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Morepen board clears $100 million investment from Switzerland-based Corinth Group

Morepen Laboratories would get an investment of $32.50 million, while the remaining $67.50 million would go to promoter group companies. Morepen Laboratories will use the funds to expand the company’s R&D centre and facilities to meet growing demand for active pharmaceutical ingredients.

April 28, 2021 / 01:01 PM IST
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Morepen Laboratories said on April 28 that its board of directors approved an investment of $32.50 million from Switzerland-based Corinth Group as part of the private investment firm's proposed $100 million investment in the Morepen Group.

The investment is subject to the approval of shareholders and other regulatory bodies.

Corinth would be allotted 58.50 million new equity shares on a preferential basis. This shareholding would amount to a 9.41 percent equity stake in the company on a fully expanded capital base. The remaining $67.50 million would be in the promoter group companies.

“We are delighted to partner with the well-respected institution, Corinth Group of Switzerland, who have a dedicated fund for emerging markets, more particularly India market and healthcare. The Rs 750-crore investment by Corinth in the Morepen Group affirms our leadership position in API, Point of Care Diagnostics and OTC and the faith global
investors have in our growth potential and future," Morepen Labs Ltd Chairman and Managing Director Sushil Suri said.