new age Personal Care/Skin Care brands “Gubb” and “Happier”

 

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