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”
